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Myths About Bitcoin

It’s been over 8 years since the bitcoin first came into circulation. However, the general public and press are still confused as to what is Bitcoin and how to use it. The result of this is numerous myths about the currency.

Bitcoin is a digital currency. It’s different from traditional money in many ways, due to which it is often considered to be a difficult subject to grasp because it requires a basic understanding of many different areas of study such as cryptography, economics, and computer science.

In this post, we have discussed five popular myths about Bitcoin that still spark a debate in 2017.

Is Bitcoin Anonymous:

In spite of the fact that Bitcoin is regularly referred to as the currency to make anonymous transactions, the correct word to use would be “pseudonymous”. Meaning that a user can have one or multiple identifiable addresses. However, nobody essentially knows who is behind each address.

With Bitcoin, each transaction is stored on a public ledger and anyone can view this ledger on Blockchain. This ultimately makes the transactions more transparent for the users.

It’s Used by Terrorists:

Our media has completely ruined the image of Bitcoin. Whenever the currency is brought up in a television show or movies, it’s almost always being used by some kind of serious criminal or terrorist.

Although the user anonymity may account for some illegal transactions, there is no confirmation of terrorists using Bitcoin on a noteworthy scale.

The Currency Is Dead:

One of the most common myths about Bitcoin is that it’s dead or no longer in use.

In reality, Bitcoin is currently going through its most successful phase in history – at least according to the number of daily transactions on the network, which keeps on growing each day.

At the time of writing, one bitcoin was worth $1095.

Think the currency is dead? Think again!

It’s 100% Transparent:

Another myth about Bitcoin is that it’s completely transparent. But this is absolutely not true.

The true identities of bitcoin users – be it individuals or an organization – are kept secret and never publicized.

Also, there are several privacy-enhancing-services, for example, JoinMarket, which permit clients to upgrade their security on the blockchain.

If someone asks what is bitcoin, the perfect description would be: it’s not completely transparent nor anonymous. It’s somewhere in between the two extremes.

Bitcoin Is Useless Due to Its High Volatility:

Because of high instability in value, Bitcoin is frequently thought to be useless by a majority of the population. While Bitcoin has had a significant volatile history, the currency has undoubtedly been moving towards stability since the mining of first blocks in 2009.

Having said that, relatively few individuals are attempting to utilize Bitcoin as a unit of account at this point. It is rather viewed as a store of value by those who hold it.

Conclusion:

These are some common myths about Bitcoin. If you go into the market and dig up the details, you will realize that most of them are completely false and has no solid base to stand on.

In all, Bitcoin is a safe currency. The use of it increasing each day as several corporations, banks, retail stores, and outlets are starting to accept Bitcoin as a payment. This, as a result, has seen an ultimate rise in the value of the currency.

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Blockchain Technology – Will It Change the Future of Accounting Industry?

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There’s going to be a major technological change in the accounting industry soon. No doubt cloud-based technologies, artificial intelligence and process automation have influenced the world, but the most promising one is “blockchain.” If we combine blockchain and accounting, the combination of both can offer some far-fetched business benefits. However, the first question arises – what is blockchain?

what is blockchain

Blockchain

  • Blockchain is a continuously growing, decentralized public ledger of all transactions.
  • Completed transactions/records are called blocks and are dispersed to a P2P network of computers.
  • Blocks are linked to each other in a linear/sequential order.
  • Each block comprises a cryptographic hash of the preceding block, which ensures that the data is secured.
  • The data can be dispersed in a secure way and once the blocks gets recorded, they can’t be changed without shifting blocks subsequently, and that would require the involvement of the majority of the network.
  • When a record is changed, it is allotted a new hash.

Blockchain and Accounting

Blockchain and accounting are related in many cases. Blockchain technology offers the subsequent logical step for more high-tech accounting with various potential influences.

  • Blockchain offers an instant-verifiable and strong set of records that can’t be meddled or changed without the involvement of the whole network.
  • Transactional data would be promptly recorded and added at any time to the blockchain through its own exclusive and unique hash code.
  • If accountants/auditors want to recover that data, they will be required a pertinent hash code.
  • Having blockchain work as a record for transactions will not require the accountants/auditors to interact different departments amidst businesses to get receipts in order to validate transactions.

Streamlined Accounting Strategies

  • Accountants and auditors can standardize records through blockchain and combine them in a ledger, making it accessible to all verified and approved users.
  • When all transactional data is gathered at one place and updated electronically – whenever an alteration is made, accountants and auditors can assess all the activity and can cooperate with the departments to settle accounts.
  • Through such approach, the cost and time linked with manually swotting the transactions can be condensed significantly.

Promptly Verifiable Transactions

  • For auditors, validating transactions and asset history is important, however, this process can take some time and can be complex, especially when businesses have diverse accounts.
  • As data security is becoming more important, blockchain offers a means of demonstrating that files have remained inviolate.
  • With a unique hash, auditors can simply “cross-reference” and can instantly validate transactions.
  • If a record is changed later, a new hash is created and the record once again gets timestamped.
  • If this information varies from what an auditor has there, they can be sure that the record has been altered, as they will have a clear review trail.

blockchain and accounting

Better-Quality Acquiescence and Regulations

  • If we talk about compliance, many companies take quite a few months to modify/update their core accounting and finance developments to put up new regulations, strategies, and standards.
  • With blockchain, alters to the ledger are manifested across all copies within just a few
  • As it’s a decentralized database, no radical changes should be made for the alteration of data.
  • If an accountant wants to update a record, this can be done quite easily and quickly.

Future of Accountants and Auditors

  • The major change – banks have begun to offer accounting type amenities as a chunk of business package.
  • NatWest applied Open Banking protocols in 2017, to share information with FreeAgent, which is a cloud-based accounting product, providing consumers more discernibility over the course and letting them share their data directly amid the bank and accounting software.
  • By adding blockchain and the accurate software to the combination, the record-holding procedure could be mechanized and, by means of open banking protocols, data could be directly shared.

Is there a need for an accountant?

  • The future of accounting/auditing lies in combined-keys as they all can interconnect with each other instantaneously whilst distributing unparalleled sanctuary.
  • Though many would see the technology as a risk, however, it’s a chance for auditors to concentrate on regulations and explore irregularities inside the transactional environment.

The blockchain is a chance to boost processes, however, auditors and accountants can apply their proficiency and vision to deliver value to the customers.

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To Increase Wages, Product, and Solutions Venezuelan Going to Use Petro System

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Venezuelan President Nicolás Maduro has actually revealed that the nationwide oil-backed cryptocurrency, the Petro, will be utilized as a system of accountability within the nation, news outlet ABC International reported August 14. The state oil business PDVSA going to utilize the Petro as a system of accountability, Nicolás Maduro apparently revealed in a tv address. Furthermore, the federal government will present a brand-new wage system and a prices system for items and services that are anchored to the Petro. ABC prices estimate Maduro:
Petro Cryptocurrency

“Since next Monday, Venezuela will have a 2nd accounting system based upon the rate, the worth of the Petro. It will be a 2nd accounting system of the Republic and will start operations as an obligatory accounting system of our PDVSA oil market.”

Mudaro’s Remarks

According to Maduro, the application of a brand-new Petro-based wage and rates system “will imply a significant enhancement in the earnings of the employees” and will assist “the optimum list price to come back.”

Beginning August 20, Venezuela will have 2 federal government currencies, the Petro and sovereign bolivar, the latter which will be indexed to the previous. The sovereign bolivar will take five absolutely nos far from the present nationwide currency, the bolivar fuerte, in an ultimate financial reconversion. The Reserve Bank (BCV) will apparently “start to release the main figures of the worth of the sovereign bolivar inning accordance with the Petro and the worth of the petrol inning accordance with worldwide currencies.” Maduro likewise stated that the BCV and personal banks in the nation have actually currently gotten the brand-new banknotes.

Petro’s Sale

The Venezuelan federal government introduced the pre-sale of the Petro in February, with 82.4 countless the world’s very first nationwide oil-backed cryptocurrency readily available at that time. The nation presented the currency in an effort to draw in foreign financiers and skirt U.S. and E.U. sanctions, along with conquered devastating devaluation which is forecasted to strike 1,000,000 percent in 2018.

Inning accordance with the Petro whitepaper, the cryptocurrency completely abides by Venezuelan legislation, though the opposition in the National Assembly openly declared that releasing Petro was prohibited. While some parts of the file absence great information and others are not backed by any adequate arguments, there are some clear financial usage cases. Paying taxes and other settlements with state bodies would be at least 10 percent less expensive with the Petro, which is prepared to be broadened into other payment markets in the future.

Whitepaper’s Statement about Petro

The whitepaper states that the Petro can be quickly converted into U.S. dollars and other currencies, which will assist Venezuela in export trade. Still, there’s a possibility that it could be acquired with funds that were gotten unlawfully at crypto exchanges or independently, then exchanged to oil that can be ‘washed’ and recorded to become offered through above-board company practices in numerous jurisdictions.

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Initial Coin Offering – How to Avoid ICO Scams?

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You can find lots of advertisements and links related to ICO startup companies, but do you know what ICO really is? If you don’t, we’re here to help you out. In this blog, we are going to enlighten you about what ICO means, what it involves, and how you can avoid Initial Coin Offering scams.

initial coin offering

What is ICO?

ICO stands for “Initial Coin Offering.” ICO wasn’t known to many people until cryptocurrencies we created and became a trend. The word “ICO” is borrowed from IPO (Initial Public Offering). Now, you must be wondering, what’s IPO? IPO is the event in which a company goes public in the finance world. But, what happens when a company goes public? Well, it means that the company is going to launch stock options publicly, for each and every one out there to purchase its share, with this hope that these purchased-shares would have more worth one day. You can also say that an IPO is one of the possible exoduses of a venture-capital-investment.

 

What Makes It Different?

An ICO is usually used as a crowdfunding project by cryptocurrency startup ventures to fund a startup company. Funds are provided through well-recognized cryptocurrencies like; Bitcoin or Ethereum or in the form of traditional currency and in exchange, they are given a quantity of the cryptocurrency, which they’re funding with, which means, in the form of “tokens!” After the ICO project gets successfully completed, tokens are exchanged into the functional units of a cryptocurrency that is newly created.

 

No Regulations

Many companies find ICOs attractive since they are not under any regulations, and the startup ventures can collect funding without any exertion and cost for the regulatory acquiescence. On the other side, risks for investors also get increased as countries like South Korea and China have banned the ICOs.

 

For ICO crowdfunding ventures, the marketing heavily depends on social media platforms which also include paid-ads. Similarly, there are many ICO ads now, which are being shown on different websites. The social media giant, Facebook has already banned ICO-related advertisements; however, from June 2018, Google is also going to put a ban on advertisements related to ICO.

 

Is ICO a Scam?

No, ICOs are not always a scam. However, the way they work is the main thing that allows scammers to gain a lot of money from those investors who believed in the startup. Just because of this, few top-investors recommend “real businesses” to avoid these ICOs and continue their business in the same way they were doing before. The year, 2017 has shown that almost 46% of all-known ICO ventures have been proven to be unsuccessful and after the payments were made, the websites, as well as social media profiles were left abandoned or were quickly vanished.

Well, all of this data shows that all ICOs aren’t always a scam, however, like other crowdfunding ventures, especially investing in general, you have to very careful where you invest. While assessing Initial Coin Offering scams, make sure to do your research about the individuals behind it. A robust ICO will offer potential investors every single detail about the developers, security experts, advisors, and others linked with the project. A legitimate ICO will offer a variety of places and social media links where investors can communicate with developers. They’ll also provide their Facebook page of the project so that you could assess its engagement levels.

How to Avoid ICO Scams

If we look at the recent lists of Initial Coin Offering campaigns, it’s quite hard to come up with a reasonable filter, and there’s no doubt that experienced investors wouldn’t consider how sceptical it is, but as with any investment, nothing can be predicted related to ICO or about its certainty. Even in some cases, basic managerial accounting data isn’t available; however, many ICO trackers still try to combine lists of seemingly pertinent parameters.

Initial Coin Offering scams show that fraudsters are going to extraordinary-extents to scam gullible investors. Also, when it comes to taking decisions related to investment, it focuses on the needs of investors. According to the founder of Skill Incubator, Chris Dunn, the cryptocurrency community must have to become extra incisive towards new ICOs; otherwise, governments around the world are expected to take stricter stances into cryptocurrencies at a whole new level.

Also, an ICO whitepaper is the initial document for the project, which describes the aim, background, strategy, and concerns for the implementation of all blockchain-related projects. Whitepapers can be extremely skimpy like; companies that have an ostentatious website may unveil that they lack a basic-sound concept. Then again, a company with a website that contains spelling errors might have a whitepaper that shows a rigid concept and a prudently created implementation strategy.

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Cryptocurrency hardware wallets – Ledger grab $7 million

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A huge number of things are going incredibly good for ledger these days. Bitcoin, ether and other cryptocurrencies stirring the people’s attention again. Accordingly, French startup raised $7 million series around the world to make hardware security devices universal.

Devices:

MAIF Avenir, XAnge, Wicklow Capital, GDTRE, Libertus Capital, cryptocurrency Group. The Whittemore Collection, Kima Ventures, BHB Network and Nicolas Pinto contributed to today’s subsidy round.

Ledger:

Well, you have knowledge about cryptocurrencies, you definitely have the idea that digital currencies’ start-ups centralize everything. A large number of scams are there. In addition, no need to trust any startup’s security team, do it to your own.

You have the ability to run your own Bitcoin wallet on your computer. But, hackers are still there to snatch your money from the computer or from a wallet, so be aware of scams.

Ledger makes a number of hardware wallets for several currencies. Actually, these tiny devices are the secure element. Furthermore, you also have a smart phone as Apple Pay or Android Pay with the same performance.

Ledger runs few tasks in a straight line on the secure element. It makes it more secure and then runs an app on your devices entirely. In this way, you will have the power to protect your bitcoins. Nobody can reach to the private keys on devices. In addition, devices repetitively check the honor of the firmware.

The company makes it sure that nobody has the ability to compromise the devices during production procedure. Co-founder Eric Larchevêque said, “When we manufacture the devices, all chips receive a Ledger certificate.” And, “When the device boots up, the computer sends a security challenge and the device answers.”

Smart devices & cost:

Ledger Nano S with tiny display and size of USB key is a well-known device in the digital market. Before the transactions take place from your computer, you need to confirm that a transaction on the device by entering your PIN code first. In this way,  if your computer gets compromised, transaction order will not over on device and you will not able to confirm that transaction.

The Company also making the ledger-blue. The Ledger Nano S’s cost is about €70 although blue cost is €275.

Crypto-wallets still newbie in the digital market. Accordingly, ledger sells more than 50,000 wallets and meet the company’s expectation by an inclusive margin.

By running a protected operating system on the secure element, there are other possible applications. For example, ledger might sell chips so that companies working in complex industries by making sure that server wasn’t compromised. Companies rising there money by introducing new hardware devices.

 

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Bithumb Partners with BitPay – What Does Sonny Singh have to say about it?

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Bithumb, which is the largest cryptocurrency exchange of South Korea has joined with BitPay. On 13th March, it was announced by an executive, that the main purpose of this partnership is to compete in the global remittance market. As the major South Korea Exchange Bithumb merges with BitPay, there’s no doubt that it’s going to impact the crypto-market.

Chief commercial officer of BitPay, Sonny Singh noted while talking to CNBC, that now the businesses will have the ability to change invoices to Bitcoin and utilize BitPay for settling them more economically and faster than the ordinary bank-based remittance networks.

south korea exchange

What does Sonny Singh have to say about this partnership?

Sonny Singh told the network;

“Cross-border payments between Korea and the West will be a $200 bln industry this year”

Singh continued by saying;

“Right now, people are doing cross-border payments […] and paying bank wires, FX fees around 4% and it takes about four days. Using Bithumb and BitPay, we’re able to make this a 1% fee in one business day”

A chain of regulations on crypto-markets has been introduced by South Korea, since December 2017, for banning unidentified trading, foreign use of local exchanges, local ICOs, and in addition to that, banning all the government officials from trading and holding cryptocurrencies. Even with such massive trading volumes, South Korea is still an ambiguous market for cryptocurrency users and businesses.

Singh also confirmed that BitPay is on its way to process $4 billion worth of payments this year and is disconcerted by the potential for regulatory disruption.

Singh said;

“We welcome regulation.”

Later, he continued by saying;

“So, I think all the Korean exchanges like Bithumb — they welcome regulations too. We make sure they do proper AML/KYC checks.”

At the beginning of this month, it was announced by the South Korean bank, named “Woori Bank,” that its aim is to start commercialized cross-border payments by using Ripple. According to a report, Bithumb still continues to grow consumer-awareness of cryptocurrency within the country, South Korea, by familiarizing payment terminals to restaurants as well.

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