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Bitcoin Addicts Crave Risk, Excitement, Escape

May 28, 2018 |

Bitcoin Addicts Crave Risk, Excitement, Escape

Corner those experienced within cryptocurrency’s ecosystem, and they’ll admit something akin to addicts exist. That fine line between obsession and irrational exuberance is probably best exemplified in wild price fluxuations, furious buying and selling. At least one historic county in Scotland, Peeblesshire (Siorrachd nam Pùballan), believes they’ve identified bitcoin addicts, and are beginning to treat them in the same manner as those with similar attractions to gambling.

Also read: Bitgrail Exchange Ordered Down Indefinitely as Italian Court Upholds Halt

Bitcoin Addicts Crave Risk, Excitement, Escape
Castle Craig Hospital

Bitcoin Addicts are a Thing in Scotland

Crypto addicts could do worse, and that’s for sure: Scotland’s Castle Craig Hospital addiction treatment center is a bucolic, sprawling campus seemingly designed to induce calm and reflection. It’s also home to a first of sorts, according to regional press: a concentrated program set to dealing with a growing phenomenon, cryptocurrency addiction.

The hospital’s creative writing coordinator and gambling therapist, Christopher Burn, explains how the “high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It’s a classic bubble situation.”

Bitcoin Addicts Crave Risk, Excitement, Escape
Christopher Burn

Mr. Burn can be temporarily excused from jumping his lane into speculative finance; a good guess is literally no one seeks him out for economic analysis. But the rest of his point can be valid in the sense of popular anecdotes. At what time in the journey from regular, functional adult to 21 year old Canadian living in a car to save money in order to buy lesser-known crypto is it an addiction? What if the example does not involve a ballsy single dude; instead, it’s a family of five with three children, parents in their late 30s, who’ve sold their house in hope of riding the-then booming bitcoin core (BTC) price? Are these examples of addiction or are they simply badass pioneers who know something the rest of us do not?

Is Crypto Just Gambling in Disguise?

Bitcoin Addicts Crave Risk, Excitement, Escape
Tony Marini

Tony Marini, on site therapist, and someone who has also struggled with cocaine and gambling addictions himself, details, “Having been through it myself, my experience of addiction gives me insight and empathy towards others who have the same problem. I see cryptocurrency trading as a way for people to escape from themselves, into another world, because they don’t like the world they’re in. The first stage of treatment is to join other addicts in group therapy and share their life stories. This helps them identify with each other and realise that they’re not alone.” 

A recurring word, “escape,” permeates both explanations, still admittedly fuzzy in the way of a solid definition. Nevertheless it does seem if crypto occupies too great (?) a space in a person’s mind, to a point where they chronically ignore real, ongoing life around them, they just might have a problem. And since speculative markets very often evidence fast fortunes gained and lost, and gained and lost again, there must be properties of problem behavior similar to gambling addictions (which have been well-documented).

Experienced in treating addictions such as traditional alcohol and drug problems, Castle Craig Hospital has begun addressing addictions involving cryptocurrency. Indeed, they’re using techniques in the course developed from successful gambling addiction methods. Though more than ten million people worldwide are said to be trading and dealing in cryptocurrency, no firm numbers or percentages exist regarding the amount of people with addictive symptoms.

Do you think crypto addiction exists? Let us know in the comments. 


Images via the Pixabay, Castle Craig Hospital.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post Bitcoin Addicts Crave Risk, Excitement, Escape appeared first on Bitcoin News.

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The Exahash Era: SHA-256 Mining is a Significant Achievement in Computer Engineering

May 28, 2018 |

The Exahash Era: SHA-256 Mining is a Significant Achievement in Computer Engineering

The cryptocurrency economy is nearing the end of 2018’s fifth month after a spectacular year of bullish prices throughout 2017. The past five months have been incredibly bearish as far as market values are concerned but the processing power of digital assets, particularly SHA-256 cryptocurrencies, continues to increase exponentially. Today SHA-256 miners makeup on of the largest computational networks ever created since the dawn of the internet.

Also read: Prague Subway System Now Has Ten New Bitcoin ATMs

SHA-256 Mining Has Created One of the Largest Computational Systems in the World

There’s always a lot of talk about how valuable cryptocurrencies are today or how much electricity miners use to process blocks across the multitudes of public blockchains. However, there usually isn’t much talk about the powerful computational processing power these networks achieve on a daily basis. Since the inception of the original Bitcoin network back in 2009, and the myriad of other SHA-256 networks leading up to today has led the significant advancement in Exascale computing.

The Exahash Era: SHA-256 Mining is a Significant Achievement in Computer Engineering
The most profitable SHA-256 cryptocurrencies on the market today on May 28, 2018 according to Coinwarz.

Cryptocurrencies with the SHA-256 algorithm are processed by mining computers and at a speed at which miners complete a hash operation (complex math problem) which then, in turn, is called the hashrate. When an individual miner or organized pool has a higher hashrate it increases their chances of finding the next block reward. These rewards and the profitability of cryptocurrencies as a whole has truly led to one of the largest computational networks ever created.

Computer Scientists Expected Computers to Break the ‘Exahash Era’ in 2018 SHA-256 Cryptocurrency Networks Broke the Record Two Years Before the Predicted Date  

Exascale computing refers to a system that can process more than one exaflop per second  which is equal to one billion calculations per second. Back in May of 2013, the BTC network surpassed 1 exaflop, which at the time was six to eight times faster the combined speed of the top 500 supercomputers in the world. Today, the BTC hashrate is over 30-35 exahash per second or over 30 billion gigahashes per second, and the BCH network is 3-5 exahash per second or over 5 billion gigahashes per second.

The Exahash Era: SHA-256 Mining is a Significant Achievement in Computer Engineering
The BTC network hashrate breaks 1 exahash back in January 2016.

Back in 2009 when the IBM Roadrunner supercomputer broke the petaflop (1,015 operations per second) record, computer scientists estimated exascale computing would be realized by 2018. Coincidently the Roadrunner supercomputer surpassed the petaflop the very year Satoshi launched the blockchain network that utilized Nakamoto Consensus. But the BTC network surpassed 1 exahash in 2016 and the BCH network exceeded 1 exahash in late 2017, as both networks have gained incredible amounts of processing power since then. The BCH and BTC networks combined account for more than 2/3rds of all the hashrate among every SHA-256 coin in existence.

The Exahash Era: SHA-256 Mining is a Significant Achievement in Computer Engineering
May 28, 2018, the BTC network’s absolute hashrate in exahashes per second is 35 exahash according to Blockchain.info. 

The World’s Strongest Computational Networks Has No Government or Corporate Backing Just Miners Voluntarily Processing Blocks for an Incentive

The fact that Nakamoto Consensus has taken cryptocurrencies into the age of the exahash era is simply astounding, especially seeing how there is no corporation or government behind these operations. ASIC manufacturers and miners looking for profit have driven this computational processing power to record-breaking levels and it is a  significant achievement in computer engineering.

The Exahash Era: SHA-256 Mining is a Significant Achievement in Computer Engineering
Side by side POW statistics for BCH and BTC on May 28, 2018, according to Fork.lol.

Someday if SHA-256 networks can surpass 500 exahash, then the processing power will see these network(s) enter the zetahash era. The hashrate will likely climb further as 10 and 7 nanometer (nm) chips are installed into new mining rigs later this year. Love them or hate them miners have formed a symbiotic relationship with Nakamoto Consensus pushing forth computational limits into the age of the exahash era. The aforementioned metrics show that even though markets are down over the past few months, a lot of individuals believe in the long-term power of this technology, and these believers are continuing to smash computational records month after month.

What do you think about the processing power of SHA-256 coins that use Nakamoto Consensus like BCH and BTC? Do you think this amount of processing power is a milestone in computer engineering? Let us know in the comments below.


Images via Shutterstock, Blockchain.info, Coinwarz, and Fork.lol.


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

The post The Exahash Era: SHA-256 Mining is a Significant Achievement in Computer Engineering appeared first on Bitcoin News.

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Bitcoin Core Fees Fall to Their Lowest in Years

May 28, 2018 |

Bitcoin Core Fees Fall to Their Lowest in Years

Fees on the bitcoin core network have reached their lowest in seven years, with the median cost of sending BTC currently standing at $ 0.11. While there are several reasons why BTC fees are low, one of them is obvious: less people are using the network. The number of daily transactions has dropped sharply since last year, and has declined further in the past month.

Also read: Blockchain Projects Live a Little Over a Year on Average, China Claims

Lower Fees, Lower Usage

It is no secret that the number of on-chain bitcoin core transactions, along with those of other blockchains, has dropped significantly since late 2017. This mirrors the decline in the valuation of bitcoin and most other digital assets during this timeframe. On December 14, almost half a million BTC transactions were recorded in a single day. By February, this figure was averaging below 200,000 a day. On April 24, the number peaked at 254,000, but has since declined, reaching a low of 158,000 on May 26, according to Bitinfocharts.com.

In early April, the median BTC transaction fee dropped to under 10 satoshis per byte before rising to almost 40 sats by the end of the month. As of yesterday, May 26, the median fee was back below 10 sats/byte once more. Median fees are taken as being a more useful metric than looking at average fees, for as Coinmetrics.io explains, “Median figures are generally much more informative for data like fees or transaction value since the data is normally extremely (positively) skewed”.

Bitcoin Core Fees Fall to Their Lowest in Years
The number of daily BTC transactions has been dropping

BCH Is Still 3x Cheaper Than BTC to Send

On May 24, the number of BTC transactions utilizing Segwit reached an all-time high of 38%. This will have contributed to reducing median fees, although many believe that Segwit’s role in doing so has been overstated, with one assessment pointing out the role that transaction batching has played in fee reduction.

Bitcoin Core Fees Fall to Their Lowest in Years
Median BTC fees are at their lowest in years

On the bitcoin cash network, fees reached their three-month low on April 2, hitting a median of $ 0.0018. They now stand at $ 0.0038 per transaction, a significant increase in the space of a month but still three times cheaper than bitcoin core, at $ 0.113. When fees are unusually low, shrewd BTC holders use the opportunity to consolidate their unspent transaction outputs (UTXOs). This is done by sending all of the dust in their wallet to a BTC address they control. That way, when bitcoin core fees inevitably rise again, they’ll be able to save money on fees because each transaction will contain less UTXOs, making it smaller and thus cheaper.

Do you think BTC fees will stay low, or is this just a temporary dip? Let us know in the comments section below.


Images courtesy of Shutterstock, Bitinfocharts.com, and Transactionfee.info.


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The post Bitcoin Core Fees Fall to Their Lowest in Years appeared first on Bitcoin News.

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PR: Former Head of Strategy & Operations Consulting at KPMG Joins XinFin Platform

May 28, 2018 |

Former Head of Strategy & Operations Consulting at KPMG Joins XinFin Platform

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Singapore, May 27- S. V. Sukumar, the former Partner and Head of Strategy and Operation Consulting at KPMG and a prominent thought leader joined XinFin as a Senior Advisor.

Mr. Sukumar has more than 40 years of diverse experience in industrial and management consulting and has served fortune 500 brands globally. A pioneer in implementing management concepts like TQM, Six Sigma, and Lean, he strategized and improvised performance in Financial Services, Supply Chain, Consumer and Industrial Products, Pharma, Automobiles, etc., helping clients to enhance revenue and reduce costs thereby driving growth in the global competitive market.

XinFin has developed a hybrid blockchain technology constituting the best features of private and public blockchains known as XDC protocol. This protocol supports smart contracts over digital assets, cryptocurrency and industrial applications. Some of the prime business use cases developed by XinFin’s team are wallets, financial applications for cross border payment, remittance sale etc.

As a consultant and advisor, Sukumar will be unravelling the hybrid blockchain for business users and will be directly responsible for connecting the technology with industrial usage therefore demystifying the underlying advantages to create concrete awareness. With his diverse and vast experience, he will be strategizing the business implementation by enabling clients to integrate blockchain in their current industrial use case and providing a required management support for comprehensive amalgamation therefore, driving profitable growth.

An enthusiastic Sukumar shared, “Blockchain holds huge potential to disrupt multiple industries by improvising business processes as a mediator, I will connect the two parallels of blockchain and business. XinFin comprises of a dynamic young team focused on developing a revolutionary technology hence, it’s a great opportunity for me to be a part of this revolution.”

On the preceding development with XinFin Fintech Co-Founder Peter Yeo stated, “His immense experience, network and passion for client service will help XinFin grow leaps and bounds with compliance Blockchain solution with large enterprise.”

About XinFin
XinFin is an open source Hybrid Blockchain protocol initiated out of Singapore. XinFin Network [XDCE] is a utility network that lets enterprises deploy real world applications on Hybrid Blockchain Protocol in a conducive, compliant and regulation friendly environment for diverse use cases in trade, finance, remittance, supply chain, healthcare and other industrial areas to improve business efficiency. The XDC Dev Environment encourages developers to build DAPPs using smart contracts. The XinFin community derives its success from the ecosystem comprising of developers, network utility and long term backers.

Follow XinFin on Twitter (@XinFinF), on Telegram and on Slack (https://xinfin-public.slack.com/).

Supporting Link
http://xinfin.org/
Contact Email Address
support@xinfin.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Former Head of Strategy & Operations Consulting at KPMG Joins XinFin Platform appeared first on Bitcoin News.

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Blockchain Projects Live a Little Over a Year on Average, China Claims

May 28, 2018 |

Blockchain Projects Live a Little Over a Year on Average, China Claims

The majority of blockchain projects have a short life span, averaging a little over one year, according to a report by Chinese researchers. Less than a tenth of the examined projects in the study are still active, a local official revealed at a big data expo in the city of Guizhou. Beijing, however, has recently taken steps to speed up efforts in blockchain-oriented research and development.   

 Also read: China Has Found 421 Fake Cryptocurrencies

8 Percent of 80,000

Only 8 percent of over 80,000 blockchain projects launched globally are still actively maintained, according to He Baohong, Director of the Cloud Computing and Big Data Research Institute at the China Academy of Information and Communications Technology (CAICT). He spoke at the International Big Data Industry Expo 2018 held in the southwestern city of Guizhou.

In comments on the release of a new report about the top global blockchain industry trends, the Chinese official also said that the average life span of these projects is only about 1.22 years. The study produced by the CAICT has recognized six major trends, including the increasing integration of the flow of data and assets and the accelerated pace of the growth of digital assets.

“[These projects] came out very quickly, but die quickly as well,” He Baohong said, without sharing further details in regards to the timeframe and the exact scope of the survey. “In this circumstance, governments are accelerating their efforts to establish unified standards in order to help blockchain projects achieve real-life applications,” he elaborated, quoted by the China Money Network.

Blockchain Projects Live a Little Over a Year on Average, China Claims

The Ministry of Industry and Information Technology (MIIT) of China, under which Baohong’s institute operates, has actually started work on the development of a national standard for blockchain technologies and applications. According to recent Chinese media reports, the standard will be completed and introduced by the end of next year.

“We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join,” He Baohong added. “[This] will help the blockchain technology and the industry to become more transparent and open,” he emphasized.

Baohong’s comments came after a recent statement by Yu Kequn, Director of the Chinese National Center for Information Technology Security Research, who said that “The development of blockchain technology may become an important step for China to grasp the global technological competition.” In his words, blockchain technology “can be applied in the production, management, and transaction chains to bring the entire life cycle of restructuring to different areas.”

China Serious About Blockchain

Blockchain Projects Live a Little Over a Year on Average, China ClaimsIn the meantime, the executive power in Beijing has made a decision to accelerate the work on the development and implementation of blockchain and big data technologies in the country’s economy.

According to a statement released last week, the State Council of China asked local governments and financial authorities, as well as relevant state-funded research institutions, to concentrate their efforts in that direction. The order, issued earlier in May, instructs provincial and municipal authorities to speed up and support the development of financial technologies, including blockchain applications, within the framework of the current Chinese regulations.

The advancements in that field will also be supported financially. Last week, a Chinese blockchain accelerator announced millions of dollars in subsidies for startups. The Hangzhou-based Blockchain Industrial Park will offer up to $ 1 million to finance the development of new blockchain projects, among many other incentives for both fintech businesses and their qualified employees.

Do you think Chinese authorities are serious about blockchain development? Share your thoughts on the subject in the comments section below.  


Images courtesy of Shutterstock.


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South Korean Exchange Bithumb Blocks Trading in 11 Countries

May 28, 2018 |

South Korean Exchange Bithumb Blocks Trading in 11 Countries

South Korea’s largest cryptocurrency exchange Bithumb has announced that it will block trading in 11 countries as part of its revised internal regulations aimed to prevent money laundering using its system. Foreign users will also need to undergo a stricter verification process.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Preventing Money Laundering

South Korean Exchange Bithumb Blocks Trading in 11 CountriesBithumb announced on Sunday that its internal regulations have been revised in order to prevent money laundering activities using its system, according to local media. Business Korea elaborated:

With growing concerns over money laundering through cryptocurrency trading, Bithumb, South Korea’s biggest cryptocurrency exchange, will ban digital asset trading with investors in North Korea, Iran, Iraq, and eight other countries that are considered as high-risk jurisdictions by the Non-Cooperative Countries and Territories (NCCT) Initiative.

At the time of this writing, Bithumb’s 24-hour trading volume has overtaken Upbit’s, standing at about $ 250.41 million. The Kakao-backed exchange Upbit’s trading volume for the same time period is approximately $ 235.1 million, according to Coinmarketcap.

South Korean Exchange Bithumb Blocks Trading in 11 CountriesTo prevent the inflow of funds relating to “international terrorism and crime,” users from NCCT countries “shall be blocked,” Bithumb wrote, adding that new members from these countries will not be accepted and existing members will be blocked from the 21st.

Bithumb says it is self-enforcing these strict rules to foster the transparent cryptocurrency market and investor protection. “We will cooperate with the government” and follow self-regulatory measures based on the policies introduced by the Korean Blockchain Association, the exchange emphasized. The Korean Blockchain Association is spearheading self-regulation among crypto exchanges in the country. Bithumb’s revised internal regulations reflect “the government’s recommendations and the Korean Blockchain Association’s recommendations,” Korea Economic Daily elaborated.

Blocking 11 Countries

The Financial Action Task Force (FATF) is an intergovernmental organization on the initiative of the G7 to develop policies to combat money laundering.

South Korean Exchange Bithumb Blocks Trading in 11 CountriesThe NCCT are countries the FATF has “recognized as regions with insufficient policies and regulations to restrict money laundering and the utilization of various forms of money to finance illegal operations, including North Korea, Iran, Iraq and Sri Lanka,” Business Korea described.

According to Bithumb’s website, the other countries are Serbia, Ethiopia, Syria, Trinidad and Tobago, Tunisia, Vanuatu, and Yemen.

“The 11 countries monitored by the NCCT Initiative” will be banned, the news outlet reiterated, noting that Bithumb made this decision “to prevent its infrastructure and platform from being used to launder money and any international finance terror or criminal activities.” The publication added:

Bithumb will soon request foreign users to endure a mobile verification process to ensure users cannot deceive the platform by falsifying personal information and residential address starting from next month.

What do you think of Bithumb’s revised rules? Let us know in the comments section below.


Images courtesy of Shutterstock, Al Monitor, and Bithumb.


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Bitcoin in Brief Monday: Poloniex Responds to Frozen Accounts Complaints

May 28, 2018 |

Bitcoin in Brief Monday: Poloniex Responds to Frozen Accounts Complaints

In today’s edition of Bitcoin in Brief we feature stories that show the increased focus regulators have placed on companies operating in the cryptocurrency scene and how it can adversely affect clients. FCA revels it is investigating dozens of ventures, and Poloniex tries to reassure legacy clients that their frozen funds are safe.

Also Read: Niall Ferguson Tells Bank of England Bitcoin Is Financial System of the Future

Poloniex Responds to Complaints

Poloniex, the cryptocurrency trading platform which was taken over by Circle earlier this year, has finally responded to complaints by its clients about frozen accounts. Stories of legacy accounts getting locked have flooded social media and cryptocurrency forums over the last week. The company now tries to reassure these clients their funds are safe and explain the matter is required by law.

“As soon as you submit this information, we will take steps to verify it and re-enable trading and transactions for your account. Please rest assured that your funds remain safe and accounted for while you complete this process – you can verify your holdings on the Balances page of your account throughout. Like all registered money services businesses, Poloniex is committed to compliance with all applicable law requiring identification and verification of its customers.”

The company also claims to have taken steps to increase the speed of the process. “We are happy to report that in the past 3 months we’ve seen a 33% increase in customers who are instantly verified, a 77% increase in customers who successfully pass our verification process, and an 85% decrease in customer waiting time for verification.”

24 Crypto Ventures Under FCA Investigation

Bitcoin in Brief Monday: Poloniex Responds to Frozen Accounts ComplaintsTraders that are used to how things were before regulators started focusing on crypto platforms are understandably angry about the new hoops they have to jump to, but there is no doubt that the companies are under scrutiny and pressure to do so from regulators.

The UK’s Financial Conduct Authority (FCA) has revealed it is currently investigating two dozen unauthorized cryptocurrency-related ventures and has also opened seven whistle-blower reports in 2018 alone related to companies operating in this field, according to FT. Responding to a freedom of information request from accountancy and consulting firm Moore Stephens, the FCA said on Friday that the purpose of the investigation is to determine whether these crypto companies might “be carrying on regulated activities that require FCA authorization”.

ICO Marketing Tragedy

Ask.fm, an Irish company with its base of operations in Latvia and Ukraine, has sponsored four cryptocurrency enthusiasts to climb Mount Everest and place a wallet at the summit as part of its ICO marketing campaign. Lama Babu Sherpa, one of the Nepalese natives who helped the climbers, has reportedly been missing since May 14th and is now presumed dead, according to AFP.

The team responded on Saturday: “We are now aware that one of the Sherpas who assisted our group amongst others, went missing during the descent. We wish to clarify conflicting media reports by stating that at the time of this statement being made we have not had any response from the relevant officials confirming the status of the missing Sherpa, and we are not therefore in a position to confirm if he is safe or otherwise. It would be insensitive to make such assumptions and we await, and urge the media to await, confirmation from the relevant authorities. There is no doubt that climbing Everest is challenging and dangerous…The last official update we received was that the condition and location of the missing Sherpa was unknown and it was not our place to make public statements which could have resulted in false information being circulated.”

Crypto Champion

And lastly, some happy news. Rory MacDonald, the current Bellator MMA Welterweight World Champion, has shared a clip of himself training in a BCH shirt showing support for bitcoin cash to his hundreds of thousands of followers on social media.

What do you think about today’s news updates? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


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PR: Cryptocurrency Payment Service Platform Sopay Launches Crowdfunding on the LEEKICO Platform

May 28, 2018 |

Cryptocurrency Payment Service Platform Sopay Launches Crowdfunding on the Leekico Platform

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Sydney, Australia – SoPay, a project aiming to develop a fast, private and easy-to-use digital currency payment platform, announced its much anticipated token sale will start on May 29, 2018 and end on June 3, 2018. The sale is managed on the LEEKICO platform and expects to collect a total of ETH 10,000. More information about the sale is available on the LEEKICO platform: https://leekico.com/issue/buy/id/69.

SoPay is a digital currency payment platform similar to Alipay which provides convenient, rapid, and secure payment service, but for cryptocurrencies. With the SoPay APP, users can recharge, transfer and withdraw their assets simply by entering their 6-digit password with no requirement for storing a private key. Each transaction is validated within one second before it is credited to the account and does not require any service charges. Adding to the convenience, users can also retrieve forgotten digital assets with phone number + 4 PIN + identification any time.

On the privacy side, service providers and third parties do not have access to the user’s private information, allowing for a seamless and confidential experience for anyone using the platform for transacting crypto assets.

For developers seeking to implement the solution in their application, SoPay provides its OpenAPI interface, enabling simple and reliable payment through smart contracts. Thanks to the ease-of-use of the solution, developers can integrate the interface in only 6 days.

SoPay’s API V1.0 has been published for core partners and the SoPay APP is undergoing beta testing internally and will be released shortly. SoPay is already cooperating with many game development companies helping them to achieve digital currency payment scenarios, with the plan to activate tens of millions of users.

SoPay’s core management and development team members have strong background and deep knowledge in blockchain technology, each with more than 10 years of operational experience. They previously held various vital positions in Fortune 500 companies such as Huawei, Tencent, Nokia, Alibaba and Samsung. In addition, SoPay’s cornerstone investors and consultants are well regarded in the blockchain industry, including well-known angel investors Da Kongyi and Liu Xiaoying as well as Yibite and ChainPE founder Chong Ge.

About LEEKICO
LEEKICO shares the belief of asset decentralization and commits to promoting the wave of global cryptocurrency start-up companies. LEEKICO aims to build an initial coin offering platform with ensured security, integrity, fairness and transparency for both start-up companies and investors. LEEKICO provides cryptocurrency and blockchain start-up companies with crowdfunding services, and provides investors with comprehensive cryptocurrency consulting services, pre-ICO, and post-ICO management service. Both start-up companies who are planning to go through an ICO process and investors who are involved in ICO projects will enjoy the best experience with LEEKICO’s one-stop service provided by the LEEKICO platform.
www.leekico.com

About SoPay
SoPay is a digital currency payment service platform on the blockchain that helps its users easily access to the digital currency. SoPay ensure to complete every transaction within one second and free of charges. With the SoAPI interface, application and content developers can integrate the interface only in 6 days to support digital currency payment.

Learn more about SoPay by visiting https://sopay.org, or visit official telegram group at https://t.me/sopay_en.

Contact Email Address
prteam@pr-i.co
Supporting Link
https://leekico.com/issue/buy/id/69

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Bitcoin News

How Lithuania Became a Hub of Cryptocurrency Innovation

May 28, 2018 |

How Lithuania Became a Hub of Cryptocurrency Innovation

On the southeastern shore of the Baltic Sea lies Lithuania, a country of some 2.8 million. Most most people would struggle to place it on a map, and there are 77 European cities larger than its capital Vilnius, which number just 578,000. Despite this, Lithuania has outperformed nations 20 times its size in the token economy, making it Europe’s fifth largest country for crowdfunding. The small nation boasts a burgeoning cryptocurrency scene, aided by fast internet and a favorable regulatory climate.

Also read: Niall Ferguson Tells Bank of England Bitcoin Is Financial System of the Future

From Small Nations, Mighty Crypto Projects Grow

How Lithuania Became a Hub of Cryptocurrency InnovationDuring the 14th century, the Grand Duchy of Lithuania was the largest country in Europe, but the country has suffered some shrinkage since then, centuries of skirmishes and annexations taking their toll. Today it ranks 35th out of 49 European nations by population, but in some respects Lithuania still punches above its weight. ICO Watchlist places Lithuania fifth for European crowdfunding, based on the number of projects to have launched within its borders; Bankera alone raised $ 150 million, and it has been reported that 10% of all ICO money raised last year went to the Baltic country.

It’s not the only nation in that part of the world to have embraced the crypto revolution; neighboring Latvia and its neighbor Estonia have are also cryptocurrency hotbeds, while adjacent Belarus recently legalized crypto and declared zero tax for cryptocurrency firms until 2023. Lithuania’s love affair with crypto is partially a regional thing, then, though its penchant for all things digital and decentralized seems stronger  even than that of its peers. Anecdotally that certainly seems to be the case; attend any crypto conference this year and the odds are you’ll have met more Lithuanians than you did Russians, Ukrainians, and Estonians combined.

How Lithuania Became a Hub of Cryptocurrency Innovation
The Lithuanian capital, Vilnius.

Education, Independence and Fast Internet

Bescouted is a photography community that’s preparing to launch its own crowdsale and native token to reward users for sharing content. Its founder, Deividas Leilionas, believes that Lithuanians were primed to adopt cryptocurrency long before bitcoin was even a thing, explaining: “Historically Lithuania has always maintained high standards for education. After getting back their independence, Lithuanians were contracted to build software solutions for western companies, and hence developed a vast number of skilled engineers. The government is also very tech oriented and assisted with developing an excellent IT infrastructure. For a while, Lithuania was running the fastest internet per capita in the world.”

How Lithuania Became a Hub of Cryptocurrency InnovationVladas Jurkevičius, the CEO of Lithuanian digital identity startup Safein, echoes this sentiment, adding: “Lithuania doesn’t have a track record of world-famous tech startups, and we didn’t have access to large VC funds. ICOs and crypto communities remove boundaries so that no matter where you are located, only the team, technology and idea matters. In addition, the blockchain community is very strong within Lithuania; people share their ideas and experience freely. The country is famous for its regulatory framework for fintech companies as well, and when blockchain technology was on the rise, a lot of projects received support from the government.”

Cryptocurrency Is a Great Leveler

One of the greatest things about cryptocurrency is that it gives nations a chance to compete on an even keel. It doesn’t matter what your GDP is, or how many nukes are locked in your bunker: on the internet, everyone’s equal. This has given countries that have traditionally lagged industrially and economically a chance to make amends. From tiny islands to humble nation states, a series of global outposts have made it known that they’re open for crypto business. In terms of cryptocurrency adoption, for example, the UK has long been synonymous with bitcoin. (It’s even been speculated that Satoshi may have been British on account of his spelling and colloquialisms.) But the UK government has been glacially slow to capitalize on cryptocurrency, allowing European nations such as Serbia, Slovenia, Switzerland, Malta, and Lithuania to steal a march.

Malta Proposes 3 Bills as Backbone of Regulatory Apparatus for Crypto
Malta is another unlikely small where crypto innovation has been encouraged

Joao Martins is head of business development for Birdchain, a Lithuanian tokenized advertising and rewards platform. He moved to the country two years ago from his native Portugal and has been smitten with it ever since. Joao speaks of sensing “the beating pulse of a whole generation embracing this adolescent energy [of cryptocurrency] with a voracious hunger and drive to prove their worth to the world”. Like Be Scouted’s Deividas, he praises the country’s internet quality and notes: “Since they became part of the EU, there has been a clear path of investment in technological infrastructure and education…Lithuania is also a small society where entrepreneurs get in touch with their peers and openly exchange experiences. Blockchain and cryptocurrency hit Lithuania at the right moment and was gratefully seized”.

Cryptocurrency is an alien aircraft, crashing landed in a pasture, and global governments are the startled cows trying to make sense of it. Some are spooked, and some oblivious, while others walk right up, give it a lick, and decide they like what they see. Right now, Lithuania and its neighboring territories are at the head of that herd.

What other small countries do you think are over-achieving when it comes to cryptocurrency innovation? Let us know in the comments section below.


Images courtesy of Shutterstock.


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South African Asset Management Firm, Sygnia, to Open Crypto Exchange

May 28, 2018 |

South African Asset Management Firm, Sygnia, to Open Crypto Exchange

Johannesburg-based investment management company, Sygnia Ltd., has announced its intention to launch a cryptocurrency exchange, Sygniacoin – which is expected to launch in the third quarter of 2018.

Also Read: BTCC to Launch New Exchange Platform in June

South African Wealth Management Firm to Launch Cryptocurrency Exchange Next Quarter

South African Asset Management Firm, Sygnia, to Open Crypto ExchangeSouth African investment management firm, Sygnia, has announced that it plans to launch a cryptocurrency exchange by Q4, 2018.

Sygnia Ltd. currently manages ZAR 184 billion (approximately $ 14.7 billion USD) worth of assets and has offices in Cape Town, Johannesburg and Durban. Sygnia claims to currently employ over 175 staff, and manage the assets of over 6,000 individual clients, and 600 international clients.

Magda Wierzycka, the chief executive officer of Sygnia stated “We aim to launch SygniaCoin, a cryptocurrency exchange, in the third quarter of 2018. The cryptocurrency market is evolving at a rapid pace internationally and domestically, and is attracting both domestic and international flows.”

Mrs. Wierzycka described the move as comprising one of “a number of new strategic initiatives that will position Sygnia for the evolving digital future, as well as help its new business development and distribution efforts.”

“With its fintech focus, Sygnia is well-positioned to become the first major financial services institution to embrace cryptocurrencies and to offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody, and integration with standard savings products,” Mrs. Weirzycka stated.

Sygniacoin Seeks to Operate According to New York State Regulations

South African Asset Management Firm, Sygnia, to Open Crypto ExchangeSygnia has indicated that it intends to operate its cryptocurrency exchange according to the principles underpinning New York’s legislative apparatus pertaining to virtual currencies. The Sygnia CEO stated, “To ensure the highest levels of integrity and security for clients, we are basing our policies, protocols, and processes on existing regulatory framework applicable to cryptocurrency exchanges registered in New York State, USA.”

Regarding South Africa’s regulatory apparatus, Mrs. Wierzycka acknowledged the South African Revenue Service’s move to tax investments and trades made in cryptocurrencies, adding “We expect further regulatory frameworks to follow.”

The firm also announced its intention to launch a “Sygnia Cryptocurrency Fund’ aimed at institutional investors.

South African Authorities Launch Regulatory Action Targeting Cryptocurrency Ponzi Scheme

South African Asset Management Firm, Sygnia, to Open Crypto ExchangeIn recent days, South African authorities have launched an investigation into an alleged cryptocurrency ponzi scheme estimated to have defrauded investors of approximately ZAR 1 billion ($ 80 million USD). The alleged ponzi scheme, BTC Global, purported to offer clients returns of 2 percent daily, 14 percent weekly, and 50 percent monthly.

In a statement, local police stated “Members of the public are believed to have been targeted as part of the scam and encouraged by agents of BTC Global […] Some of the investors got paid in terms of the agreement. However, the payments suddenly stopped. Investigator Yolisa Matakata added, “This may prove to be the tip of the iceberg with potentially thousands more yet to discover they’ve lost money.”

Local reports have also indicated concerns that cryptocurrency guidelines recently published by the South African Reserve Bank may indicate a coming crackdown on offshore cryptocurrency purchases.


Images courtesy of Shuttestock, Sygnia


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