Ant Financial Services Group was formerly known as Alipay and is an affiliate company of the Chinese Alibaba Group. Since Ant Financial Services Group is an operator of AliPay, a perilous stance has been taken by it over ICOs (Initial Coin Offerings).
CEO of Ant Financial, Eric Jing spoke during the speech, which was held on 24th March at the annual China Development Forum in Beijing and according to him, most of the existing blockchain fervour comes from speculation about the main perception of the blockchain.
Jing also advised that there are numerous projects behind the ICOs (Initial
Coin Offerings) which can offer nothing but a destitute white paper. Jing seemed to exclude the possibility of his company holding an ICO.
Eric Jing Views
According to Eric Jing:
“The current phase is like the internet bubble period in the 1990s.” While saying that, he added:
“Ant Financial has drawn a clear line with ICOs.”
The local media source “The Paper” reported that the CEO, Eric Jing further described that, despite the fact he has his full confidence in blockchain’s ability as a trust mechanism for the upcoming digitalized society, the bubble at this time is probably going to burst within the next two or three years and only after that, the industry will be capable of seeing real blockchain applications coming into place.
Eric Jing’s Role in Alibaba Group
Alibaba Group is a famous internet entrepreneur in the country, China and Jing is a long-time veteran of this Group as he has helped a lot in growing the AliPay business, along with its operator, Ant Financial and now it seems like he’s ruling out the ICO fundraising.
Last year, the latter firm made headlines for its obstructed attempt to buy MoneyGram, which is a U.S. payment service. Even with the criticism of ICOs, Alibaba did its best to make a move into the blockchain space as it took great interest in the technological development.
As it was earlier reported, a blockchain-powered platform has been already developed by Ant Financial for charity donations. Moreover, China’s State Intellectual Property disclosed a data and according to that, around 50 patents related to the blockchain have been filed by Alibaba Group, which are currently pending for approval.
Following the uncertainty of the current world and its unstable economy where currencies face great flux every day, a new economy was introduced under the alias Satoshi Nakamoto. Under the worlds infinite disarray, Bitcoin emerged as a decentralized and a digital cash system with regulated by almost no one.
This peer-to-peer networking system runs through electronic signatures and crypto graphics to generate currency- Bitcoins. Bitcoins are not only a form of currency but also a form of investment for some investors who keep these coins in hopes of an increase in their value and enjoy the opportunity cost.
Just like normal everyday cash, this currency doesn’t have to be printed and issued by the federals or the central banks. Bitcoins are generated through a process called ‘mining’. These coins are mined out of the system by giving complex and advanced mathematical problems for your computer to solve. The target is to generate a 64-digit number as an answer to that puzzle. When a system solves the given complex algorithm, it obtains a specific fraction of Bitcoins every time.
The bitcoin network automatically sets the difficulty level of the mine to be mine next. On average, there are around 25 Bitcoins mined every 10 minutes. During the process, only a set number of Bitcoins can be mined during a certain period. After every four years, this reward is halved. Currently, it is up to 12.5 Bitcoins for every mathematical problem solved.
Fiat currencies have an unlimited supply and their value can be easily manipulated anytime by the regulatory bodies. Given its independent nature, Bitcoin has tightly restricted supply controlled by the underlying algorithm of the system. There is a set number of coins that can ever be mined ever. A total number of 21 million bitcoins exist in the system.
Bitcoin at its peak has managed to engage the market by over 2 million dollars. The lowest has been $2. Today the value roughly swifts around $9,000.
No economy supports the sudden fluctuations in the system. Too much too fast will result in the dropping of the value of the currency. Too much too slow will cause the economy to halt. Due to these reasons, Bitcoin has a self-stabilizing system to regulate the economy at the most favorable grounds.
Exchangers allow the holders to transfer and buy or sell these Bitcoin crypto coins among other users. One of the famous platforms is Bitstamp. This allows users to buy Bitcoins in fiat currency and also enables them to sell them to other potential users. Bitstamp enables users to store the coins too as e-wallets. But beware of the hackers, as they can dangerously destabilize these digital economies.
With the gradual growing influence of these cryptocurrencies in the world today, a lot of applications and platforms have shown loyalty to the Bitcoin. Platforms like WikiLeaks and WordPress have started accepting bitcoins as means of their payments and transaction currency.
Inspired by the Bitcoin, the Canadian government has launched a similar cryptocurrency named, MintChip. This electronic currency is backed by the government, unlike the Bitcoin.
35-year-old Michael Richo of Wallingford, Connecticut, finally confessed to stealing $365,000 in Bitcoin in Hartford Federal Court on Tuesday. According to a release from the US Department of Justice, through a phishing scheme, he posted malicious links programmed to appear as a replica of very popular dark market websites.
Richo accepted that he stole more than 10,000 usernames and passwords and used this data to supervise the bitcoin balance and accounts of victims. He then sold his victims’ assets on Bitcoin exchange platforms for US dollars.
He was previously arrested last October on charges of wire fraud, identity theft, and computer fraud. Eventually, he gave in and was pleaded guilty and is scheduled to be sentenced in September.
The charges are meant to carry a maximum sentence of 30 years of imprisonment.
News credit: coindesk.com
Buying Bitcoin is simple and painless. All you need is a digital wallet as, without it, it’s impossible to buy and store Bitcoin.
A Bitcoin wallet is used for the same purpose as a traditional bank account for storing fiat currency.
Once you have the wallet, you will need to follow a simple process in order to buy the coins. Here, we have discussed how to buy bitcoins. So read carefully.
Buying Bitcoin – Getting Started:
There is a large number of brokers, exchanges, sellers and wallet providers, etc. selling Bitcoin. However, not all of them are reliable. Some are just there to steal your money.
To avoid theft, you should always look for well reputed and renowned names to make the purchase.
The Bitcoin exchanges require the users to provide their personal information – which may also include your photo and a copy of ID – to prevent theft.
Once your account is functional, you are ready to buy bitcoins instantly.
Buying Bitcoin with Debit/Card Instantly:
Buying bitcoins via debit/credit card is one of the easiest approaches out there. However, due to the complex transaction process, the fees can be high.
As a bitcoin buyer, you will come across numerous companies offering their services, but only a few of them are trustworthy.
Down below is a list of most trusted names that accept credit/debit cards and sell instant bitcoins.
With the presence in over 30 countries, Coinbase is the largest bitcoin broker in the world.
Coinbase offers instant buy option, but to buy the coins instantly, you will need to provide your identity proof and bank card.
Coinbase users are normally categorized into two levels: level 1 users and level 2 users.
Level 1 users are the fully verified users and can buy up to $1k worth of bitcoin per week.
While level 2 users can only buy up to $100 worth of bitcoin per week.
Moreover, Coinbase only charges 3.99% in transaction fees which are pretty low compared to other exchanges.
Find out more about how to buy bitcoins via Coinbase safely right here.
- Offers instant bitcoins to debit/credit card users
- Charges 5% in transaction fees and particularly good for those who buy in bulk.
- Offers special packages to verified users as they can buy up to $5k worth of bitcoins per day and up to $20k per month.
BitPanda is an Austrian exchange and is one of the most renowned across Europe.
The features of BitPanda include:
- Instant bitcoin purchase through credit/debit card
- Low fees. Just around 3-4%.
- The buyers are required to go through a strict verification process.
A downside of BitPanda is that the fees are not mentioned on their site. If a user wants to know the fees, he must register an order first.
Some Other Ways to Buy Bitcoin:
Buyers who don’t have credit/debit card can also buy bitcoins through LocalBitcoins.com. All you have to do is enter your nearest area and arrange to meet up with a seller. However, make sure your meetup is in a public place to avoid any potential harm that the seller may possess for you.
Bitcoin rate has been frequently consolidating due to the absence of main market catalysts so far.
Bitcoin Price Main Highlights:
- Bitcoin price has cut lower highs and higher lows, generating a symmetrical three-way relationship on its 1-hour chart.
- Price just rebounded off support and is due for a test or trial of resistance around $2600.
- Technical measures are demonstrating that the resistance is more to be expected to hold rather than breakdown.
Technical Indicators Signals:
The 100 SMA is under the longer-term 200SMA so the route of minimum resistance is to the downside. The 200 SMA is adjacent to the three-way relation (triangle) resistance, providing it strength as a ceiling. If it holds, alternative step to support at the $2500 area possibly will take place.
Bitcoin value has been getting a benefit of dollar weakness just as financial data has been approaching in below expectation. Some degree of profit-taking is initial to kick in top up to the weekend, end of month, and quarter.
The digital-currency is also shrugging off damaging updates from the past in the month when stockholder Mark Cuban warned that bitcoin might be in a bubble and a Goldman Sachs expert also gave a bearish analysis. It should also be distinguished that some of Bitcoin exchanges experienced outages because of trading activity and high levels of traffic.
The mentality of people also tends to affect most of Bitcoin and digital currency arrangements as a huge amount of it is based on demand and speculation. It can involve another durable positive catalyst to produce constant rallies again. By this way, there is still a potential downside for Bitcoin value, specifically since risk-craving has been recurring to the financial markets. Commodities and stocks appear key for a bounce when uncertainties decrease. But, of course, there is also a possibility that geopolitical hazards might shore up another asset as Bitcoin once again in the end half of the year.
Image and Story Credit: www.newsbtc.com