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Back in 2016, Russian institutions had announced that anyone seen trading cryptocurrencies would be jailed. However, a year after, the government declared that Russia will legalize the use of cryptocurrencies.

So Why The Change After a Year?

The reasons lie behind the serious issues Russia’s been attempting to discuss for a while now. Their economy is falling apart since 2014, with their banking sector being affected the most.

The Russian Central Bank has been stressing more anti-corruption campaigns, to address banks that use money-laundering methods to remove capital from the country. With around 100 banks being shut down in the last three years, things aren’t looking so bright for Russia. As told by the Central Bank head, Elvira Nabiullina, the campaign will be continuing for at least 2 more years.

Liquidity Crisis:

The cost of closing down a bank isn’t cheap; this process has cost the Deposit Insurance Agency (DIA), around $50 billion. Along with this, the Central Bank is trying to dodge the liquidity concerns that arise with closing banks. Increased cash shortages are causing social unrest among the regions of Russia.

Corruption is another issue the Russian central authorities are working to reduce. The banks that were shut down were all involved in lending money to companies that carried out no real business activities, giving fake loans to individuals and money laundering.  Unfortunately, their owners are the first to flee when investigators begin to take matters into their hands.

Eliminating Fraud:

Shutting down banks is not enough to eliminate the occurrences of fraud and its impact on their economy. Instead, they must find a solution to stop it from happening in the first place.

To begin with, they can implement new technological applications that allow the government to observe people involved in the system. They’re approaching it enthusiastically due to its complete concealment from the government and unlike traditional currencies, Bitcoins are mined.

One is able to purchase Bitcoins with paper money on any bitcoin exchange portal or banks. These bitcoins can be used to purchase all sorts of goods and services, provided it’s allowed in that country.

Although, governments’ fear the anonymity that comes with cryptocurrencies, as it could help in money laundering. It’s a good news to them that the blockchain system is very transparent and allows tracking of user transactions.

Blockchain:

A blockchain is a distributed public ledger that keeps track of all bitcoin transactions taking place, basically keeping a record of everything.

The three main characters:

  • It consists of no central database or server that can be hacked.
  • Easily accessible by the network members who can view the transactions in real time.
  • It is completely encrypted.

This is another reason why the Russian authorities want to implement this technology to their financial systems. The benefits that come with using blockchain technology include faster processing speed, lower fees, and most importantly increased security. These features have attracted the Russians and they’re now working their way into the digital world.

We’re not aware if the Russians are planning on digitizing their banking sector completely, however they do have plans to adapt to the existing blockchain technology so that they develop a better understanding of the digital world; until banks can develop their own systems.

For now, their aim is to decrease the amount of fraud and corruption circulating throughout the financial sector. By doing this, they would be able to bring down government costs and get back on track.

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Initial Coin Offering – How to Avoid ICO Scams?

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You can find lots of advertisements and links related to ICO startup companies, but do you know what ICO really is? If you don’t, we’re here to help you out. In this blog, we are going to enlighten you about what ICO means, what it involves, and how you can avoid Initial Coin Offering scams.

initial coin offering

What is ICO?

ICO stands for “Initial Coin Offering.” ICO wasn’t known to many people until cryptocurrencies we created and became a trend. The word “ICO” is borrowed from IPO (Initial Public Offering). Now, you must be wondering, what’s IPO? IPO is the event in which a company goes public in the finance world. But, what happens when a company goes public? Well, it means that the company is going to launch stock options publicly, for each and every one out there to purchase its share, with this hope that these purchased-shares would have more worth one day. You can also say that an IPO is one of the possible exoduses of a venture-capital-investment.

 

What Makes It Different?

An ICO is usually used as a crowdfunding project by cryptocurrency startup ventures to fund a startup company. Funds are provided through well-recognized cryptocurrencies like; Bitcoin or Ethereum or in the form of traditional currency and in exchange, they are given a quantity of the cryptocurrency, which they’re funding with, which means, in the form of “tokens!” After the ICO project gets successfully completed, tokens are exchanged into the functional units of a cryptocurrency that is newly created.

 

No Regulations

Many companies find ICOs attractive since they are not under any regulations, and the startup ventures can collect funding without any exertion and cost for the regulatory acquiescence. On the other side, risks for investors also get increased as countries like South Korea and China have banned the ICOs.

 

For ICO crowdfunding ventures, the marketing heavily depends on social media platforms which also include paid-ads. Similarly, there are many ICO ads now, which are being shown on different websites. The social media giant, Facebook has already banned ICO-related advertisements; however, from June 2018, Google is also going to put a ban on advertisements related to ICO.

 

Is ICO a Scam?

No, ICOs are not always a scam. However, the way they work is the main thing that allows scammers to gain a lot of money from those investors who believed in the startup. Just because of this, few top-investors recommend “real businesses” to avoid these ICOs and continue their business in the same way they were doing before. The year, 2017 has shown that almost 46% of all-known ICO ventures have been proven to be unsuccessful and after the payments were made, the websites, as well as social media profiles were left abandoned or were quickly vanished.

Well, all of this data shows that all ICOs aren’t always a scam, however, like other crowdfunding ventures, especially investing in general, you have to very careful where you invest. While assessing Initial Coin Offering scams, make sure to do your research about the individuals behind it. A robust ICO will offer potential investors every single detail about the developers, security experts, advisors, and others linked with the project. A legitimate ICO will offer a variety of places and social media links where investors can communicate with developers. They’ll also provide their Facebook page of the project so that you could assess its engagement levels.

How to Avoid ICO Scams

If we look at the recent lists of Initial Coin Offering campaigns, it’s quite hard to come up with a reasonable filter, and there’s no doubt that experienced investors wouldn’t consider how sceptical it is, but as with any investment, nothing can be predicted related to ICO or about its certainty. Even in some cases, basic managerial accounting data isn’t available; however, many ICO trackers still try to combine lists of seemingly pertinent parameters.

Initial Coin Offering scams show that fraudsters are going to extraordinary-extents to scam gullible investors. Also, when it comes to taking decisions related to investment, it focuses on the needs of investors. According to the founder of Skill Incubator, Chris Dunn, the cryptocurrency community must have to become extra incisive towards new ICOs; otherwise, governments around the world are expected to take stricter stances into cryptocurrencies at a whole new level.

Also, an ICO whitepaper is the initial document for the project, which describes the aim, background, strategy, and concerns for the implementation of all blockchain-related projects. Whitepapers can be extremely skimpy like; companies that have an ostentatious website may unveil that they lack a basic-sound concept. Then again, a company with a website that contains spelling errors might have a whitepaper that shows a rigid concept and a prudently created implementation strategy.

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Bitcoin Wallets – What are The Different Types of Bitcoin Wallets?

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The first step to using a bitcoin is obviously to obtain a Bitcoin wallet address. Without it, you can’t send, receive or store bitcoins. So before you get bitcoins, you’ll have to buy, download or create a bitcoin wallet.

Your wallet acts as a personal interface to the Bitcoin network, which stores private keys that give you access to the bitcoins.

A Bitcoin wallet is basically an app, device or website that controls your private keys.

Different kinds of Bitcoin wallets

Different Types of Wallets:

There are different ways to use Bitcoins, so there are different types of Bitcoin wallets as well.

  • Online wallets – these can be accessed on the web from any Internet connected device.
  • Bitcoin hardware wallets – these are physical devices designed to store bitcoins.
  • Software wallets – these are applications that can be downloaded to your phone, computer or tablet.
  • Paper wallets – these are bitcoin private keys that are printed on paper from a computer.

Wallets secure funds by protecting our private keys.

Let’s discuss these types in a bit more detail.

Online Wallets:

Also known as Hot wallets are basically bitcoin wallets that are accessible on internet connected devices like mobile phones, tablets, and computers.

They can be accessed using a user-set password and store your private keys on the web.

Eg: – GreenAddress and SpectroCoin

    

The advantage of using online bitcoin wallets is that they can be accessed from anywhere in the world and are best of regular or frequent transactions. Although, it isn’t the best idea if you’re planning on storing your bitcoins for the long term. There is an issue with the security since the private key is entrusted to an online service, there could be a scenario where the whole database of the service would get hacked and you’d have to say goodbye to your holdings or the service gets hold of your account.

Thus, it is recommended that you opt for online wallets when it comes to more frequent transactions.

Hardware wallets:

These are physical devices built to generate bitcoin private keys offline. They keep private keys separate from internet connected devices and they are maintained in a secure offline environment.

The best and most popular BTC hardware wallets:

  • Ledger Nano S
  • KeepKey
  • Trezor

Hardware wallets are definitely a good choice if you’re considering factors like security and reliable storage of bitcoin. By generating private keys offline, you are able to ensure that hackers cannot access your bitcoins.

Even if the device ends up getting stolen it can be protected using a backup PIN code.

Software Wallets:

These are designed to be installed in computers and laptops. Only you will have access to the private keys that store your bitcoins.

Bitcoin Armory is the most secure, popular and stable software wallet.

Paper Wallets:

One of the safest ways to store bitcoins are Paper wallets, especially if you’re planning on keeping them for the long term. It basically involves printing the Bitcoin address and private key on a piece of paper.

Conclusion

These are a variety of options for you to choose from. It is your decision to choose what you find suitable for the storage of your coins.

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Easiest And Fastest Way To Buy Bitcoin Online From Btcwonder.com

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Bitcoin is a cryptocurrency without any delegates or banks required to direct transactions. It was built as open-source software in 2009 by an individual or a group referred to as Satoshi Nakamoto with the idea to limit transaction costs and deregulate money. There are many ways of buying Bitcoin. Here we are going to discuss the easiest way to buy Bitcoin.

fastest way to buy bitcoin

Buy Bitcoin Through Wallets:

The easiest way to buy bitcoins is through digital wallets. CoinBase is the most renowned wallet. All you need to use this wallet is sign up for an account and link your bank account.

The reason why it is considered the easiest way to get bitcoins is because it allows the option of buying bitcoin through Visa and Master Card.

Other Ways to Purchase Bitcoin:

Another fastest way to buy Bitcoin is buying it through local bitcoins. Here you go to localbitcoins.com and setup a meetup with a local Bitcoin seller in your area. Make sure that the meetup is kept at a public area or somewhere you are completely familiar with. Local Bitcoin deals have a history of taking unpleasant turns so you must take every precaution before making the transaction.

Bitcoin faucets are also considered the fastest way to buy bitcoins. Bitcoin faucets are programs that are designed to distribute bitcoins in fractions to the visitors to claim. There is a time interval between each Bitcoin batch that is released and the visitors must wait through it.

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What is a Hardware Wallet? (or How to Make Your Cold Storage Hot)

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Alibaba sues “Alibabacoin” For Trademark Violation

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Recently the well known Chinese e-commerce platform Alibaba has sued a Dubai-based ICO for copyright infringement. The dubai ico was functioning by the name of Alibabacoin Foundation and had initially raised $3.5 mln qaccording a Reuters report. The firm was involved in continuous misleading behavior related to Alibaba’s company name. Alibaba clarified that there was no relationship between them and the Alibabacoin Foundation. Furthermore Alibaba also made clear that it had no future intentions to enter the cryptocurrency business.

ico fraud

It was being reported that the Alibabacoin Foundation was aiming to create its own  e-commerce platform by making use of cryptocurrency Alibabacoin which was also generated by the foundation. It introduced itself as a digitally optimized firm which was going to use blockchain technology for various departments such as finance, shopping, security and marketing etc. The firm succeed in generating a handsome amount until it was declared as an ico fraud and a lawsuit was filed against it by Alibaba whose trade name was unlawfully being used by it.

Clarification by Alibaba

Though it was made clear by Alibaba that they had no intention of entering the cryptocurrency business but it should be remembered that it is not the first time that Alibaba has been a part of such rumors regarding its involvement in the crypto industry. It had to eliminate rumours early this year regarding its venture into the cryptocurrency mining industry with the help of its newly developed P2P platform. Alongwith dispelling that rumour the company also announced that Alibaba Cloud had never issued a single fraction of any digital currency from its platform neither it had any intentions to do so in the future.

 

According to a report published last year CEO of Alibaba Jack Ma exclaimed that he had no interest in bitcoin but blockchain technology, which he described as a powerful tool of future technology.

Aftermaths of the Law Suit

After initial hearing the judge issued a short term restrain order against the Alibabacoin Foundation, the lawsuit also circles threefold damages for violations of US and New York law. Further development in the case will be reported after the show cause hearing which will take place on April 11, 2018.

 

However the Alibabacoin Foundation did not pass any comment in this regard. Also, despite the orders issued by the court the company has showed no intentions to roll back its initial coin offering or other related activities.

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