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A Child poster for speculation

13 July 2017, bitcoin is the leading prima donna of the digital currency market. Anyhow, a big wall street bank does not impress by the crypto-storm.

James Faucette leads the Morgan Stanley’s team to hold up Bitcoin BTCUSD. +0.05% as a poster child for assumption although downplaying its potential as a valid currency.

In a report, analysts of the cryptocurrency note that online merchants’ percentage is low from last five years. This is the fact that price of the digital currency increases by 250%.

Faucette says, “The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking.”

He has the responsibility for retailer’s quick appreciation in case of lack of bitcoin’s appeal, high cost with low transaction process. But unluckily, the main offender may be its rapidly growing worth.

Faucette says, “The ecosystem has focused more on value speculation rather than the foot-leather-eating work of increasing acceptance — way easier to trade speculatively than convince new merchants to accept the cryptocurrency.”

In early June, Morgan warned the cryptocurrencies to join the traditional investment tools. In this context, they need to accept the government oversight. Accordingly, it didn’t persuasive what that would demand.

Meanwhile, until the bitcoin’s regulation introduces, the discussion is over that Bitcoin is an alternative formula of monopoly money. Or, a genuine currency is expected to continue without a definitive conclusion.

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Bitcoin Criminals Are Using Bitcoin & Other Cryptocurrencies for Ransomware Payments

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As we already know that Bitcoin is the most popular cryptocurrency, complaints about Bitcoin are also growing rapidly. It’s been reported by many people that bitcoin’s transaction takes too long to get processed and it’s also very much expensive. Bitcoin Criminal use new hacking resources.

There are many indications that the currency is not going so well in favour of the underworld and the stories about culprits looking for bitcoin alternatives are not so new. The latest report by the forensic firm Chainalysis shows that the amount of bitcoin transactions that are related to the dark websites, where people frequently participate in criminal activities, has reduced by 30%.

The reason behind this huge drop is that many people are using bitcoin, and they’re only choosing to keep it, rather than spending it. However, Chainalysis counts multiple law enforcement agencies among its clients and also mentions the growing use of other cryptocurrencies like Zcash, Monero, and Dash.

bitcoin criminal

Fast and cheap transactions are not the only things that are offered by the new currencies, but they also include additional layers of anonymity that make them hard to track than bitcoin. Rob Wainwright (Executive Director of Europol), has also warned that this trend is already in progress. He also added that we’ll definitely see a progressive change in 2018 towards the criminal use of cryptocurrencies other than bitcoin, making it even more challenging for the law enforcement to counter.

A report by tech site ZDNet also shows that many researchers have claimed that slow transactions and high fees are causing culprits to move to Monero. ZDNet writes that it’s expected that soon, culprits will be also providing instructions to their ransomware victims on how to buy and exchange Monero. It’s been also reported that many companies have started to buy amounts of bitcoins so they’d be ready to pay up if they’re hit with ransomware.

While criminals are trying to turn away from the bitcoin for regular transactions, there’d be still very less chance of finding out if they’ve actually lost their interest in it or not. According to a report by Chainalysis, culprits might not want to use bitcoin, but they’d definitely want to steal it.

According to Chainalysis, theft of bitcoin has increased from at least $3 million to $95 million from 2013 to 2016, adding almost $172 million worth of bitcoin between the 2013-2017.

Image Credit: thehackteam

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Creating a Bitcoin bank with USB drive

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People can store their Bitcoins offline or online through multiple ways. They are free to use a paper wallet or hardware option to store.  However, users of this technology also have the option to create a wallet on cheaper USB to store coins offline.

Creating low-cost Bitcoin wallet USB

Today, we are going to create a low-cost bitcoin wallet with a USB drive. You have the option to download few different wallets for this procedure. While, for this walkthrough, we use an electrum wallet. bitcoin users need to follow such installation process.

First

You need to download electrum wallet to your computer. Linux, Windows or Mac OS will take few minutes to download.

Second

Install this software directly on the USB drive. Use USB thumb drive for other application isn’t the good idea. There is an option that drive should play one man show as bitcoin wallet.

Offline installation of wallet into USB drive

Third

To perform offline line installation, you need to disconnect from an internet connection. It will be better to refresh your computer before installation. When you are sure that your operating system is offline then plug your device into the computer.

Forth

Open an installation program from your USB drive. The client does not have the option to reach the bitcoin network, but you still have complete opportunity to create a new wallet. This installation follows the same procedure. You need to install to USB, then go through security session. Where you will create a strong password and write down your seed phrase. Keep in mind, if you forget your password or seed phrase, you will not recover your bitcoins on that wallet.

A Little Bank or Bearer Bond Instrument

After securing your wallet with an encoded passphrase and get your seeds, you will have a fresh wallet. you can easily send or receive the bitcoins. like a hardware wallet, you need a device to access your keys, so that you can easily restore it with seed. The cost for this method is round about $2. Furthermore, they also can use the bearer bond instrument.

 

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Not sure How to buy Cryptocurrencies?

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Recently, there were reports of banks restricting credit card acquisitions of cryptocurrencies, however, there are still many options available which can be used for buying cryptocurrencies. There’s always a risk in investment and trading move, so, always do your own little research when making a decision.

Coinbase is a well-known interface where you can easily buy crypto with fiat money. Users only have to create an account and verify their identity on Coinbase, then they can easily buy whatever they want with their debit card.

Another sister company of Coinbase is GDAX, which gives users an idea of how these cryptocurrency exchanges are actually working. It describes an instinctive interface with trade history, charting tools and real-time order books. All of these tools ensure traders that they’re getting the most out of their trade.

how to buy cryptocurrencies

Another popular exchange is Bitfinex. Its website claims that it’s the most progressive cryptocurrency trading platform in the world and has many advanced charting tools. Its website has an app, which is available for both iPhone and Android users. It offers three features:

  • Exchange trading
  • Margin trading
  • Margin funding

You can easily find places to buy cryptocurrency with fiat money, however, Robinhood is unique in its zero-fee approach. Their main goal is to provide an easier platform for people to buy cryptocurrency. This trading app lets users buy cryptocurrencies like Bitcoin and Ethereum right from their phone without any trading fee.

Can you buy all cryptocurrencies with fiat money?

At this time, cryptocurrencies that have fiat/crypto-pairs are:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • Ripple

Coinbase offers following cryptocurrencies which users can buy with fiat debit cards:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash

Users will have to send their BCH, BTC, ETH, or LTC to an exchange to get involved with other altcoins.

How to buy Bitcoin without involving exchanges?

Nowadays, Bitcoin ATMs are becoming very popular. There are almost 2,393 Bitcoin ATM machines worldwide, and with these machines, users can buy Bitcoin by using fiat currency and can even sell Bitcoin to withdraw fiat money. These devices help traders by not having them to deal with the trading part of crypto and are very much convenient.

Recently, Cointelegraph has partnered up with Simplex and now it offers a convenient way of buying Bitcoin, Ethereum, and Bitcoin Cash. Simplex accepts most credit cards and some debit/prepaid cards as well.

How to buy crypto with Cash?

It’s quite simple to buy Bitcoin with cash. If you know anyone who wants to sell BTC, there are decentralized, p2p sites where you can meet people who are interested in buying Bitcoin. LocalBitcoins is currently working worldwide as an advertising community board and helping its users to agree on a price and so that later, they can meet in person to trade. The exchange process is time-consuming and it’s not much reliable, as it involves strangers. But it’s still very popular and its users have great reviews about it.

Decentralized Exchanges

DEX isn’t very popular but it’s a trust-less AI system that connects traders online. The money goes from the user’s wallet to an escrow in a centralized exchange, and then to the other user in the trade. Funds that are kept in centralized exchanges are stored in wallets, which are owned by the company. User funds are stored in hardware wallets in a DEX, on each user’s computer. This smart contract helps in keeping trust between the users, who are trading the money. Altcoin.io is also working really hard to make a simple interface to exchange crypto quickly and the team became famous back in October after it successfully completed the first-ever BTC-ETH atomic swap.

It’s quite easy to buy cryptocurrencies now, and we’ll probably see some massive improvements this year, for both centralized and decentralized exchanges. The main focus of centralized exchanges will be; usability, scaling and adding new tokens, while decentralized exchanges will focus on getting their product out, involving the present crypto community.

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Bermuda Is Considering to Become the Very First Country for Regulating ICOs

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Blockchain Task Force was launched last year by the Finance Minister of Bermuda, David Burt. It encompassed an Authorized and Regulatory Working Group which would make sure that the country is creating a blockchain-friendly environment for concerned startups. After four months, Burt came up with another creative idea, which was to make certain that Bermuda is regulating ICOs for the first time in blockchain history.

Blockchain industry

David Burt Views About Blockchain-Related Issues

A statement was published on the official website in which talked about the global developments of blockchain-related matters and also the felonious activities that have been recorded in such areas. While discussing this issue, Burt noted that there’s no doubt that these violations have already existed but the technology behind these advances could unsettle traditional methods without any difficulty.

This is the main reason why it has become so essential for the government to deliver an authorized framework because it will make sure that people are not crossing the bounds of the specified regulations while making advancement in their projects. It’s been stated that:

ICOs have been used to enhance existing product and service offerings and to develop and implement new ones, all without the added costs and burdens of having to hire expensive middlemen to arrange transactions … Bermuda has an opportunity to become a global leader in the Fintech space by being one of the first countries in the world to specifically regulate ICOs. “

ICOs: Limited Trading

Few adjustments will be made in the current Bermuda Laws and a bill will be drafted after that. The finance minister will concede permission to ICOs, and after that, they will be permitted to work legally. But for passing this step, ICOs must have to provide details about the people who are handling the project, roadmaps, hard cap, soft cap, future product development and information of the digital asset.

What should be the next step of Bermuda?

Even though many countries have imposed strict rules and have banned such activities, Burt still suggests that Bermuda should leave its comfort-zone and accept technological revolution there. The parliament of the country is requested to have a discussion on this subject immediately, though, the statement hasn’t specified any date. Burt also highlighted the opportunities that have been set down by blockchain industry and stated:

“We will not stand in the shadows and watch it pass us by.”

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“Black Cell” Shuts Down by Hong Kong Securities Regulator

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On 19th March, SFC website posted that the Securities and Futures Commission of Hong Kong has halted the Black Cell Technology’s ICO (Initial Coin Offering) because the offering is constituted as an unregistered CIS (Collective Investment Scheme).

Now the investors of Hong Kong must have to be refunded by the Black Cell for their investments in the tokens. This would support “Krops,” which is a mobile application and a marketplace that lists the agricultural products. At the same time, many warnings have been issued by SFC for companies before, however, today is the very first intervention of shutting down ICO technologies in Hong Kong.

ico technologies

Black Cell to Its Investors

Black Cell promoted the ICO on its website by enlightening their investors that their investment would be considered as funding and will be used for the development of Krops mobile application. Black Cell also told the investors that the token holders would have the rights equivalent to the Black Cell.

In January 2018, a cease-and-desist order was filed by the Philippines SEC (Securities and Exchange Commission) against four different companies that were linked with Krops and Black Cell as well as for offering Krops token in the form of securities.

Why Black Cell was targeted?

Black Cell was specifically targeted because their token provides a return for token holders. That was the move which labelled the token as a potential security. There’s no doubt that their other projects have been more abstruse in their approach but on the other hand, it avoided direct regulatory involvement. Even with the authorities making their approach clear towards ICOs, the question still remains the same that for how long that autonomy will continue.

Jay Clayton Views

The U.S. SEC (Securities and Exchange Commission) is taking a hard line on the ICOs following the securities laws. Jay Clayton, head of SEC has recently noted that all the ICOs that he has seen need to be considered as security and added, that they should be registered with the Securities and Exchange Commission before they are sold to the investors of US.

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