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After South Korea banned ICOs (Initial Coin Offerings), things seem to have slowed down; however, the ban hasn’t totally halted the flow of new digital coins on local exchanges. Despite the South Korea ICO ban, startups in the country haven’t closed their doors on the fundraising process and are settling their ICOs overseas and then, listing their digital coins on the exchanges of South Korea. The expansion arises on the heels of a report which suggests that the country, South Korea, is reconsidering its stance on ICOs.

blockchain start ups

Crackdown on Crypto-Markets

In September 2017, South Korea unleashed its crackdown on the cryptocurrency markets and banned ICO listings in the country. This move by South Korea threw a wrench into trading volumes of cryptocurrencies, where the price of Bitcoin is considered to trade at a heavy premium against other markets. Also, a rumour was circulating last month that the investors in South Korea might be scooping up Bitstamp (Luxembourg-based bitcoin exchange), in a contract which has the worth of almost $400 million; however, these reports haven’t been confirmed yet.

With all the other news related to the virtual currency exchanges, it’s been observed from several sources that Bitstamp, as it is one of the oldest exchanges, is in the final stage of being vended to the investors of South Korea for $400 million; however, buyers and the exchange, both are not commenting on it.

 

ICON (ICX)

For now, the surge has started to turn for ICO issuers, as it’s proven through ICON (ICX), which is a new coin developed by DAYLI Financial Group (Seoul-based fintech), though it is issued in Switzerland. The ICON Foundation is listed in Switzerland and works out of Korea. The top two cryptocurrency exchanges of South Korea are; Bithumb and Upbit. Both of these exchanges support ICON for trading. While South Korea followed China and banned ICOs, the issuing firms have discovered a way to avoid the regulations. ICON has been proved as a lucrative investment up to now, as it started trading at $0.11 and rocketed to $2.64 immediately.

 

Park Nok-sun, the NH Investment and Securities cryptocurrency analyst told Reuters that the listing on the trading platforms of South Korea is substantial, since it’s the first-platform-coin of the country that has advanced on code which can support other applications as well. ICON isn’t the only digital currency of South Korea that have evaded the ban. This trend has matured, as almost 12 companies have launched ICOs abroad; however, they’ve also listed their coins on the exchanges of South Korean, including Hyundai subsidiary Hyundai BS&C.

According to Reuters, regulators of South Korea want the blockchain startups of the country to be “transparent” about the international deals but at the same time, it doesn’t intend to be a hurdle in their way. Meanwhile, it would be inexpensive and much easier for South Korea to let the local startups launch their token sales locally again.

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Joint Fintech Venture of Singapore and Japan

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Basically, fintech ventures refer to specific computer programs and use of other related technology in order to support financial services in banking and other sectors. Since the end of the first decade of 21st century, fintech has expanded a lot, now it refers to many technological innovations in the financial sector e.g.; financial literacy education and various forms of crypto-currencies.

finetech companies

SFA and FAJ join Hands for Fintech

According to a joint press release, the Singapore Fintech Association (SFA) and the Fintech Association of Japan (FAJ) have decided to work together in order to bring improvements in fintech development. Both the countries signed a Memorandum of Understanding (MOU). The press release also states that this joint venture will probably raise the financial profile of the Japanese fintech companies as well as expand the business opportunities for Singapore in wider Asia.

Views of Chia Hock Lai about the MOU

Chia Hock Lai, the president of Singapore Fintech Association, said that this partnership will lead to fill the gap between the fintech communities of Japan and Singapore. Natalie Shiori Fleming, Vice Chairperson of the FAJ, also exclaimed his thoughts in this regard. According to him they are looking forward to increase interaction and cooperation level between respective markets of the two countries through a deeper relationship.

Japan’s Financial Services Agency (FSA) has also updated legislative rules and regulations in order to improve cooperation and interaction level between traditional banks and fintech companies. Same is the case with Monetary Association of Singapore (MAS) in case of fintech related innovations.

Reasons to Promote Fintech

An overview of the above details may arouse questions in your mind regarding fintech. First of all, what is the reason behind so much dependability and concentration on fintech?

Answer to this question in a single phrase is:

The financial industry is more than ever focused on technological innovation than it was at any other time.

All the major countries are become fintech dependent with the passage of time. At the moment, North America is leading fintech startups while Asia is following. A bird’s eye view of some of the most active areas of fintech innovation are as follows:

  • Digital cash in the form of cryptocurrency.
  • Blockchain technology, to maintain records with no central ledger.
  • Computer based smart contracts.
  • Cybersecurity and fintech are interlocked.

According to the modern day financial experts, fintech will have the same impact on future financial affairs as was of mobile phone and social media in case of communication era.

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Online Bitcoin Wallets

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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 coins 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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Bitcoin profitability

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Bitcoin profitability

When I do shopping, I like to buy goods at a low rate and save some amount. This is much difficult to attain profit while you are buying or selling something.  In the same way, when you are using bitcoin ATM in exchange as well as in buying of goods.  You can make bitcoin profit… not serious???  Yes, you can make the profit while you are using bitcoin ATM.

Bitcoin ATM industry is few year old but is growing every day. It’s almost more than 500 ATM worldwide. Basically, profit from bitcoin is not easy money. You need some targets for your success. Firstly, make it sure that you are making transactions in legal manners with a required license. Secondly, it is very important to choose the public place. Third, you need some promotion of your machine to your surroundings. Fourth, you have to maintain bank relation for the back end. Five and the most important is to make a good reputation.

Furthermore, ATM charge 5.2 % fee or 6% assume $2k gross profit per location on average. This fee can be varying from place to place. Here is an example of $20k per year means $100 gross profit, which is nothing. On the other hand, in a case of Robocoin, an operator will pay $1 fee. According to Robocoin statistics, 1/3 of all sell bitcoin transactions. Whereas, 2/3 buy operation on average. It is assumed that buy and sell transactions are on an equal scale, but it varies. Actually, not all bitcoin ATMs operation support these two-way transactions. Sometimes there is only buy operation and average buy and sell is $480 and $750. Ironically, operation matrices highly depend on many factors including place, area, country, traffic etc.

Here, we created 3 scenarios for bitcoin ATM by using the calculator. Basically, these are theoretical calculations, which do not need any promotions and marketing process.

Is bitcoin mining profitable?

Scenario no. 1

Skyhook is only one-way transaction operator and the bill acceptor is limited to a capacity of 500 bills. Which makes it the cheapest ATM. On the other hand, it is with limited in operations like does not accept large Euro banknotes. The most important things in place, you have to choose the right place.

For example, cash logics are done by the operator and we don’t have to pay rent. Average transactions are 100 per month and average transaction of $50. After the period of payback of bitcoin ATM which is 4 month, it will bring $235 to the owner every month after the return of investment.

 Scenario no. 2

This scenario includes more than two bitcoin ATM machines. Most of them support two-way transactions process and much solid than the scenario 1.  For example, ATM cost is $6000 and per year transactions are 100 which average transaction is at $150. Calculations show that after 9 months of launching it will reach to its break-even period. Whereas it brings $705 per month to its owner after investment return.

 Scenario no. 3

Robocoin ATMs, the most expensive ATM in the market. These ATMs are fully equipped and also support two-way transactions. ATM cost is $15000 with 150 transactions per month and average transaction size is $300 per month. Because of its function, it also looks like the standard bank if ATM.

Here is some example of different ATMs we find on the internet. Vancouver first Robocoin machine, Bit Access stats, Black Star Pastry Bitcoin ATM, Skyhook Bitcoin ATM in the Philippines, Satoshi points Bitcoin ATM in Bristol, Operators survey, BTCPoint analysis, Two-way BitXatm machines in Switzerland.

Conclusion

If you are going to purchase bitcoin machine don’t expect too much. Make your relations strong and promote your machine.  Above are some example and will support you to make your decision profitable.

GOOD LUCK!

 

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Bitcoin TUTORIAL – How to get a wallet and your first bit coins

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