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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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British Crypto-Exchange Looking Forward to Launch Bitcoin Futures Contracts

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CoinfloorEX is basically a London-based exchange, which was founded back in 2013.  On Wednesday, it announced that from next month, it will be launching bitcoin futures contracts by merging with numerous other companies to propose such product to their consumers. This British cryptocurrency exchange’s main focus is to enter the bitcoin futures market.

Unlike its competitors, Coinfloor will be offering substantially firm futures contracts, and according to a wire service report, when the contract will come to an end, the actual asset that is being traded will be delivered and, in this case, it’s bitcoin. Cboe and CME are offering these bitcoin futures contracts and these contracts are cash settled, however, they don’t deliver bitcoin to the owner of the contract.

bitcoin futures market

According to the co-founder of Coinfloor, Mark Lamb, the product was originated because of an extensive demand from some of the exchange’s customers.

Mark Lamb told Reuters (news agency company);

“When you talk to the liquidity providers, they all say the same thing, which is they want a physically delivered futures contract so they can hedge their exposure across exchanges.”

Coinfloor is probably the fifth one in the companies that offer bitcoin futures contracts by joining with following trading platforms;

  • Bitmex
  • CBOE
  • CryptoFacilities
  • CME Group

crpto exchange

Cash-settled contracts are being offered by the U.S.-based Cboe and CME, so does the CryptoFacilities, which is based in the UK. The main perception of bitcoin futures is still contentious, as the U.S. CFTC (Commodity Futures Trading Commission) is also announcing that after getting a pushback on the current products, for the futures contracts, it needs to work on a heightened-review-process.

Likewise, more information about the CFTC’s oversight of such products has been also requested by few representatives, as they also noted that the taxpayers have to be protected from manipulation, vicious activities and scams, for the better future of the market.

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China Central Bank adviser: “Bitcoin can be an asset, not a currency”

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Bitcoin and other virtual currencies are assets, but calling them currency is a bit exaggeration. The digital coins do not meet the fundamental attributes needed to be classified as currency. These are the words of the Chinese Central Bank adviser, Sheng Songcheng.

The advisor made these comments in an interview with a financial magazine ‘Yicai’ this late Thursday.

The Main Story:

“Bitcoin does not have the fundamental attributes needed to be a currency as it is a string of code generated by complex algorithms… But I do not deny that virtual currencies have technical value and fall under the category of ‘assets’,” he said.

He made these comments after the Chinese Central Bank increased the scrutiny of Bitcoin exchanges in the country earlier this year. The move introduced trading fees and prompted the companies to stop margin lending.

While many governments around the world are still contemplating on how to regulate and classify Bitcoin, the Chinese authorities have already classified Bitcoin as a ‘virtual good’.

Sheng also believes that Bitcoin after being capped in 2140 would make it impossible for it to become a medium of exchange as to become a medium of exchange a currency must meet modern economic development needs which Bitcoin lacks due to it being in an exceedingly small quantity.

He concluded by saying that the fiscal authorities in China should chip away at issuing a central bank virtual currency that it could direct and run properly.

News Credits: CNBC

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Tom Lee’s Prediction About BTC: Bitcoin will hit $91,000 by March 2020

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According to Tom Lee (co-founder and head of research at Fundstrat Global Advisors), the price of Bitcoin will hit $91,000 by March 2020. This prediction by Lee was based on a chart that shows the performance of Bitcoin after the slumps that it has seen in the past. Even though there’ve been many bitcoin future predictions since its creation, but Tom Lee’s prediction holds an important place in the crypto-world.

bitcoin future predictions

Can this prediction affect Bitcoin’s users?

No doubt, this prediction is going to excite many investors, and especially those who bought this top-cryptocurrency when it had the worth of $20,000.  The whole nation is under the influence of Bitcoin future predictions. A lot of risky things have been done by the people to jump on the Bitcoin bandwagon but unfortunately, this enthusiasm will not lose out on the cryptocurrency market as it has trapped investors in scams as well.

Not so long, a report said that Twitter was about to ban bitcoin advertisements after several credulous victims were caught in the recent scam.  On the other hand, the same thing was done by some other websites, as they also announced a ban on Bitcoin and ICO advertisements.

Following are the websites that are considering a ICO ads and Bitcoin.

  • Facebook
  • Google

How did Tom Lee predict Bitcoin’s price?

To predict the 2020 price of Bitcoin, Lee used an average of the percentage. The chart is based on a logarithmic scale and just because of its basis, as it’s divergent to the traditional linear-based graph, the ups and downs in the price of Bitcoin are not that dissimilar. The price of Bitcoin once fell to $3000 and since then, Lee has been predicting high-prices for this top-cryptocurrency.

Lee stated in July 2017 that the price of Bitcoin would hit the worth of $55,000 by 2022, and in January 2018, Lee said that by the end of this year, the price of Bitcoin would hit the value $25,000.

This year, at the beginning of March, Lee released “Bitcoin Misery Index”, which is defined as a “contrarian index’ and allows investors to understand how depressed Bitcoin holders are at the current price of Bitcoin right now.

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How To Make A BitCoin Payment Using An Online Wallet Service

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Top 10 Blogs and Websites on Bitcoin and Blockchain Technology

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Whether you’re entering into the Bitcoin community for the first time, or are a long-time stan of the digital currency, you’ll identify there are several platforms that tend to stand out and provide the best information on the digital world.

Below is a list of top bitcoin blogs that we found incredibly composed and sufficiently detailed.

  1. CryptoCoins News

    The CryptoCoins News covers all cryptocurrency related or particularly, Bitcoin related topics. They produce well-composed articles explaining the trends, price movements, version updates regarding Bitcoin and other digital currencies.

  2. Coindesk

    CoinDesk is one of the best platforms for news, prices, and information on Bitcoin, blockchain technology, and other digital currencies. In my opinion, this site has got everything. They’re known to cover all trends, price movements, technologies, companies and people in the bitcoin and digital currency world.

  3. Cointelegraph

    The Cointelegraph brings you the latest news, analysis, and predictions of Bitcoin and the blockchain technology. CoinTelegraph stands out from all its competitors, with custom art attached with every article they post. Be sure to bookmark this page.

  4. NEWSBTC – Bitcoin News, Price, Analysis

    NewsBTC is a Bitcoin news service that deals with cryptocurrency news, technical analysis and forecasts for Bitcoin and many other digital currencies. Users looking for daily price analysis and latest Bitcoin headlines should definitely have this site in their favorites.

  5. Reddit – Bitcoin

    It’s a community on the Reddit platform that is dedicated to Bitcoin. Users from around the world come together to have discussions on the “internet of money” and help educate newbies as well.

  6. Bitcoin.org Blog

    This is the official blog of Bitcoin. The site perfectly outlines all one needs to know about Bitcoin and its functionalities. It’s even got a list of words essential in the Bitcoin vocabulary. Fresh content is added every single day, the blog part of the website continues to attract a lot of eyeballs.

  7. 99 Bitcoins

    99 Bitcoins is a site for all things Bitcoin, from guides on buying bitcoins to mining and wallet reviews, it’s one of the best. They deliver well-detailed and researched articles and news, proving their dedication to the

  8. Blockchain.info

    Blockchain.info is both a Bitcoin wallet and blog. How great is that? Not only do you get to secure your bitcoins but you can browse through news as well every time you log in to check your balance.

  9. The Coinbase Blog

    Coinbase is an exchange platform as well as a blog. It provides data on the most recently mined blocks in the Bitcoin blockchain. A great site to get bitcoins with a debit card, and multiple online wallets for your digital currency.

  10. Bitcoinist.net

    Bitcoinist provides up-to-date news and insightful analysis on everything Bitcoin. It’s a highly trusted and well-known source dedicated to providing legit content for the Bitcoin technology. 

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