Category Archives: BTC

The Dominance Cycle Of Bitcoin Predicts A Recurrence Of The 2017 Crypto Boom

In this era of a pandemic, many markets have seen a huge downfall. In the field of cryptocurrencies also almost every currency has shown a huge variation including bitcoin. However, Bitcoin still has a huge potential that can fetch good rewards to the investors. For the explanations behind the recorded relationship, it is also significant that the case of the prevalence chart as of now looks essentially equivalent to what it did during the main portion of 2017.

As the market has declined since May 12, the transcendence of bitcoin (BTC) has differed definitely, impacting the general example of 2021. Before the closeout began, BTC strength tumbled from around 70% in January to under 40% at the hour of the mishap. By then, BTC’s prevalence was at its most decreased level since the mid-year of 2018. It has since outperformed 43%.

If a comparative model is moving this time, the market is likely going to be practically identical to the mid-year of 2017, when the alt season was just impacting, and two or three months from the zenith of bitcoin cost of around $ 20,000 in December 2017 is.

Follow the money stream

The money stream model is a conceivable marker of where markets can go. The model communicates that the money goes from fiat to bitcoin and a short time later underneath the gigantic cap, through mid-cap indeed into little cap altcoins before redirecting them to BTC and, over the long haul, back to fiat.

This model is interesting considering the way that it generally occurred in 2017, of course, really this cycle increased toward the year’s finish of BTC. Thusly, if the 2017 circumstance goes over the same thing, BTC prevalence could rise until the overarching asset sees another worth top, by then falls as the alt season eventually fortifies.

If the cycle goes over, it can regardless take the stratosphere higher than at any other time in 2021. But the display seen during may not give a ton of confirmation in such a way, there is nothing to exhibit that BTC and the more broad market will not perform. According to long stretch examples.

Dark quantity

The principal contrast between 2017 and now is the presence of associations in the business areas. Regardless, this is legitimate for tremendous cap altcoins, for instance, bitcoin and, to a lesser extent, ether (ETH). Retail shippers and monetary sponsors are overpowered by a gigantic segment of the alt market, including basically all low-cap coins and MemeCoin like Dogecoin (DOGE).

In the wake of reviewing the prevalence K-line diagram, BTC appeared to get a lift towards the completion of 2020 as institutional interest in cryptocurrency began to dissolve away. Its solidarity continued until around January.

On May 21, it was revealed that the whale had bought BTC worth $ 5.5 billion while the expense was underneath $ 36,000; following two days, crypto adaptable speculations MVPQ Capital, Bytree Asset Management, and Three Arrow Capital all insisted they were plunge buyers.

How A Centuries-old Approach To Finance Is Coming To The Blockchain

A recent crypto initiative aims to blockchain a centuries-old financial form – allowing millions of unbanked customers worldwide to gain loans. Gradually, cryptocurrencies became a significant component of the financial ecosystem. Mainstream networks like PayPal allow users to purchase and sell digital goods, Bitcoin attracts favourable newspaper column centimetres, and countries unveil regulatory framing that allows the virtual currency to flourish.

But one beginning company argues that there is a big challenge which requires considerable attention: to offer crypto enthusiasts a trustworthy marketplace in which they can invest their coins freely.

DeFi For you, it builds an e-commerce platform based on the Binance Smart Chain that is able to buy, sell, rent and even pawn goods. The founders of the company believe that the cryptographic space must create its own ecosystem in which merchants and shop owners can trade rather than wait for Amazon likes to flood the space.

Whereas in some parts of the world in recent years pawn stores have attracted a rather shady reputation, DeFi For you think this century-old approach to finance has been a much-untapped market that could dramatically strengthen levels of financial inclusion.

The pawnbroking market alone in the US is worth US$14.5 billion, and in South East Asia it costs $400 billion, says DeFi For You’s founders. This concept has been difficult to make a jump into the online world until now because without intelligent contracts it could not be done.

Users can open their own pawn-stores and lend money to people around the world while holding collateral in exchange through DeFi For You platform. In a decentralised form of finance, managers say that this will make consumers their own bank. With all this information stored in an irrefutable smart contract, lenders and borrowers can directly determine the terms of any loan.

In time, DeFi For You believes that this will allow easy access to lending for billions of people excluded from middle-class financial services. It will be possible to verify the reputation of each user on the blockchain in order to reduce the risk of a default in their obligations, offering a more modern alternative to outdated credit results.

The conditions for loans will depend on the reputation of the lender and the type of collateral they are willing to offer, with preferential conditions for those with strong records.

The people behind the project build their infrastructure on the Binance Smart Chain and create a BEP20 intelligent contract token called DFY.

Although BSC is less decentralised than Ethereum, for the founders of DeFi For You, they are drawn to the blockchain because of the way it provides faster transaction costs and lowers costs with a block time of between 3 and 5 seconds.

Apps will soon come into the hands of anyone who possesses an Android device or an iPhone, on the Apple App Store and Google Play.

Cryptocurrency Bank Rolls Out Its Operation In India

With the level of technology increases, the demands for digitalization are also increasing. People these days have been able to cope up with the increasing level of production rates to the best possible extent. In addition to the currency which already exists, the digital currency in the form of cryptocurrency is also gaining strength. This is purely because of the reason that bitcoins have become one of the most important sources of performing transactions these days. In such situations, even though the government has not given any legal status to this form of currency, people are in the position to invest.

The first step towards such regulation has been witnessed in the country of India. It was when the country witnessed the inauguration of the first cryptocurrency bank. This crypto bank unit is the result of the collaboration between the two different organizations. These two organizations are Cash and United Multistate Credit Co. Operative Society.

They have been specially incorporated to deal in the currencies which include fiat and cryptocurrency. There has been a spur in the economy of the country since the evolution of this bank. This is a new step forward in the direction of digitalization. The bank offers multiple services at the disposal of the customers by consuming half of the time which is taken up by the remaining banks. It allows its users to apply for loans and at the same time apply for the cash in INR. The entire sum would be available in the minimum possible time. There is a list of benefits that the bank would be offering its ultimate customer.

Easy loan deposit facilities:

The first and foremost advantage of using this loan facility would be to avail of the loan facilities in the minimum time. There would be an increase in the number of usages. The same would help deal with the issues which are related to liquidity.

Security Updates:

When dealing with blockchain the security problem always prevails. There are various steps and multilayer security systems which protect the data on the blockchain. Still, there is a need to garner trust in the favour of the bank and the digital currency of the bitcoins, for which bank takes various measures. This will be helpful in the long run. The bank would be in the position to offer daily updates. At the same time, there would an increased activity in the banking sector

Lending activities will be getting a push:

The domestic lending market has been in slack as economy is facing recession since long. Therefore, in such situations, there is a need to ensure that the lending activities don’t stop. However, with the economy touching the lowest peak, there is a risk of infusing cash. Therefore, this system will be highly beneficial to banks when it comes to lending.

Conclusion 

This virtual currency can act in favour of economy and lead to better market sentiment. It can help the users as well as banks to have better liquidity and ensure growth.

Crypto Atms Continue To Boom Globally In 2021

In 2013 the world saw the introduction of the first-since forever Bitcoin ATM when Robocoin put a machine in a Vancouver coffeehouse. On its first day, the exchange of money for bitcoins saw a $10,000 rise when they permitted clients to exchange. 

As indicated by CoinATMRadar, there are around 11665 ATMs for Altcoins and Bitcoins for clients to purchase the same. This is the permitted number of ATMs all over the world. As we are on the verge of 2020, this rise is a good sign that it will increase in 2021 when calculated statistically.

This mirrors an exceptional ascent in the number of crypto ATMs contrasted with a year ago. The number of crypto ATMs toward the finish of 2019 was assessed at 6372 machines; presently, as we close to saying goodbye to 2020, there has been an almost 80% expansion. CoinATMRadar likewise shows that the quantity of crypto ATMs is continually expanding by a normal of 23 machines each day or almost one new ATM for every hour.

The United States recorded the quickest spread in crypto ATMs, and it procured the biggest portion of crypto ATMs inside its region. The number of crypto ATMs situated in the United States expanded from 4,213 ATMs in 2019 to 9242 ATMs in 2020, an expansion of over half. The United States, as of now, represents about 79.2% of the absolute number of crypto ATMs on the planet.

Likewise, there is a developing variety of the spread of crypto ATMs inside the United States, with areas in little shops, malls, transportation center points, and even one in the Tesla Gigafactory.

Balancing the main five in Canada positioned second with 880 ATMs; the United Kingdom at third with 268 machines; Hong Kong in fourth with 62 machines; and Colombia, which later demonstrated extraordinary premium in setting up crypto ATMs with 59 machines.

Concerning Africa, South Africa involved the authority of the mainland with six machines, yet it should be cautious, as Nigeria, the biggest economy in the landmass, has indicated developing interest throughout the most recent year.

At the degree of organizations that fabricate crypto ATMs, Genesis Coin positioned first on the planet, with the San Francisco-based organization spreading 4000 crypto ATMs around the globe, trailed by General Bytes with 3442 ATMs.

The huge development in the number of crypto ATMs in 2020 shows the interest of both retail purchasers and monetary organizations, including monetary behemoth Paypal which will continue and increase in 2021.

Has Trevor Noah Ever Invested In Bitcoin?

Trevor Noah is one of the most popular public figures in South Africa. He recently moved to the United States and is currently hosting a popular TV show named “Daily Show.” It has helped him gain international fame, not to mention tremendous success in showbiz as a comedian and a celebrity. However, recently he became the talk of the town not for his achievements as a comedian or a host of a highly acclaimed TV show, but because of his riches, which he supposedly made from Bitcoin Revolution System.

It appears that the South Africans are looking for the Bitcoin trading system that has helped Trevor Noah earn his millions from crypto trading. If the sound of this is tempting you to invest in this so-called revolutionary Bitcoin trading program, the first question you need to ask is whether it is legitimate or yet another scam. In this context, one should not forget that there have been many cryptocurrency-related scams happening all over the internet to dupe interested and enthusiastic first-time crypto investors and traders. It won’t be wrong to first investigate whether Trevor Noah becoming a millionaire through Bitcoin trading is just a rumor or if there is some truth in it.

If all this talk about Trevor Noah and his millions that he made through Bitcoin trading have got you excited, then we’re sorry. Why you may ask? It is because Trevor Noah has neither made his millions through Bitcoin trading, nor has he ever participated in any trading system called Bitcoin Revolution Program. It is a big scam that has been going on for quite some time in South Africa, and the country’s citizens should stay away from it by all means to safeguard their money and interests.

Now, if you’re worried about Trevor Noah, rest assured he is doing just fine. Over the years, the wealth he has made has nothing to do with Bitcoins or the Bitcoin Revolutionary Program. He has been a popular comedian for a long time in South Africa and is well-loved and respected all over the globe. In fact, it is quite possible that he hasn’t even heard about this scam that is going on by the name of the Bitcoin Revolution, which has entangled his name in the controversy as well.

Every scam needs a touch of legitimacy and fame to get going and to throttle its system, at least initially. It is for this reason, whoever ran the Bitcoin Revolution Program took the help of misleading advertisements and promotions under the name of Trevor Noah. The popularity of Trevor Noah and his following is the only reason why his name was used. When a celebrity gets associated with any financial, business, or marketing activities, it helps drive the aspirations of the masses. When the word gets out that Trevor Noah has made his millions through the Bitcoin Revolutionary Program, it was quite natural for the people to follow and invest without thinking twice.

It is a thumb rule to follow when it comes to investments or any kind of transactions involving money to do the due diligence first. Always research where you are putting your money, no matter what you hear or read elsewhere. Not everything you read online or offline is always true. The scammers in the case of the Bitcoin Revolutionary Program are trying to play with the mindset of gullible South Africans who would trust the program blindly once they hear that Trevor Noah has invested his money too.

The internet is full of reviews of people who have invested money in this program and have lost their hard-earned money. It is a get-rich-quick scheme that takes advantage of the aspirations, dreams, and vulnerability of common people. The program aims to hit the people’s weak spot by showing them dreams and making them visualize how a small deposit into their program can make them millionaires in no time. The system asks the people to sign-up and deposit $250. They will then soon start making money through its advanced system based on some Bitcoin trading algorithms. In other words, it is a hoax, and as far as Trevor Noah is concerned, he is happy doing his Daily Show and has nothing to do with this program whatsoever.

Coinbase Wallet Users Targeted By New Android Malware

A recently identified Trojan, the Alien, is an assault on Android applications like Coinbase, Blockchain.com, and Luno. This latest malware strain is based on the infamous Cerberus Trojan that has created havoc in the Google Play Store (NASDAQ: GOOGL) before the team in charge is secured. The lack of continuous delivery made it possible for Google Play Safe to remove Cerberus almost entirely by August 2020.

It was clear from the outset that malware coders were involved with considerable experience, as TrickBot was the malware strain with many sophisticated features right from start to finish.

Over time, TrickBot ‘s capacity to hit online banks has spread from one country to Australia every month.

Alien is based on 226 Android users, primarily for banking. As well as stolen user credentials, malware will install and uninstall apps and even intercept alerts from the infected device:

Coinbase and Blockchain.com are two of the famous crypto applications. Their preference is understandable. It is less apparent why the hackers were targeting a much smaller Luno exchange (recently taken over by the Digital Currency Group). Even other giants such as Binance have been ignored (as far as we know). The main reason behind this step is unknown and considered as a big threat in the future.

The allegedly created “Automatic Transfer Mechanisms,” developed by malware developers to speed up and scale theft by activating auto-fills of payment fields for legal Android apps to malicious re-route hackers’ transfers, can be troublesome.

The program is intended to release a host of “internet fakes” that resemble legit applications for consumers’ confidential details — targeting clients with as many as 32 different crypto apps in particular. The malware is used to automate counterfeits’ uploading and cause auto-fills transactions through means of push alerts using valid icons.

Reported to be first held in April 2018 at hacker forums, Group IB found that Gustaf was planned to service foreign corporations, particularly outside Russia, by a Russian-speaker cybercriminal “Best offer.”

Community IB urges Android users to download applications from Google Play Store exclusively and keep an eye on file extensions downloaded.

As reported in February, the decentralized MetaMask software was recently removed from Google Play following a backdoor impersonation by researchers to steal device cryptography.

With the Accessibility Service mechanism, the tropics will circumvent Google’s security policies adopted in recent Android OS models. Also, Gustuff knows how to detach Google Defense, which is 70% usable, according to the Trojan creator.

The update of August was as juicy as the two months before. TrickBot has a section on the setup of its sampling files, which advises the user to overlay a false login page if the user goes to Coinbase.com in his browser, according to samples found by Forcepoint security researchers.

Coinbase is one of the leading web-based wallet providers today. With the price of Bitcoin rising past $5,000 on Friday for a couple of minutes and since then only $4,500, rewards for stealing the credentials of a Coinbase are simple, as Bitcoin or other crypto-monthly funds can be moved to themselves from stolen Coinbase account.

Hong Kong Authorities Have Arrested Three Bitcoin ATM Thieves Who Robbed Around 30,000 USD

In recent times, officials took 3 men in custody as they were accused of stealing $226000 in “Hong Kong Dollars” from Bitcoin (BTC) ATMs.

The Specific Details on The Theft

The group of three men whose age range is from 26 to 55, has reportedly robbed from six respective BTC ATM machines to grab hold of the Hong Kong dollars that is equivalent to 30000 USD approximately. This was published in the “South-China Morning Post” on the 15th of August. They carried out around 11 transactions in order to take out that much money. The “South-China Morning Post” news also said that the arrested scammers make up a portion of a bigger villain operation.

Other Information Revealed by Wilson Tam to South-China Morning Post

Reports have also revealed that two individual crypto exchanges tipped officials off to the devilish works before the authorities arrested the culprits. The superintendent of the cybersecurity and technology crime bureau of Hong Kong Wilson Tam did not really reveal the exact way how the theft was done by those three.

However, the cybersecurity and technology crime bureau mentioned two ATMs that were harmed during this event along with the tips and tricks on high-quality powerful security measures.

Wilson Tam Says that This is A Big Mishap to Occur

The “South-China Morning Post” published a statement given by the superintendent that it was the very first time they came face to face with such a scam that is straight-up attached with the bitcoin (BTC)  ATMs. Reports reveal that in June 2020 the total count of the BTC ATM machines reached 8000 all across the globe.

Why so? This is just because Bitcoin has become much more prominent and mainstream and is still continuing to do so and thus it has been gaining much fame every day since the time it stepped out in the economy. This is also a very big reason why Bitcoin ATMs, or Bitcoins alone, are becoming a much easily reachable target for the scammers and robbers out there.

So, that was all you needed to know regarding the 30000 USD theft from 6 different BTC ATMs with 11 transactions. This is really something big and awful to occur in the crypto world. The security systems should be made much sturdier to avoid such mishaps and to help in the growth of Crypto.

Warren Buffet Buying Gold May Push Bitcoin to $50k, Investor Say

Buffett’s move to exit Berkshire’s position on Goldman Sachs matches the bank’s 2nd-ever best quarter trading income of $13.3 billion. This means that in the long run, Buffett is not happy investing heavily in the financial business.

Alternatively, Buffett acquired a single stake of Barrick Gold, which price through much of 2020 has mirrored those of gold. The business is a Canadian-based copper mining corporation that has posted a year-to-date growth of 45 percent. Regarding Berkshire’s acquisition, with an after-hour market capitalization grew by 8.11 percent.

Warren Buffet’s Explanation

He said only the excellent mood about gold suggests a greater supply for Bitcoin, which is found to be digital gold. Warren Edmund Buffett is an American businessman, social activist, and new CEO of the multinational corporation investment firm Berkshire Hathaway. Warren is among the world’s wealthiest men, with a net wealth of $84 billion. Warren Buffett is regarded as a trade figure and is one of the company’s most prominent people. The strategic guidance of Warren Buffett is of considerable value to businessmen and creditors, and his annual results are an awaited occurrence in the field of trading. Warren Buffett’s opinions on transactions in Bitcoin are incredibly critical.  He doesn’t even find Bitcoin as an option since it doesn’t allow any useful products. However, Buffett does not claim that his degree of expertise in blockchain-based technology is extreme and acknowledges he may be mistaken about them as well their potential.

The Correlation between Bitcoin & Gold

While Bitcoin has outclassed gold since April, there has been some link in the price pattern between gold and BTC. Skew results indicate the two investments have risen in parallel over the previous four months. After the international market downturn in late March, the parallel surge between Bitcoin and gold indicates that more buyers are beginning to consider BTC as a store of interest. Just significantly, Bitcoin’s $250 million amount was acquired by MicroStrategy, a $1.4 billion technology company. The organization said that BTC would serve as the main treasury commodity for the business, seeing Bitcoin as a security market and a possible protected-haven currency.

There seems to be continuing debate and research about financing the creation of open-source frameworks that don’t require the conventional private equity path and adequately balance the needs of different stakeholders, from creators to customers. Knowing where venture money is heading in the room will offer a gauge of investor expectations about business developments and high-growth opportunity regions.

Peer-to-peer Crypto Exchange Holds A Torch For Africa Through Online Events

To make the clients and companies from Africa knowledgeable about Bitcoin, a peer-to-peer cryptocurrency exchange is organizing six different online sessions. Interesting, isn’t it? Well, let’s go through more stuff regarding the matter.

The global pandemic caused by the deadly Coronavirus has actually turned out to be one of the biggest curbs to help any sort of meeting or conference related to crypto departments. However, online sessions are being a little assisting at a time like this. There is one firm that is adamant in carrying out providing education to the businesses and clients regarding the potentials of Bitcoin.

Paxful

The firm mentioned here is called Paxful which is initiating a bunch of online sessions, 6 to be very specific, that majorly focus on the African clients and businesses. Each online session would be held for one hour and it would proffer a spellbinding insight into the world of cryptocurrencies, mainly to the ones who have very little knowledge regarding this realm.

Besides that, there are various companies well known in the continent that is also taking a major part in this event series.

Details on Each Online Session

The first event would consist of an “Ask Me Anything” session where Artur Schaback and Ray Youssef, the two Paxfl co-founders, would be present. The second event would provide a bunch of significant points regarding the cryptocurrency realm along with the plus points it holds in the economy of Africa.

The next one aims at how Bitcoin is capable of delivering a new income source for the younger generation.

The third session would be shining light on the way other cryptocurrencies along with bitcoin are able to return to communities. Other seminars are also about to take place in the same month.

On the 11th of June, a discussion panel held by Paxful itself in order to talk about the hurdles of accomplishing “Know Your Customer” checks in Africa along with what the highlighting brands do for overcoming them in the realm of cryptocurrency.

The session of the 16th of June was important for the ones to know very little regarding crypto and this session was titled as the “Back to Basics”. The last session held till now on June 18 taught about the top crypto influencers.

An Eye Opener

All the 6 sessions were free of charge and it raised a very high awareness in the mindset of the African clients including many African industries. Nothing is better than this.

Korean Exchanges Struggle with Expansion amid Uncertain Regulations

The Korean Exchanges located out of South Korea are finding it difficult to conduct business in the country. In the past months, the industry is seeing a negative trend since there is no regulatory certainty in South Korea. Many of the crypto exchanges are losing international clients. To save their businesses, they are forced to only focus on their business in their home market. One of the spokespeople for an exchange with the name Upbit said that since they are not able to offer fiat trading using the baking accounts, it is becoming difficult to offer their customers services beyond two years period. But, Upbit was one of the lucky few who have been able to find some solution to the problem. It has signed an agreement with K Bank, a digital bank that would allow fiat trading for the exchange’s local clients in South Korea.

Even though the agreement has allowed the platform to solve the issue of the clients from South Korea, it won’t serve any purpose for the users outside of the country. It is because non-Koreans cannot create their account with a digital bank located out of South Korea based on the current banking regulations. The new agreement was created as the old partnership of Upbit with the Industrial Bank of Korea is about to come to an end. Upbit had already instructed its non-Korean clients to withdraw all of their funds from the account by 24th July 2020. The Upbit further added it wanted to ensure regulatory compliance, but because the non-Korean citizens cannot use K Bank for trading was not taken into consideration when creating this partnership. Many other cryptocurrency exchanges in South Korea like Korbit and Coinone are using phone verifications to authenticate traders. They are required to register themselves using a South Korean mobile phone number, which automatically eliminates the traders from other countries and prevent them from using their services.

Upbit is also forced to take 22 percent of the total profit of the residents outside of South Korea when they withdraw funds from their platform. It was done so that the exchange could pay all the necessary taxes once the government starts to implement the tax structure that they have been planning for a while now. The Legislature has decided to impose a 20% tax on earning through cryptocurrencies, but there has been no official announcement till now. The tax scheme is almost the same as the basic tax rate in the country, but it has to be filed manually by individuals. The tax scheme once announced, will require further approval by the government. The crypto exchanges are worried that until South Korea’s Ministry of Economy and Finance does not make anything official, it will be difficult for companies in the industry to know how it will impact their business in the long run. All the crypto exchanges are waiting for an official word so that they can start offering their services to a much wider audience and ensure parity with other crypto exchanges around the world.