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Bithumb, which is the largest cryptocurrency exchange of South Korea has joined with BitPay. On 13th March, it was announced by an executive, that the main purpose of this partnership is to compete in the global remittance market. As the major South Korea Exchange Bithumb merges with BitPay, there’s no doubt that it’s going to impact the crypto-market.

Chief commercial officer of BitPay, Sonny Singh noted while talking to CNBC, that now the businesses will have the ability to change invoices to Bitcoin and utilize BitPay for settling them more economically and faster than the ordinary bank-based remittance networks.

south korea exchange

What does Sonny Singh have to say about this partnership?

Sonny Singh told the network;

“Cross-border payments between Korea and the West will be a $200 bln industry this year”

Singh continued by saying;

“Right now, people are doing cross-border payments […] and paying bank wires, FX fees around 4% and it takes about four days. Using Bithumb and BitPay, we’re able to make this a 1% fee in one business day”

A chain of regulations on crypto-markets has been introduced by South Korea, since December 2017, for banning unidentified trading, foreign use of local exchanges, local ICOs, and in addition to that, banning all the government officials from trading and holding cryptocurrencies. Even with such massive trading volumes, South Korea is still an ambiguous market for cryptocurrency users and businesses.

Singh also confirmed that BitPay is on its way to process $4 billion worth of payments this year and is disconcerted by the potential for regulatory disruption.

Singh said;

“We welcome regulation.”

Later, he continued by saying;

“So, I think all the Korean exchanges like Bithumb — they welcome regulations too. We make sure they do proper AML/KYC checks.”

At the beginning of this month, it was announced by the South Korean bank, named “Woori Bank,” that its aim is to start commercialized cross-border payments by using Ripple. According to a report, Bithumb still continues to grow consumer-awareness of cryptocurrency within the country, South Korea, by familiarizing payment terminals to restaurants as well.

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Bitcoin Bubble-Mark Cuban is Backing

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1 July 2017, 09:42 AM, entrepreneur Mark Cuban

Well-known entrepreneur Mark Cubam is now planning on switching to another cryptocurrency after dropping the value of the Bitcoin. Accordingly, your clue about the ethereum is absolutely wrong. It may be UnikoinGold.

By offering an initial coin, Cuban is going to participate in fundraising round of his company.

With more than 30 ICOs, ICO method gets popular this year. Companies effort in the different channel to enhance its capability. In that scenario, companies start to sell their own cryptocurrencies and use the return to boost their business fund.

In addition, including Asthon Kutcher, Unikrn has already erected $10 million from investors. According to the CoinDesk, these companies allow its users to place bets with its digital token.

Up to 1 billion UnikoinGold will be available for grabs and the registration for pre-sale will be started in the mid of the July.

Up to now, a company has to set down the Price of the UnikoinGold. Accordingly, investors will be able to start transactions under Ethereum’s token.

 

News credit: fortune.com

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Bitcoin News: Another Huge Bitcoin Exchange Hacked

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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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How Does Bitcoin Exchange Work and What Are Some Ways to Earn Bitcoin?

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Ways to Earn Bitcoin

Bitcoin is a notoriously volatile digital currency, yet a number of investors trying to exploit this currency keeps on growing each day. As with speculative market and extreme volatility, investing in Bitcoin can be a risky move and can cost you huge sums of real money. The best advice for those looking to invest in Bitcoin is to proceed with caution.

How Do Bitcoin Exchanges Work?

Bitcoin exchanges work the same way physical currency exchanges do. It’s like buying one currency with another.

The value of a country’s physical currency is a reflection of the economic and financial well-being of that country.

For example, the US dollar is worth more than that of Mexican peso due to disparities between the two economies. Therefore, a US dollar can buy plenty of Mexican pesos.

And same rules apply for Bitcoin. The only difference here is that the value of Bitcoin is not economy based but the work performed by your computer.

Bitcoin exchanges act as intermediaries for a transaction, converting bitcoins to dollars/other currencies, and then converting those currencies back to Bitcoin or dollars. These constantly shifting values provide savvy investors with the golden opportunity to capitalize on these trends. However, the money can be lost as easily as earned due to the extreme Bitcoin volatility.

How to Make Your Way into Bitcoin?

After knowing all the risks involved, if you still want to take a dive and make your way into Bitcoin, here are some of the ways to start your Bitcoin venture.

Bitcoin Mining:

The easiest way into Bitcoin is mining, but it’s also the slowest. The miners are required to:

  • Setup a computer that is dedicated to bitcoin decryption (Learn how to set up a Bitcoin miner)
  • Install a bitcoin mining software like BitcoinCore
  • Wait until it completes the decryption

All this can take up to a few weeks to more than a year to decrypt a single block. If you want the coins faster, you will be required to buy a purpose-built mining rig. But sadly, these rigs are unbelievably expensive. A 128 GHs rig costs around $2,400 and the prices only go up from there. The more advanced the rig, the costlier it is.

Join Mining Pools:

Another way to earn Bitcoin is by joining a mining pool. A mining pool is a cluster of internet-connected computers that breaks the work of a block into smaller blocks. These blocks are then shared among the participating computers.

As soon as the decryption completed, the coins are awarded to the miners based on their contribution.

Want Faster Coins? Play the Markets:

The quickest way to make Bitcoin is going straight to the markets. All you have to do is to sign up on a reputed Bitcoin exchange such as Mt. Gox and respond to a confirmation mail to verify your mail address.

The system then asks you to confirm your residence address of last six months and provide a photo ID.

Once you have gone through the verification process, then it’s just a matter of depositing money and waiting for the market to offer a perfect opportunity to make money.

Just like every other Bitcoin exchange Mt. Gox charges a fee of .25% to .60% per transaction.

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What Are Some Safest Bitcoin Wallets You Can Trust?

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Safest Bitcoin Wallets You Can TrustA Bitcoin wallet is basically equivalent to a bank account for the traditional money. It is used to store bitcoins and make transactions with other users.

Bitcoin’s value has raised incredibly over the years. At the time of writing, one BTC is worth $1174.00 USD and it is expected to go even higher for the upcoming days. Apart from being extremely valuable, Bitcoin has also attracted the attention of hackers from all across the world as they are always developing new techniques to breach the Bitcoin security and steal your coins.

To keep the coins protected, it’s essential to use the wallets that offer foolproof security, high reliability and less vulnerability against these attacks.

Here we have discussed some of the most reliable Bitcoin wallets that you can use to keep your Bitcoin assets well-protected. (Also, don’t forget to read our guide on how to secure a Bitcoin wallet)

Copay:

The first one on our lists of safest Bitcoin wallets online is Copay. It’s a multi-signature wallet and comes with a unique feature of restoring funds in a wallet by exploiting old backups.

The service also prompts its users to back up new information at regular intervals to avoid the loss of data.

The only complaint regarding Copay is its slow speed. But it doesn’t stop it from being one of the best iOS wallets out there.

However, Copay is not only limited to iOS. The users of Android and Desktop applications can also enjoy its unique features in a similar fashion.

Bitcoin Armory:

Also known as Armory – this wallet is particularly designed for desktop users and is one of the best out there.

Ever since the smartphones have taken over, the desktop wallets have fallen out of favor. But the Armory still remains to be one of the favorites due to its excellent functioning.

The wallet offers:

  • Multi-signature ability
  • Full node verification
  • HD privacy

And is an open source software.

Blockchain:

One of the most renowned Bitcoin Wallets Address. The Blockchain is available for iOS, Android as well as web browser users.

The wallet provides complete Tor Support Privacy and comes with trusted server verification.

Blockchain is being anticipated to grow more in future due to its exceptionally high amount of capital and the ongoing R&D which aims at making the product even better.

Trezor:

Trezor features cold storage and is a hardware bitcoin wallet. The wallet is open source and carries all the information required to make Bitcoin transactions. The wallet can easily be carried in your pocket. However, the service does not come for free. The price tag is $119.

Xapo:

Xapo is available only for desktop users. It comes with trusted server verification and is probably the only wallet that provides its account holders with insurance. Similar to all other wallets, Xapo is also an open source software.

Green Address:

Green Address is available for android, iOS and web browsers and is a multi-signature wallet. It comes with HD privacy and trusted server verification. One of the reasons why Green Address is popular among the users is its availability as a Chrome extension, which makes accessing it simple and straightforward.

These are some top-notch wallets for users to keep their bitcoins from security vulnerabilities. Some other wallets that you might want to consider are Cool Wallet, Holy Transaction, Ledger, etc.

All these wallets are outright reliable and ensure the highest level of security for their users.

Want to set up a Bitcoin wallet? Read our guide on how to set up a Bitcoin wallet.

 

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