Category Archives: BTC

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.


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.  

Heavy Speculation as One Millionaire Gives Away Bitcoin

Bill Pulte has given away nearly $150,000 to encourage people to buy Bitcoin. The millionaire philanthropist began the giveaway on July 9th, 2019 to promote greater adoption of Bitcoin.

However, there is a lot of speculation on the giveaway as some say that it gives scammers a platform to prey on unsuspecting people and defraud them of their Bitcoin investment. Others speculate that the millionaire seeks to promote himself as a brand through these giveaways. This self-serving result manifests in the nearly 3,000,000 followers he has garnered on Twitter across the one year he has run the campaign. This number is against the 10,000 followers he had in 2019 before beginning this offer.

Pulte told his followers on July 9, 2019, that he would give away cash through CashApp to those who retweeted his posts or commented on them. True to his word, he had distributed $625 across six followers by the following day. He insists that the donations should only buy Bitcoin as he believes the cryptocurrency will only get stronger as the days pass.

Pulte is a firm believer in giving away the cryptocurrency, saying that it will go a long way to help the impoverished in society. Apart from Bitcoin revolution, the millionaire has also given away cars and cash to help out people.

The philanthropist keeps a database of the people he donates to and gives money ranging from $10 up to a cool $15,000. He inherited part of his fortune from his billionaire grandfather, William John Pulte, and reportedly owns 11 BTC currently exceeding $100,000 in value.

Bill Plutz has faced some scrutiny in the giveaway he is undertaking. His enterprise seems genuine as some high-ranking YouTubers and Donald Trump recognize him. He also does not shy away from interviews or answering questions about what he does.

The only concern about his scheme is that it allows fraudsters to exploit his giveaway and impersonate him to rob unsuspecting citizens of their cryptocurrency.

Group IB, a cybersecurity company, has studied the different ways fraudsters use to defraud people. They have found that fake cryptocurrency giveaway raffles are one of their favorite tricks.

Ilia Rozhnov, one of the company heads, says that celebrities and philanthropists have to monitor the use of their names in the online world to stamp out fraudster activity. Several notable cases have hit the limelight in recent years, with one such example in 2018. Fraudsters managed to get away with $59,500 when they impersonated Telegram founder Pavel Durov. They opened a fake Twitter account in his name and pretended to give away cryptocurrency in response to a genuine tweet about Telegram’s power failure.

Fraudster activity is said to have accumulated about $24 million in 2020 alone. This activity calls for a lot of vigilance to extinguish it. However, many do not have faith in Pulte as they believe he exploits his riches by dangling them in the face of those who have little to spare.

Three Female Binance Award Nominees Get Blocked From Instagram

Welcome to the most buzzing news from the field of bitcoins and cryptocurrency.

As per the latest report, three female Binance award nominees were banned from using the internet. The news gained the limelight when one of the female nominees, Rachel Siegel, revealed the news on public platforms.

What’s the matter?

Three female Binace award nominees, including Rachel Siegel, claimed that they were barred from using Instagram after they made stern criticism about the lack of representation of women in the Blockchain industry. The other two women who were banned from using Instagram include TechWithCatalina and GirlGoneCrypto.

Rachel Siegel has been pretty vocal about the underrepresentation of women in the blockchain industry. She alleged that she and two other women from the industry were de-platformed after they made the criticism. Rachel Siegel has been pretty vocal about the subject, and as per reports, she said that there is a large scale under-representation of women in the Blockchain world, and it is evident from the fact that she is the only woman who has been nominated out of 25 people for Binance Award.

About Binance awards

The Binance award is an award provided by the cryptocurrency agency called Binance. The company supports trading of different cryptocurrencies on its platform. They come up with the Binance award to encourage and appreciate influencers in the field of bitcoins and cryptocurrency.

Why the buzz?

Rachel Siegel, in an online interview, commented that she is a feminist, and she believes in equal opportunity for women in the crypto world. She also said that she has been vocal about the issue for too long, and she can see the gender disparity all around her. Rachel Siegel said that people in the cryptocurrency world don’t pay much attention to the feminist values, and if anyone talks about it, they are shut.

Many reports say that people who did not agree with the views of Rachel and the other two women might have reported Instagram about the issue. The Instagram accounts are not blocked until a large population or group of people do not complain or report about the violation. Thus, there is a possibility of the involvement of different dominant people from the Bitcoin world in blockage of Rachel and two other women bitcoin influencers.

How are the nominees for the Binance award chosen?

The Binance award nominees are chosen by the individuals as well as the Binance community. The award representation includes a 60% vote from the individuals and 40% vote from the Finance team. Till this blog was written, we received no information or comments from the Binance team.

Rachel and the other two women often collaborate on different platforms to provide information and insights about the Cryptocurrency world to audiences around the world.

The step taken by Instagram to block Rachel can be seen as a ban on the rights of women.

We can’t wait to look at the next step taken by the Crypto world. While people all over the world are investing in Cryptocurrencies, it is important to have a representation of men as well as women.

Binance Is Stopped From Offering Crypto Derivatives In Brazil Anymore

Binance must be a commonly heard term if you are very much into dealing with cryptocurrencies. So, Binance is a cryptocurrency exchange platform that provides a highlighting platform to deal with various cryptocurrencies. Did you hear that it has cut its ties from offering crypto derivatives in Brazil completely?

The Brazilian Stocks along with the Exchange Payment (CVM) recently made the popular cryptocurrency exchange Binance to halt all the provision of all crypto by-product objects in the whole country. Well, here you will get to know about this news in detail.

Derivatives Signify Securities

As per the CVM, derivatives that make any sort of reference with cryptocurrencies or any fundamental assets are always considered as securities. Binance should be getting an allowance from the controller in case it desires to project out such offers in the nation. Binance has to put a halt in the provision of the offers, and the reason behind this is the firm does not possess any statutory license that would work as a safety mediator.

This was something that automatically raised the interest of the investors in marketing derivatives that let the traders lay money on the cryptocurrency prices without real delivery. Derivatives products are built up to make cryptocurrencies remain as the basal assets. This helps traders to lay money on crypto costs without dealing in real cryptocurrencies.

Crypto derivatives are something that became quite well known just for their allowance of traders to lay bets on the prices of crypto. Now, the caution comes in because various prominent platforms of cryptocurrency have shown up with some ideas to start the offering of their very own crypto derivatives. If you look for any such instance, look at BitMEX, it is one of a big trade that is catching sight of an entrance in this zone.

The Union of Binance with By-products

Binance has accomplished the leverage at just 3X by taking a very orthodox procedure in the starting phase. Although, it has already rolled margin dealing with features. The exchange is copying the conventional markets in terms of the infrastructure.

It plans to introduce a brand new blow of adoption of crypto. It is completely targeted on offers of structural financing products having their values joined to a fundamental crypto asset or markets.

The Bottom Line

Brazil is handing out a rewarding chance for Binance. It is because the nation possesses a crypto market full of success. Brazil has become one of the most highlighted nations in both regulatory and adoption terms in the region that covers Latin America.

For all that, what the CVM did? Yes, it put a complete restriction on the regulated investment fundings from exchanging digital benefits. In 2019, the parliament of Brazil developed a new commission to scrutinize the matter as Brazil is already turning out the highest yield in the area. Calculation says that it would be growing larger with the entrance of new players.

Akon Plans to Launch Blockchain Hub in Kenya

Akon, a world-renowned artist, who has been famously supporting blockchain technology for long, has decided to set up a blockchain hub in Kenya. Referred to as “Kenyan Opportunity Hub,” it is primarily meant to help the Kenyans understand blockchain and Artificial Intelligence technology through education while opening employment opportunities. It is a joint venture between Akon’s own blockchain startup Akoin and Effect.AI, powered by EOSIO. The African blockchain hub is slated for launch in the fourth quarter of 2020 and is first of its kind technology hub in Africa. The entire project would be reportedly handled by the philanthropic wing of Akon, the Akon Foundation.

The Kenyan Opportunity Hub would be among the first of many such opportunity hubs that Akon-Effect.AI is planning to launch in the near future. These hubs would provide people with education related to blockchain and artificial intelligence as well as provide self-employment opportunities that would be paid for in cryptocurrencies on the Effect.AI’s own blockchain platform. The announcement made by the respective firms in the joint venture indicated that the hub would be situated near the project run by KE International, a United States engineering firm, around Mwale Medical and Technology City. The chosen location is important as it can open up many job opportunities for the students at the hub, including medical record translation powered by AI tech. The hub is expected to be completed within the next couple of years.

Effect.AI is already running such an opportunity hub that it started in Rustavi, Georgia. The experience of running such an operation would help the Kenyan Opportunity Hub greatly. The opportunity hub in Georgia was launched in 2019 in collaboration with United Nations Development Program. It is aimed at promoting tech knowledge among the masses, especially the youth, and generates skill-based job opportunities. Effect.AI is primarily a decentralized AI network that has its headquarters in the Netherlands and runs on EOS blockchain.

The news of opening up Kenyan Opportunity Hub coincides with Akon being awarded $6 billion contracts from the Kenyan government to build a cryptocurrency centered city in Senegal. The city is aimed to be completely cryptocurrency oriented, featuring Akon’s Akoin cryptocurrency. The plans of Akon, pushing towards the mass adoption of blockchain technology and cryptocurrency in Africa are aimed at bringing a crypto-revolution in the continent. Akon is also planning to launch his own cryptocurrency that can be used in lieu of mobile phone credits, which are commonly used in the form of currency in Africa.

The cryptocurrency based token of Akon, Akoin would be launched on the Stellar blockchain platform. It is aimed at helping startups, and entrepreneurs get the tool they need to engage with other developing nations in Africa and beyond. The Stellar’s website remarked that Akon is not only a renowned singer and musician but also a change-maker and innovator, who want to empower Africa with modern and innovative technologies for a brighter future. One of his other ambitious projects includes building Akon City in Africa, which would be cryptocurrency-powered as well.

Blockchain Verifies the Authenticity of Non-Genuine Nikes

The biggest dilemma of a brand is the counterfeit of its products. Once the brand launches a new product or design in the market, the duplicates start rolling in the market. The counterfeits don’t only interfere with the brand’s reputation but it also affects the sale of the originals.

If there’s a problem, there must also be a solution. The solution to destroy the counterfeit market is blockchain technology. The blockchain technology has many advanced features that can be used to eliminate this issue that directly impacts the reputation of brands.

Blockchain’s applications can be seen in every other sector. Whether it is a tech company or a political requirement, the effectiveness of blockchain can’t be ignored. Do you know that blockchain can also be used to identify whether the shoe you’re wearing is genuine or not?

Yes, you heard that right. It is possible with the advanced trackability of blockchain. But how does it happen? With the help of a blockchain project VeChain (VET) a shoemaker in Australia is identifying genuine Nikes.

What Is VeChain (VET)?

VeChain is a blockchain-based project that provides IOT services. This platform securely saves the data and provides easy management and exchange. VeChain is managed, developed and promoted by VeChain Foundation.

This foundation was found in Singapore and it works independently. VET coin can be used in many applications such as product maintenance, asset authentication, and tracking of goods.

VeChain Shoe Authentication

An Australian shoemaker, Chase Shiel and The Kickz Stand are working in collaboration to manufacture sneakers in the country. These sneakers are based on the “SB Dunk’ shoes from Stussy.

These shoes will be available on Chase Shiel’s website from June 28. The announcement was made on June 24 by Kickz Stand. The Nike Air Max 1-inspired shoes are a limited edition that can be purchased online. The company tweeted that these shoes will be tracked using VeChain’s ToolChain Suite and Thor blockchain.

The shoemaker and VeChain partnership were planned in November 2019. Although the plan was clear to use the ToolChain Suite to trace the original shoes. A traceable platform will help to eliminate duplicates and identify originals.

A VeChain tracking chip is provided with every Chase Shiel’s shoe shipment. Whether it’s a retailer or a customer, they can scan the QR code and identify the authenticity of the shoes on the spot.

The blockchain company is working with a small shoe company for now but if the sports giant Nike identifies this feature of the blockchain, there’s a fair chance that VeChain will someday work with Nike as well.

What Are Other Applications of VeChain?

VeChain is not only joining hands with shoemakers but it also expanding in other industries. A Walmart subsidiary in china, also known as Sam’s Club, has partnered with VeChain. This Chinese company will trace food products sold to the customers.

The premium shopping chain has applied traceability platform to ensure the safe delivery of the food products and it will also create a sense of transparency among the customers.

VeChain has also joined hands with Shenzhen Yuhongtai Foods Company. This company will be using the traceability features of VeChain to track pork. Shenzhen delivers pork to a Chinese retailer Meijiada Fresh Foods.

In this way, the pork sold by Meijida will have the guarantee of freshness and authenticity. The tracking information will consist of data related to the origin, processing, and logistic involved in delivering the meat.

After partnering with VeChain, these companies have increased their product variation. VeChain is planning to emphasize on food delivery transportation companies. Since it requires a lot of trust to order the food online. The blockchain seems to be the most secure tracking feature to date.

While considering the increased demand for food tracking worldwide, VeChain has come up with ‘Foodgates’. This blockchain project is specifically designed for the food and beverage industry. The firm was optimistic to launch an industry-specific tracking project after the success of Chinese food distribution collaboration.