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Cryptocurrencies like Bitcoin are very trendy these days. Due to this popularity, many hackers in all over the world are speciously looking to get advantages of that. One of the largest Bitcoin exchange in the world was just hacked.

The Main Story:

The value of Bitcoin and Other digital currencies increased in past few months, which tells the main reason why people with malicious intentions will be looking to steal this amazing Virtual Currency.
According to Yonhap News, hackers attack Bithumb, cooperating about 30,000 accounts, which is the 3% of the total exchange’s customers. It is not clear how much currency was stolen, but some people said that they have lost money in the attack.

Image Credits: The Hacker News

Bithumb understood last week that the home personal computer of its employee was hacked. That’s the reason the hackers may have stolen customer data. But the stolen data does not have passwords, and the company also said that digital wallets which contain Bitcoin and some other coins were not emptied.
On any given day, in the world of cryptocurrency trade volume, Bithumb is the world’s top 3rd or 4th exchange.

A BraveNewCoin report explains that Bithumb has more than 75% of Bitcoin market of the South Korea. This exchange hosts 10% of the global Bitcoin trade. It also says that some 100 customers might have lost millions of gained, as one person has lost 1.2 billion after the hack. To put the thing in the perception, 1 billion gained is equal to $870,000. Or 340 Bitcoin at the current rate as 1 Bitcoin costs $2602.77 as of this moment.
Customers affected by this hack have now filed a complaint with cyber crime report Center of National Police Agency.

Story Credits: bgr.com

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Bitcoin technology is going to save environment

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Bitcoin technology is going to save environment

If you know about the bitcoin. which means, you clearly know about this technology. People use digital currency in the sale or purchase of any commodity or in term of service. Actually, this technology chain is wide and control by the computers forming blockchain.

Now, blockchain is also going to help in saving the environment difficulties. An ecologist at the university of the Agriculture sciences in Riddarhyttan is confident that this growing technology will also help to save the environment.  Science and he have a discussion about the future of the money, government trends and trust of the public as well.

The blockchain is a procedure to maintain the immutable ledger of the transactions. Which decentralization the supercomputers. Accordingly, because of the lack of trust, the environmental problems emerge. Whereas, environmental crisis grows in a fruitful ground. Which is directly the multiplication of intermediaries. For example, if you buy a ring from the supermarket. Here, you just buy a ring, not even know where it comes from. The supply chain of this ring is very long. It is possible that even retailer has not enough information, where the ring came from.

In the same way, the blockchain base supply chain would mean that you buy a ring by scanning QR from your mobile phone. Where you are able to see each step and positive thing is it cannot be falsified.

How blockchain help the environment?   

Blockchain has the ability to change the nature of the ownership. Moreover, in most of the developing countries land rights are not properly distributed as they are in documents. Where the government or a reputed company can easily claim, a land owned by a local community. Whereas, if we put the registry of the same land to the blockchain, which will be immutable. In addition, the real owner of the land will have complete freedom to do whatever with a land.

Blockchain has directly created an influence in policy making. While voting by the blockchain is the secure and organized way to the elections. Now, if you are going to manage an election regarding how to control natural resource. Whether it is a fishery or a forest. You need planning, instruments, ballot boxes and most important thing is to prepare the public to cast vote on the election day.  On the other hand, if you do this procedure of voting through blockchain technology. you’ll free cast a vote from your smartphone with your cryptography identity and strong security.

Furthermore, this technology helps by changing incentives. A blockchain guarantee that an event will happen. That sounds weird, but you enter into a contract with the blockchain. You are free to enter business logics as computer code. Next, when condition met the contract will be executed automatically.

Above all discussion is about how blockchain will help in environmental issues. We need more planning to change living, these are few of them.

Good luck!     

 

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Digital currency under regulatory scrutiny- SEC

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Cryptocurrencies

After being spooked by the massive digital tokens crackdown, cryptocurrencies got another pushback by the feds recently. The Securities and Exchange Commission in the U.S has decided to gun down all the cryptocurrencies, especially Ethereum under regulatory scrutiny to whether consider it as security or commodity. After a remarked high range in digital currency world, this bull to bearish reversal is the result of investor anxiety gushes over the squabble between Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC).

ethereum icos

The second most popular digital currency after Bitcoin in the charts, Ethereum is considered under the category of security will have hard consequences. Not only for Ethereum cryptocurrency, but all digital currencies crowdfunded through ICOs, that is Initial Coin Offerings.

Coming under increased regulatory scrutiny by the U.S government, all these cryptocurrencies are viewed as securities due to their speculative nature all around. Regulators have already declared bitcoin as security. But undermining the liquidity of this second popular cryptocurrency can prove out to be disastrous for it and also the cryptocurrency economy. Though the basic mechanism working behind these two digital currencies is not merely same, but they contribute majorly to the cryptocurrency world.

Initial coin offering

Until the mid-2017, selling transaction of these tokens was not much of an exhausting task. A team would emerge through these blockchains and present their purpose of tokens in a ‘white paper’. They would then arrange an Initial Coin Offering Service, ICOs where they would offer coins to nearly anyone who would exchange them for cash or Bitcoins.

The main idea or theory behind this ICO was to fund and support the construction of that newly emerging online service. But later in a few cases, these ICOs were proved to be scams. Absconding of these organizers created an upthrust, where SEC fired a warning claiming that tokens sold in ICO may be considered as securities and their declaration will be mandatory. SEC values Ethereum similar to any public Company who strives every act to value their stock.

Now the developers are concerned that due to the fact that Ethereum ICOs investors bought the tokens in hope that their value will increase in the near future, it could be classed as security. But the plethora of issues is not that straight and easy here.

Ethereum co-founder denies

The whole dilemma was observed and addressed by the co-founder of Ethereum, Joseph Lubin in a conference. He says that the scrutiny doesn’t upset him. According to him and the developers, this does not meet the requirements of security and doesn’t have to be regulated, therefore. There were no concerns about the potential issues about the cryptocurrency. he further said, he never considered and identified the system as security ever.

The Howey Test

A case resided between the SEC and WJ Howey Co in 1946. In this case, the foundation to determine the event to be a commodity or a security was set. It is now known as the Howey Test.

In simpler terms, Howey Co. sold a part of their citrus farm to some investors. Their idea behind it was to gain profits from the operations performed on the farm. It was considered as a securities contract by the judge explaining that the scheme focuses on the idea to obtain profits from the efforts and labor of others.

Basically, in simpler terms, this test helps to determine if a transaction or profit is obtained solely by the hard work and labor of one party and not by the other party, combined in an agreement. This Howey Test has been greatly talked and argued about in the regard of these cryptocurrencies and ICO. As the basic phenomena in Ethereum ICOs reside the same. The investor expects profits primarily from others hard work and efforts.

Securities classification arguments

According to wall street journals, the future of the cryptocurrencies is under debate, whether it would be identified as security or not. Commodities and securities under which the legislation falls are regulated by different authority bodies. They are regulated and operated in different markets and agencies. These differences will greatly affect the investors, sellers, and buyers in the cryptocurrency market.

Despite all the fuss and controversy about the issue, a lot of experts are very positive and hopeful about the future and growth of Ethereum cryptocurrencies. Many have come up suggesting that Ethereum and such cryptocurrencies may be considered as unregistered securities after a continues refusal by the founders of them being never entertained as security. The growing market capitalization of Ethereum cryptocurrency has shown that this is not going anywhere this soon!

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What Are the Advantages and Disadvantages of Bitcoins?

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Advantages and Disadvantages of Bitcoins

Bitcoin has taken the market by storm and the number of people looking to make transactions through this currency is increasing each day. If you are one of those fascinated by this mysterious yet amazing currency and want to discover its advantages and disadvantages, you have come to the perfect place. This article will provide you with all the information about advantages and disadvantages of bitcoins.

So, let’s get started with knowing what are the pros and cons that come with this currency.

Advantages of Bitcoin:

The list of basic benefits of Bitcoin includes:

  • With bitcoins, there are no boundaries on transactions. The users can send the currency anywhere in the world at any given time without any hassle.
  • Bitcoin transactions don’t need rescheduling in the event of bank holidays.
  • The users are in complete control of their money as there is no central authority to regulate the Bitcoin flow.
  • Since the users are in complete control of the currency, it allows them to control the transactions as well which helps in keeping the Bitcoin network safe.
  • There is no way for merchants to charge extra fees without it coming into the notice of users. In case a merchant wants to charge extra fees, he must inform the consumer about those charges.
  • Bitcoin payments can be finalized without a user having to give away his information. This gives Bitcoin users complete anonymity.
  • The fact that Bitcoin users are not supposed to reveal their identity is extremely handy as it provides protection against identity theft.
  • Bitcoins can be encrypted and backed up to ensure the safety of your money.
  • All Bitcoin transactions are recorded in a public ledger called Blockchain which enables everyone to see those transactions. This makes the transaction process more predictable and transparent.
  • Personal information of users is always hidden and no one can access it unless a user decides to publicize it.
  • Bitcoin is cryptographically secure and can never be influenced by a government, bank or a third person.
  • Bitcoin payments involve very low fees, that too within Bitcoin system.
  • How much fee is charged on a transaction depends on the urgency level of a user. The faster he wants it to process, the more priority it gets. As a result, the fees become higher.
  • In countries like China where moving cash to other countries is prohibited, Bitcoin is a great way to transfer money to different parts of the world.

These are some major advantages of Bitcoin. Now let’s move to the next part of the article, which discusses the disadvantages of Bitcoin.

What Are The Disadvantages Of Bitcoin?

The list of basic disadvantages of Bitcoin includes:

  • Bitcoins are finite, which makes them extremely volatile.
  • A very small portion of the business is willing to accept Bitcoin as a method of payment.
  • It needs strong networking to spread the word on bitcoin.
  • Bitcoin is relatively new and most of its features are incomplete.
  • There is still a long way to go before Bitcoin gets to its full potential.

Conclusion:

These are some advantages and disadvantages of Bitcoin. The cryptocurrency has many unique advantages that traditional currencies lack; however, it also has disadvantages. Mainly due to the fact that Bitcoin is relatively new and will take the time to reach to its full potential.

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‘Clearly Canadian’ Is Now Accepting Bitcoin!

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Clearly Canadian accepts bitcoin

Brand History:

Richmond Hill, Clearly Canadian is a well-known brand in North America. Basically, it is a multi-SKU premium beverage brand, produced by The Clearly Food & Beverage company of Canada. The brand history started in 1987 in British Columbia, Canada. Therefore, it is well known in North America, Scandinavia, and also in different places in Europe and Japan. Clearly Canadian is the 30-year-old company whose production is very famous across the globe. Now, they are going to accept the payments in Bitcoin Canada.

Bitcoin’s Time:

Clearly Canadian knows the evolution of digital technology. At the same time, keeping in view the market trend. The company is going to starts pre-sales to the Bitcoin world. As the Clearly Canadian’s Bitcoin campaign manager Mitch Callahan says, “Just as Clearly Canadian pioneered the new age beverage industry in the ‘80s and ‘90s…bitcoin, in a much more profound way, is poised to change how we all transact business on a global scale and in our daily lives. Clearly Canadian finds that truly exciting and we are proud to be a new emerging member of the bitcoin community.” In addition, manager says, “Online virtual currencies are clearly here to stay – no pun intended”.

Related: Buy Bitcoin  Canada online in few easy steps

The worldwide consuming brand needs high production. Whereas, the company producing exceed in 5 million cases annually. Clearly, Canadian managers said, “We’d like to pre-sell at least 25,000 cases of Clearly Canadian online to the global bitcoin community. personally, I hope we double, triple or even quadruple that goal.  Let’s see what happens. Pricing will be in dollars. Whereas, a transaction in bitcoins through BitPay.The leading Bitcoin merchant processing platform. We have a wish to be a long-term merchant in Bitcoin transaction consumer goods. Hopefully, the new currency’s volatility will remain low facilitating greater adoption”.

In response to Canadian manager’s statement. CEO of BitPay Toni Gallipi stated: “Having a globally recognized consumer brand such as Clearly Canadian Bitcoin join the Bitcoin community is a powerful statement about the increasing popularity and growing base of Bitcoin merchants and users. Many are watching the Bitcoin market closely.we hope that this is the first of many established brands. That see the benefits of adding bitcoins to their payment options. We are happy to have Clearly Canadian on board. Accordingly, wish them very best of success in its campaign”.

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