Google is taking an action against the online advertisements related to cryptocurrencies at the beginning of June.
The company is upgrading its Financial Services Policy to restrain crypto advertisement, including wallets, trading advice and initial coin offerings (ICOs). This means that companies with legal cryptocurrency offerings won’t be permitted to serve ads through any of Google’s advertisement products, which place advertising on its own sites as well as third-party websites.
In another post, Google said that it took down 3.2 billion ads that violated its advertising policies in 2017, nearly double of the ads that it removed, back in 2016.
Facebook took the same step in January, the move affected most of the Google’s advertised products, which means organizations won’t have the ability to serve crypto advertisement on the search engine giant’s own sites, as well as third-party sites in its network.
Google’s director of supportable ads, Scott Spencer, told CNBC
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
The company also said that the policy will be executed across its platforms, including Facebook, Audience Network and Instagram. In the beginning of this year, Facebook banned crypto-related advertisements, mentioning the potential for “deceptive promotional practices.” It’s been reported that the crypto advertisements have also been vanishing from the social media sites of China as there’s a ban on ICOs and crypto exchanges in China.
This post is going to be a detailed review on the best Android Bitcoin wallets however, I’m doing my part by warning you that mobile wallets are the least safe type of bitcoin wallets.
Read: Types of Bitcoin Wallets
The reason behind this is the fact that mobile devices can be easily stolen, lost or broken. The private keys will be stored on your device if you possess a mobile wallet. So, if your device gets destroyed, your coins can’t be accessed either. Meanwhile, if you have a backup pin created for your wallet that you have stored in a safe place, your coins can be retrieved.
Now let’s get on with the reviews!
MYCELIUM Android Bitcoin Wallet
Mycelium is a well-known mobile wallet that provides advanced privacy and security features to its users. It is an open source software program and thus is frequently updated to become a safer and faster wallet in the market. The coins can only be accessed through the mobile wallet as it does not have a web or desktop interface. One of the major benefits is that you can use Mycelium along with a hardware wallet in order to achieve maximum security of your coins.
AIRBITZ Android Bitcoin Wallet
Airbitz is another well-known open source Android Bitcoin wallet. The wallet is quite similar to BreadWallet because of its simplicity but packs a variety of features to enhance the security of your coins.
BREADWALLET Android Bitcoin Wallet
BreadWallet is known to be one of the simplest android wallets out there. It consists of very basic “send” and “receive” options which make it very easy to use. At the moment, it is only available for Android and iOS.
JAXX Android Bitcoin Wallet
Jaxx is comparatively new and proves to be a strong option among the other mobile wallets. It has the ability to hold a diverse variety of cryptocurrencies, it can also allow you to access your funds from multiple devices. However, one drawback of Jaxx is that it is not an open source software program, which has raised to a lot of safety concerns recently. You are recommended not to store large sums of coins.
COPAY Android Bitcoin Wallet
Copay is a multisignature wallet created by BitPay. Multisignature means that the wallet requires more than one person to approve a transaction before its confirmation. This gives it an increased amount of security if that’s your main concern. Copay has an iOS, Android, and desktop version.
GREENADDRESS Android Bitcoin Wallet
GreenAddress is a solid choice for people who are well experienced with Bitcoin as it has a bit of a weak user interface. Regardless, it offers good features needed to keep your coins secure. If nothing works out then GreenAddress has got your back!
Just a reminder that not every wallet application on Google Play Store is verified. Some apps are created with the sole purpose of stealing the coins you transfer on to the mobile wallet. So, you’re advised to do your research before trusting any unknown wallet. Be sure that you are downloading the official application and not a malicious wallet.
As you already know that bitcoin is purely digital, so there’s no physical digging in it. And in a world of virtual currency, such creation is known as mining. However, the computer power needs a lot of electricity to create digital tokens.
According to Alex de Vries (an economist who tracks energy use in the industry), each digital token consumes energy, equivalent to an average American household burns in two years.
If we talk about the total number of computers that are plugged into bitcoin network, then the energy consumed by the network is equivalent to the energy of a medium-size country. The network that supports the second most valuable virtual currency, Ethereum, also consumes energy in a hefty amount.
Bitcoin and Ethereum are consuming so much energy that now it has become a part of a debate among some people. Since the energy consumption of these systems has risen, the prices of these virtual currencies have also gotten very high.
Vitalik Buterin (the creator of Ethereum), is trying to find out ways so the tokens can be created without requiring that much energy. He said that he’d feel unhappy if his main contribution to the world was adding Cyprus’s worth of electricity consumption to the global warming.
According to Peter Van Valkenburgh (director of research at Coin Centre), such electricity usage is really important. This argument has its essentials in the complex systems that create tokens like Bitcoin and Ether, the currency on the Ethereum network, and other new virtual currencies.
The enticement of new bitcoins is encouraging people to use fast computers and lots of electricity in order to find the right answer and to unlock new bitcoins that are distributed every 10 minutes. The process was well-defined by the original Bitcoin software, which was released in 2009.
At this time, the 12.5 bitcoins that are being distributed every 10 minutes are worth about $145,000 and people are willing to invest in it, which shows why there are huge server farms around the world that are devoted to bitcoin mining.
This process is essential for Bitcoin’s existence, as all the computers are serving as accountants for the Bitcoin network. No one can fudge the records and dominate the accounting as the mining race is meant to be really hard. According to Satoshi Nakamoto (the creator of virtual currency), the system was designed to thwart greedy attackers who might try to change the records.
Because of mining and accounting rules, the attackers have been kept away and the network is still safely going on. However, there’s been a disagreement over the original value of bitcoin and the network that supports it.
Marc Bevand (a miner and analyst) wrote in his blog that “labelling bitcoin mining as a waste is a failure to look at the bigger picture”. Although some people who are interested in all that innovation are anxious about the massive use of electricity. The concern about the use of electricity has become a subject of debate among many, however, other virtual currencies like Stellar and Ripple that were created after the Bitcoin don’t require much electricity.
The new mining process has been proposed by Mr Buterin for Ethereum. This process has been already used by some other smaller cryptocurrencies. New coins are distributed to only those people who are able to prove their ownership of existing coins. The current method totally relies on computational power and it just needs lots of computers which can play an important part in the computational race.
According to Mr Van Valkenburgh from the Coin Centre, if you want strong security at the moment, then you need proof of work.
Photo Credit : Mashable
The tax reforming bill of Japan has officially removed consumption tax on the sale of Bitcoin. Bitcoin trading events expected to increase in JAPAN after the activation of the bill. In a report entitled “Inbound Tax Alert, 2017 Tax Reform Proposals”.
Deloitte earlier has revealed that digital currencies, as well as Bitcoin, set to release from the eight percent consumption tax in Japan.
Deloitte’s report says:
The supply of digital currency will release from Japanese Consumption Tax (“JCT”). At this time, digital currencies like Bitcoin don’t fall under the category of released sales, and as result, the sale of digital currencies in Japan have judged as taxable for JCT purposes. Resulting the performance of the amended Fund Payment Law in May 2016, that a defined “digital currency” as a means of payment, the sale of digital currency as well-defined under the new Fund Payment Law will release from JCT.
Bitcoin Market of Japan:
On 27th of March, the National diet of Japanese officially accepted the tax reform proposal 2017 shared by Deloitte. It passes the Bitcoin consumption tax along with other bills recorded on the proposed reforms. The bill, that came into activation on 1st July. It expected to considerably increase Bitcoin and other digital currencies trading events within the Japanese digital exchange market.
On 1st April, the government of Japan officially approved Bitcoin as a legal currency and payment method. Since that day, the government of Japan has been focusing on establishing and creating a more effective ecosystem for Bitcoin traders, users, and Businesses.
The Bitcoin exchange market of Japan is already well equipped and well-regulated. It has an efficient Anti-Money Laundering (AML) and Knows Your Customer(KYC). AML systems are especially strict in Japan.
The increase in Bitcoin Price:
Although, it may be fully coincidental, meanwhile the start of Bitcoin tax elimination bill in Japan on 1st July, the price of Bitcoin increased from about $2450 to $2570. It is not a complete assessment to the Bitcoin’s upward momentum to the market of Japan. It accounts only for 16.2 of the Global Bitcoin exchange market.
However, a good sign for trading Bitcoin in Japan could have established a constructive example across Asia. It controls utmost 65% of the global Bitcoin exchange market share and it also affected Bitcoin price.
Soon, hundreds of thousands of cafes, restaurants, stores could start to accept Bitcoin as AirRegi. AirRegi is the largest point of sale machine operator in Japan and it is looking to enhance Bitcoin by the fall of 2017.