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2018 doesn’t seem to give a sign of relief to the cryptocurrency community as a latest press release by the RBI (Reserve Bank of India) has stirred up an unrestrained response, which is leading the cryptocurrency enthusiasts in a panic. RBI has been releasing warnings to the crypto-community related to the cryptocurrency in India and its risks, including:

  • Potential financial risks
  • Operational risks
  • Legal risks
  • Customer protection
  • Security related risks

cryptocurrency in indiaComing off the haze about the stance of government in distinguishing the ability of Blockchain technology and discovering its usage for abetting digital economy, the Finance Minister of Hon’ble in his ‘budget’ speech specified that cryptocurrencies are not identified as a legitimate tender, leaving an inexplicable uncertainty. Many in the crypto-community hailed the indication of “crypto” in the speech and took it to be an indirect sign for sanctioning the cryptocurrency trading, while others were nervous on the investment’s fate.

Risks Involved with Cryptocurrencies

Subsequently, the fury of RBI has stumbled now, and the crypto community has caught in another swirl of legal haphazard. The RBI’s press release accredited the potential of Blockchain in developing the efficacy of the financial system, though, at the same time it highlighted the perils that are involved with cryptocurrencies, such as:

  • Consumer protection
  • Market integrity
  • Money laundering

Furthermore, the RBI notified that the entities controlled by it will be prohibited from offering facilities to business entities or individuals, dealing with cryptocurrencies. Therefore, cryptocurrency investors won’t have the ability to transfer currency from their bank accounts to cryptocurrency trading wallets such as:

  • Zebpay
  • Coinsecure
  • Unocoin

Restriction on Banks

If it is supposed that the RBI pursues to save the over-all public from such perils, then it must specify the related reasons which turned out to be ground for issuing such a draconian direction. Quite the reverse, the RBI has put a total restriction on the banks to deal with business entities as a whole. The direction of the RBI pursues to paint all the entities in the cryptocurrency trade with the same brush, which can’t withstand the test of legitimate authenticity.

It is usually believed that the such encounters give escalation to the chances of development. At this current stage, the cryptocurrency community is required to keep patience and wait for the regulation to take its particular course as per other regions where the cryptocurrency is struggling to survive. The relating events will surely bring out the innovative avenues for the crypto-world in India.

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Bitcoin Cash Payments Allowed for BitPay Merchants

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According to some experts and critics Bitcoin Cash may be considered as the best future money. To support this statement we have a news, in addition to Bitcoin, BitPay merchants have been allowed to accept a second cryptocurrency — and it is no other than the Bitcoin Cash. Bitpay has made an announcement on its official website that it’s now more easy for BitPay customers to become a part of the energetic community of Bitcoin Cash. A Bitpay merchant who accepts bitcoin cash can now consider himself a part of that community.

bitcoin payments

How it all started?

BitPay became active in 2011, while Bitcoin was still at its initial stage. No doubt Bitpay played a vital role in the transformation of the financial industry as a whole. It introduced the concept of faster and secure blockchain payments which were relatively less expensive globally.

The main purpose of founding BitPay was to make it easier for various businesses to deal in bitcoin payments. At the moment it is continuously expanding its network which has already become the largest bitcoin payment processing network in the world. Bitpay is currently providing its services to industry-leading merchants over six continents. It has generated a foolproof secure bitcoin payment plan which is used by thousands of bitcoin users on daily basis.

Bitcoin Cash – an Innovative step by BitPay

As mentioned above, BitPay merchants can now accept payments in Bitcoin Cash. No doubt it is an innovative step in case of Bitcoin Cash which has already been considered as the best future money. Bitcoin Cash will provide a rich opportunity to the BitPay merchants to receive payments from customers around the world. Due to the trust provided by the blockchain technology, there will be no risk of credit card frauds or chargebacks. the company said in a statement. It will also be more convenient in case of cheap transactions as the Bitcoin Cash costs only pennies or even less in some cases.

Future plans concerning Bitcoin Cash

BitPay is also planning to integrate Bitcoin Cash in order to save massive transaction fees in terms of batch payments. According to a company statement it also has the intentions to enable Bitcoin Cash settlements. With the help of these settlements merchants would be able to receive their payments in the form of cryptocurrency, no matter what kind of BitPay payment option they had been using already.

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ETHLend – Making Ethereum Lending Safe & Secure

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Cryptocurrency lending is something every user is hesitant of, but it is still one of the ways to earn money in a short period of time.

The issue circulating with crypto-lending is when it comes to repayment, people do not know how to trust each other.

ETHLend:

There’s your answer. ETHLend is a cryptocurrency lending application, that functions on the Ethereum network. It is accessible through MetaMask, a plugin that works as a connection between the Ethereum network and your web browser.

From now onwards, users can lend Ether without the risk of loss of capital as it ensures secure lending. Also, lenders can browse through loan requests on the EthLend website, then pick the borrower of their choice.

  • The borrower will issue a loan request.
  • The loan request creates a Smart Contract on the Ethereum Blockchain.
  • Insert the required data such as the loan amount, the premium (interest rate) and time to borrow.
  • The borrower then inserts the Digital Token address and the number of tokens that are used as a collateral.
  • After all the data is set, the borrower then transfers the Digital Tokens to the Smart Contract. Now, lenders can fund the loan.

What Happens If The Borrower Doesn’t Repay The Loan On Time?

When the borrower is unable to repay the loan, the Smart Contract transfers the digital tokens to the lender’s Ethereum address. It is up to the lender, whether they want to hold onto or sell the digital tokens.

The decentralized model and the use of cryptocurrency is the proper solution to achieve ETHLend’s goal. It aims to provide a global liquidity pool between people, which means that any borrower in the US isn’t limited to the US alone and can access funding from all across the world, like Asia and Europe.

What Are EthLend Fees?

EthLend deducts around 0.01 fee for every loan request and funding of a loan. The fees will finance the further improvements on the Ethereum platform.

What Cryptocurrencies Can I Borrow And Lend?

To begin with, Ether lending is available, since the application runs on Ethereum network. Later on, other cryptocurrencies like Bitcoin, Litecoin etc. will be included.

Why the Ethereum Network?

Ethereum consists of Smart Contracts, that allows to perform complex transactions such as and lending and handling the collateral. No one can stop you from lending or borrowing, not even ETHLend. Fortunately, ETHLend has the ability to borrow in locations where there are no banks in sight. All transactions are visible, so you can easily keep track of what is happening.

Goals:

The focus is to expand their user-base and explore their boundaries while ensuring that their procedure remains as simple as possible. ETHLend is also including additional features like language options and ways to calculate the value of the collateral, to avoid unnecessary loan requests in the future. Its team is located all over the world but, initially work towards the same goal, to provide a fair and secure lending/borrowing platform. Ultimately, aiming to become the largest lending market on a global scale.

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Facts about bitcoin

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This is a time of bitcoin. This year interest in virtual currency increases as compared to last year. In this article, I will discuss the main bitcoin facts which are the cause of increasing interest in virtual currency. Let’s move toward the discussion.

A brief about bitcoin

Transactions are made without a middle authority. Which means, no banks! No need of heavy fees for transactions. No need for central authority’s order to confirm the transaction and you are allowed to do transactions anonymously. This is the secure and legal way of transactions. Because the transaction is verified by the proper channel named blockchain. Who keeps the records of transaction and verify them through proper ways. Bitcoin is pretty much like cash for the Internet. Read  article if you want to know about the Bitcoin

Current value of the bitcoin

Today, 2 June 2017, bitcoin’s value is $2466.48. As you see the increasing behavior of the bitcoin value. Accordingly, Bitcoin has captured the everyone’s attention.

Whereas, today’s open, high and low is,

Meanwhile, you know the current status of the bitcoin. Want to know about the market value of the bitcoin. and price analysis of bitcoin

Decentralize the middle person

While we are going to deal with currency, we don’t like the third person’s interference. The security we need during our transaction, bitcoin provide the same. The third person in the transaction is not allowed even third is a government. Bitcoin transaction process doesn’t allow any person’s interference. Furthermore, you are free to do transaction anonymously without third person’s interference.

Check and balance   

When you have completed your transactions, you can check the details. Copy them or save them where ever you want.  https://bitref.com/ here, you can check the details of your transactions.

Do study with bitcoin

You have a wish to go back to the university life and you have just bitcoin. Don’t get panic. Bitcoin technology and its followers allow you to pay the fee in bitcoins. New Yorker University of The King’s College accepts the Bitcoin as the fee of your semester.

However, this is the initiative steps in universities. The University of Cumbria in the UK, the University of Nicosia in Cyprus is also planning a degree in digital currencies for students.

64% part of the bitcoin on blockchain  

A few years back, bitcoin’s rate was $1 for 1309BTC less than $0.00076 per BTC. Meanwhile, the price is very low. But, time change, Bitcoin asserts itself and easily acceptable everywhere. Let’s have an example, you get 393,225BTC by paying $300 at that time. Now, you are going to sell them and cost of BTC is $2,226.08. You will have the enormous wealth of $875,350,308.

A study by California University,

There is a huge history of bitcoin user’s. Who lost the private keys and unable to use bitcoin. Here are two examples of the accounts, still they don’t do any transactions.

1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF: this address was created on 1st March 2011 and now 2017. In addition, 75,957 bitcoins have been not using still.

12tkqA9xSoowkzoERHMWNKsTey55YEBqkv: this was created on 5th March 2010, and still no progress or spent bitcoins from 28,150.

Computing power is higher   

Bitcoin computing power is 2 046 364 Pflop/s. whereas, 500 supercomputer’s computing power is 274 Pflop/s.  you can see the difference of power computing networks. However, Bitcoin users are not performing fluctuating processes. But, only numeral calculus. How can we proceed? It is simple, infect,

A hash is equal to 6.35K numeral actions

A numeral action is equal to 2 variable fact actions, whereas,

A hash will be equal to 12.7K variable fact actions

So, if we use the rate of one hash that is the 12.7K flop, and analyze it with the network is 161 131 086 gh/s, we get the approximation of 10^9*161131086 H/s * 12700 = 2 046 364,7922 Petaflops.

Too much computing power, this power can b utilize during modelization process.

114-million-dollar transaction

A transaction which shows the transaction of 114 million dollars or more. Accordingly, an effective rate of the time. Transaction is,

How created bitcoin

Bitcoin acceptance is worldwide. People use it, spent it for their daily needs, means it has a worth. How created the bitcoin? its answer is still a mystery. Few names have surfaced the financial platforms like Craig Steven Wright. Know about Craig Steven

Total number of bitcoin

We all know the limited amount of Bitcoin supply is 21 million.  Which will never exceed this amount. Whereas, bitcoin users are continually mining the Bitcoins. It is a rough estimation that 14 million bitcoins are mined. Accordingly, two-third bitcoins are mined. In addition, it is a prediction that the last bitcoin will be mined in 2040. Which clearly means that we still have an option of mining. But unfortunately, due to a high demand of coin decreases the supply.

Black Friday bitcoin sale  

You are able to buy bitcoin for cash. On the day of Black Friday, you are allowing to buy bitcoin and then spend it in different ways. How to shop with bitcoin, you can read the article.

Physical Bitcoin

Few users + lovers of the bitcoins introduce the physical bitcoins. They are doing heavy working behind these projects. Fortunately, they have code redeemable for digital currency. Read physical bitcoins

Leaders called it scary  

When few sites like Mt. Gox hacked in 2011, a developer Gavin Andresen states on his personal blog.

“I’ve said it before, and I’ll say it again: Bitcoin is an experiment. Treat it like you would a promising Internet start-up company: maybe it will change the world, but realize that investing your money or time in new ideas is always risky,” courtesy of http://gavinthink.blogspot.com/2011/06/that-which-does-not-kill-us-makes-us.html

No inherent no set values

Luckily, another fact of the bitcoin is, bitcoin has unique or unstable values. Whereas, no other currency support bitcoin inherited its values. Bitcoin values are changing, depends on the services.

Losing wallet

When you are losing your wallet, forget about your bitcoins. because it will never come back to you again. So, keep the complete security of your wallets. It is a scary fact that people forget or lose their wallets of the bitcoin.

Bitcoin vs Gold

Bitcoin’s value crosses the gold’s value. Isn’t insane???

Yes, Bitcoin crosses the gold’s value. Read the article about bitcoin vs gold,

Few other facts of the Bitcoin are,

 

Conclusion

Above all are a few facts of the bitcoin. Some of them are scary, few are interesting and other are insane.

Goodluck!

 

 

 

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Myth Debunked As Elon Musk Claims He Is Not Satoshi Nakamoto

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On November 26, 2017, a news came out about a former SpaceX employee claiming that Elon Musk was “presumably” Satoshi Nakamoto, the creator of Bitcoin. Bitcoin was established in 2008 and claimed under the pseudonym “Satoshi Nakamoto”, the rumored holder of more than one million Bitcoins.

The secret of Satoshi has been a hotly debated issue in the digital currency world, with entrepreneurs regularly claiming and denying responsibility. Many individuals jumped at the opportunity to get a reaction out of Musk, with very little success on the first day.

In under 48 hours, the news reached Musk, who swung to Twitter to expose the claims in true Musk way:

“Not true. A friend sent me part of a BTC a few years, but I don’t know where it is.”

Image credits: cryptocoinsnews.com

The gossip started from this Medium post from Sahil Gupta, a student at Yale University and former intern at SpaceX. Gupta’s post was widely covered over media, bringing together a blend of supportive and skeptical responses. Normally, the dominant part of reactions was doubtful:

“Obviously, and on the 7th-day Musk rested.” – Phil Thompson

“Musk is a serial self-promoter. Had he come up with anything 1/1000 are groundbreaking we’d have known about it.” – Frayed_Knot

“I will debunk this right now. There is no way Elon Musk is Satoshi. He would never create a currency system that uses so much energy. One bitcoin transaction uses the amount of power an entire home uses in a full week. No way would he impact the environment like this.” – Adam W.

“Yes and no doubt one of his P.R. companies facilitated this article.” – Dave

The last comment can be easily exposed. Yes, Musk is capable of many things, but it is safe to say that he didn’t create Bitcoin.

With Musk’s latest response, the secret of Satoshi lives on and stays to be one of the best mysteries in the crypto world.

 

STORY AND IMAGE CREDITS: CRYPTOCOINSNEWS.COM

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What Are Some Top-Notch Bitcoin Debit Cards?

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Some Top-Notch Bitcoin Debit Cards

Bitcoin debit card is a handy way to bridge the gap between the world of bitcoin and traditional financing. The users can buy bitcoin with debit card or load it with bitcoins; which they can later spend at places/stores that accept credit card.

A downside of bitcoin debit card is that the users can’t spend bitcoins directly. However, it does allow them to store balance in bitcoin.

For those asking what are some top-notch Bitcoin cards and how to make Bitcoin transactions through a debit card, this post is the perfect place to be at. Here we have discussed some top-notch debit cards that you can use to make bitcoin transactions. So, let’s get started with knowing how bitcoin debit cards work.

SpectroCoin Visa Debit Card:

A prepaid Bitcoin debit card. SpectroCoin can be used at any ATM across the world. The card is funded instantly so the users don’t have to worry about exchanging bitcoins in advance.

Some highlights of SpectorCoin are:

  • All the franchises that accept Visa/Master card as a form of payment also accept SpectroCoin. This includes physical shops, ATMs, PayPal, online sites, etc.
  • Available in both virtual and physical form. Virtual cards take only a few seconds to create and can be used to spend bitcoins anywhere around the globe. On the other hand, physical ones take up to 1-4 weeks. These cards can also be used to pay with bitcoins throughout the world.
  • SpectroCoin cards can be instantly loaded from SpectroCoin wallets.

Xapo Debit Card:

Xapo was one of the first debit cards introduced to the market. However, it has yet to make an appearance in the US markets and is currently available only in European countries.

The card takes up to 1-4 weeks to be delivered with the initial cost of $20 and an annual fee of $12.

Coinbase / Shift Card:

Shift is the first bitcoin debit card available to the residents of the US. Using shift card costs no money. However, the purchase price of Shift card is $10.

BitPay Visa Debit Card:

The only Bitcoin debit card that is available in all 50 US states. BitPay costs $9.95 to purchase and takes around 10 days to arrive.

BitPay can be used in person, online and ATMs that accept Visa card.

Cryptopay Debit Card:

The most established bitcoin debit card with 23000 cards already issued. The card is pretty simple to use and allows users to spend bitcoins anywhere around the globe.

The card can be purchased both online and offline and is issued in two forms – virtual and physical.

One of the paramount benefits of Cryptopay is that it doesn’t require the users to provide personal information – giving them complete anonymity to make transactions. Bitcoin users dig this!

Costs range between £15.00, €15.00, $15.00 and £2.50, €2.50, $2.50 depending on user’s location.

Conclusion:

These are some most reliable and widely used bitcoin debit cards to make bitcoin transaction(s). All the cards are pretty easy to purchase, cost extremely low and make bitcoin transactions easier than ever. You can also find more information on their official websites.

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