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Bitcoin trading was started since 2010 which is the source of Bitcoin’s universal myths or discussions. When a Bitcoin exchanged gets hacked, financial media considers this hack a result of the flaws of cryptocurrencies. Until now, Bitcoin protocol has never been hacked. Due to its next level encryption, hackers do not attack Bitcoin directly. Instead, they manipulate the weaknesses of Bitcoin exchanges.

Are Bitcoin Exchanges Vulnerable To Hacking?

According to the report of the U.S Department of Homeland Security, one-third of Bitcoin exchanges were hacked between 2010-2015.

A South Korean exchange ‘Bithumb’ was hacked last month with 30,000 customer’s data on it. The hackers were able to steal $1million worth of bitcoins. As a result, the price of Bitcoin dropped about 3.5% during the following two days of the event.

Bithumb revealed that employee’s computers which provide the access to customer’s data were targeted during the attack.

In August 2016, Hackers successfully took 120,000 Bitcoins, worth $65million from Bitfinex exchange. In that case “Hot wallet” feature was the weak link. These frequent Bitcoin exchange hacks are no doubt concerning, but this should not be a reason to dismiss Bitcoin usage.

For example, if a diamond jewelry shop is successfully robbed, it’s not the diamonds’ fault, rather the security management that was hired by the owner. Same is the case with the Bitcoin code users.

Why Has Bitcoin Itself Never Been Hacked?  

Bitcoin codes use a network security protocol known as SHA-256. SHA: Secure Hash Algorithm. This is the prime reason why Bitcoin is known as a cryptocurrency. SHA-256 is widely used by the government and financial sector of the Bitcoin and was designed by the National Security Agency.

Crypto experts and programmers believe that SHA-256 is unbreakable by the currently available technology. Chris Wilmer, founder of Blockchain-Focused said, “Bitcoin itself, and most of the other cryptocurrencies, have never been hacked or even really had any downtime.”

Due to the fact that Bitcoin uses SHA-256, and that its transactions are broadcasted to the network for confirmation, Bitcoin is the securest form of currency ever created.

Just think about it, if you have fiat money and it gets stolen or snatched by someone, it becomes incredibly difficult to trace it. In addition, a stolen bag exposes your data including bank’s check book, debit/credit card to untrusted parties and takes a whole lot of months to resolve the issue.

Besides, credit/debit is an old fashioned payment system. Considering the tools available these days, hackers could get an easy approach to this old form of digital money.

Today, the Credit card breaches have become a daily routine. The hits at Target Corp. (NYSE: TGT) and (NYSE: HD) occurred a couple years ago. Neiman Marcus and Wendy’s Co. (Nasdaq: WEN) breach is another example which just happened in 2016. The most recent ones are Chipotle Mexican Grill Inc. (NYSE: CMG), Arby’s Restaurant Group, and Kmart Corp, which happened in 2017.

Whereas, bitcoins are safe at your Bitcoin exchanges and provide maximum security against breaches. Don’t let one or two incidents define the whole currency and start your Bitcoin venture right now!

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LitePay Launch: Litecoin Price Has Seen 30% Upsurge!

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The price of Litecoin has seen a 30% upsurge on Wednesday after the news that Litepay (a payment processor for cryptocurrency) has been set to launch on 26th February. This rally elevated BTC/LTC to its all-time-highs in almost three years and allowed LTC to surpass the $200 marks.

Litecoin Price Surge:

The price of Litecoin at this very moment is valued at $232 with the market cap of $12.8 billion, that lifts it up to number fifth in the rankings.

Apart from the preceding pumps, the trading volume of LTC is consistently distributed in the major exchanges, all around the world. OKEx is the largest global bitcoin/cryptocurrency exchange, whereas GDAX is on the 2nd number.

Litecoin Price Surge

Tuesday’s rally was a straight response to the announcement that the payment processing company (Litepay) that was formed after the Bitpay industry, is scheduled to be launched on 26th February. This announcement was silently made by the company on Twitter on Monday, however, the word seems to have roamed slowly. They announced that they started is because people asked Bitpay to accept LTC and they wouldn’t, so they had to take the challenge.

According to the company’s website (based on San Francisco), LitePay will be offering many of the features similar to BitPay. Especially, it will be providing businesses with the proficiency to accept LTC payments that are settled up in fiat currency. Moreover, it is also going to release Litecoin debit cards, through which its users can fund with LTC and can use it at almost any retailer.

Since Litecoin price surge, Litcoin has been promoting itself as a “payment-focused cryptocurrency”, the formation of LitePay’s infrastructure will significantly aid its efficacy for this use case. But, then there’s another theory, that Litecoin’s strong pivot could be linked to the announcement, that a developer’s group will be diverging the main Litecoin blockchain on 19th February, for creating Litecoin Cash.

Chief executive and co-founder of San Francisco based cryptocurrency exchange, – Jesse Powell, shared some words of wisdom for investors. Although securities regulators are trying to find different ways of protecting investors from the sham activity, Powell put the whole burden on the investors. But at the same time, he also highlighted that combined market cap of all cryptocurrencies would hit $1 trillion in the coming time. He thinks that consumers have to look out for themselves and into the basics of coins, and do not have depend on any specific exchange to protect them from the market’s instability.

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How ICO (Initial Coin Offering) is Raising Millions in Seconds?

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Are you looking out for the biggest trends in cryptocurrency? Well, Initial Coin Offering (ICO) is going to be a fine start. Today, we’re going to give you an overview on the ICO.

Initial Coin Offering

The abbreviation of ICO is “Initial Coin Offering” and since 2013, ICOs are frequently used for evolving new cryptocurrencies. When we talk about ICOs, this also means individuals offering investors some units of crypto-token or new cryptocurrency in exchange, contrary to major cryptocurrencies such as; Bitcoin and Ethereum. If there’s a demand for pre-created tokens, then they can be easily traded and sold in all cryptocurrency exchanges.

ICO token could become the shares and securities of tomorrow and with the success of Ethereum, more and more ICOs are being used for funding the crypto project development. ICO has become a tool that doesn’t only reform the currency, but also the entire financial system.

initial coin offering

History of ICOs

At the beginning of 2013, around 100 billion XRP tokens were created in the Ripple Labs, as the first cryptocurrency distributed by an ICO was Ripple. The main reason why the company sold these tokens was to fund the development of the Ripple platform.

A layer on top of Bitcoin was promised to be created by Mastercoin, for tokenizing Bitcoin transactions and executing smart contracts. Almost $1 million was received by the developer against the top-cryptocurrency Bitcoin.

ICO has funded numerous other cryptocurrencies like; Lisk, which sold around $5 million coins at the beginning of 2016. The Ethereum Foundation sold ETH against 0.0005 Bitcoin in the mid-2014 respectively. By doing so, around 20 million was received, and it became one of the largest crowdfunding, and now, it serves as the capital base for Ethereum development.

 

A simple token, which can be transacted on the on the blockchain of Ethereum is one of the simplest applications of Ethereum’s smart contract system and this type of contract was standardized with ERC#20. This is something that made Ethereum host of such an extensive scope of ICO that now you can say that Ethereum has finally found its Killer App.

Legitimacy

The token is sold as a digital good, not as a financial asset and this is why it’s sometimes called “crowd-sale”. The legal state of ICO is undefined and in this case, the funding with an ICO is not regulated, making it quite simple and paperless.

ICO – Fundraising Future

The DAO is amongst the most prominent demonstration of Ethereum’s smart contracts. Ether, worth $100 million, fueled the distributed investment company. The idea of funding projects with a token on Ethereum turned out to be a highly successful generation of crowdfunding projects. You’d know that investing in token on top of Ethereum is very easy especially, if you’ve already tried it out. Just transfer ETH and paste the contract in your wallet. You’ll be able to see the token in your account and then you can easily transfer it as you want.

ICOs could be used for completely reconstructing the financial system of securities, shares, and decentralizing, not just money, but trade and stock creation as well.

Do you want to assess Ethereum’s market capitalization? Do not only look at the market cap of Ether but also on the token’s value.

Is it Profitable?

ICO has been a blessing for many investors but, on the other hand, many ICO ends with losses. Many scammers and semi-scammers have used ICO for; promising the greatest cryptocurrency ever or building a sleek website. In addition to that, the successful and largest ICOs, like Iconomi, Melonpost, Lisk, Melonpost, and Augur collected funds and delivered literally nothing.

Let’s find out what’s happening in the market for ICO.

Mastercoin

Building a layer on top of Bitcoin was announced by Mastercoin in 2013, and Mastercoin-token were sold to investors. Around 10,000 Bitcoin was received by the developers and had the worth of $1 million at that time. Some investors made hefty profits and later, Mastercoin merged with Omni and Counterparty.

Ethereum

One of the largest ICOs has been made by Ethereum yet, with a pre-sale of almost 60 million ETH and around 31,500 Bitcoin were raised by the Ethereum Foundation. ETH-presale investors also profited immensely.

Ripple

100 billion XRP-tokens were created in Ripple Labs and serve as an anti-spam mechanism in the Ripple payment network. Ripple Labs are selling XRP but their value doesn’t move in a clear direction. It started with almost 5,000 Satoshi, felt below 1,000 Satoshi, then raised above 7,000.

Next

In 2013, a new gen-cryptocurrency made, Next. Around 1 billion tokens were sold to early investors and the developers only got a double digit’s amount of Bitcoins with the ICO. However, today the NXT token is valued much more and NXT has become a successful and firm cryptocurrency relatively.

Lisk

Lisk enables smart contracts on sidechains and is a JavaScript written Blockchain, based on BitShares. Around $5 million was received by Lisk, by selling the coins for Bitcoins.

Ethereum token ICO:

First Blood

An Asian platform for decentralized Sportsbet completed the ICO of its token within few seconds and many of them have been purchased by a Chinese exchange.

Golem

The aim of Golem project is to create a decentralized supercomputer, through which applicants can earn money by selling its power. The ICO was limited to 820,000,000 tokens, and more than 10,000 BTC were received by the developers. Today, the Golem market share is beyond 50,000 BTC.

Augur

The decentralized prediction market uses REP-token to choose the outcome of events in which 80% of these tokens have been sold for funding the development and got around $5 million. Today all these tokens are worth more than $100 million.

ICONOMI

Well, Iconomi is a platform for managing the virtual assets and the ICN token is like shares on the platform. 85,000,000 tokens were sold by the developers and more than 17,000 BTC were received for it. Today, it has a market cap of almost 40,000 BTC.

SingularDTV

SingularDTV with the ICO raised more than 12,000 BTC and today, tokens as a whole are worth about 40,000 BTC.

The above ICO tokens can be easily purchased and traded on exchanges but some extra ICOs have just completed some time ago and are now preparing to release the newly created token on the Ethereum Blockchain.

This is the following projects:

Melonport

Melonport’s aim is to advance a platform for managing the blockchain assets made on Ethereum. The MLN token that the developers sold were around more than 2,000 BTC.

Dfinity

Dfinity aims to build a decentralized platform for cloud computing and has raised more than 3,000 Bitcoin in its ICO.

Qtum

The main aim of this project is to build a platform for the easy formation and blockchain based smart contracts and could raise more than 14,000 Bitcoin in an ICO for this mission.

Today’s ICOs

You can currently invest in ICOs like:

 

  • Humaniq (a wallet for the unbanked)
  • Aeternity (“scalable smart contracts interfacing with real-world data”)
  • Internet of Coins (a distributed environment for several blockchains)
  • Cosmos (similar: “a network of distributed ledgers”)

 

ICO Blockchain Capital allows everybody to contribute to its investment rounds. But, not every ICO is worth your money.

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US Officials Commend Blockchain Surrounded by ICO Distress

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On Wednesday, a message was broadcasted by U.S. government officials at the DC Blockchain Summit in Washington-even as securities officials cautioned exchanges who offer ICO tokens trading. James Sullivan (Deputy Assistant Secretary of services at the Commerce Department’s International Trade Administration) remarked during his address;

“We cannot make policy in the abstract” and concluded by saying;

“I would welcome all of you in the audience to reach out … and to hear your recommendations”

There’s no doubt that Sullivan showed support for the use of blockchain inside the trade finance chain, especially for smaller companies with hardly any resources, as he stated;

Blockchain

“The companies that are usually hit hardest by that gap of trade finance are small- and medium-sized businesses”

Attendees who talked to CoinDesk, turned out to be more divergent on the question of blockchain’s use in government and also on the the subject of cryptocurrency regulation, which was the greatest concern at the event as well. Scepticism was also expressed by one of the employees of a major blockchain startup that the U.S. officials would seriously obligate to utilize this tech, conflicting that agencies might be served a lot better, seeing at the advances of tokenization.

Chief data architect of OPM (Office of Personnel Management), Marcel Jemio, alongside Mark Fisk, who’s an IBM Public Service Blockchain partner stated that blockchain could be utilized in order to aggregate government employee information in a more efficient and well-organized way.

Fisk stated;

“I think blockchain in a lot of cases is going to be an enabler of solving the problem, but not necessarily with solving the problem only with blockchain”

Jihan Wu, co-founder of Bitmain also revealed that the bitcoin mining hardware giant wants to invest in startups and looking forward  to make a “private central banks” that utilize cryptocurrencies. Wu thinks that tokens on the market today will eventually come to be viewed as securities under traditional meanings.

CoinDesk was told by conference attendees that they’d definitely appreciate regulation, specifically relating to ICOs, whereas others asserted that these emerging regulations at this time would probably lodge businesses into inflexible models ill-suited for such a quick moving situation. Attendees also showed their concern about the unreliable treatment of cryptocurrencies by the U.S. government, specified that the IRS considers bitcoin as property and the CFTC views it as a commodity.

But at the same time, two members from a cryptocurrency services company said that they believed such dissonance could eventually profit the industry, with the lack of agreement by the SEC, the CFTC and the IRS, eventually imposing further discussion on the finest way onward.  Brian Quintenz, a commissioner for the CFTC, was also seen at the event, firmly encouraging more self-regulation in the cryptocurrency space. Quintenz even told the audience that cryptocurrency platforms should come forward and self-regulate.

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Japan removed Tax on Bitcoin, Rise Expected in Trading:

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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.

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