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The U.S. SEC (Securities and Exchange Commission) has filed charges against the Centra Tech ICO (Initial Coin Offering), claiming that the legendary boxer, Floyd Mayweather promoted a token sale, which was allegedly a sham security offering.

According to the SEC complaint, the co-founders of Centra ICO are involved in the ICO fraud and made material misstatements as well as omissions that were intended to trick the investors whereas, the Centra ICO was also an “unregistered securities offering.”

ico fraud

SEC Ceases ICO

According to the Securities and Exchange Commission, Centra only pretended to have relationships with major financial institutions and lied about it. The major financial institutions which sent Centra several cease-and-desist letters are:

  • Visa
  • Bancorp
  • Mastercard

In addition to that, some of the executives showed in Centra’s advertising materials were also fake. The co-director of SEC’s Division of Enforcement, Stephanie Avakian stated:

“We allege that Centra sold investors on the promise of new digital technologies by using a sophisticated marketing campaign to spin a web of lies about their supposed partnerships with legitimate businesses.”

Furthermore, he added:

“As the complaint alleges, these and other claims were simply false.”

The Securities and Exchange Commission originally subpoenaed Centra in the month of February as part of its wide-investigation into ICOs.

Centra ICO Dependence

The Centra ICO is quite well-known because of its use of celebrity endorsements to advertise its product. Floyd Mayweather, who is known as a legendary boxing champion and has made paid-endorsements for numerous ICOs, had worked a lot on the promotion of the token sale on various social media platforms and got more than 5,600 like and 1,500 retweets. DJ Khaled was also hired by Centra for the promotion of the ICOs; however, no celebrity was named in the summons.

Steve Peikin also stated:

“As we allege, the defendants relied heavily on celebrity endorsements and social media to market their scheme…. Endorsements and glossy marketing materials are no substitute for the SEC’s registration and disclosure requirements as well as diligence by investors.”

The SEC has also cautioned that some of these ICO endorsements by celebrities might be illegitimate especially if the parties don’t make any obligatory public disclosures. On the other hand, Mayweather’s tweet promoting the token sale, such as, doesn’t specify that it is a paid advertisement.

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Bitcoin vs. USD – Why Bitcoin wins this battle

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As Bitcoin goes through another day reaching a new mark and huge publicity, it is important to inform the public what makes it so different from our paper money.

This post will outline the pros and cons of both the currencies and explain why Bitcoin is achieving all the fame and fortune.

USD and other Fiat Currency Systems

Fiat means “simple” which is pretty self-explanatory. Paper money was introduced into the system in 1861 to help fund the Civil War. The printing of paper money is regulated by a country’s central bank in order to keep the flow of money in line with monetary policy. Moreover, the value of fiat currency is not determined by what it’s made of, rather it is the economic laws of supply and demand that dictate its value. They are occasionally updated to new versions containing security features difficult to counterfeit to create illegal copies.

Advantages of USD

  • Can be easily transferred, stored and claimed. You can easily get your cash in physical form with just a single trip to the bank.
  • It has the ability to inflate and deflate accordingly to adjust the impact economic problems.
  • Metals such as gold, are free to be used for commercial purposes, by not being tied to a currency.
  • It is very divisible, flexible and digitally usable. (with the help of credit cards)

Bitcoin & the future of money

Bitcoin was created as a cryptocurrency, by an entity known as Satoshi Nakamoto. People from all over the world can exchange products, credits, and services instantly- without the need for a bank.

The Bitcoin network relies on the blockchain, which is a shared public ledger. It is sort of a database design, where all the nodes hold a copy of the entire blockchain history. These nodes are distributed around the world and attempt to solve complex mathematical equations to confirm a transaction and record it in the blockchain.  The nodes are run by mining pools, bitcoin enthusiasts etc. with high computing power. Therefore, the more the computing power on separate nodes, the more secure the network is.

Advantages of Bitcoin

  • Bitcoin transactions can be carried out instantly. Money can be sent with ease from one end of the world to the other easily.
  • No or very less transaction fees. Bitcoin transactions are extremely cheap with very little or no transaction fees to be charged.
  • It is infinitely divisible. At the moment, 1 bitcoin can only be broken down into million smaller units, which are known as satoshis.
  • There is nothing hidden with Bitcoin, it is completely transparent. We are aware of the supply of bitcoins and with that, we can even predict its future.

 

Should Bitcoin be preferred over digital currencies?

Whenever something new is introduced, there is always a certain amount of fear and resistance present in traders. However, with the rapid growth Bitcoin has shown in the past few years, it is becoming every investor’s need. Even a small investment can show twice the doubling of your deposit in a relatively short time period which is not possible with traditional currencies. Bitcoin has stabilized a lot in the past year and with its short supply and increasing demand, it is definitely not slowing down anytime soon.

To be honest, this is up to your personal preferences. Also, people invest in bitcoin because it shows a good profit in a short amount of time, some do it to learn more about the cryptocurrency world while others just enjoy it. Due to its popularity and drastic growth, I’d recommend everyone to get acquainted with it.

Here’s a graphical representation of the differences of Bitcoin vs Paper money outlined:

 

Tags: bitcoin future, bitcoin news.

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While We’re Living In 2017, This Indian Bitcoin Gang Is Already In 3017!

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Ever heard of Bitcoin gang?

No?

Well, it’s a thing now in India!

According to the news coming from India, a local businessman got abducted and looted by Bitcoin Gang. Probably the first ever incident of its kind.

Remember that Bitcoin is still not legalized in India and chances of it being legalized are very slim in future.

The Backstory:

So this businessman (identity unrevealed) posted a requirement of Bitcoins worth $55000 on localbitcoins.com, a site which enables P2P trade of Bitcoins/fiat in the same country. A large portion of you can already envision this is a major sum in India, equaling around INR 3594937.50. A seller then contacted this guy to sell Bitcoins. He wanted to pay online but the dealer talked him into paying in cash, by offering him a discount.

Cheeky I see!

I am certain the seller would have given him the reason of tax avoidance and protection from Govt as well!!! The seller was a young lady in her graduation, probably the biggest reason the guy went for a physical exchange.

Anyways, the soon to be victim packs his $55,000 in a briefcase and goes to meet this woman. She, alongside her boyfriend, has officially set the trap for this person. When he meets this woman, an armed gang shows up and snatches all his fiat from him!!!! Also, they gave him some great beating, punch marks, purple eyes, and life threats if he tells about this ordeal to anybody!!!

However, the good thing is that the gang was caught and the cash that had been looted was returned to the owner. But looking at the bigger picture, events like this don’t really give Bitcoin a good name. Particularly in a country where it is already struggling for legalization. A government which is apparently in no mood to legalize Bitcoin may go on putting further restrictions on Bitcoin and other cryptos.

So, let’s see what the future holds for Bitcoin India. Fingers crossed!

Tags: bitcoin news india, bitcoin india

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What is Bitcoin and How Does it Work?

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Introduction to Bitcoin

Bitcoin is a new cryptocurrency in the digital world. To begin with, the bitcoin network isn’t under control of any one central authority with Bitcoin investment. Which means, no banks! No need of heavy fees for transactions. No need of central authority’s order to confirm the transaction and you can carry out transactions anonymously. Also, bitcoin stores details of every single transaction that ever happened in the network, in a huge version of a general ledger called the blockchain, which keeps a record of every transaction and verifies them through proper ways.

How Bitcoin works?

Bitcoin is pretty much like cash for the internet and is used to purchase things electronically.

How does Bitcoin work?

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What Are Some Sharp Strategies to Assemble Gold Bullion Using Bitcoin

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Bitcoin Mining

Bitcoin first came into circulation in 2009 – almost 8 years ago. During that short period, the Bitcoin has grown into an extremely strong currency. Currently, it is trading at values higher than gold in the market.

Those who have experience of the market would know that it’s a great time to accumulate digital currency and gold bullion on daily basis.

However, people who lack the experience of the market are going to find it extremely difficult. If you are new to the currency and looking for a way to garner gold bullion, here are some methods that you can use.

Start with Finding a Company That Sells Bullion:

finding a company that sells gold bullion is no big deal. Just do a simple Google search and several gold-bullion-selling companies will pop-up in search results. However, finding one that offers an incentive program to its clients can be a tough nut to crack.

While on the hunt, you should be searching for a company that offers much more than just selling gold. It should be renowned for selling quality products, selling billions in small grammage (1gm, 2.5gm, etc.).

Gold that is being sold must be 24 karat gold; which is the highest quality for gold products.

The advantage of an incentive program is that the company offers special commissions to the clients who refer people to the company.

Get A Bitcoin Wallet:

A Bitcoin wallet address is equivalent to having a bank account for cash. The difference is that it is only used to store bitcoins and make bitcoin transactions with other users.

There are several Bitcoin wallets available to users. Copay, Xapo, Green Address are few to name.

While choosing a wallet, look for a company that offers an offline vault to protect those coins. This is because storing Bitcoin is never safe and the wallet is always vulnerable to hackers trying to steal your digital currency. On the other hand, offline storage keeps your coins fully protected.

Don’t forget to read our guide on what are the safest Bitcoin wallets, and also how to secure a Bitcoin wallet.

Start Mining:

There are two ways of bitcoin mining – online mining and offline mining. Online mining is pretty simple as all you have to do is to join a bitcoin mining farm. However, there’s a danger that comes with theses farms: scammers.

The scammers falsely claim to have a mining form and invite users to join it. The sole purpose of scammers is to steal your coins. So be cautious while choosing an online form.

In offline mining, the user is required to buy a bitcoin miner which is a computer hardware. The computer is set up at home and the user is required to connect to the internet to start mining.

The coins mined through this technique are then automatically sent to his online bitcoin wallet.

Want to start mining? Learn how to set up a Bitcoin miner.

Lastly – Purchase the Gold Bullion:

Now that you have a permanent & easiest way to get bitcoins, you are ready to buy gold bullion. However, there is a specific way that needs to be followed to make the purchase.

The buyer needs to link his Bitcoin wallet to visa card which is offered by his bitcoin wallet company. The card is then used to purchase the bullion.

Good luck with your purchase.

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Bitcoin Advantages – How Bitcoin Can Benefit New Users?

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Bitcoin Advantages

The majority of people is not familiar with the concept of Bitcoin. They think of it as an online scam tool that criminals use to steal money; which is not true. It is a peer to peer, a digital currency which is independent of any sort of third-party influence.

There are several advantages of using Bitcoin and those with the experience of Bitcoin transactions are fully aware of how to capitalize on this cryptocurrency. However, if you are new to the concept, you will need to go in depth and know how it can benefit you.

Benefits of Bitcoin:

Bitcoin Advantages for New Users – Easy to Open a Bitcoin Wallet Address:

Opening a Bitcoin Wallet Address, also known as “wallet”, is pretty straight forward. No credit check ID, citizenship papers, age requirements or passport are needed to open the account. Since there are no age restrictions, anyone can open a Bitcoin account, even if it means a 10-year old kid.

Want to learn more about Bitcoin wallet? Read our post on how to make a Bitcoin wallet.

No Need for Bank Approval to Launch Your Business Idea:

Starting new business is a difficult financial task as you will be required to have a bank loan or credit check. But with Bitcoin, launching a new business is not a problem anymore.

All you need is a QR code. Once you have it, post it on a social media platform and get support for your next business idea.

The idea may include offering services, a product or something valuable in exchange for Bitcoin.

Quick Access to The Rest of Digital Currencies/Altcoins:

Digital currency is a vast world and Bitcoin is just a small part of it. The other part is altcoins in which hundreds of millions are invested each year. To access the Altcoin market, you will need to have Bitcoin as it is to digital currency what US dollar is to traditional currency worldwide.

Before you move ahead, don’t forget to read what are some alternative currencies to Bitcoin.

Bitcoin IPOs:

Bitcoin IPOs are becoming a new financing option in the world of Bitcoin. The users can offer bonds, stock, and IPOs and buy/sell shares of their companies without the need of any established stock exchange.

The Cryptocurrency Has Numerous Advantages as Compared to Traditional Currency:

Bitcoin can do many things that dollar can’t. For example, it offers family wallets with pre-set spending limit which allows your kids to shop only at certain stores and at certain times. Moreover, it gives the owners the option to program digital currency for different parameters which are not possible in fiat currency.

Bitcoins Are Independent:

If you don’t like being watched or controlled by your government or third party, then trading in Bitcoin is the best option for you.

Bitcoin is more like a technology.  A technology with code and encryption keys. The technology is not controlled by any government or central bank. The only person who controls Bitcoin is the one who owns it.

Conclusion:

These are some advantages of Bitcoin for new users. The currency is relatively new and still, needs plenty of improvement. However, with the kind of structure it has and the rapidly growing usage, the currency is going to make a great impact on future markets.

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