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Global negative yield bonds hit a new record. Is VCC the new generation of safe-haven asset?
The monetary policy of global central banks generally turned to mildness, and the scale of negative-yield bonds rose sharply again. Last week, it was reported that the total amount of global negative-yield bonds reached $16 trillion for the first time, with less than 1% of nearly 40% global bond yield. European countries are the biggest contributors to this massive increase in negative yield bonds. About 2.83 trillion euros of euro-zone government bond yields are less than 0.40% of the deposit rate of the European central bank, and almost all the government bonds of Sweden, Germany, Finland and the Netherlands fell into negative yields. In the wake of market signal, there is no doubt that the risk of a new economic recession is encumbering the global stocks. And the alarm bell of the economic recession in bond markets is prompting investors to rush into safe-haven assets again. https://preview.redd.it/2cxxy2mkx4j31.jpg?width=640&format=pjpg&auto=webp&s=c967f6fe7005005fd9a32b4ac6845d315b4f0005 Escalating trade disputes in international markets, political tensions in countries such as Italy and Argentina, and disappointing economic data from several countries have fueled demand for safe-haven assets. However, with the easing of monetary policies by major central banks and the rise of cryptocurrency market, gold's status as a safe-haven asset has been eroded. Some investment funds in the gold market have been gradually diverted into the growing cryptocurrency market, with a large number of investors competing to buy cryptocurrency as a safe haven asset. As the most popular one in recent cryptocurrency market, Cryptozoic VCC public chain. Since its launch, it has maintained a upward trend in the process of global currency market plummeting, which is more risk-averse than USDT, gold and diamonds. The most prominent was the strong and steady rise of the VCC public chain this month, when bitcoin once again fell below $10,000. At press time, the price fluctuates around 0.00029363ETH, setting new records repeatedly, and still maintains strong trend to ready to attack again. The highly stable value performance and high mining income of Cryptozoic VCC public chain promote the formation of more consensus in the public chain system, thus forming a benign cycle of mild appreciation. In the mixed virtual currency market, there will never be a shortage of higher-yielding projects. But clearly, based on the dynamic flow direction of funds in market, investors are willing to choose the more valuable side. Cryptozoic VCC public chain can ignite the whole blockchain, precisely because it struck the sore spot in investors' hearts. Cryptozoic VCC public chain solves the misunderstanding and prejudice of the public on blockchain from the perspective of mode: the mode on chain cannot be tampered; support users to come in or go out without locking; adopt TWIN—EX value balance mechanism for recycling, so that VCC forms an inseparable two-way value anchor with ethereum. TWIN-EX price of VCC will go up with the increase of ETH price. When ETH price falls, a large number of users will participate in TWIN-EX, and the growing demand of TWIN-EX causes the rapidly falling percentage, thus increasing the value of VCC. https://preview.redd.it/1afwiwglx4j31.jpg?width=896&format=pjpg&auto=webp&s=63c78f8f7d70870f61cb7fc749906c96832ce154 In the current investment market environment, price seems to be more important than value, because for many investors, "rising" means making money, and it is safer to keep profits in their own hands. Therefore, the birth of Cryptozoic VCC public chain gives all investors a brand new opportunity in the context of the continuous decline of the global economic, which is only reserved for the lucky ones with preparation, vision and pattern.
On Nov 27th and 28th, the first ever VeChain Foundation Steering Committee meeting was held in Singapore. Over the course of this meeting, we have accomplished a lot. We are pleased to say that we have finalized members for our VeChain Foundation Steering Committee; we have revolutionized our blockchain foundation governance system; we have discussed the evolution of the our blockchain design and functionalities and an exponentially upgraded economic model for all of our stakeholders. In celebration of the VeChain Foundation evolution, we have initiated a rebranding effort, or rather an escalation of our brand, which we will have finalized within a month and a half. More will be presented below. VeChain believes that a well governed foundation is the key to longevity, growth and stability. Making an actionable governance system, that matches the identity we envision for our product, is the base in which we built on for our apotheosis. As such, the governance model of VeChain Foundation was at the paramount of discussions. VeChain is going through an evolutionary period across all aspects of the foundation as directed by our Board of Steering Committee. At its core, the VeChain Foundation does not believe in a fully anarchically decentralization, nor does it believe in totalitarian governance. It is for that reason the board members envisioned something in between. Our governance structure is a new breed of a decentralized system through centralized channels, at its core it is a principal never seen before within the blockchain industry. PICTURE ONE Being the centralized agency to govern the decentralized workflows, VeChain is as strong as our Board of Steering Committee enables us to become. The Board of Steering Committee oversees the various functional committees within a decentralized foundation. The board members, though a governing agency, ultimately guide units towards cohesive goals and enables collaboration, efficiency, and output across channels that traditional org charts cannot. The Board of Steering Committee is the governing body of VeChain Foundation. It oversees the various functional committees within the foundation and represents the balanced interests of the VeChain blokchains stakeholders as a whole. Stakeholders include Blockchain Smart Contract Owners, VeChain Authority Nodes, and token holders. In addition, the Board of Steering Committee ensures the development, innovation, coordination and advancement of the VeChain blockchain ecosystem. Though not necessarily involved in day to day operational activities, the main functions include but not limited to the following:
Propose and organize blockchain-wide general voting;
Review and approve the Foundation’s fundamental strategies on technical, financial and business;
Review and approve the governance principle;
Review and approve the Foundation’s annual budget;
Review, approve and monitor the procedure of nomination and election of the Steering Committee members, functional committee chairs and the General Secretary of the Foundation.
The Board of Steering Committee must be comprised of brilliant and respected individuals across a multitude of industries and it is for that reason we are very lucky to introduce our complete Board:
PwC Cybersecurity and Fintech Partner
Head of Regulation Committee
CEO of Greater China Region, DNV GL Business Assurance
Head of Public Relation Committee
CFO, VeChain Co-founder
Head of Operational Committee
Margret Rui Zhu
Assistant Professor of City University of Hong Kong
Head of Compensation & Nomination Committee
Chief Scientist, VeChain Partner
Head of Technical Committee
Global Digital Transformation Director, DNV GL Business Assurance
In charge of VeChain business development related affairs
CEO, VeChain Co-founder
General Secretary of the Foundation
C Y Cheung - PwC Cybersecurity and Fintech Partner Chun Yin Cheung is a partner in PwC China's Risk Assurance Practice, based in the Shanghai office, having worked at PwC for over 14 years. Mr. Cheung is an information security subject matter expert, with extensive experience in security assessment and regulatory compliance related advisory for financial service institutions in China and Hong Kong. Mr. Cheung was educated at the Hong Kong University of Science and Technology and achieved a Bachelor of Business Administration (B.B.A.) in Information Technology George Kang - CEO Greater China Region, DNV GL Assurance George Kang has worked for one of the biggest state-owned automotive design and manufacturing company - SAIC Motor before joined GNV GL in 1999. George has accumulated extensive experience in supply chain management, product assurance with a particular strategic focus on the food & beverage, healthcare and automotive & aerospace sectors. George was graduated from Shanghai Jiaotong University with a bachelor degree in Engineering and EMBA from Xiamen University. ** Jie (Jay) Zhang - CFO / CoFounder VeChain** Jay has worked at 2 of the ‘Big 4’ accountancy firms - PwC and Deloitte’s and joined VeChain as leader of their Blockchain governance framework design and digital asset management framework. Jay has 14 years’ experience in IT assurance and advisory services. Jie’s major areas of expertise and experience include IT General controls, IT security, IT Governance and risk management, System Application Controls, etc. Jay was educated at Shanghai Jiaotong University and studied Electrical and Electronics Engineering Margret Rui Zhu - Assistant Professor City University of Hong Kong Professor Zhu received her BA from Fudan University, China, MA in Economics from Indiana University USA and PhD in Finance from University of Texas at Austin USA. Professor Zhu is currently interested in corporate finance, corporate risk management and the interaction of capital market and product market. Peter Zhou - Chief Scientist / VeChain Partner Dr. Zhou obtained a Ph.D in Computer Sciences from the University of Southampton and serves as VeChain’s R&D Director. He has been involved in projects funded by the European Commission and Academy of Finland whilst working as a postdoctoral researcher for the University of Kent in the UK. He has been published in numerous international scientific research journals. Renato Grottola - Global Digital Transformation Director, DNV GL Assurance Renato is an experienced global Director with a demonstrated history of working in the advisory industry, skilled in Strategic Planning, Mergers and Acquisitions, Business Development and Management of complex international operations. Renato has been working on a blockchain backed project to introduce ship certifications to a private blockchain. Sunny Lu - CEO, VeChain Co-founder Sunny Lu, the Project Lead for VeChain, has a wealth of experience in IT and Information Security across luxury retail brands, with his most recent role prior to co-founding BitSE being as CIO, IS&T Director for Louis Vuitton China. Part of the LVMH Group, other famous brands across the portfolio include luxury fashion brands Givenchy and Christian Dior, alongside Champagne Brands Moet et Chandon, Veuve Cliquout and Dom Perignon. Sunny was educated at Shanghai Jiao Tong University and studied Electronics and Communication Engineering A board of this magnitude will need outside forces keeping them in check and aiding in the design, implementation, and vision of VeChain. This is why VeChain has seeked out a promising Advisory Board to be a backbone that the foundation can lean on to provide immense wisdom and experience in the blockchain industry. VeChains Advisory Board is currently comprised as follows:
Partner, founder of FenBuShi Capital
General Counsel of Bitcoin.com
CEO of ChainB.com
Partner of Broad&Bright Law Firm
CEO of BitOcean
Bo Shen - General partner of FENBUSHI Capital Bo cofounded Bitshares, Qtum, Zcash, etc. He is also a veteran of traditional financial industry, accumulating 12 years of senior management in brokerages, hedge funds and investment banks. Daniel Kelman - General Counsel of GSR and Bitcoin.com Daniel represented the interests of creditors who lost funds in the MtGox hacking scandal. Besides, he is also a co-founder of BitOcean Japan, a cryptocurrency exchange which will be licensed by Japanese regulator FSA. James Gong - CEO of ChainB.com ChainB is the most influential professional blockchain and cryptocurrency media in China. Roland Sun - Partner of a full-service Chinese law firm named Broad&Bright Roland has rich experience in providing law consultancy services in the following practice areas, such as cryprocurrency, blockchain, banking and trust. Nan Ning - CEO of BitOcean BitOcean is a cryptocurrency exchange which will be licensed by Japanese regulator FSA. With the combined expertise of the Board of Steering Committee and the wisdom of the Advisory Board, VeChain has the foundation to be a revolutionary force within the blockchain industry and a global initiative for decentralization of businesses, truly embracing a digital way of life.
As mentioned above, VeChain stakeholders include Blockchain Smart Contract Owners, Authority Nodes and token holders (including VeChain Economic Masternodes/Nodes). Each of the stakeholder holds at least 10,000 VeChain tokens with a single public key will be considered to have ONE vote, and each stakeholder can have not more than ONE vote. PICTURE TWO The following fundamental subjects will be voted by the stakeholders:
The election of new Board of Steering Committee;
The modification of fundamental consensus mechanism;
Other subjects that Board of Steering Committee deemed necessary for general voting.
The general voting activities shall be carried in the VeChain Blockchain voting platform, designed to ensure anonymity, accuracy and not subject to manipulation.
Our brand is not our name or logo, it is who we are. It is as much our governance model as it is our economic model. With VeChain undergoing its apotheosis it is imperative for our brand to grow with it. This evolution brings VeChain from a status of a blockchain solution to an one of a kind blockchain pioneer that can last indefinitely, offering a powerful and adaptable product for any business process that could benefit from trustless, immutable, and readily available data. This evolutional output requires us to reinvent the structure of our mainnet to coexist with an economic model design for indefinite stability and reward. As a result VeChain has become bigger, faster, stronger, disruptive, ambitious, incentivized and above all else, impactful. The board has made every effort to bring power to the stakeholders/people of VeChain. There are many attributes that make the Norse God “Thor“ and VeChain similar, and therefore: VeChain is opting to upgrade the VeChain blockchain itself to VeChain Thor. The process of this transformation we call Apotheosis. Our efforts towards apotheosis will last over the course of a month and a half from today, the full range of details will be released periodically from now until the mid of January. Here is a glimpse at some of the changes being incorporated into VeChain Thor:
VeChain Blockchain will be upgraded to VeChain Thor Blockchain
Upon this release, we will be converting the existing VEN tokens for VeChain Thor tokens (VET). We are taking the appropriate measures to make this conversion seamless, we will begin this process by aiding current exchanges with the conversion first, all future exchanges will list our token as VET instead of VEN, including the ones we have been actively speaking to prior to this announcement of the name change.
Transactions on VeChain Thor Blockchain will not use VET token as expense. This is our way of giving back to the stakeholders. In turn the blockchain transactions will be incentivized through other reward structures. This allows VeChain to offer a stable and predictable budget for enterprise users. This new system also enables resource optimisation and adjustments by economical approaches for the indefinite future.
In order to take full advantage of decentralization and strong governance, the Foundation has decided to adopt Proof of Authority as the consensus mechanism of the VeChain Blockchain so that future developments are aligned with vision and direction the Foundation has designed;
As for Nodes and Masternodes, (Yes, we have them!) We categorize two major types of nodes on the VeChain Thor Blockchain, a total of four distinctive nodes all together:
One Authority Masternode
Three Economic Masternodes/Nodes
VeChain Authority Masternode
Thrudheim means ‘World of Strength’ and is the home of Thor. We announce Thrudheim Masternode as the senior and most privileged masternodes that VET token holders can own. There will be a total 101 Thrudheim Masternodes on the VeChain Thor Network. Thrudheim Masternodes:
Receive the highest rewards of any node operators on VeChain Thor;
Hold the most power when it comes to voting rights
Are the most senior of masternodes that VET token holders can attain;
Stabilise the VeChain Thor blockchain network;
Are selected and rated based on the criteria the VeChain Foundation announce in the near future;
To successfully become a Thrudheim Masternode Owner operating a Thrudheim Masternode, the token holder needs to fulfill certain criteria: A) Owns a Qualified Thrudheim Masternode Candidate, the said candidate is a trackable address holding a minimum of 250,000 VET/VEN starting from Trust Tracking Day until the Date of Decision. Date of Decision will be announced soon, this date should coincide approximately with our main net launch date. B) The person who owns a Qualified Thrudheim Masternode Candidate is a Qualified Thrudheim Masternode Operator Applicant and will automatically enter into the application process, given he/she meets the below criteria:
Due to the importance of these Masternodes, and the limited number available, VeChain Foundation will need a period of time to observe and review each applicant to determine their trustworthiness and value proposition within the network, and the decision of acceptance will take into consideration of the holder’s contributions to the Foundation as whole, therefore, the Trust Tracking Day of the Thrudheim Masternodes will start on December 21th. More detailed information soon to be released on The Decision Making Criteria of Becoming a Thrudheim Masternode Holder.
The moment the token holding of Qualified Thrudheim Masternode Candidate is less than 250,000 VET, the address will lose the privilege of applying to become a Thrudheim Masternode when the blockchain launches.
Hardware conditions: CPU, hard disk capacity, memory, overall performance will be reviewed individually.
A full KYC and application procedure.
VeChain Foundation will release a detailed Thrudheim Nodes selection standards, procedure and rewards together in a later announcement.
VeChain Economic Masternodes and Nodes:
A VeChain Economic Masternode/Node offers stability to the ecosystem and acts as a distribution of power and privilege within the blockchain’s economy. VeChain Economic Masternodes/Nodes also have representation within the ecosystems voting periods. For an address with at least 10,000 VET/VEN held, a node represents one vote within the majority consensus. Unlike Authority Masternodes, Economic Masternodes/nodes do not produce blocks and ledger records.
Token possession: 150,000 VET and above Incentive received: receive the highest reward among VeChain Economic Nodes. Cannot be upgraded More information on Mjolnir Masternodes soon
Thunder Nodes (Higher-incentive Nodes)
Token possession: 50,000 - 149,999 VET/VEN; Incentive received: receive the higher Thor incentive; Can be upgraded; More information on Thunder Nodes to come.
Strength Nodes (Medium-incentive Nodes)
Token possession: 10,000-49,999 VET/VEN; Incentive received: receive the medium Thor incentive, however, still more than none-node holders; Can be upgraded; More information on Strength Nodes to come.
Holders with less than 10,000 VET tokens receive default incentive.
Important Timetable and planned events:
Hold corresponding quantity of VET/VEN tokens in a trackable wallet (such as MEW) starting from 00:00:00 UTC+8 on 21st December; if your wallet has more than or equal to 250,000 VET/VEN, then you will be considered as an applicant to become a Thrudheim Masternode Operator, this is one of important must-have criteria when the Foundation selects Thrudheim Masternode Operators.
Any wallet holding a corresponding quantity of VEN/VET tokens for any other nodes begins to accumulate seniority and that will be used as a means of distributing incentives in the future.
An official strategic partnership announcement event is planned late January at London between DNV GL and VeChain.
A VeChain Rebranding event, in Singapore, is planned for mid-January.
A detailed economic model upon completion
Listing on a major exchange in December
A complete upgrade and rewrite of our current “VeChain Development Plan (Not a Whitepaper Document)
Hello! My name is Daria Volkova and I am the Head of Platinum Legal Department. Our team believes that these are exciting times for the crypto market. We supported more than 100 clients, created and promoted their STO and ICO campaigns, got from an idea to funding in a matter of 2.5 months! See the full list of our services: Platinum.fund We are more than proud to present our education project. The UBAI can help you to learn specifics about cryptocurrencies and blockchain technologies. Learn all about ICO avenues and opportunities, plug into the world of trading cryptocurrency markets, become an expert in scam projects, promoting ICOs and STOs, launching your own campaigns and many more! What are the different cryptocurrency regulations in major countries? Find the answer after reading this article. Cryptocurrency Regulations across Major Countries Cryptocurrency and the blockchain industry may seem sufficiently exciting and attractive to you now. After all, you are taking the time and effort to study this course. You may be planning to work in cryptocurrency and the blockchain industry. Of course, we want to encourage you and help you proceed toward your goal. But it is also important you understand the regulations guiding the blockchain industry to help keep yourself out of trouble. This year, in particular, seems to be the year in which a lot of countries are looking to finally coalesce the regulations relating to the blockchain industry into a workable legal framework. Some countries are more accommodating to cryptocurrency and blockchain technological innovations while others are still more cautious. We will examine how each major country is forming their own regulatory framework for the blockchain industry. Canada Cryptocurrencies are not considered legal tender in Canada. This was clearly expressed by the country’s Financial Consumer Agency (FCA). Canada, like the US, has yet to clearly define or legislate a framework surrounding cryptocurrencies. But Canada still appears to be among the most transparent of countries for the nation’s interpretation and enforcement of the law surrounding cryptocurrencies (aside from Switzerland). For the time being, Canada has clearly stated its reluctance to adopt cryptocurrency as a legal tender, due to its high volatility. “ “The United States of America (USA) There are certain laws regarding transactions in virtual currency in the US today but there is still no comprehensive legal framework. The Commodity Futures Trading Commission currently regulates virtual currencies as commodities. The CFTC is the first US regulator to allow for public cryptocurrency trading. The Securities and Exchange Commission requires registration of any virtual currency traded in the US if it is classified as a security (e.g. by the Howey test). The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. Typical of most legislators and regulatory agencies in the US, the Securities and Exchange Commission (SEC) has intensified its focus on the pressing need for comprehensive regulation. And it seems everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and also allow for blockchain and cryptocurrency innovation as well. If cryptocurrency becomes a form of legal tender in the US, there will likely be stringent laws on its use. However, if cryptocurrency is treated like a security, cryptocurrencies would be regulated under securities law as interpreted by the SEC. Present securities laws place a large number of limitations on who is able to buy securities, how they are traded, and how to ensure transparency in the flow of information relevant to investors. Also note that non-US investors may experience their own difficulties getting a license to trade cryptocurrencies in the country. “ “Japan Japan has always been one of the most positive and forward-thinking nations regarding cryptocurrencies and the blockchain. Of course, they were cautious at first, and they knew no more than anyone else in government, which means they literally knew nothing. But they took time to research, learn, and develop an approach to regulate the industry without killing it. The official policy is clear: Protect the public interest, but also encourage the growth of the industry with a legal framework that allows for innovation in blockchain and cryptocurrencies. China The situation in China is a sad one. The country has been taking increasingly strict actions to discourage and outlaw any activity related to the blockchain industry. China has banned ICOs, frozen all accounts associated with cryptocurrency, stopped bitcoin miners and even ordered a nationwide ban on all forms of cryptocurrency trading. China has the strictest laws against cryptocurrency. Yet, despite that fact, as of 2017, 50% of the world’s mining population was from China! If you are involved with the cryptocurrency industry it is strongly advised to stay away from China, and avoid transactions with Chinese business because of the unpredictable and negative legal framework. “ “The United Kingdom & European Union Brexit is scheduled to take place in March 2019, yet the UK and the EU still remain united in their regulatory attitude toward cryptocurrencies. There are also reports that the UK and EU are planning to end anonymity for cryptocurrency traders. The UK and EU are both trying to control all the scams and frauds. They are working with cryptocurrency platforms to stop or at least report all suspicious transactions. This adds a degree of regulatory burden on the exchanges as well as increasing the associated compliance costs. Cryptocurrencies are extremely volatile. They are a high-risk investment. Governments across Europe are greatly concerned about the possibility of both retail and sophisticated investors losing a lot of money. This has led to a situation similar to that in the US. The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. There is an intense focus on the pressing need for comprehensive regulation. And everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and allow for blockchain and cryptocurrency innovation as well. We certainly hope for intelligent and effective legislation from all the major countries. “ “Accommodating & Unaccommodating Countries Below is a list of countries we have not specifically covered, but they have each taken an active position on a regulatory framework for cryptocurrencies. The following countries are either supportive or at least neutral toward cryptocurrencies: -Switzerland. -Australia. -Nigeria. -Ghana. -South Africa. -Singapore. Countries with the most stringent and negative cryptocurrency regulation: -Venezuela. -South Korea. -India. -Russia. Did you know? It is not uncommon to see Bitcoin and other cryptocurrency ATMs throughout Japan. Exchange robberies and hacks like MtGox, and the recent loss of $530 million NEM coins have led to serious debate in the Japanese government. The industry needs to provide a secure and manageable solution to these problems. Voluntary self-regulation and close cooperation with regulatory authorities is the most favored solution. It seems the regulators are working hard behind the scenes right now leading the industry in the desired direction in typical Japanese fashion. “ “Blockchain Industry Regulations in the USA Based on the information received from the Columbia Science and Technology Law Review, there was a variety of responses from different government bodies about blockchain regulations. The regulators responses ranged from indifference to suspicion, and to positive expectation and excitement. The US government has tremendous constitutional power to regulate business and industry, including of course the blockchain industry if it so desires. But basically, the federal government has been relatively indifferent and has even refused to speak on blockchain regulations despite the interest of various federal agencies. As of 2017, eight states in the US were working on bills promoting the use of cryptocurrency and blockchain technologies. It is even reported that a few states have actually begun the final steps before voting and passing legislation into law. On April 3, 2018 Arizona introduced a law allowing corporations to hold and share data on the blockchain. The governor, Doug Ducey, put forward the legislation after the state began accepting signatures and smart contracts recorded on the blockchain as legally valid documentation. In 2017, Delaware was the first state to pass legislation allowing for shares of stocks to be legally traded on the blockchain. Other notable developments have occurred in the US at the state or local level. Vermont makes use of blockchain as evidence in trials. Chicago uses blockchain to maintain real estate records. New York is currently evaluating four bills for the application of data storage on the blockchain. “ ” Blockchain Regulations in Europe The entire European Union has approached blockchain with a positive and welcoming attitude. The EU has taken the position that they want to actively encourage innovation. This philosophy could support the development of cryptocurrencies in two ways: -Encouraging the exploration of uses testing the impact and effect of the laws in a way that allows for a more finely-tuned and sophisticated understanding for all parties involved. -Giving entrepreneurs the confidence that their target markets will be more trusting of their solution since they are operating with the explicit legal support of the state. This approach, along with the EU’s scope as the regulator of 28 different countries, will encourage growth across the entire crypto ecosystem, and may end up transforming Europe into one of the most desirable destinations for blockchain development. Entrepreneurs are likely to move to the EU bloc to access the rich vein of available talent, as well as the positive and supportive laws. The EU has actually disclosed through its executive arm that it is working on the use of blockchain for distributed ledger based projects. EU officials have constantly stated they are looking for ways to support more innovation with distributed ledger technology. The European Commission said it was “”actively monitoring Blockchain and DLT developments”” and has work in progress to explore “”DLT benefits and challenges as well as fields for application in financial services””. The official press release stated that the commission clearly wants to “”pilot projects to foster decentralized innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society””. “ “Blockchain Regulations in Europe §2 Switzerland has gradually become the favored hub for cryptocurrency and blockchain development in Europe. This position has been enhanced through a Swiss non-profit blockchain and cryptographic technology ecosystem known as the Crypto Valley Association. The Crypto Valley Association has begun working on the development of an ICO Code of Conduct to take advantage of the ban imposed by China on token crowd sales. They are hoping to capture the Chinese and Asian entrepreneurs searching for a new home. Other countries are not as accepting of this new DLT technology and have even gone as far as classifying it as illegal and immoral behavior. There have been hyperbolic concerns most notably from China that cryptocurrencies will destabilize world financial markets. There are various pilot projects and efforts to prove the benefits of cryptocurrencies and the blockchain industry currently being tested all across Europe. Yet even now they are barely scratching the surface of the full potential of the blockchain. Country-by-Country Cryptocurrency Adoption Citizens of countries all over the world have varying attitudes about cryptocurrency. These attitudes and sentiments can be very significant to the future adoption of cryptocurrencies because politicians and regulators tend to act in consideration of the collective opinion of the public. Some countries were more accommodating at first but then became stricter, despite positive public interest, basically saying they are still not sure about the possible consequences and benefits of the technology. “ “Country-by-Country Cryptocurrency Adoption Estonia Surprisingly enough this small Baltic nation has gained a reputation for being quick to accept technological innovation. Estonia has a tech-friendly government eager to accommodate the innovative use of cryptocurrency in fields ranging from blockchain technology for healthcare and banking services; and even granting citizens the right to become what is known as “e-Residents”. As e-Residents, Estonian citizens and businesses are provided with digital business authentication. It is also one of the first countries to employ the use of a blockchain-based e-voting service that enabled people to become shareholders of NASDAQ’s Tallinn Stock Exchange. This fascinating and highly innovative country is now host to a number of Bitcoin ATMs and startups, like Paxful. They are cryptocurrency friendly, and cryptocurrency user friendly as well. Estonia also has highest internet penetration rates in the world. Estonia may be a fine place to consider basing your ICO due to the friendly legal and regulatory environment. This and a lot more you can learn on our website: www.ubai.co! “ “Country-by-Country Cryptocurrency Adoption The United States of America The USA is the world’s dominant superpower, and it should come as no surprise that it has the highest number of cryptocurrency users in the world. It also has the highest bitcoin trading volume and the highest number of bitcoin ATMs. Powered by Silicon Valley, which is home to a lot of cryptocurrency and blockchain startups, the US stands at the forefront of all things relating to cryptocurrency worldwide. Many other nations are planning to follow the US lead concerning cryptocurrency regulations. This means the USA will serve as the testing ground for cryptocurrency and crypto-regulation in the years to come. This is likely where the future regulatory framework will take shape. Bitcoin in particular has shown massive growth in the US. This can only be interpreted as a strong tailwind for a positive regulatory environment because the population at large supports blockchain technology. For the moment, due to regulatory paralysis and the resultant legal vacuum, ICOs are strongly advised against raising funds or basing operations in the US. The SEC has been particularly strict in its enforcement of securities and investment law which require an ICO to do an oppressive amount of compliance work. “ “Country-by-Country Cryptocurrency Adoption Denmark When it comes to technological advancements and the standard of living of its citizens, Denmark is among the world leaders. It is considered one of the most developed countries in the world. It is also at the forefront of countries looking to reduce the use of cash money and advance to the use of 100% digital currency. As such, sentiment among the general public and political sphere actively supports the adoption of cryptocurrencies as a means of payment. The only question left is which particular cryptocurrency system to adopt. It is still unclear whether bitcoin is the one, or BTC will mainly just be accepted as a means of exchange. There are also discussions in Denmark about when to redesign its national financial system; this would be a “world first”, and a radical leap forward for cryptocurrencies. Another fascinating thing is that the Danish Central Bank has declared BTC as a non-currency; meaning its use is not subject to the country’s currency regulations. Some of the top bitcoin startups and exchanges such as CCDEK have their foundations in Denmark. With its open market and encouraging regulatory framework, Denmark might very well rival Switzerland in Western Europe for the position of the continent’s preeminent ICO and blockchain industry hub. “ “Country-by-Country Cryptocurrency Adoption Sweden Sweden is quite similar to Denmark, for its social and demographic climate, and also for the government’s desire to eliminate cash. The Swedish Riksbank recently introduced negative interest rates. This can cause a spike in the demand for coins in the near future as citizens look for the best way to preserve their wealth. Negative interest rates like we have seen in Europe and Japan also, actively corrode savers’ wealth because people are actually paying a percentage of their savings to the central bank to hold their cash, in addition to losing out to inflation at the same time. Sweden has taken the boldest step yet in all of continental Europe to legalize cryptocurrency. The country legalized the use of BTC and other cryptocurrencies as a means of payment by official public declaration. It is however expected that exchanges should file for a license in accordance with AML/CTF and KYC regulations. Sweden is also home to a number of cryptocurrency startups such as the Safello Bitcoin exchange, and Stockholm-based KnCMiner. The gradually increasing trading volume of cryptocurrency has been a good indicator of the country’s appreciating demand for cryptocurrencies. “ “Country-by-Country Cryptocurrency Adoption The Netherlands The Netherlands is quite fascinating in its own right. How can a country not be referred to as Bitcoin-friendly when it can boast about having its own “Bitcoin City”? There are over 100 merchants that sell goods that can be purchased with cryptocurrency in Bitcoin City. There are no regulations restricting the use of BTC in the Netherlands under the Act on Financial Supervision of the Netherlands. This explains why a lot of startups, BTC ATMs, and even a Bitcoin Embassy can be found in the heart of Amsterdam (the capital of Netherlands). The friendly climate for cryptocurrency has led to a lot of very active bitcoin communities across the nation hosting regular meetups and other events. The country’s banking sector has been looking to incorporate BTC and blockchain to reduce costs and improve banking technology. The Netherlands is also a popular location for many important bitcoin conferences and bitcoin companies such as BitPay. The Netherlands is increasingly becoming a prominent place for ICOs and blockchain related businesses to base their operations. “ “Country-by-Country Cryptocurrency Adoption Finland Well-known as the home of Nokia, Finland has constantly been at the forefront of technological innovation, just like its other Scandinavian neighbors. The Finnish Central Board of Taxes (CBT) has even gone as far as classifying bitcoin as a financial service, exempting it and cryptocurrency purchases from the VAT. What more could be better for Bitcoin? Finland also boasts a significant number of BTC ATMs despite its small population. The capital of Helsinki alone is reported to have 10 ATMs for BTC. The country is also home to top exchanges such as FinCCX and Bittiraha.fi. As of January 2016, the most expensive bitcoin sale took place in Finland. It involved the sale of a Tesla Model S worth over €140,000 at Auto-Outlet Helsinki Oy. Canada Canada is home to a variety of bitcoin startups and ATMs. It is considered to be more favorable toward cryptocurrencies than the USA. The country has two cities on its eastern and western coasts, Toronto and Vancouver, that are recognized as “Bitcoin hubs”. Canada has a vibrant cryptocurrency community and is home to startups such as Decentral, the Vanbex Group and a large number of merchants who accept cryptocurrencies as payment. Vancouver is known to have over 20 ATMs while Toronto is well-known for holding large cryptocurrency conferences. There has been constant growth in cryptocurrency trading volume in the country. Canada might be the best location in North America to base an ICO or operate a blockchain business due to its supportive regulatory environment and a rich ecosystem for cryptocurrency, with human talent, ATMs and other tools, etc. “ “Country-by-Country Cryptocurrency Adoption United Kingdom The UK is one of the absolute top financial hubs in the world. It is also a center of innovation. There are a large number of bitcoin and blockchain related startups, BTMs and active communities. All of the previously listed crypto-friendly features make the UK a very desirable environment for bitcoin. The UK has identified the inevitable need for a new payment solution and is gradually bracing itself for a widespread adoption of cryptocurrency in the future. There are even a few local pubs that accept BTC as a means of payment. It is also interesting to note that the Bank of England has been closely monitoring bitcoin technology and has requested ideas from citizens on the improvement of its monetary system. Bitcoin is presently seen as “private money” where VAT is imposed from suppliers of goods and services that accept cryptocurrency as payment. Profits and losses incurred from cryptocurrency trading are also subject to capital gains tax, just as in the US. In the UK, it has become increasingly clear that BTC can be part of a bigger story, and the trading volume indicates steady growth. There are not clear laws against cryptocurrencies at the present time. But the lack of regulatory momentum suggests we may see more positive developments soon. One thing to keep in mind, while the Brexit is still in progress, the British government may be more likely to legislate on non-core issues. “ “Country-by-Country Cryptocurrency Adoption Australia The major banks in Australia have been quite hostile toward bitcoin, but at least the country has removed the burden of “double taxation” on cryptocurrency. This was good news to the local business community because blockchain startups had begun to leave the country as a direct result of unfavorable taxation and closure of bank accounts. The use of BTC still remains unregulated, there is no law or regulation restricting the use of cryptocurrencies by Australian citizens. Cryptocurrencies are regarded as a form of property in Australia, and purchases with BTC, for example, are referred to as “barter”. The Australian Securities Exchange (ASX), you will remember, is transitioning its CHESS verification system to a blockchain solution that should go live at the beginning of 2019. Cryptocurrencies in Australia are seen a lot like they are in the US. Topics like the imposition of capital gains tax, concern about securities law, the legal debate about using cryptocurrency as payment for goods and services, etc., are all problematic for regulators. While the general population is quite comfortable and supportive of cryptocurrencies and blockchain solutions, at the present it is not a high priority for the government to legislate or regulate. “ “Taxation and Cryptocurrency Tax is of course one of the most important factors in financial matters on both a personal and corporate level. Taxes greatly influence investment decisions and returns, regardless of industry or size. It is one of the first things every individual or group considers before investing. Notably, in Australia and the USA, cryptocurrency gains are treated as capital gains and taxed at up to 50% of the return. Some countries have low cryptocurrency taxes specifically to encourage the blockchain industry. By offering a more competitive tax rate, countries are implicitly supporting cryptocurrency and actively trying to offer a better return profile than other countries. We will discuss the different taxation regimes in a wide range of countries so you can ascertain the financial advantages and disadvantages of a variety of locations. Belarus Belarus charges 0% in taxation until 2023. That exemption is specifically for cryptocurrency exchanges and transactions. This has been done to help Belarus build a special economic zone, referred to as ‘HTP Belarus’. Their goal is to have an economic zone strong enough to compete with the likes of Silicon Valley. The government of Belarus has also declared smart contracts as legal documents. Anyone looking to set up a blockchain company or a cryptocurrency startup should seriously consider Belarus. It has a supportive regulatory and legal environment which actively encourages the blockchain industry and does not impose punitive taxes upon those inside the industry. “ “Taxation and Cryptocurrency Portugal Any and all personal income received from cryptocurrency transactions is tax-free in Portugal at the present moment. Income from cryptocurrency trading is categorized as something legally different from traditional income or capital gains. The Portuguese government stated clearly that any kind of sale of cryptocurrency does not fall under capital income or capital gain. If an individual is however found to be carrying out professional activity, or any business activity related to cryptocurrencies, that is a different matter and such income will be subject to taxation. From a personal perspective, Portugal is one of the leading countries where an individual can carry out their cryptocurrency transactions and enjoy a decent standard of living in the same country too. However, for ICO and Blockchain businesses it is not recommended to base your operations in Portugal. China China is famous the world over for being home to some of the largest cryptocurrency mines and many active cryptocurrency investors; yet at the same time China makes it illegal to conduct any cryptocurrency related business or investment. But China still has an especially attractive environment for investors. Hong Kong runs on a policy of zero VAT or capital gains tax so it is easy to recommend you base your business there. Hong Kong also stands out as a major financial hub in the heart of Asia. “ “Taxation and Cryptocurrency Netherlands Actually, Netherlands was the first country to make use of a non-zero tax rate policy for cryptocurrencies. So, it may seem reasonable to expect a discouraging tax situation. But the fact is, Netherland’s tax policy is rather advantageous for cryptocurrency. They have a very simple, low-tax regime. Cryptocurrency assets need to be declared with the total assets owned by an individual at the beginning of the year to assess their value. Cryptocurrency gains will be taxed at the highest tax bracket for capital income of just around 5%. The Netherlands is strongly recommended as a good country to work and live in, from both a personal and corporate perspective. Germany Germany is the economic center of the EU. This makes it a great place to start a cryptocurrency or blockchain company. Financial technology has been thriving there for more than ten years, and Germany has favorable cryptocurrency laws too. Bitcoin and cryptocurrency assets have a 0% tax when used in making payments due to no VAT levied for making payments with BTC, because there is no “value added” through cryptocurrency as a fiscal product. Germany offers a moderately compelling case for both blockchain business and individuals. While the tax rate on income at the company level is not competitive, the ability to pay for services in crypto as well as hold cryptocurrency assets and sell them at zero percent taxation rate is compelling. “ “Where to Base Your ICO Let’s talk about the countries that are most accommodating with regard ICOs. Start-up ICO companies, like any company, essentially require three key principles for operation. The first is a sound legal and regulatory framework wherein the rule of law is preserved and business encouraged. The second is the ability to hire or acquire talented individuals to work at the firm. The third and final is the tax system and access to associated financial systems in order to allow the enterprise to succeed. Estonia This country is, perhaps surprisingly, widely referred to as the most digital society in the world. Estonians are known to be pathfinders deeply involved in setting up an efficient, secure, and transparent internet ecosystem. The country ranks first when it comes to the number of ICOs per inhabitant. It has an incredibly supportive tax regime, actually among the most competitive in the world, as well as a deep pool of talent across all areas of the digital spectrum. Estonia offers possibly the most supportive and friendly regulatory and legal framework in the world for an ICO. This, in combination with a zero percent tax rate at both a personal and corporate level, combine to make Estonia one of the single most appealing locations from which you can launch and operate your ICO. “ “Where to Base Your ICO Singapore Singapore is another important regional hub in Asia for its strong rule of law as well as low taxation. The country offers one of the highest standards of living in the world. It is centrally located in the heart of Asia, so it easy to travel and recruit talent from surrounding countries. At the present there are not any specific regulations targeting the blockchain industry, but it is one of the world’s largest countries by funds raised for ICOs. It has a competitive tax regime in combination with strict AML and KYC. All of these factors make Singapore Asia’s leading location to launch and base an ICO. The regulatory situation around the world may seem rather complicated. That is because it is. Laws and regulations are changing rapidly all over the world. And the regulatory framework is the most significant point of concern for a startup ICO. You should carefully study not only the current regulations surrounding your particular venture and how its tokenomics affects its classification, but you also need a reasonable sense of where the country is likely to be six months or a year later. Ideally you would base your ICO in a country that is supportive now, and all timeframes into the future with a competitive and legally sound tax system. Where to Base Your ICO Slovenia Slovenia has recently transformed itself into the leading destination for blockchain technology in Europe. The government of Slovenia has placed a strong emphasis on the study of blockchain technology in public administration, and there has been an amazing success rate for ICOs in Slovenia. While the Slovenian government is a leader in terms of adopting cryptocurrencies, its rate of taxation is still considered quite high at 19%, even though that is still lower than other European countries. ICOs are considered to be normal business activities where you are taxed based on the funds received from an ICO less the expenses of doing business. Switzerland Switzerland is trying to remain relevant for the blockchain industry and for ICOs. The Swiss finance ministry is actively trying to attract investors to the country. Switzerland is considered a very important crypto location due to fact it was home to four of the largest ICOs in the world. The country is also very attractive to investors because of its friendly regulations and digital expertise. The taxation and regulatory environment is extremely secure and positive towards the cryptocurrency and blockchain industry in general. Are there successful ICOs that have originated from the specific countries considered? Read the full article to get the answer! UBAI.co Learn more about our STO and ICO marketing services right now! Contact me via LinkedIn: LinkedIn
Which is the best country to open a crypto trading exchange?
Among such countries as USA, Denmark, Sweden, Estonia and Malta I would also mention Finland. "Suomen Pankki" (SP) (Finland's Central Bank) may be considered a hero role model for other EU financial watchdogs to follow. Not only its officials have been closely monitoring crypto-currencies market for years, gradually deepening their understanding of decentralized digital money environment, but also bank's official statements are remarkably different in its measured and thoughtful tonality from wild, almost maniacal crypto-hunt reports issued by some EU financial institutions. For example, in January 2014, in the wake of anti-crypto-mania SP published on its web-page the following testimony, which was surreptitiously named "Bitcoin involves risks". Sure, as any other government backed, coercive, centralized financial gatekeeper, which job is to preserve the stability of the current fractional reserve monetary system, SP is far from being "pro-Bitcoin" in it. Still, when SP's communique says, for instance - "Use of Bitcoin does, however, involve risks for the user, and its value vis-a-vis official currencies has fluctuated significantly." and "The value of a virtual currency is based on supply and demand only. Authorities or other public bodies are not responsible for the purchasing power or stability of Bitcoin, and it can lose its value." that sound like reasonable, although, negative statements, which, however, do not try to invoke readers' fear or to speculate on public ignorance. There's no surprise, then, that Finland today possesses one of the most crypto-friendly legal environment on the planet. Even though Finnish tax authorities fully tax all profits derived from crypto-transactions, virtual currencies are exempt from VAT. Additionally, you are not require to obtain a special banking license or to follow KYC rules in order to run a local crypto-broker. As usual, government's friendly approach to crypto-businesses is gratified by the surge of entrepreneurial activity in the country. For example, Finland, among other big technological companies, already harbors World's biggest P2P Bitcoin exchange. Business Notes for Startups Founders: political climate: friendly; economic climate: moderately friendly; regions to focus: locally; industries to focus: e-commerce, marketplaces, SaaS, FinTech and e-games; major limitations: slow economic recovery (GDP growth rate is 3%), relatively small economy, very high taxes (personal income tax exceeds 50%), high costs; stimulus: high-income population, well developed infrastructure (fixed Internet penetration rate at almost 100%); opportunities: to create an e-business aimed at young generation of urban mobile Internet users in such sectors as FinTech, e-games and entertainments. Cryptocurrencies and ICOs (outlook): legal (positive) . The author: Svyatoslav (Svet) Sedov Angel investor and founder of The First International Incubator for Silicon Valley Companies (FirstInternational.In) in the Bay Area, CA, USA. Twitter: https://twitter.com/SvjatoslavSedof
Sign-up for Binance Jersey Fiat Exchange At this time, the digital currency exchange market is filled with a wide variety of choices, therefore choosing the right exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users. Binance is a popular cryptocurrency exchange which was started in China but recently moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. While the company is still fairly new on the market ( it launched last year ), it has managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, professional attitude and friendly CEO and also due to its low trading fees. Binance Website In our review, we will attempt to outline everything that you must know about Binance, including how it works, the crypto pairs that you can exchange, trading fees/limits, security aspects, and customer support. Visit Binance » How the Exchange Works Contents [Show] Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading- basic and advanced. Neither the basic, nor the advanced versions are bound to be easy to use for complete beginners. However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services. The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history. 3Commas This is what the basic view looks like : Binance Trading View The Basic view is nicely designed and well laid out, all the information you need is clearly presented with prices on the left, graphs in the center along with the buy and sell boxes and the trade history is presented on the right so you can quickly see what the latest trade prices were. And this is what the advanced view looks like: Advanced View The advanced view uses a dark theme and makes the trading charts larger and the latest trade prices are displayed on the right with the buy sell boxes underneath. Which you choose is a matter of preference really, I like the lighter colored basic view and find the layout a little easier to use. Binance Signup & Login To use the exchange, users will first have to create an account. The process behind this is fairly simple and straight-forward and you don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that. Time for verification can vary depending on how busy the site support staff are, so make sure to plan ahead if you wish to withdraw larger amounts and make sure this step is complete before depositing and trading large sums on the exchange. ID Verification Now, that this is out of the way, users can go ahead and fund their Binance account. While you can choose from a multitude of digital currencies, it is recommended that you stick with either BTC or ETH. To fund your account visit the “Funds” > “Deposits / Withdrawals” link at the top of the site and find the currency you wish to send, then click the “Deposit” button next to it which will then you give you the wallet address. You can then send your funds to this address to begin trading on the platform, depending on which currency you deposit it will take different times to show up as this is reliant on that currencies blockchain. Some currencies like Ethereum are faster than Bitcoin which can take a while. Binance Wallets Now that your account is funded, you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens. At this time, the platform can only be used to generate limit and market orders. This has been considered a disadvantage by some, as many expected trading options that would be more advanced. Following the placement of your order, simply wait for it to be fulfilled according to the terms that have been set. How to Trade on Binance Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before. To get started, make sure you have deposited some funds – there are options for trading pairs in BTC, ETH, BNB and USDT. Once you have your funds, at the top right menu, select “Exchange” > “Basic” or “Advanced” to load the trading screen. We will be using the Basic view. Binance Trading View On the right hand side, of the screen select a tab from BTC, ETH, BNB or USDT this is what you will be trading in. Then choose your desired currency from the list. You can also search here and you can create a favorites list by clicking the star next to any currencies. Choose currency to buy Once your desired currency has loaded, take note of the left-hand column which shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half. The number in the middle shows the last sale price. Buy and Sell Prices Now to place a buy order, use the center box underneath the graphs and you will see the buy box is in green on the right. You can manually enter a price you wish to purchase at, but a better way is to click a number on the left-hand column. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill it with an amount based on how much of the buying currency you have ( in this case BTC ). Buy Order Once your order is placed it will be show underneath in the “Open Orders” section until it is filled. At that point your new currency will be available under the “Deposits / Withdrawals” menu where you can withdraw it to the wallet of your choice. Supported Crypto Currencies Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well. Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road. They currently offer trading pairs in BTC, BNB, ETH and USDT. Binance Markets Binance ICO & BNB Coin Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders. Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining. Binance BNB Coin If you’d like to read more about the BNB Coin, check out our indepth guide. Binance Fees & Limits At the time of writing, Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time. Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will be paying for withdrawals: COIN CODE Fee Unit Binance Coin BNB 1 BNB Bitcoin BTC 0.001 BTC Ethereum ETH 0.01 ETH Litcoin LTC 0.01 LTC Neo NEO Free NEO Qtum QTUM 0.01 QTUM Status SNT 10 SNT Bancor BNT 1.2 BNT Eos EOS 0.7 EOS Bitcoin Cash BCC 0.0005 BCC Gas GAS Free GAS USDT USDT 50 USDT When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport. Binance Competitions A unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. Some examples of competitions in the past include Waves and Tron. The waves competition gave away 20,000 Waves to Traders based on how many trades they have made of this currency. The other competition for Tron (TRX) gave participants the chance to win a Maserati car, Mercedes Benz car, a Macbook Pro or a iPhone X. Again, the winners were the people with the highest trading volume of this currency. The current rankings show that the person in first place had over 358 BTC volume in trades so you will need to be a whale to be in with a chance of winning first prize. There are other regular competitions though, so keep an eye on the site for your chance to enter. Is Binance Safe? While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously. Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture. Update: In March 2018 Binance suffered a hacking attempt. The hackers tried to pull off an audacious move which was luckily caught by the automated systems in place at the exchange. For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. They then struck, converting all the victims altcoins to BTC and purchasing Viacoin, pumping the coin to a huge price and then selling their own supply of Viacoin at the high point, before trying to withdraw the BTC to their own wallets. Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers, whose funds will be donated to charity. As this hack was made possible by people entering their site logins and 2FA details into a fake website, you should always make sure you are on the correct Binance url before logging in. We recommend you bookmark the site and only use that to access it, never click links from emails, Twitter, Telegram etc. This event has done a lot to instill confidence around Binance, not only did their automated processes catch the attempted hack before anyone lost any funds, they have since offered a $250,000 bounty to anyone who can help catch the hackers. Throughout this event, Binance acted exemplary and have been praised for their swift action in resolving this. Binance Customer Support For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team. Binance Customer Support Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works. Binance FAQs It should be noted that customer support on Binance has been known to be slow to respond to customer requests. This is a familiar phenomenon with most of large exchanges and is due simply to the volume of users and amount of support staff. The exchanges have grown at an explosive rate this past year and the companies simply haven’t been able to keep up with demand. Binance grew fast especially, going from launch to the largest exchange on the planet in a few short months. Support staff for exchanges have to be carefully vetted and trained due to the technicalities and security requirements involved – unlike other traditional companies where staff can be trained quicker. Some things to bare in mind are double-checking wallet addresses, make sure you are sending the correct cryptocurrency to it’s corresponding address on the site. Mixups with wallets are one of the biggest mistakes people make when using exchanges. Other things to note are, try a smaller test payment first if you plan to transfer large sums – it may cost you a little more in fees but will be worth it for peace of mind. If you do need to contact support, make sure you provide them with enough information to be able to help you first time. Include wallet addresses, times of transactions and any other information you think they might need to help speed up the process. The Move to Malta In March 2018, Japanese Newspaper Nikkei reported that Binance was trading in Japan and not following their official regulations. This caused some turbulence in the markets until Binance made an official announcement that they were going to be moving operations to the crypto-friendly island of Malta in Europe, stating : After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework. This is good news for the company and they even received a warm welcome from the Prime Minister of Malta on Twitter. Binance also announced that they were in talks with Maltese banks with the goal of providing Fiat transactions, meaning they can offer an on-ramp for fiat to crypto transactions in future along with fiat trading pairs on the exchange. More good news for Binance, it seems as their profile and reputation within the industry continues to grow. Launching a Decentralized Exchange More recent news for Binance and what seems like good news BNB holders is the fact that they are planning to launch their own Decentralized Exchange ( DEX ): “After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.” The BNB digital asset, now an ERC-20 token, will migrate as the native token of that network and be used for paying the trading fees on the new exchange. Launching a Decentralized Stock Exchange More good news recently for Binance is that they are partnering with Neufund to build the world’s first Decentralized Stock Exchange. Alongside the Malta Stock Exchange, they are aiming to create a regulated and decentralized, global stock exchange for listing and trading tokenized securities alongside crypto-assets. According to CapLinked, the market cap of equity tokens alone is projected to reach $1 trillion by 2020 and thanks to the partnership with MSX, a subsidiary of the Malta Stock Exchange and Binance, Neufund will become the first end-to-end primary issuance platform for security tokens, in particular, equity tokens. It will secure ways for secondary trading of equity tokens and enable companies around the world to fundraise on Blockchain in a legal way while offering much-needed liquidity. This is more positive news for Binance as they aim to consolidate their position as the world’s number one Crypto Exchange. Binance Jersey Launch – Now Supports Fiat to Crypto As of 16th January 2019, Binance has announced the launch of a new Fiat to Crypto exchange named “Binance Jersey“. The trading platform is live and active and allows you to trade in fiat currencies such as euros and pound sterling, with Europe being their target market. We have now carried out a full review of Binance Jersey, so take a look for more indepth details about the new platform. Binance Jersey Visit Binance Jersey » At the time of writing they are only offering four trading pairs with more to follow soon: BTC / EUR BTC / GBP ETH / EUR ETH / GBP Supported Jurisdictions: Argentina Eswatini (formerly Swaziland) Latvia Romania Armenia Finland Liechtenstein Singapore Australia France Lithuania Slovakia Austria Germany Luxembourg Slovenia Azerbaijan Gibraltar Macau South Africa Belgium Greece Malta South Korea Brazil Hong Kong Mauritius Spain Bulgaria Hungary Mexico Sweden Canada Iceland Monaco Switzerland Chile Ireland Netherlands Turkey Croatia Israel New Zealand United Arab Emirates (UAE) Cyprus Italy Norway United Kingdom (UK) Czech Republic Jamaica Peru Uruguay Denmark Japan Poland Estonia Jersey Portugal Customers who wish to trade in the support fiat currencies will need to carry our KYC procedures by uploading their ID documents such as passport and driving license. Wei Zhou, Binance’s CFO released this statement about the launch : “Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption”. If you are familiar with trading on Binance, then you will feel at home on their new exchange – it uses the same engine and the trading screen is laid out in the same fashion with the option to choose between Basic and Advanced views: Binance Jersey Trading Screen To fund your account in fiat, you will first need to complete the KYC process, once that is done you can then deposit funds directly from your bank account by linking it from the Deposits screen. You can also fund your account with BTC or Ethereum. Once you have your account setup and bank account linked, you can also withdraw funds in fiat currency – this is great news as Binance is now able to offer a way for investors to cash out their cryptocurrencies. We have upgraded our review scores below and we feel this is a huge improvement to Binance’s Exchange offering, if they manage to roll this out to even more countries ( USA is currently excluded) it could be a game changer as people now have an extra, regulated fiat on and off ramp for their holdings. Buying Bitcoin with Australian Dollars On March 20, 2019, Binance announced the launch of Binance Lite Australia, the continent’s first fiat gateway to the world of cryptocurrencies which provides a secure, reliable, and easy to use way to buy Bitcoin with cash in Australia. The cash-to-Bitcoin brokerage service operates via a network of over 1,000 newsagents across Australia, and currently allows anyone to buy Bitcoin using Australian Dollars (AUD), and there are plans to include additional digital currencies and fiat purchasing options in the future. Users must first undergo account verification on Binance Lite, and after being successfully verified, users can place online orders and deposit cash at their nearest newsagent, in order to receive their pre-ordered Bitcoin. The Binance Lite brokerage service is operated by InvestbyBit, an independently operated subsidiary of the Binance.com cryptocurrency exchange. The service aims to simplify the process of purchasing cryptocurrencies and make digital assets such as Bitcoin readily accessible across Australia. Fees A 2.5% transaction fee (50% discount applied) plus GST on the transaction fee for each purchase is currently being charged as an introductory rate. Therefore, for a $50 order, the transaction fee will be $1.22 and the GST will be 10% of the transaction fee, which is $0.12. Limits The system is currently in its Beta phase, and the minimum purchase amount has been lowered to $30 with the maximum purchase amount capped at $1000. These limits may change over time and only multiples of $10 are being accepted, such as orders for $50, $60, $70 etc. Verification First time customers are required to go through a one-time Know Your Customer (KYC) document verification. When using the service, it’s necessary to follow the instruction prompts after the order page and go through the verification. In order to complete the verification process, it’s necessary to submit 1 or 2 forms of government issued ID documents as a Passport, Driver’s Licence, or Medicare card, in addition to your residential address. Any returning customers, who have already completed KYC verification, will be sent to the order summary page directly after opening a new order. Each account is linked to a mobile number, and users should ensure to use the mobile number provided when first completing the verification process. Anyone choosing to use a new mobile number will be required to complete the ID verification process once again. Paying by Debit and Credit Card Binance allows users to make debit and credit card payments for cryptocurrencies via a partnership with Simplex. It’s possible to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP tokens by Visa and MasterCard and the benefits of using a debit or credit card on Binance include: Swift Transfers: Average 10-30 mins for cryptocurrency to reach your wallet Low Fees: only 3.5% per transaction or 10 USD, whichever is higher Convenient: Visa and MasterCard accepted In order to purchase the supported cryptocurrencies with a debit or credit card, users can first go through the official instructions page and then visit: https://www.binance.com/en/creditcard. Binance Launchpad and Initial Coin Offerings (IEOs) Binance Launchpad is the exchange’s token launch platform that aims to connect blockchain projects with the greater cryptocurrency community and enable projects to raise funds while interacting with Binance’s significant user base. In December 2017, the BREAD and GIFTO projects were able to hold successful token sales on Binance Launchpad and projects such as BitTorrent and Fetch.AI have also held successful launches in 2019. The platform makes use of the exchange’s native BNB token and rewards users for holding the token as well as allowing it to be used to participate in token sales. Read: What is an IEO? How Token Offerings Work on Binance Launchpad The ability to part in token offerings continues to attract a significant amount of users to Binance and it’s necessary to go through a number of steps in order to get used to the Launchpad platform. Anyone interested in a project should first go to the Binance Launchpad website and click on the project page and thoroughly research any of the projects on offer. If not already done, it’s also necessary to complete your Binance account verification, as token sales are carried out in compliance with the regulatory requirements in supported user jurisdictions. The Lottery System Binance Launchpad operates a lottery system which sees that the number of lottery tickets you can claim being dependant on the amount of BNB tokens you hold in your Binance account over a 20-day period leading up to the day of the lottery, with a maximum of up to 5 tickets per eligible account. The 20 days leading up to the lottery draw date is represented by X below, and by example, 100 ≤ X < 200 means that your BNB balance over the entire 20-day period is kept at 100 BNB or more, but does not exceed or reach 200 BNB. A snapshot at 0:00 AM (UTC) each day records each user’s BNB balance, and should your BNB balance drop below the minimum balance required on any given day during the 20-day period, they will be put into the lower threshold. For example, if User A holds 301 BNB for 19 of the 20 days but their balance drops to 299 BNB on one day. They will move to the lower threshold and only be eligible to claim 2 lottery tickets. Before the actual lottery date, users are given a 24 hour period to select how many lottery tickets they wish to enter, with the maximum number based upon their BNB holdings over the previous 20 days. Here, if a user submits an entry of 5 tickets and 2 tickets end up winning, they are committed to pay for 2 ticket allocations (in BNB) for the tokens. Each lottery ticket has a unique number with multiple lottery ticket holders, obtaining tickets with consecutive numbers. For example, when claiming 5 tickets, the tickets may be numbered 100010, 100011, 100012, 100013 and 100014. Once the 24 hour period ends and all tickets have been fully issued, Binance begins to randomly select multi-digit numbers. These are matched against the tail digits of all issued tickets in order to determine the list of winners. The selection process continues until the maximum number of winners are matched, and the respective BNB is deducted from each winning user’s balance, as soon as they are deemed a winner. Binance announces the maximum number of potential lottery ticket winners, and the allocation amount corresponding to each winning ticket in advance. Conclusion Currently, the matching engine of the exchange is capable of processing approximately 1.4 million orders each second, hence making it one of the fastest exchanges available on the market. Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5. Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean and Japanese. Based on everything that has been outlined so far, Binance is undoubtedly the leading Cryptocurrency Exchange and offers great fees and awesome digital currency support. As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients. We are happy to recommend Binance and have added it to our list of the Best Cryptocurrency Exchanges. Update, April 2019: We have continued to update this review since Binance was first launched ( we were one of the first to offer a review of the platform at the time ). And as time has progressed, time and time again Binance have proven to be one of the very best, if not the best, exchanges available. Their CEO Changpeng Zhao (CZ for short) has been part of the cryptocurrency community and shown high standards of integrity. Binance the exchange has continued to innovate, bringing new products to market and new options for purchasing and trading cryptocurrencies to all corners of the globe.
Wire: Bloomberg First Word (BFW) Date: Jun 4 2015 12:00:00 Bitcoin ‘Problematic’ as Payments System, ECB’s Liikanen Says By Raine Tiessalo (Bloomberg) -- Bitcoin “isn’t subject to the most basic principles governing payment systems,” including know-your-customer, according to European Central Bank Governing Council member Erkki Liikanen.
Says Bitcoin’s “continuity of operations and contingency planning are problematic,” and fluctuations in Bitcoin value “impose additional costs”
Says payments systems should meet five criteria: technical efficiency, accessibility and non-discrimination, efficient and cost-based pricing, operational stability with contingency plans in case of problems, and international compatibility
Says none of new virtual currencies meet those standards
Says “there’s again a risk that future payment systems will become fragmented with the emergence of new payment methods. It would be better to set the harmonized guidelines before this fragmentation actually happens”
Liikanen, who also heads the Bank of Finland, comments in copy of speech given in Helsinki
NOTE: Bank of Finland said in Jan. 2014 Bitcoin is a commodity rather than a currency
Any thoughts on this? I don't see current conventional payment systems being absent of any of these problems. Especially when it comes to cross-border payments.
Back to 2008: The origin of the blockchain, where the dream begins
[My great achievements shall be cast on bronze, carved on marble and engraved on wooden boards forever. When these deeds are circulated in the world, the age of happiness also come. Cervantes Don Quixote] On the occasion of the tenth anniversary of the birth of this bitcoin, I sent this sentence to Satoshi Nakamoto, paying tribute to this great era. www.fmz.com 01 The clock goes back to 2008, and the world is struggling with the worst global economic recession in half a century. This extraordinary shock has caused serious trade shackles and led to the collapse of several large financial institutions. Due to the global integration and the development of various well-designed financial products, the world financial system has expanded into an interdependent, closely-knit ecosystem. The crisis has developed like a fire, and central banks and policy makers seem to be unable to do anything. The crisis was caused by policy makers. In order to stimulate the economy, governments implemented loose monetary policies and deficit finances to stimulate residents to increase leverage and excessive consumption. Financial institutions also ignored high-risk operations and created asset price bubbles. Policy makers and supervisory authorities disregard risks, subjectively causing the lack of financial supervision and laxity; financial institutions intensified and amplified risks in order to pursue short-term interests. https://preview.redd.it/p0jdzz3u5zl11.jpg?width=500&format=pjpg&auto=webp&s=f4b1ea6e0b09df16ce04a989d3d6a1381f722b0f Film The Big Short is drawn from the global financial crisis in 2008 The irony and helpless thing are that global policy makers tried to quickly start the economic recovery after the financial crisis, and all countries entered the era of monetary easing, and the currency issued by most countries in the world far exceeded the historical average. In this unprecedented campaign of printing money, global asset prices started a new round of skyrocketing, causing severe inflation and overcapacity. So far, it has not been cleared, and it has become an unsuccessful shackle that has kidnapped economic policies. No one is satisfied with such a robbery policy with money in the bank enduring the actual negative interest rate exploitation. Who wants to see that money earned by his hard work is diluted by inflation? It's time to change the rules of the game and make some new attempts. FMZ 02 The popularization and application of computer technology and modern communication technology is the fifth information technology revolution defined in the book. It has promoted human society into the digital information age, which has brought about tremendous changes in our production and life style. We benefit from this, chatting, reading, playing, shopping, socializing, completing work and life on the Internet, killing boring and lonely time. Some excellent and great companies were born, as well as some opportunistic generations. Those who are accustomed to the network, in the harsh content review and speech control environment, are familiar with the 404 page, which is the characteristic daily page under the authority system. An HTTP 404 error is a page that the server returns if it cannot provide information properly or cannot respond not knowing the reason when a client browsing a web page. The HyperText Transfer Protocol (HTTP) is the most widely used network protocol on the Internet. All WWW files must comply with this standard. Although the TCP/IP protocol is the most popular application on the Internet, the HTTP protocol does not stipulate that it must be used and based on the layers it supports. In fact, HTTP can be implemented on any other Internet protocol, or on other networks. https://preview.redd.it/mi9il6tw5zl11.jpg?width=437&format=pjpg&auto=webp&s=692f5210265d8c68757dc6e8e21b733194f144d3 Take a closer look at the HTTP status code, not far from “404 Not Found”. We can find the “402 Payment Required” that is rarely seen is described as "for later use" and is marked as "need to pay" to access. In fact, at the beginning of network design, creators hope to provide a way to transfer value. Different from the free sharing of information, it is not an easy task to exchange value freely on the Internet. Value is not data that can be “copied and pasted”. This dream can only be shelved indefinitely, and it is marked as "for later use". The problem is left to those who have enough wisdom to solve. FMZ 03 The seeds of the cryptocurrency have been planted early. In the 1980s, cypherpunk had the original idea of cryptocurrency. Some people dream of building a market full of government secrets, and those who leak news can get untrackable electronic cryptocurrency rewards. The difficulty in designing rewards is how to build a consensus that everyone recognizes, namely the Byzantine Generals Problem, which was proposed by Leslie Lamport et al in 1985 – let the local forces reach a consensus and decide whether to send troops. Extending to the computing field, establishe a fault-tolerant distributed system. Even if some nodes fail, it can ensure the normal operation of the system. It can allow multiple nodes based on zero trust to reach consensus and ensure the consistency of information transmission. I have to admit that the earth-shattering history is sometimes made by a small number of people. In 1993, Eric Hughes and a group of cryptography enthusiasts created “Cypherpunk mailing list”, and he wrote in the Cypherpunk Manifesto: “We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money”. In 1998, another cypherpunk, Wei Dai, proposed the anonymous, distributed electronic cryptocurrency system B-money. The idea of distributed thinking has emerged as the spiritual leader of the new generation of cryptocurrency. Thought collide and surging years go by, cypherpunks diligently seeking and researching, from asymmetric encryption technology, peer-to-peer network technology, hashcash algorithm, to reusable proof of work, technology is maturing. On November 1, 2008, a new post appeared in the " cryptography mailing list" titled "Bitcoin: A Peer-to-Peer Electronic Cash System". It is Satoshi Nakamoto. FMZ “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” He wrote in the Bitcoin white paper. “The most fundamental problem with traditional currencies is trust. The central bank must be trusted to not let the currency depreciate, but historically this credibility never existed. The bank must be trusted to manage the money and let it flow in electronic money, but the bank But using money to create a credit bubble makes private wealth shrink," On January 3, 2009, Nakamoto published the first version of the open source Bitcoin client, announcing the birth of Bitcoin. He got 50 bitcoins by "mining" on a small server in Helsinki, Finland, and the first bitcoin block was called “Genesis block”. Nakamoto put the headline of the "Times" on that day - "The Times 03/Jan/2009, Chancellor on brink of second bailout for banks" in the Genesis block, making a mockery of the monetary authorities, which will always be in the annals of history. https://preview.redd.it/fogcek5z5zl11.png?width=448&format=png&auto=webp&s=8b37b75cbd82730e030b487b1b9c8a07d51a0cf0 04 The bitcoin that appeared in 2009 has changed all the issues related to money, the Internet and the transfer of value. The knotty problem that plagued the network creators seems to usher in a solution. Bitcoin, which integrates P2P network, cryptography, consensus algorithm and other existing technologies, elegantly solves the problem of generating, storing and transferring exchange value on the Internet. In this system, data is generated and stored in blocks, and is chained in chronological order. Nodes that are independent of each other participate in data verification, storage, and maintenance, and are non-tamperable and transparent. specialty. Blockchain is translated into blockchain technology, which establishes a trusted mechanism for information and value transfer in untrusted networks. FMZ Satoshi Nakamoto predicted that bitcoin would be either zero or extremely powerful in 20 years.. After the promotion and development of geeks, technical evangelists, cryptocurrency enthusiasts and even keen capital, Bitcoin that was rarely known by people at the beginning has become known to all, and its blockchain technology has spread its genes and led into a new era. For the blockchain technology, governments, big capital, technology pioneers and even the general public have gradually established consensus - after the steam engine, electricity, and the Internet, the blockchain may be the next generation of disruptive core technology, and the Internet is moving toward value Internet from information Internet. https://preview.redd.it/iu1jell06zl11.jpg?width=600&format=pjpg&auto=webp&s=f6d1d46a30bac78764be4e7e2b6370adb4f14763 Although the development of the Internet is changing rapidly, the breakthroughs in information dissemination and value transmission are not accidental events. From the day-to-day exploration of researchers and enthusiasts to the application feedback of ordinary users, they have to go through a long and arduous process of evolution. As technology and demand become more stable and mature, each new stage can build something new on the basis of the previous stage. Through heavy fog of thistory, looking back at the development of the information Internet, we should have sufficient psychological preparation for the construction and use of the value Internet. Although the technology is ready-made, the large-scale popularization and application can not be done overnight. If history has a reference, our optimistic expectation is totally reasonable. The application and popularity of the value Internet will radiate energy far beyond our expectations. FMZ
On January 3, 2009, Satoshi was busy from afternoon to dusk, creating, compiling and packaging the first open source code in a small server in Helsinki, Finland. After running SH A 256 operation, RIPEM D-160 operation, and writing version type, Base 58 coding, the first BLOCK of the BTC world was created at 18:15 on January 3, 2009. This day was called “Creation Day” by BTC believers, and this BLOCK is also called “Creation block." On this day, Bitcoin (hereinafter referred to as "BTC") was born. In the past five years, BTC has experienced a lot of things. First, it was accepted by programmers and password punks in the geek circle. In their view, BTC provided a new perspective, when the cryptographic algorithm holds the open source program as weapon running on the P2P network, this is a fantasy world like "The Matrix". They quickly accepted BTC and spread its ideas. Some programmers developed third-party applications based on source code, which is also the prototype of the current BTC industry chain. Overall, this is a very legendary start. This circle is also a pure, professional group in highly ideal color. There is no power to roll, no money to chase, no speculation, and everything is only related to technology and hobbies. So, that programmer who bought a $25 pizza with 10,000 BTC in 2010 was asked if he regretted it. He replied: Pizza is delicious. But then, all of this changed slowly. In July 2010, the Mt. Gox platform was established. People in the gray economic circle began to move toward the “Silk Road”; in November of the same year, the price of BTC reached 0.5 US dollars and the BTC economy reached 1 million, which attracted the attention of the profit-seekers; in April 2011, the well-known American financial magazine "Times" and "Forbes" published reports on BTC one by one. Humanistic technologists become interested; on December 6, 2012, the first officially recognized bitcoin exchange was born in France, and the visionary government began to think... Since 2013, as the market value has risen rapidly, the debate has become more and more fierce. Former US Federal Reserve Chairman Alan Greenspan said that BTC is a bubble with no intrinsic value. Nobel economist Krugman called BTC a historical retrogression. Whether it is in politics, economics, sociology, or even science, there are strong opposition voice. No matter how many people are hostile to Bitcoin, the answer given in the book Bitcoin is: I have no enemies - I am just an open source program, a cryptographic algorithm, a new technology, a P2P electronic payment system, a good idea... Although the liberals in the technical world will give me great ideals, the anarchists in geeks even regard me as a modern belief, I just want to solve practical problems through technology and make human feel convenient in actual interaction. In 2011, he began to contact BTC. Chang Jia, the author with genius mathematical thinking, who stepped into BTC world in 2011, said that for liberals, Bitcoin is Noah’s Ark, which can carry them to a free paradise; for the Silk Road, Bitcoin is snow job; for organizations like the Bitcoin Foundation, the Bitcoin community needs to actively engage with regulators to avoid potential policy reefs. The book "Bitcoin" is mainly about "I am solving problems, not making trouble": For the government, BTC is not an enemy. As long as the nation-state still exists, the legal currency will exist; as long as the government itself respects the marketization of the legal currency, then BTC can only become a supplement. For financial capital, large financial companies such as Visa, MasterCard, and Morgan can learn from the BTC's moveable value mechanism and parasitize on the BTC node. In a further step, they can introduce third-party agreements from banks, which can promote modern finance to a full Information height. For the economics community, many economists, especially Keynesianism, feel that BTC subverts traditional economic theory, natural deflationary attributes will only encourage speculation and ignore value, but in fact BTC will eventually belong to the essence value holders and the whole society. For the media, BTC not only provides free faith, but also provides an economic self-reliance. BTC and media are inherently natural alliances. For individuals, BTC is not an enemy. Money indiscriminate causes inflation to exploit people's wealth all the time. BTC offers the possibility of additional wealth preservation. At the very least, because BTC competes with fiats, the central bank will not be too unscrupulous. In the future, the BTC world should pay more attention to the time stamp service and integrate more information into the encryption protocol not just currency; design a BTC third-party protocol access mechanism to complement and intersect with more traditional industries; strengthen decentralized Dropbox and its other extensible services. The core idea of Bitcoin is not to misunderstand the emergence of BTC, which is just to make human life better, like the Internet. The Internet doesn’t have enemies, nor does BTC.
On January 3, 2009, Satoshi was busy from afternoon to dusk, creating, compiling and packaging the first open source code in a small server in Helsinki, Finland. After running SH A 256 operation, RIPEM D-160 operation, and writing version type, Base 58 coding, the first BLOCK of the BTC world was created at 18:15 on January 3, 2009. This day was called “Creation Day” by BTC believers, and this BLOCK is also called “Creation block." On this day, Bitcoin (hereinafter referred to as "BTC") was born. www.fmz.com www.fmz.com
In the past five years, BTC has experienced a lot of things. First, it was accepted by programmers and password punks in the geek circle. In their view, BTC provided a new perspective, when the cryptographic algorithm holds the open source program as weapon running on the P2P network, this is a fantasy world like "The Matrix". They quickly accepted BTC and spread its ideas. Some programmers developed third-party applications based on source code, which is also the prototype of the current BTC industry chain. Overall, this is a very legendary start. This circle is also a pure, professional group in highly ideal color. There is no power to roll, no money to chase, no speculation, and everything is only related to technology and hobbies. So, that programmer who bought a $25 pizza with 10,000 BTC in 2010 was asked if he regretted it. He replied: Pizza is delicious.
But then, all of this changed slowly. In July 2010, the Mt. Gox platform was established. People in the gray economic circle began to move toward the “Silk Road”; in November of the same year, the price of BTC reached 0.5 US dollars and the BTC economy reached 1 million, which attracted the attention of the profit-seekers; in April 2011, the well-known American financial magazine "Times" and "Forbes" published reports on BTC one by one. www.fmz.com
Humanistic technologists become interested; on December 6, 2012, the first officially recognized bitcoin exchange was born in France, and the visionary government began to think... Since 2013, as the market value has risen rapidly, the debate has become more and more fierce. Former US Federal Reserve Chairman Alan Greenspan said that BTC is a bubble with no intrinsic value. Nobel economist Krugman called BTC a historical retrogression. Whether it is in politics, economics, sociology, or even science, there are strong opposition voice.
No matter how many people are hostile to Bitcoin, the answer given in the book Bitcoin is: I have no enemies - I am just an open source program, a cryptographic algorithm, a new technology, a P2P electronic payment system, a good idea... Although the liberals in the technical world will give me great ideals, the anarchists in geeks even regard me as a modern belief, I just want to solve practical problems through technology and make human feel convenient in actual interaction. In 2011, he began to contact BTC. Chang Jia, the author with genius mathematical thinking, who stepped into BTC world in 2011, said that for liberals, Bitcoin is Noah’s Ark, which can carry them to a free paradise; for the Silk Road, Bitcoin is snow job; for organizations like the Bitcoin Foundation, the Bitcoin community needs to actively engage with regulators to avoid potential policy reefs. www.fmz.com
The book "Bitcoin" is mainly about "I am solving problems, not making trouble": For the government, BTC is not an enemy. As long as the nation-state still exists, the legal currency will exist; as long as the government itself respects the marketization of the legal currency, then BTC can only become a supplement. For financial capital, large financial companies such as Visa, MasterCard, and Morgan can learn from the BTC's moveable value mechanism and parasitize on the BTC node. In a further step, they can introduce third-party agreements from banks, which can promote modern finance to a full Information height. For the economics community, many economists, especially Keynesianism, feel that BTC subverts traditional economic theory, natural deflationary attributes will only encourage speculation and ignore value, but in fact BTC will eventually belong to the essence value holders and the whole society. For the media, BTC not only provides free faith, but also provides an economic self-reliance. BTC and media are inherently natural alliances. For individuals, BTC is not an enemy. Money indiscriminate causes inflation to exploit people's wealth all the time. BTC offers the possibility of additional wealth preservation. At the very least, because BTC competes with fiats, the central bank will not be too unscrupulous.
In the future, the BTC world should pay more attention to the time stamp service and integrate more information into the encryption protocol not just currency; design a BTC third-party protocol access mechanism to complement and intersect with more traditional industries; strengthen decentralized Dropbox and its other extensible services. The core idea of Bitcoin is not to misunderstand the emergence of BTC, which is just to make human life better, like the Internet. The Internet doesn’t have enemies, nor does BTC. www.fmz.com
Hi everyone, My name is Caitlin Lustig (contact: [email protected]). I’m a PhD student in the Informatics department at the University of California, Irvine and I am studying the Bitcoin community. Some months ago, I put out a survey here (http://redd.it/1ojfxx) and Bitcoin Forum (https://bitcointalk.org/index.php?topic=311261.0). I had intended to give some preliminary results shortly after my survey was completed, but analyzing the results took much longer than expected. However, I am happy to say that I finally have some results that I can share with you. First, though, a few notes: I will be gathering more data in the form of interviews and will be doing more analysis over the next few months. I’ll be sure to share any papers that I publish with the community! Also, a big thank you again to everyone who participated in my survey. Some people have asked me whether I will share my data with them. Unfortunately, I cannot and will not share the full dataset. It is really important to me to keep the participants as anonymous as possible. Lastly, I know that I could really only reach people who know English with this survey, so I recognize that these results cannot necessarily be generalized to the entire Bitcoin community. PRELIMINARY RESULTS: Number of people who took the survey: 510 Observations based on open-ended questions:
Many of the participants were very against the use of Bitcoin for illegal purposes. I did not ask about illegal activity in my survey, but many people volunteered their opinion on the matter and stated that they felt dismayed that the community has been associated with illegal activities by media outlets. They felt that many people outside of the community misunderstand why someone would be motivated to use Bitcoin and tried to clear up this misinformation when speaking to non-Bitcoin users.
As for participant’s motivation, many stated that they liked Bitcoin because it is not tied to any government and it offers some degree of anonymity. Some also stated that they did not trust credit card companies, payment intermediaries like PayPal, or banks, and Bitcoin offered an alternative to all of these institutions. Another thing that came through in the survey was the participants’ excitement in being a part of something that they found cool, novel, and fun. Fun was not necessarily a word that I expected to see in the results (or one that I see associated with Bitcoin often in news articles) and I’m interested to learn more about what makes Bitcoin fun for people!
When asked about the future of Bitcoin, many participants had very high hopes that Bitcoin would revolutionize monetary systems across the world. However, some participants expressed concern about government regulations in the future and some perceived weakness in the design of Bitcoin (i.e. lack of absolute anonymity and centralization through large mining pools). They expressed the belief that a different crypto-currency would solve these issues in the future. These participants seemed to indicate that they weren’t committed to Bitcoin, per se, but to the promise and value of crypto-currencies in general.
Demographics: Most of the participants were between 25 and 34 years old, heterosexual, atheist or agnostic, American, and male. The political beliefs were varied and many participants chose multiple political labels for themselves. For those that selected at least one political label for themselves, nearly 60% selected libertarian. However, the open-ended question about political beliefs revealed that many participants had differing opinions about what these labels meant and many rejected labels or felt uncomfortable identifying with any particular label. I think, as a result, it might be unfair to characterize the participants as primarily libertarian, as the open-ended question revealed that the political views of the participants much more varied and nuanced than a label could describe. Gender:
Religion: (participants were allowed to pick multiple options)
Country of residence:
There are 39 other countries that represented the current residence of less than 1% of the survey participants: Switzerland, France, Singapore, Russian Federation, Poland, Belgium, Czech Republic, New Zealand, Spain, Italy, India, Ireland, Austria, Slovenia, Greece, Philippines, Argentina, Romania, Denmark, Croatia, China, Serbia, Israel, Brazil, Portugal, Japan, South Korea, Belarus, Malaysia, Slovakia, Mexico, South Africa, Moldova, Hungary, Lithuania, Taiwan, Thailand, Ukraine, and Benin. Most popular state for US participants: California (25.13%) Self-reported income:
44.71% higher than national average of participant’s country
27.40% around the national average of participant’s country
27.88% less than national average of participant’s country
Less than a high school degree (2.11%)
High school degree or equivalent (7.28%)
Some college but no degree (23.24%)
Associate degree (4.69%)
Bachelor degree (35.92%)
Graduate degree (26.76%)
18 to 24 (18.82%)
25 to 34 (50.12%)
35 to 44 (21.41%)
45 to 54 (6.82%)
55 to 64 (2.35%)
65 to 74 (0.24%)
75 or older (0.24%)
Political beliefs: (participants were allowed to pick multiple options)
"Great minds discuss ideas; average minds discuss events; small minds discuss people." can we please stop this culture of bashing or lifting cults of personality and get back to science? (807 points, 143 comments)
Just paid 23 cents on a $3.74 transaction. When does it end? $1.00 per transaction? $2? $5? I don't wanna stop using this peer to peer currency, but I'm fast being priced out of it. (896 points, 1017 comments)
340 points: Vaultoro's comment in Just paid 23 cents on a $3.74 transaction. When does it end? $1.00 per transaction? $2? $5? I don't wanna stop using this peer to peer currency, but I'm fast being priced out of it.
323 points: jamesdpitley's comment in "R.I.P. Bitcoin. It's Time to Move On"....funny billboard driving around in Miami
For Finland, Bitcoin does not meet the definition of a currency or electronic payment form. The country’s central bank has instead decided to classify it as a commodity. “If we look at the definition of an official currency as defined by law, it is not. Nor is it a payment instrument, because by law a payment instrument must have an issuer responsible for its operation,” explained Päivi ... Aleksi Grym, Head of Digitalisation at the Bank of Finland, has released a paper in which he calls cryptocurrency a fallacy.. The document argues that it is a myth that intermediaries can be avoided in a financial system, and that currency cannot have intrinsic value without central backing. As the title of the paper suggests, the Bank of Finland perceives bitcoin as a monopoly run by a protocol, not by a central entity. The bitcoin network is operated by a decentralized community who contribute to an open source ecosystem. The researchers praised the distributed nature of bitcoin, which eliminates the possibility of a managing organization that could manipulate the market value ... Though Finland’s central bank rejects Bitcoin’s status as a legal form of tender, Finns can legally use the software to make payments. Capital gains made on Bitcoin investments are taxed, though losses aren’t deductible, according to guidelines by the tax authority. Finns are required to pay income tax on mined Bitcoins. “Finns can enter into agreements on which means of exchange they ... Bitcoin has been classified as a commodity in Finland after the Scandinavian country’s central bank declared that it did not meet the definition of a currency.
Bitcoin V Central Bank 'RScoin' - Beware of the Snake Oil Salesmen
Nov.29 -- European Central Bank Vice President Vitor Constancio speaks with Bloomberg's Matt Miller in Frankfurt about cryptocurrencies, asset values, Brexit and the strengthening euro-area economy. BITCOIN CRASHING to $5'400!!? 18 CENTRAL BANKS EXPOSED TODAY!!! MMCrypto. Loading... Unsubscribe from MMCrypto? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 51K. Loading ... URGENT WARNING FOR ALL BITCOIN HOLDERS OUT THERE!!! WE COULD PUMP TO THIS PRICE RIGHT NOW!!! 🔥 Bybit BONUS FREE NOW: https://bit.ly/MMCryptoBybit (for Experi... Warning! Bitcoin could face a savage price fall if central banks get their way and can ban crypto stablecoins! CRYPTOCURRENCY EXPLAINED BEGINNER COURSE https://cryptocurrency-explained.myka Cryptocurrency 24 hours 24/7 news #247Crypto #Cryptocurrency #Bitcoin #cinadean #invest follow me on Instagram! @cinadean1 Like and Follow our facebook page:...