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PR: CoinFi Partners with HybridBlock to Expand Crypto Intelligence Offerings

April 24, 2018 |

CoinFi Partners with HybridBlock to Expand Crypto Intelligence Offerings

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.

HONG KONG – April 24, 2018 – CoinFi, a leading market intelligence platform offering Wall Street-caliber trading tools, signals, and analysis on the cryptocurrency market, today announced a strategic partnership with HybridBlock, a crypto e-learning hub, trading platform, and global exchange. The joint venture enables CoinFi to syndicate HybridBlock research and analysis and integrates smart order routing through HybridExchange, HybridBlock’s web-based trading platform. HybridBlock will incorporate CoinFi’s trading tools and data feeds for its intermediate and advanced users as well as curate original research by CoinFi’s analysts.

The partnership, which is expected to ramp up the build and development of more robust product offerings for both brands and accelerate organic user growth, comes after each company successfully raised funding via Initial Coin Offering (ICO) earlier this year. CoinFi met its hard cap of $ 15 million via a private ICO in January, while HybridBlock raised $ 44 million during its pre-sale period in March.

“We see a lot of mutual benefit coming out of this strategic partnership with HybridBlock,” said CoinFi co-founder and former Goldman Sachs equities trader Timothy Tam. “HybridBlock is positioned to be an important player in the Asia-Pacific cryptocurrency trading space. We’re excited about the potential of leveraging HybridBlock’s Hybrid Exchange technology for smart order routing and looking forward to implementing CoinFi trading signals, algorithms, and data feeds on HybridBlock’s platform, where they will provide a critical edge for HybridBlock’s intermediate and advanced traders.”

“Both HybridBlock and CoinFi strongly believe that education is a critical piece to mass adoption of cryptocurrencies,” said HybridBlock co-founder Rod Jao. “As part of continuous education, HybridBlock encourages our users to keep updated with relevant crypto-related news, and we’re excited to syndicate CoinFi’s expert cryptocurrency research and analysis on Hybrid Central”.

HybridBlock co-founder Rod Jao has always respected Mr. Tam’s work ethic and vision. “Timothy’s Wall Street experience has allowed CoinFi to be truly innovative and visionary; merging WallStreet intelligence and sentiment software with the blockchain, a critical missing component,” said Jao.

The rapidly growing world of cryptocurrency markets – market capitalization of all cryptocurrencies passed $ 700 billion in January – has created a tremendous need for education as well as real-time news, analysis, and trading tools. With the partnership, CoinFi and HybridBlock bring further clarity and resources to the market.

CoinFi recently released its platform for crypto financial data and market-moving news feeds. The company is also slated to launch a suite of trading signals and institutional-quality algorithms later this year. This coincides with HybridBlock’s upcoming Open Token Sale and the launch of their platform to the world. “We want to deliver the very best tools for our customers to ensure the best chance of success and this partnership is another step towards that objective,” said Rod Jao.

For more information, visit www.CoinFi.com and www.HybridBlock.io.

About CoinFi

CoinFi (KuCoin: COFI) is the world’s first decentralized crypto market intelligence platform, bringing Wall Street-caliber financial intelligence to the cryptocurrency markets. Founded in 2017 by technologists and former Wall Street analysts, equities traders, and hedge fund managers, the company is based in Hong Kong an recently completed a $ 15 million private token sale to further expand its technology and trading tools. CoinFi offers crowdsourced and professionally curated research, analysis, trading signals, trading algorithms, and market-moving news to give traders the real-time market intelligence needed to gain an edge. With a community of over 100,000 cryptocurrency traders, CoinFi is poised to become the leading provider of market intelligence for the cryptocurrency markets.

About HybridBlock

HybridBlock has created a premium educational platform called Hybrid Central that guides you through a gamified educational experience to explain basic blockchain terminology, help you purchase and trade your first cryptocurrency, offer opportunities to develop blockchain-based skills, and facilitate participation in the global blockchain community. In addition, the company has developed several trading applications that cater to traders of various levels: beginner (Basetrade), intermediate (HybridExchange), and advanced (HybridTerminal).

Contact Email Address
nate@coinfi.com
Supporting Link
https://www.coinfi.com

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: CoinFi Partners with HybridBlock to Expand Crypto Intelligence Offerings appeared first on Bitcoin News.

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India Divided on Whether to Ban Crypto Use

April 23, 2018 |

India Divided on Whether to Ban Crypto Use

As India works on the bill to regulate cryptocurrencies, each government department has its own opinion on whether to ban the use of crypto, including bitcoin. The Finance Ministry, the Reserve Bank of India (RBI), the Income Tax Department, and the Special Investigation Team have voiced their opinions on the upcoming bill.

Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

No Consensus Among Regulators

India Divided on Whether to Ban Crypto UseIndia is preparing a bill on the regulation of cryptocurrency. “The bill has been drafted and consultation has been started with the concerned agency,” the Navbharat Times reported last week. The news outlet quoted sources explaining that the regulators are divided on whether to ban the use of cryptocurrencies such as bitcoin.

“The finance ministry is in favor of regulating [cryptocurrency],” sources said. The Income Tax Department, on the contrary, is not in favor of regulation, the news outlet conveyed, and quoted sources explaining:

The regulation of virtual currency is almost impossible and it promotes the use of black money.

India Divided on Whether to Ban Crypto UseThe RBI “is also not in favor of banning virtual currencies,” but sources pointed out that “the current form of the bill proposes to ban virtual currency businesses.” However, there may be exemptions for “issuing crypto tokens in exchange for assets.”

Meanwhile, the Indian Special Investigation Team (SIT) “wants to ban the use of bitcoins” after discovering at least four cases where the digital currency was used to pay for drugs, the Sunday Guardian reported. The SIT comprises of officials from the Narcotics Control Bureau (NCB), the Enforcement Directorate (ED), the Central Bureau of Investigation (CBI) and the Income Tax Department.

India Divided on Whether to Ban Crypto UseThe SIT has previously asked the ED, NCB and the Income Tax Department “to take adequate measures to prevent the use of cryptocurrencies,” the publication noted, adding that the Team “has called for a second round of meetings to be held in Delhi next month, where the officials from all the aforementioned agencies will review the use of cryptocurrencies.”

Experts Say Crypto Ban Not Very Feasible

The debate is also taking place in the private sector. Sarvesh Tyagi, a Delhi-based cyber law expert, told the Sunday Guardian that “it is doubtful that the SIT will succeed in banning the use of cryptocurrencies. Ban is not a solution. We need a regulatory authority.” She elaborated:

A blanket ban on the use of cryptocurrencies is not a very feasible solution as drug smuggling is a big problem, and in most cases, these transactions have nothing to do with use of cryptocurrencies.

Crypto Businesses Fight Back

The RBI announced earlier this month for banks and payment gateways under its control to stop providing services to businesses dealing in cryptocurrencies. “Banks have already sent notices to exchanges,” Sathvik Vishwanath, CEO of a leading Indian exchange Unocoin, told news.Bitcoin.com.

India Divided on Whether to Ban Crypto UseThe RBI allows banks “about 3 months of time to end the relationships” with crypto businesses, he noted, adding that crypto companies “will be attempting to challenge the [RBI] order” in the Supreme Court as a consortium.

One company, Kali Digital Eco-Systems, has already appealed to the High Court in Delhi against the recent RBI crackdown. The company is behind the upcoming crypto exchange called Coinrecoil.

On Sunday, the company announced that Delhi High Court has accepted its petition against the Indian regulators, adding that:

Hon’ble High Court of Delhi has issued a notice to the Reserve Bank of India, the Union of India through Secretary, Ministry of Finance and GST Council. The next hearing in this case is on May 24, 2018.

What do you think of the Indian regulators’ divided opinions on how to regulate cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock and the Indian government.


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The post India Divided on Whether to Ban Crypto Use appeared first on Bitcoin News.

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Russian Government Concerned Crypto Bill Inadequate in Many Ways

April 23, 2018 |

Russian Government Concerned Cryptocurrency Bill Inadequate in Many Ways

The Russian government has officially provided a response to the bill that seeks to outline the legal framework for cryptocurrencies. Many flaws and inadequacies were pointed out including unjustified restrictions on Russian residents and foreign investors.

Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Response to Crypto Bill

The Russian government published its official response on Saturday to the draft federal law no. 419059-7 “On Digital Financial Assets” which aims to regulate cryptocurrencies, crypto mining, as well as initial coin offerings (ICOs).

Russian Government Concerned Cryptocurrency Bill Inadequate in Many Ways
The House of Government, Russia.

In its response, the government outlined numerous concerns and suggested some amendments to the bill. The first change suggests relates to Article 2 of the bill which defines digital financial assets including cryptocurrencies.

Citing the definition of a digital financial asset as “a property in electronic form created using cryptographic means,” the government says this definition does not distinguish crypto-assets from “other objects created using means of cryptographic protection of information, such as certificates of enhanced qualified electronic signature, session keys generated in the process of establishing connections during the implementation of information exchange protocols in information and telecommunications networks.”

In addition, the response states:

The draft law does not contain the regulation of legal relations arising in connection with the circulation of cryptocurrencies, which may entail difficulties in law enforcement practice.

Furthermore, the government finds “it necessary to regulate accounting issues” of crypto-assets as well as “introduce corresponding changes in the legislation of the Russian Federation on taxes and fees” in order to tax crypto transactions.

No Mechanism to Identify Miners

Russian Government Concerned Cryptocurrency Bill Inadequate in Many WaysThe definition of mining also needs additional work. The document suggests expanding the list of criteria to qualify as a crypto miner “since the energy consumption indicator does not provide an unambiguous basis for such a conclusion.”

Some Russian ministries previously said that they were confident miners could be tracked and identified using electricity consumption. However, the government contradicted this belief in its response to the bill, noting:

The government believes that activities aimed at creating a cryptocurrency may not be directly related to the formation of a transaction register, but rather to provide energy, technical capacities, including areas where the equipment necessary for mining is located, and therefore this activity cannot be attributed to mining. In view of the foregoing, the government considers it necessary to clarify the definition of the proposed concept of ‘mining’.

Unjustified Restrictions

For both cryptocurrencies and ICOs, the government commented, “from the provisions of the bill it is impossible to establish how their primary emission is regulated,” elaborating:

The provisions of the draft law, as well as an explanatory note to it, do not contain a justification for introducing a number of restrictions imposed on residents of the Russian Federation.

Russian Government Concerned Cryptocurrency Bill Inadequate in Many WaysCiting Article 3 of the draft law as an example, the government interpreted, “residents of the Russian Federation cannot invest in digital financial assets in foreign jurisdictions.” However, “such a restriction is not justified.”

Russian residents will not be the only group restricted by this bill; foreigners will also face unnecessary restrictions. The document points out that the bill says a crypto wallet is opened by an exchange “only after passing the procedures for identifying its owner in accordance with the federal law on countering the legalization (laundering) of criminally obtained incomes and the financing of terrorism.” However this will “significantly” hamper the participation of foreign investors as well as local residents, the government declared, adding:

The government proposes to envisage in the bill the possibility for the operator of the exchange of digital financial assets to simplify identification by remote means.

The rights of foreign investors also need to be adjusted in the bill since “the government considers it expedient to further regulate the issue related to the rights of foreign investors to transfer cryptocurrencies to the issuer’s wallet in exchange for Russian issuer tokens.” It says “such a measure will increase the investment attractiveness of Russian projects.”

Trade Control and Identifying Crypto Owners

One proposal the government explicitly supports is ensuring control over the exchange of cryptocurrencies for Russian rubles or other foreign currencies above a certain size. The document conveyed:

It seems necessary to provide for mandatory control over the operations on the exchange of cryptocurrency for the currency of the Russian Federation or for foreign currency in an amount equal to or exceeding 600,000 rubles [~US$ 9,776] or the equivalent in foreign currency.

Nonetheless, the government is still concerned about “the absence of a mechanism for establishing the owners of digital financial assets and persons responsible for the operation of digital financial asset systems.” It says the bill as written “will not allow countering the criminalization of this sphere and the use of the said assets for illegal purposes, as well as ensuring the protection of the corresponding property rights,” noting “the definitions of the concepts used in the draft law should be adjusted from a technical point of view.”

Lastly, the government sees the need to correlate the provisions of other relevant bills: draft law no. 424632-7 “On amending part one, second and fourth of the Civil Code of the Russian Federation” and draft law no. 419090-7 “On alternative ways to attract investment (crowdfunding).” The response also calls for a “further study of the provisions of the draft law, taking into account the inexpediency of excessive regulation of civil and legal relations,” before concluding:

The government of the Russian Federation supports the bill provided it is finalized for the second reading in accordance with the said observations.

What do you think of the Russian government’s response and concerns? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Russian Government Concerned Crypto Bill Inadequate in Many Ways appeared first on Bitcoin News.

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Central Bank of Iran Bans Banks from Crypto

April 23, 2018 |

Central Bank of Iran Bans Banks from Crypto

Iran’s central bank has issued a statement banning the country’s banks and financial institutions from dealing with cryptocurrencies such as bitcoin, citing money laundering and terrorism financing risks. However, the local crypto community in Iran believes that the ban will not affect them and some exchanges continue to operate normally.

Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Banned by Central Bank

Central Bank of Iran Bans Banks from CryptoThe Central Bank of Iran (CBI) has issued a statement on Monday banning the use of cryptocurrencies including bitcoin by banks and financial institutions. This announcement came “amid ongoing debate over how best to regulate the technology,” the AFP elaborated.

According to the CBI, “the government’s money laundering committee had taken the decision in late December and it was now being put into effect,” the news outlet conveyed and quoted the central bank explaining:

All cryptocurrencies have the capacity to be turned into a means for money laundering and financing terrorism and in general can be turned into a means for transferring criminals’ money.

The central bank noted that banks and financial institutions in Iran were informed a few days ago, Mehr News reported.

The ban comes at a tenuous time for the Iranian economy. Between now and May 12, both the EU and the US are expected to decide on a new round of economic sanctions targeting Tehran. This could restore the harsh international controls on Iran that were lifted in the 2015 nuclear treaty between Iran and six major powers, including the US.

Effects of Crypto Community in Iran

Monday’s announcement follows another prohibition recently announced by the central bank, banning foreign fiat currency exchanges.

Central Bank of Iran Bans Banks from Crypto
Mohammad-Javad Azari Jahromi.

The Iranian government has mixed views on cryptocurrency, however. In February, the country’s telecom minister, Mohammad-Javad Azari Jahromi, tweeted the news that his ministry and the CBI are investigating the prospect of running their own initial coin offering (ICO) together. The resulting cryptocurrency would serve as “an experimental model for the country’s banking system,” he believes.

While many people in Iran see cryptocurrencies as a way to overcome problems with international sanctions and the country’s banking system, there are also those who fear “the technology could undermine the country’s already weak banking system and exacerbate capital flight,” the AFP explained.

Central Bank of Iran Bans Banks from Crypto“Iranians working in the fledgling private cryptocurrency market said the ban was unlikely to affect their operations,” the publication further described. A local crypto exchange Coinex has, however, halted activity on its platform in response to the central bank’s action, citing “we always want to make sure we comply with the law,” Hadi Nemati, who works for the exchange, told the news outlet. “But I have seen other crypto exchanges were still working normally,” he clarified, adding:

This ruling referred directly to banks, financial institutions and currency exchangers that work with the central bank…In my opinion, it doesn’t include the general public — it’s not a total ban on cryptocurrencies.

What do you think of the Iranian central bank’s action? Let us know in the comments section below.


Images courtesy of Shutterstock and Mohammad-Javad Azari Jahromi.


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The post Central Bank of Iran Bans Banks from Crypto appeared first on Bitcoin News.

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Nominee to New York Federal Reserve Claims That Crypto Isn’t Currency

April 23, 2018 |

Nominee to New York Federal Reserve Claims That Crypto Isn't Currency

The current president and chief executive officer of the San Francisco Federal Reserve Bank, and the man expected to soon be the New York Federal Reserve Bank, John Williams, has rejected the suggestion that cryptocurrencies comprise currency.

Also Read: Trading Sanctions Imposed on Tezos Co-Founder Amid FINRA Settlement

New York Federal Reserve Nominee Rejects Cryptocurrencies as ‘Currencies’

Nominee to New York Federal Reserve Claims That Crypto Isn't CurrencyMr. Williams, the man nominated to head the New York Federal Reserve, has stated that “Cryptocurrency doesn’t pass the basic test of what a currency should be.”

Mr. Williams asserted that currencies should comprise “basically something with a store of value,” also emphasizing the need for currencies to be “elastic” in order to adapt to a wide range of economic conditions and circumstance. Despite the criticisms, Mr. Williams failed to further elaborate on how cryptocurrencies fail to or could better fulfill the aforementioned monetary functions.

The current San Francisco Federal Reserve president also stated that “The idea of the supply of currency and thinking about currency really belongs more in the sphere of government and central banks. My view is it’s really more of a promise of technology.” At least, Mr. Williams acknowledged that his extensive experience in central banking had left him “very biased” regarding issues pertaining to cryptocurrency.

Mr. Williams also criticized “The setup [and] institutional arrangement[s] around bitcoin and other cryptocurrencies,” claiming that the cryptocurrency sphere suffers from “problems with fraud, problems with money laundering, terror financing. There’s a lot of problems there,” Mr. Williams stated.

Mr. Williams is expected to be appointed as the head of the New York Federal Reserve Bank in June when the current president, William Dudley, will step away from the position.

U.S. Federal Reserve Officials Criticize Cryptocurrency

Nominee to New York Federal Reserve Claims That Crypto Isn't CurrencyMr. Williams’ comments come following weeks of increasingly hostile rhetoric issued representatives of various federal reserve banks in the United States.

At the start of April, Federal Reserve Board of Governor member, Lael Brainard, indicated that the institution is “monitoring is the extreme volatility evidenced by some cryptocurrencies.”

For instance, Bitcoin rose over 1,000 percent in 2017 and has fallen sharply in recent months,” Mrs. Brainard said. “These markets may raise important investor and consumer protection issues, and some appear especially vulnerable to money-laundering concerns.”

At the end of March, the president and chief executive officer of the Federal Reserve Bank of Atlanta, Raphael Bostic, rejected the proposition that cryptocurrencies comprise money. Mr. Bostic discouraged consumers from investing in the virtual currency markets, stating “Don’t do it. They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets.’’

In January, the president of the Federal Reserve bank of Chicago, Charles Evans, stated that bitcoin is “Not money-like at the moment,” adding that cryptocurrency investors are “swimming with all the sharks in the world because of all the anonymity.’’

Do you think that cryptocurrencies fulfill the basic functions associated with ‘money’ or ‘currency’? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia


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The post Nominee to New York Federal Reserve Claims That Crypto Isn’t Currency appeared first on Bitcoin News.

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Do Crypto Trading Bots Really Work?

April 23, 2018 |

Do Crypto Trading Bots Really Work?

Bots and talk of bots is endemic within the crypto space, with behavior, good and bad, often attributed to their actions. Mt Gox famously had the Willy Bot manipulating merrily, perennial bear Bitfinexed sees bots everywhere, and crypto traders are prone to boasting about the sick returns they’ve raked in from their proprietary arb bots. There’s no doubt that bot activity is very real. But is it profitable?

Also read: Five Reasons Why Bitcoin Cash is About to Win Big

Got Bots?

Do Crypto Trading Bots Really Work?In the 1950s, robots were promised that would soon eliminate the daily chores of housewives across the globe. 60 years later, and their cyber counterparts – bots – are promised that will do the same for crypto traders. If the hype is to be believed, these bundles of code can deliver a passive income for even the laziest or dumbest of traders. But as almost everyone knows, the hype is never to be believed. Profiting from bots isn’t that simple or easy.

There are several types of trading bots available including arbitrage (arb) bots that capitalize on the difference in prices across exchanges. The price of bitcoin usually differs from exchange to exchange; Bitstamp, for example, typically displays a slightly lower price than Bittrex. The movements of bitcoin and other cryptocurrencies is always mirrored across exchanges, however, so if BTC breaks out due to a massive buy order on Binance, you can bet that the other exchanges will follow suit. Bots work by profiting from the delay it takes for prices to update across all exchanges.

How Profitable Are Bots?

To make any sort of tangible profit from bot trading, you ideally need a stack of crypto to start with. If you’re running a bitcoin arb bot, for example, you’ll need BTC deposited on multiple exchanges that are connected to your bot via API. And even if you do have a healthy spread of coins, the returns can be slight. Romano – Viacoin developer and well-known crypto trader – claims the Hass bot he uses can make “0.26 BTC ($ 2K) a day by using 9 BTC for example just by using market inefficiencies” before adding that he doesn’t use the market maker bot that comes with Hass and cautioning that it’s “only for skilled traders”.

Do Crypto Trading Bots Really Work?
Haas

Arb trading can be likened to playing online poker. If you’re good at setting up your bots, you can make a living off it, but you’ve got to grind it out. Crypto trading bots are reminiscent of those money-making Forex programs that you find “veteran traders” trying to flog. If those Forex guys are as rich and successful as they profess to be, wouldn’t they be better served keeping that esoteric knowledge to themselves rather than offloading it to the masses for $ 100 a month? In other words, beware of geeks bearing bots.

Examples of Trading Bots

Do Crypto Trading Bots Really Work?A slew of tokenized projects has emerged that promise “algorithmically-based smarter trading delivered via AI and machine learning” or words to that effect. These systems also utilize bots, but their claims of profitability have yet to be proven. If one of these new platforms were to deliver the goods and provide consistently high returns, crypto traders would flock to it, which simply hasn’t happened.

There is no doubt that machine learning has the potential to yield more profitable trading, but there is also no doubt that a lot of the claims attributed to AI should be filed under As If.

These are the most popular crypto bots on the market (and should only be tried at your own risk):

  • Haasbot allows for automated trading across all major bitcoin exchanges, with monthly subscriptions starting from .073 BTC
  • Profit Trailer allows you to average down on coins you buy into using bots, although there’s no guarantee that doing so will lead to eventual profit. It starts at $ 35 p/m
  • Cryptohopper is a cloud-based trading bot that starts from $ 19 per month
  • Gekko is free and open source but you need to tell it what to do and thus it’s only as smart as you are
  • Cryptotrader also needs to be programmed and starts from .0048 BTC for a Pro account (Basic is cheaper but too basic)

Others, such as BTC Robot, are so spammy and scammy that we’re not even going to provide a link. For traders seeking a passive income or “easy money” there really is none to be had. The reality is that bots are trading tools rather than workhorses that will set up and execute winning trades on your behalf. In using bots, you also leave yourself open to the possibility of scammy developers or flash crashes, either of which can liquidate your crypto. As one redditor put it:

To see returns you have to be comfortably profitable already and be familiar with different strategies. The conditions for profitability are moving targets so bot trading isn’t really a ‘set it and forget it’ type of operation.

Bot or Not?

It is safe to say that the best bots are the ones you never hear about and will never be offered. Because if everyone was using these bots, the trading edge they bestow would be eliminated due to arbing and other opportunities being eliminated. If you’re interested in putting a trading bot to the test, by all means give it a try with some spare satoshis or shitcoins. Be sceptical though of anyone touting a bot delivering guaranteed returns, and be especially sceptical of the profits crypto traders claim to have made with their aid.

Do Crypto Trading Bots Really Work?

At least the creator of the open source Zenbot is honest enough to concede it “is having trouble reliably making profit. At this point, I would recommend against trading with large amounts until some of these issues can be worked out”.

Even if you can find a system that delivers modest returns, you may wish to ask yourself this: What would you rather have – a bot that can turn 5 BTC into 5.1 BTC every week or the freedom of having 5 BTC free to invest in a simple day trading strategy? Bots can do a lot, but as it stands, they can’t factor in fundamental analysis, breaking news, insider knowledge and the myriad other factors that make markets move.

1950s housewives (and house husbands) are still waiting on those domestic chore-performing robots to materialize. And similarly, we’ve still got some way to go before bots render human traders obsolete. If you want a job done profitably, do it yourself.

Have you had any success with crypto trading bots? Let us know in the comments section below.


Images courtesy of Shutterstock and Twitter.


Need to calculate your bitcoin holdings? Check our tools section.

The post Do Crypto Trading Bots Really Work? appeared first on Bitcoin News.

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Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto – 53% Have Purchased

April 22, 2018 |

Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto - 53% Have Purchased

A global study of cryptocurrency purchases made by users of Visa, Mastercard, and Unionpay cards shows that 89% of respondents are knowledgeable about crypto and 53% have purchased some in the past 12 months.

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

A Global Study

Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto - 53% Have PurchasedGlobal payment service provider Worldcore reportedly conducted a study of its customers to find out cryptocurrency usage among Visa, Mastercard, and Unionpay users. The company has approximately 300,000 customers in total.

“The purpose of the study was to determine the willingness of people to deal with digital currencies with the help of bank cards,” Russian outlet Innov.ru described, adding that the study was conducted between March and April. “The study involved more than 10,000 people from 47 countries,” Finam reported. In addition, “data on the EU countries (28 countries) and CIS [Commonwealth of Independent States] countries (12 countries) were combined,” the news outlet noted, quoting the Worldcore study results:

About 89% of respondents know well what cryptocurrency is. 53% of respondents made purchases of cryptocurrency at least once within the last 12 months.

Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto - 53% Have PurchasedAccording to RBR’s Global Payment Cards Data and Forecasts to 2022 study published in July of last year, “Unionpay has been the largest scheme globally for card numbers since 2010 and, by the end of 2016, there were more than six billion Unionpay branded cards in circulation.” Furthermore, “RBR found that Unionpay, Visa and Mastercard collectively account for 80% of cards worldwide,” the firm wrote.

Worldcore is an EU-regulated payment institution headquartered in Prague, Czech Republic. It has partnered with Bitpay to offer cryptocurrency solutions to its customers globally. In August of last year, the company announced an initial coin offering (ICO) as part of its expansion plans.

Survey Results

Survey: 89% of Visa, Mastercard, Unionpay Users Know Crypto - 53% Have PurchasedAmong respondents, 36% were Japanese, 25% were from the US, 18% were Korean, 8% were from the EU, 6% were Chinese, 3% were Latin American, 2% were Canadian, and 1% were from Russia and the CIS.

Those who bought any cryptocurrencies in the past 12 months – 21% of them used credit cards, 36% used debit cards, and 43% used other forms of payment.

Among respondents who did not purchase any cryptocurrency in this time period, 60% cited risks as the main reason. 35% of them reported having “insufficient funds” while 5% found crypto transactions to be in violation of the law.

The CEO of Worldcore, Alexey Nasonov, was quoted by Finam explaining:

Among our clients are people of different specialties and ages, but the research was conducted among a very active audience in terms of transactions. As one of the most popular services we have is mass payments around the world, as well as using cryptocurrency wallets. So initially the research was conducted among the clients who were savvy in the sphere of financial services.

While the survey shows a high rate of credit card users knowledgeable about crypto and willing to purchase them, the world’s largest banks have mostly listened to regulators and prohibited the use of credit cards for crypto purchases.

Bank of America, Citigroup, Jpmorgan, Capital One, and Discover Card have all prohibited their clients from buying cryptocurrencies using their credit cards. In the UK, Lloyds Banking Group made a similar announcement, banning customers of MBNA, Halifax, and Bank of Scotland. Canadian bank Toronto-Dominion Bank (TD Bank) have also followed suit. Furthermore, Visa severed its relationship with a number of card providers of cryptocurrencies.

What do you think of this survey? Let us know in the comments section below.


Images courtesy of Shutterstock and RBR.


Need to calculate your bitcoin holdings? Check our tools section.

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Saxo Investment Bank is Bullish on Crypto Over Next 3 Months

April 22, 2018 |

Saxo Investment Bank is Bullish on Crypto Over Next 3 Months

Influential investment bank Saxo released the 35 page, Q2 2018 Quarterly Outlook. In it, the bank’s newly hired Crypto Analyst, Jacob Pouncey, noted the perils of this year’s first financial quarter with regard to digital assets. Taking into account several factors, he believes the next three months could be a breakout time for digital assets, holding the potential to trigger a bull market.

Also read: German Cops Look Hard at Antics of ICO Savedroid After Ghost Prank

Heavy Hitter Saxo Bank Released Bullish Outlook on Cryptocurrencies

It takes all of 33 pages to find it, but there it is: a very influential investment bank not only hired a “Crypto Analyst,” but allowed him to have an authored section titled – Are Cryptocurrencies Entering a New Cycle?

The Danish bank, Saxo, forwarded its general outlook for 2018’s second set of three months. Turning to cryptos, Mr. Pouncey prefaced, “Cryptocurrencies fell back to earth with a bang in the first months of this year, having enjoyed exponential growth in 2017. The situation remains fragile, given the outlook to increased regulation and social media advertising bans. That said, we can’t rule out the possibility of a comeback.”

Saxo is based in Copenhagen, and its products include online trading in futures spreads, funds, bonds, CFDs, stocks, and even a foreign exchange. It has the rare charter of being both a proper bank and a broker. As such, it typically caters to institutional, legacy financial companies (more than 100 globally). Its European presence is well established, though it has exposure in the Middle East and Southeast Asia. Saxo claims to handle $ 12 billion USD daily, having clients in 180 countries.  

Saxo Investment Bank is Bullish on Crypto in the Next 3 Months

That its main analyst in the crypto sector is optimistic going forward means cover for institutional investors who’re looking to dabble. Indeed, Mr. Pouncey details, “The market has seen several acquisitions of crypto exchanges from financial firms such as Goldman Sachs backed Circle acquiring Poloniex, Monex Group acquiring Coincheck, and Yahoo Japan buying a 40% stake in Bitarg Exchange Tokyo.” Additionally, crypto exchanges such as Coinbase have been able to recruit real talent from Silicon Valley, and they’re being placed in key executive positions. These moves seem poised to take advantage of price spikes.

Mr. Pouncey concludes, “several events could serve as springboards for a cryptocurrency bull market in Q2, whether it is through fundamental drivers, or it is just a self-fulfilling prophecy [….] In my opinion, we will eventually see the end of the current, negative cryptocurrency cycle, as many of the weak hands have been shaken out by the bear market and the remaining investors are on the ready to latch onto any good news after the bad start this year.”

Saxo Investment Bank is Bullish on Crypto in the Next 3 Months
Jacob Pouncey

Much of the Positive Outlook is Based on Institutional Investors Entering the Crypto Space

Many professional financial legacy gurus expect the easy credit market to dry up a bit in the coming months as a hedge against inflation. This could mean traditional equities are less attractive, and the search for “uncorrelated assets” begins.

These are “assets that lie outside the reach of the traditional financial system in which cryptocurrencies are a potential alternative,” Mr. Pouncey insists. “Historically, many of the blue chip cryptocurrencies have seen price increases in the face of global uncertainty and [… the] inflow of institutional capital to the cryptocurrency market due to the increase in regulation and investor protection could lead cryptocurrencies to a positive quarter.”

Do you believe institutional investors are going to enter the crypto market soon? Let us know in the comments section below.


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Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

April 21, 2018 |

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

The cryptocurrency markets have enjoyed a strong week, with BTC, BCH, and many altcoins generating significant gains in recent days. There is considerable uniformity shared among major altcoin markets, with many cryptocurrencies recovering to test the 0.236% retracement areas after breaking above descending trendlines.

Also Read: Kraken CEO Condemns “Hostile” Questionnaire Issued by New York AG

BCH Gains Over BTC

Whilst bitcoin (BTC) has made gains of 10%, this past week has seen Bitcoin Cash (BCH) perform with considerable strength, ramping up to gain nearly 50% against the dollar in just 7 days. Yesterday, the markets surged past resistance at $ 1,000 USD, breaking into the four-figure threshold for the first time since March. As of this writing, BCH appears to be consolidating above $ 1,000, with current prices sitting at roughly $ 1,080.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

When measuring against BTC, BCH has gained 40% in a week – bouncing from a low of approximately 0.092 BTC to the current levels of roughly 0.13 BTC. When measuring from 2018’s high of 0.25BTC, BCH is currently consolidating at the 23.6% retracement area. Bitcoin Cash is currently the fourth largest cryptocurrency by market capitalization, with a total capitalization of approximately $ 18.5 billion according to Coinmarketcap.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Altcoin Markets Begin to Reverse During April

After months of sustained downward price action that saw many markets lose upwards of 80% – 85%, many altcoins have produced substantial gains over the course of recent weeks after breaking above major descending trend lines against both BTC and the dollar. Many markets are now testing their respective 0.236% retracement areas when measuring from 2018’s highs.

The second largest crypto by market cap, Ethereum, has made gains of approximately 60% over the last fortnight, rallying from the local low of approximately $ 370 USD during early April to test the $ 600 area in recent days. After a strong initial bounce, ETH has made consistent gains over the past week, gaining approximately 20% in the last 7 days.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

When analyzing the ETH/BTC charts, we can see that ETH has gained roughly 28% from April’s lows of approximately 0.054. As of this writing, ETH is testing the 0.236% retracement area of approximately 0.069 BTC and boasts a market capitalization of $ 59 billion.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Ripple Among Top Gaining Markets

Ripple is currently the third largest cryptocurrency with a market capitalization of $ 33.25 billion. In the last two weeks, XRP has made significant gains of over 80%, rallying from a low of $ 0.45 to test resistance at the approximately $ 0.90 area. As of this writing, the price of XRP is roughly $ 0.86.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

When measuring against BTC, XRP has bounced by approximately 40% since it’s April low of approximately 0.00007 BTC. As of this writing, XRP is consolidating just below the 0.236% retracement area of 0.0001, when measuring from Ripple’s early 2018 record highs.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Top Ten Crypto Markets Produce Significant Gains

Coinmarketcap’s list of the top ten cryptocurrency markets by capitalization has remained fairly steady during April, with all leading altcoins markets posting substantial gains.

EOS and Litecoin have been vying for the position of the fifth largest crypto market, with EOS leading with a nearly $ 9 billion market capitalization as of this writing. EOS has gained almost 90% in just two weeks, quickly surging from below $ 6 to the current price levels of $ 11.15. When priced against BTC, EOS has gained over 45% in the last fortnight, with current prices at around 0.0012676 BTC, and is currently testing a key resistance area.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Litecoin is currently the sixth largest crypto market with a total capitalization roughly $ 8.4 billion. In the preceding fortnight, LTC has gained over 30%, bouncing from $ 115 to $ 150. Measuring against bitcoin, LTC has made modest gains of roughly 10% from it’s April low. As of this writing, the price of LTC is approximately 0.017 BTC. LTC is the least correlated of the major altcoin markets, having spent the majority of 2018 channeling within a 30% when paired against BTC.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Cardano, Stellar, and IOTA Double During April

The price of Cardano has nearly doubled during April, with the ADA markets rallying from a low of $ 0.145 two weeks ago to now be testing resistance at $ 0.285. ADA has gained roughly 47.5% over BTC in the last fortnight, bouncing from roughly 0.00002200 BTC to the current prices of 0.00003250 BTC. Cardano is currently the seventh largest crypto market, boasting a market capitalization of $ 7.4 billion.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Stellar has also nearly doubled during April, surging from a low of $ 0.19 to test current levels at $ 0.37. When paired against bitcoin, Stellar has gained roughly 46.25% in two weeks, bouncing from 0.00002900 BTC to 0.00004250 BTC. Stellar is the eighth largest crypto market with a capitalization of $ 6.91 billion. Stellar rallied as high as the 0.618% retracement when measuring against BTC, and is now consolidating at the 0.5% retracement area.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

IOTA is currently the ninth largest crypto market with a capitalization of $ 5.25 billion. IOTA has doubled in two weeks, bouncing from $ 0.095 to the current levels price are of $ 1.89. IOTA has gained 49% over BTC in the last fortnight.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

NEO has gained 60% in two weeks, bouncing from roughly $ 46 to $ 74. Against BTC, NEO has gained 25%, rallying from 0.000675 to 0.000847. NEO is the tenth largest crypto market with a capitalization of $ 4.8 billion.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Altcoins Are Back?

Markets Update: Altcoins Rally During Week of Bullish Action for CryptoAlthough the cryptocurrency markets have produced impressive performance during April, whether or not the markets can sustain the bullish momentum in the medium term remains to be seen.

With so many altcoin markets breaking above descending triangles and rallying to test the 0.236% fibonacci retracement areas, many analysts are waiting for the markets to pull back and produce a higher low on larger time frame charts before proclaiming that the first altcoin season of 2018 is indeed kicking off.

Do you that the altcoin markets will continue to rally in the coming weeks, or are altcoins just experiencing a dead cat bounce? Share your thoughts in the comments section below!


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PR: Green Energy Crypto Credits.Energy ICO Is Now Live

April 21, 2018 |

Green Energy Crypto Credits.Energy ICO Is Now Live

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.

Credits.Energy, the “crypto with a mobile mining app that supports green energy,” aims to virtually eliminate the cost of supporting renewable energy. We asked Credits.Energy COO, Jared Wells, to explain what the current barri-ers to entry are in the renewable energy market:

“Mainstream adoption of solar and wind power is all about efficiency. Obviously, if I put a solar panel on my house, I need batteries to harness that power overnight, charge controllers to manage wattage and voltage, and a way to integrate that energy into the power system. These same basic components are required whether you have 1 panel or 400 panels . . . 1 turbine or 50 turbines. . . . So while the overall cost per watt in the solar and wind power har-nessing platform decreases incrementally by increasing the number of generation components involved in the sys-tem, it is inversely more expensive per unit of electricity to implement the smaller scale systems that can be afford-ed by an individual homeowner. In addition to that, there are so many people who live in leased or rented housing and are unable to attach solar panels or wind generators to their residences or who maybe just can’t afford to have their own system.”

Credits.Energy intends to resolve this problem by allowing for simple purchasing and management of the CRED cryp-tocurrency token through their intuitive website and mobile applications. CRED provides a way for the average per-son to support renewable energy in fairly priced increments that change in value proportionally, whether you’ve purchased 100 or 1 million. Here’s how it works: participants can download the Android App, the iOS app (released 04/16/18) or visit the website to purchase CRED using PayPal, Bitcoin, or Ethereum. Funds raised through the sale of CRED are then used to invest in projects that harness the earth’s renewable energy sources such as solar farms, wind farms, and renewable agricultural projects. Proceeds from those projects are then used to purchase CRED from exchanges to be “burned,” which removes those tokens from circulation forever. This should cause the Total Market Value of CRED to disperse among an ever-decreasing token supply, thereby raising the value of all remaining tokens by the percentage of the value of those that were burned.

Mr. Wells explained it this way: “Many of the other projects currently being developed in the cryptocurrency ener-gy sector rely on users to create and manage the power creation, which their platform then tokenizes and markets. Similarly, the comparable micropayment token providers rely on mass adoption of their token to increase the sen-timental value of the tokens, a portion of which the companies then liquidate to pay for ongoing business expenses. Both of these approaches place the “burden” of value creation on the token users. This approach not only drains liquidity from the market, but provides little incentive for team members to continue backing a project after it stabi-lizes. The value of CRED, however, will be supported directly through the investment, establishment, operation, and research of solar and wind power generation and sustainable agricultural projects. Only 5% of our total token sup-ply will be retained for use to develop infrastructure, research and development, and operations costs. We feel that this is more than adequate, as our goal is to be paying all ongoing corporate expenses and performing quarterly coin burns within 4 months after our first solar farm is completed.”

We hear about research and development often in the cryptocurrency space but almost exclusively wherein it re-lates to blockchain technology. The Credits.Energy team is looking at it much differently, however. As one of their recent investors noted, “Technological improvements in the coal, oil, and gas industries can only serve to increase the amount of energy derived from a measured unit of that natural resource, yet only finite amounts of those re-sources are available on the planet. When using green energy on the other hand, technological advancements not only allow people to derive more energy from the same measurement of source products, but they also allow us to capture more of that source which, no matter how much we use, will be here long after our children’s children pass away.” They’ll be working with industry leaders like the US Department of Energy’s National Renewable Energy La-boratories to employ the latest technologies in their perpetual upgrade program. This, partnered with the continual reinvestment and expansion policy they’ve adopted, dramatically increases their future growth possibilities, thus the strength of the token value.

Renewable energy is really just one facet of the Credits.Energy project though. The team believes that the peer-to-peer micro-payment capabilities of their web and app-based wallets will help the “unbanked” in less developed nations enter the newly-formed “even playing field” cryptocurrency has introduced to the financial world. By utiliz-ing the mobile miner, people will be able to mine CRED from their phone and exchange those tokens for other cryp-tocurrencies or fiat when needed. This ease of use, combined with the anonymity of the CryptoNight algorithm that keeps hackers from tracking your purchases and expenditures on the blockchain, gives users unprecedented value, control, and peace of mind. Credits.Energy has truly developed a way for people to support each other while pro-tecting our precious planet—and this individuality and forethought clearly stands out as a winner in a sea of other-wise lackluster offerings.

To get 100 free CRED, join our Telegram Airdrop that kicked off first thing Thursday morning. Proceed to https://t.me/cred_cx to join the airdrop.

Contact Email Address
cx@credits.energy
Supporting Link
https://credits.energy

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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