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2017 has been a good year for Bitcoin so far, with its price stabilizing above the $1000 mark and reaching to its recent mark $1263.00. Russia and Japan are the ones behind the high rise of Bitcoin this year.

Since the beginning of April, the price of Bitcoin rallied from $1070 to peak at this month’s high of $1227.00 on April 11. At the time of writing, bitcoin is trading at around $1283.81 according to https://blockchain.info/markets. The market value of Bitcoin has increased from around $17.5 billion on April 1 to surpass $19.5 billion on April 20, according to https://coinmarketcap.com/currencies/bitcoin/#charts

Japan and Russia Raise Bitcoin to new heights

Japan gives Bitcoin price boost

Bitcoin became officially recognized by Japan on April 1, which obviously gave Bitcoin an immediate boost. Citizens can now use the currency to make purchases. Also, it is exempted from sales tax.

Moreover, following the legalization of Bitcoin, retail giants Bic Camera and Recruit Lifestyle have both made an announcement stating that they will be holding trial payments in order to increase the usage of bitcoins for consumer purchases. Recruit Lifestyle uses the app AirREGI which enables merchants to carry out bitcoin payments. Also, there’s a possibility that over a million Japanese retailers may soon accept Bitcoin payments by the end of 2017.

Japan’s acceptance of Bitcoin has been very helpful since it gave a boost to both local and global demand.

Russia is Changing Its Stance Toward Bitcoin

The Bank of Russia banned the use of digital currencies in 2014 fearing that it would weaken the Russian ruble, which seemed to be struggling at that time.

This ban was the reason behind several bitcoin websites and businesses being shut down. It lead to many lawmakers speaking out against Bitcoin, suggesting that “they cannot be used by individuals or legal entities.”

However, at the end of 2016, The Russian Federal Tax service issued a letter in October stating that under Russian law digital currencies are not illegal and that there are no prohibitions for companies and citizens when it comes to dealing with them. But, this letter still gave no clear indication of how digital currencies will be under regulation in Russia.

Last week, however, Russia’s Deputy Finance Minister Alexey Moiseev said in an interview that The Russian Central Bank and the government are working on an agreement that could see digital currencies such as bitcoin become recognized as a legal payment method as soon as 2018 arrives.

Russia’s change in attitude toward bitcoin has helped shoot up the currency’s price and will likely increase its demand. This could possibly push the price of bitcoin to new heights in the future.

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Futures Contracts Hold Positive Impact On Bitcoin – Says Mark Cuban

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As covered by CCN, the CME Group, the $51 billion U.S.- based financial institution and the world’s biggest options exchange, is set to open bitcoin for trading by December 18 on its platform. As of late, the Chicago Board Options Exchange (CBOE) is also planning to list bitcoin futures contracts on its platform and Nasdaq Inc. next year.

 

As per Bloomberg, billionaire investor Mark Cuban says bitcoin futures exchanging on such exchanges will positively affect the leader digital currency. He expressed:

 

“It’s going to be interesting. The outcome of it is going to be positive as the transaction fees for bitcoin are relatively higher. If this manages to bring these costs lower, bitcoin market will be in for a huge boost.”

 

Naem Aslam, a market investigator at TF Global Markets in London, added to Cuban’s analysis, saying that exchange costs, including digital money trade fees and custody services charges, could decrease if bitcoin demand grows because of futures trading on these exchanges.

 

Cuban, the majority owner of the Dallas Mavericks and a star on the investing theme show “Shark Tank,” has in the past stated that in spite of being a bitcoiner, he trusted the market was in an air pocket. He later changed his conclusion on bitcoin, as he exhorted “true adventurers” to put 10% of their wealth in digital forms of money – Cuban himself has put resources into cryptographic hedge funds, in bitcoin, and in other digital currencies.

 

Tim Draper, another billionaire who’s gotten over $110 million from his bitcoin ventures, was likewise anxious to see bitcoin futures on these exchanges. In an email to Bloomberg he composed:

 

“Bitcoin is a currency and should be treated as such. It makes perfect sense that a currency should be able to be hedged.”

 

Story credits: cryptocoinsnews.com

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Bitcoin – puzzling rise of the bitcoin

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Bitcoin info: An insane rise in the value of the bitcoin is providing a new discussion to the technology world.

A number of people are really wondering about the origin of it, they are puzzled by this phenomenon? surprise how it is physical? how they withhold on it? how bitcoin works? or whether a new bubble like this, is on its way?

Whereas others count that the currency change brings the sans regulations.

If we look back, one Bitcoin was at the value of $0.003 in 2010. Whereas, its value in 2017 raises to $2500. Clearly, means that one bitcoin is equal to the 2500 US dollars. By multiplying the perspectives bitcoin’s value is 879,999 times.

 So, which thing people buy in actual????

On another side, people think about the hoarding of the bitcoins.

One of the trader’s point of view is, “Of course, you can spend bitcoins to purchase items at places where they are accepted. But a lot of traders are buying on speculation because the supply of bitcoin is limited”.
All we know that there is 21 million total supply of the bitcoins and 70% are mined already from the internet. And, a sharp increase of the bitcoin is associate it with “bubble” word.

Billionaire Mark Cuban already admit that it has a worth, it has a value in blockchain technology. And named it as a bubble early in this month.

Few of them relate this bitcoin hype to the “Tulipmania. A well-known episode in Dutch history 1636-1637.  Where the value of tulip bulb was pushed by the gamblers to rapid heights.

Unfortunately, the bubble burst and bulbs price crashed. The main reason for this crash was, no existence of the fundamental value of a bulb.

But, in the case of the bitcoin, you are free to spend your coin and get goods and services. This scope is continually expanding. Traders of the bitcoin are the well-wisher of this technology and claims that bitcoin’s attractiveness directly lies in its potential.

Furthermore, it is possible that fiat money also doesn’t have original value but it is controlled by the different sources. That is a reason for long-term investment.

Japanese government legalized the bitcoin, it is a live example that cryptocurrencies are making their ways into the mainstream.

Bitcoin is not only one cryptocurrency, which is available with the limited supply. In fact, there are more than 900 digital currencies available on the internet. Whereas, cryptocurrencies are basically decentralized digital money, which is not created by any government or central bank.

Additional tag: Bitcoin stock 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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Why South Korea Is Considering to Legalize ICOs

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The Korea Times has recently reported that local financial authorities are planning to legalize ICO (Initial Coin Offering) soon. An anonymous source has told The Korean Times:

“The financial authorities have been talking to the country’s tax agency, justice ministry and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met”

initial coin offerings

What’s the reason behind ICOs legalization?

Few South Korean mainstream media outlets have revealed that “Kakao” is concentrating on assimilating cryptocurrencies for its 100 million users. Kakao is basically the largest internet firm of South Korea, and there’ve been many reports that it’s planning to integrate cryptocurrencies on its each and every application, which will let the users to utilize KakaoPay for both sending and receiving cryptocurrencies.

Kakao is also planning to conduct an ICO and issue its own token. However, it’s been also reported that due to the present regulations on local ICOs, Kakao is preparing to conduct its ICO outside of the country, South Korea. If ICO of Kakao is conducted somewhere else, it may lead to an extensive loss for the economy of South Korea, particularly in the Blockchain sector.

It’s expected that the government of South Korean is on its way to legalize ICOs in order to prevent the leading conglomerates of South Korea from leaving the country to conduct ICOs, as it might also have a bad impact on the cryptocurrency industry as well as local Blockchain sector.

Apprehension about ICO protection 

Financial Services Commission chairman, Choi Jong-Ku has recently shown his concerns to the local ICOs, mentioning that high risks are involved for investors inside the crypto-market.

However, even with the concern of investor’s protection by the FSC, there are still many sources inside the government that explain how local financial authorities are trying to allow local ICOs by enabling strict AML (Anti-Money Laundering), KYC (Know Your Customer), and taxation policy for investors.

 

Is South Korea and U.S. SEC on the same line?

The government of South Korea is willing to let companies conduct ICOs on condition that the token sales are registered with the government, which is on the other hand similar to the stance of the U.S. SEC Securities and Exchange Commission.

At this time, the South Korean government is on the same line with the U.S. SEC and is ready to allow only those ICOs that are registered with local financial authorities. Kang Young-soo (FSC cryptocurrency trading policies director) has confirmed that there are rumours about the legalization of ICOs, as he stated:

“There are many speculating about the possibility of allowing ICOs. The FSC has acknowledged a third-party view regarding the issue, but there’s nothing that we can say officially at the moment.”

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Bitcoin – What Are Some Intriguing Facts About the Most Popular Digital Currency?

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Bitcoin is a form of digital money – also known as cryptocurrency that is free from the influence of any bank or governing authority. Bitcoin is used to make transactions anonymously on the global scale. The currency was created by a group called Satoshi Nakamoto and first came into circulation in 2009. The identity of group members is still unknown.

The usage of Bitcoin is increasing and the number of people making Bitcoin transactions is growing each day.

If you are one of the people who feel fascinated by this form of money and want to discover more about it, here are some intriguing Bitcoin facts for you.

Bitcoin facts:

There Is No Authority to Control This Currency:

You might be surprised to know that there is no entity that controls Bitcoin. The general concept of money is that it is controlled by a bank or other concerning authorities. But this is not the case with Bitcoin. The currency is autonomous from all sorts of regulatory authorities. The only person who can control the coins is the one who owns it.

Bitcoins Are Finite:

As bitcoins are not printed into cash or molded into physical coins, most people think that there should be an infinite number of bitcoins in existence. But this is not the case because if it were true, the coins would lose their worth. In order to keep them worth having, bitcoins are kept finite. The exact number of existing bitcoins is 21 million.

Bitcoin Has No Set Values:

There are no set values on Bitcoin. In fact, how much a bitcoin is worth depends on the popularity of the currency. The more people use it, the more it appreciates in value.

Bitcoin is Transparent:

Bitcoin is completely transparent in terms of transactions and amount. Each and every detail related to a transaction is available on blockchain. This openness, as a result, induces trust and security among the Bitcoin users.

Bitcoin Mining:

In Bitcoin mining, the users are supposed to solve mathematical problems using a specialized software to verify transactions around the globe. The users in return, are paid if their efforts were successful.

Want to learn more about Bitcoin mining, read our guide on what is Bitcoin mining and how does it work.

Bitcoin Transactions Are Irreversible:

The Bitcoin transactions are irreversible and a user can never be forced to pay. Once the bitcoins are paid, there is no way to revoke the transaction or force the receiver to pay back your coins.

It Costs Little to No Money to Make a Transaction:

Bitcoin transactions cost little to no money. There are no taxes on the currency and it doesn’t matter to which part of the world you send the money, there are no cuts on transactions and the receiver gets the exact amount that was sent to him.

Lastly -Bitcoins Are Stored in Digital Wallets:

Bitcoin wallets are equivalent to bank accounts for real cash. These wallets are used to store, withdraw and transfer bitcoins from one wallet to another. The wallets are protected by a security key and only the owner can know about it until he reveals it someone else.

Tags: digital currency bitcoin

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