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Every business needs an identity. A secure platform for business transactions. Accordingly, It needs a complete registration. Following are few steps of registration:

  • You have to complete the pre-registration form. Where you need to submit your business information, either it is a corporation, sole proprietor, or partnership based business.

While, after the completion of pre-registration form, the company will contact you within 5 days with ID and password.

  • You need to sign in MSB registration system with ID and password provided by the company. (MSB registration is a system where business is described by the owner that transmits or converts money).
  • MSB registration includes 4 sections: home page, navigation through MSG registration form, submitting your form to FINtrac and you will receive notification messages, definition, etc.
  • After the submission of the MSB form, you need to complete other information:
  1. Your bank account information
  2. Complete information about compliance officer
  3. You employees number
  4. Business structure
  5. Information of senior management of MSB
  6. Complete information about your branch and Canadian MSB agent.
  7. Total expected expense including the fees

Meanwhile, Company will take 14 days for the verification. If the company rejects your form, there is nothing more for you. On the other hand, if you get the approval, you will proceed to the next step which involves:

  1. Your approval notice and registration number
  2. Clarification request (if you didn’t respond this section on time, you may assess penalties). The clarification request includes (sign in with MSB then, follow the instruction about response to clarification strength then, review the information and at the end, check your details, once you submitted your form, you will have done with your work)

Following are some Criminal Penalties:

  • In case of a suspicious transactions, the penalty is up to $2 million and/or 5 years imprisonment.
  • In case of a large cash transaction or an electronic funds transfer, the penalty is up to $500,000 for the first offense and $1 million for subsequent offenses.
  • If you fail to meet with record requirements the penalty can go up to $500,000 and/or 5 years of imprisonment.
  • During the examination of the compliance, if you fail to provide information, the penalty will be up to $500,000 and/or 5 years imprisonment.
  • Disclosing the facts or suspicious transactions: the penalty is up to 2 years of imprisonment.

What is The Penalty In Case of Violation?

At minor violations, the penalty starts from $1 dollar to $1000, depending on the violation nature.

  • At serious violation, the penalty goes from $1 to $100,000,
  • The extremely serious violations may see your penalty going from $1 to $100,000

Third, These penalties are applied according to the Canadian act “Proceeds of Crime and Terrorist Financing Act”.

A company with the negative background will be not registered with    MSB.

What Are The Documents Required for The Registration:

When you are going to register your business with FINtrac, the following are the documents required at the time of registration.

  • ID
  • Bank statement
  • Driving license
  • Passport details
  • Birth certificate

You may also need to provide other documents on demand. 

How to Contact FINtrac?

If you want to know more details about your registration, you have an option to visit the site. In addition, you can directly contact the Financial Transactions and Reports Analysis Center of the Canada. The address is:

24th floor, 234 Laurier Avenue West

Ottawa, ON K1P 1H7, Canada

Contact number: 1-866-346-8722

Goodluck!

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Bitcoin Mining – Everything You Need To Know Is Here

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What is Bitcoin Mining

The terms “Bitcoin mining” is used to describe the processing and confirmation of Bitcoin payments on the network. In Bitcoin mining, the information is distributed, validated and stored on blockchain – a digital ledger which is used to store the transactions made in cryptocurrency such as bitcoins.

The transaction process of Bitcoin is different from traditional transfers as there are no third parties – merchant accounts, issuing bank, acquiring bank – involved.

Who Can Participate In Bitcoin Mining?

Almost everyone with a regular PC can participate in Bitcoin mining. All you have to do is to run a specialized software and you are good to go. The Bitcoin mining software are compatible with all PCs and operating systems. In addition to running on regular PCs, some companies have developed specialized Bitcoin mining machines that can build blocks and process transactions in a quick and efficient manner.

Find out what our beginner’s guide has to say about how bitcoin works.

How Does Bitcoin Mining Work?

In Bitcoin mining, the participants are given mathematical problems and asked to assemble a block of outstanding transactions by solving those problems. In exchange, the miners get rewards for all of the transactions they process and receive fees for successfully validating those transactions.

In addition to those fees, the miners also receive an additional reward for each block they mine from the bitcoin blockchain.The reward was previously 25 bitcoins but it has now been decreased to 12.5 bitcoins (equivalent to $7,000) which are still pretty high.

Because the reward is so high, the completion of mining is also incredibly tough. Thousands of miners from all across the world compete to assemble the block as quickly as possible.

Here’s a fun fact for you: “The total power of competing for Bitcoin computers is 1000 times higher than the top 500 supercomputers in the world.

Is Bitcoin Mining Harmful for PCs?

A few years back, Bitcoin mining was not so mainstream and no dedicated hardware was built to support it. Moreover, the miners of past used to overuse their systems which often caused damages to PCs. However, the technology has advanced and various manufacturers are developing computers that are specifically designed to support Bitcoin mining; which has made the process safer than ever.

What Are The Benefits Of Bitcoin Mining?

There are several benefits of Bitcoin mining. The ones that top the list are:

  • Bitcoin mining is like creating money from nothing.
  • There is some cool hardware involved such as ASICs, FPGAs, and GPUs and Bitcoin mining gives you the opportunity to play around with them.
  • You compete with others which ultimately helps you create an efficient mining system
  • Bitcoin mining is considered to be less risky because the coins never devalue. in fact, the more people use this currency, the more it appreciates in worth.
  • Bitcoin mining is not a waste of time. It’s actually a hobby that pays something back.

These are some of the facts, benefits, and details of how Bitcoin mining works. The process is quite intriguing and if you are trying to make some extra cash, becoming a Bitcoin miner is never a bad option.

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Easiest and Legal Way for Bitcoin Exchange

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India coin was established in 2014 and did the service of exchange since. Majority looking to buy bitcoin in an easy and simple way. And they also don’t like the lengthy process of transactions for the exchange. India coin provides complete satisfaction to its users, fulfill the need exactly.

If you want to buy bitcoin, you need to fulfill the payment form and within 4 days you’ll receive a call with pin code to complete your transaction.

The system receives debit or credit card or pays only, so make sure that they are 3d secure.

Easiest and legal way for your exchange

 

This process of transaction seems much easier than the other but two things you have to know about;

Buying limits

There is strictly buying limits of bitcoin. The first transaction limited to $100 and after 4 days of confirmation it grows from $100 to $200 and then after a week means after 7 days this limit is $500.

Exchange rate

Fees are extremely high for example Bitcoin exchange rate on Bitstamp was $1001.52 and $1507.31 no India coin. Means you are paying 50% more for this process

Its seems that legal bitcoin exchange rate is too high. By using the prepaid debit card for bitcoin, you can have achieved anonymity and temporary skype number in order to complete your buying process.

Once your account will be approved, no need of further verifications until you are going to use the same email. More than 100 countries buy bitcoin through India coin.

India coin states that process of purchasing take 15 min but it takes some extra time .so, doesn’t lose your hope.

Tags: Easiest bitcoin exchange

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Get Your Online Bitcoin Wallets Adderss Through Btcwonder.com

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Bitcoin wallets or digital wallets are the wallets that require a web browser in order to run, just like websites out there. It’s safe to say that they are pretty much similar to a website.

Surprisingly, the web wallet options are thin compared to the iPhone or Android options.

Right now, there are two Bitcoin wallets worth using. The most reliable online bitcoin wallet is Green Address.

GreenAddress:

To get a Bitcoin wallet that provided protection against cyber-attacks, GreenAddress is the way to go. GreenAddress takes cyber-attacks seriously and provides your coin’s protection against these attacks.

GreenAddress is a “multi-signature” Bitcoin online wallet. This implies GreenAddress shares control of your Bitcoin with you. While other online wallets are prone to cyber-attacks, GreenAddress gives genuine two-factor validation keeping your coins protected in your wallet.

Spectro Coin:

SpectroCoin is London-based bitcoin wallet, exchange, debit card and merchant solution provider. It serves customers in more than 150+ nations. Right now, it encourages more than 20 types of deposits and withdrawals including bank exchanges, credit/debit cards, and cash deposits to name a few. It also gives bitcoin wallet addresses to iOS, Android, and Windows Phone users.

These two are the safest online bitcoin wallets. Although these wallets provide all sorts of security, the ultimate protection comes down to the wallet owner. The best wallet security is the protection of its private key. As long as the key is unshared, chances of your coins getting stolen are very slim.

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Is Cryptocurrency Still Great for GPU Makers?

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On Thursday, an American technology company, Nvidia has announced its financial results which were remarkable. The company has revenues of $3.2 billion from January to April. But what’s the reason behind this profit?

gpu makers

Well, the value of ether and other cryptos recently soared up and created lots of demand for graphics cards – to mine them. Due to the upsurge in the demand, the price of few high-end graphics got doubled between the mid of 2017 to February 2018. It’s a matter of concern for the GPU makers of major graphics-card, as the most important market for them is eventually the gamers, not the miners.

The idea of graphics-card makers collecting hefty profits from the high prices, due to the mining demand doesn’t seem to be liked by the gamers. However, Nvidia accredited that cryptos have played an important role in boosting the financial outlook of the company.

What does Nvidia’s CFO have to say about it?

CFO of Nvidia, Colette Kress said:

Cryptocurrency demand was again stronger than expected, but we were able to fulfil most of it with crypto-specific GPUs, which are included in our OEM business at $289 million.”

The $298 million figure is around 10% of the revenue of Nvidia and it seems like it lessens the cryptocurrency influence on the bottom line of Nvidia. If a customer buys a graphics card at retail, Nvidia won’t be able to know if it’s being used for mining, gaming or something else. The same story goes for the main graphics-card of a rival, AMD, which released first-quarter results a few weeks ago. According to AMD, the sales related to cryptocurrency accounted for almost 10% of total revenue, which could be again understating its influence on the profits of AMD.

GPUs Value

It has been observed that the value of cryptocurrencies has been falling for the past few months. Also, the value of GPUs has also gotten a lot cheaper than it was before. AMD didn’t provide any specific projection for revenues related to blockchain in the second quarter, however, the spokesman of the company suggested that the rest of the year 2018, is going to be significantly below the first quarter sales.

If the price of cryptocurrencies still keeps dropping, it will end up in the form of awful results for the GPU makers. But if the price of cryptocurrencies falls really low, it’s clear that we won’t only see miners halting to buy new GPUs but, we would also see them selling the graphic-cards that they already had on the secondary market. The resulting graphics card surplus could exhort the value of graphics-card below MSRP — MSRP would be good news for gamers though it might be bad news for the companies that are trying to sell new GPUs.

The president of AMD, Lisa Su said that she wasn’t really anxious about the scenario.

“There are multiple currencies being used — People who are mining do go from one currency to another depending on what’s happening.”

She also added that customers can buy graphics-cards for both purposes; gaming and mining. They will be able to hold onto the graphics-card for the gaming purposes — in the case of mining becoming unprofitable. On the other hand, this analysis seems to be debatable. There’s no doubt that there are profusions of cryptos, but at the same time, there are some of them which are economically significant.

Ethereum’s ether is the most important and significant GPU-mineable so far, and the prices of cryptocurrency are strongly linked to it. So, if the value of ether drops, there’s a possibility that the value of other cryptocurrencies might also fall with it. There are many people who want to buy graphics-card for various applications, and there are a lot of those as well that have many of them (graphics-card). These individuals might hold onto one or two cards for the gaming purpose, however, if the price of cryptocurrencies falls quite low, lots of those cards will end up in the used GPU market. This will also make it hard for both AMD and Nvidia in selling their new cards.

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