Gediminas Ginkevičius, Author at The Daily Coins
The popularity of cryptocurrencies has not diminished, and there is news about another big company embracing digital currency nearly every day. Check out some of the significant developments in this field.
Twitch will enable crypto-based payments again
The company has started accepting Bitcoin once again as a mode of payment. The platform that streams video games had earlier enabled its users to use the popular digital currency to pay for their subscription. However, the feature was removed in early 2019, and it appears that Twitch has once again enabled its feature of accepting payments through Bitcoin in some of its markets.
According to Blockonomi, a payments processor called BitPay that converts digital currency into fiat currency will be processing these Bitcoin payments. Although the platform may not receive actual Bitcoin, it is one of the world’s most preferred gaming platforms that have enabled Bitcoin-based payments. It is undoubtedly another big step for mainstream adoption of cryptocurrencies.
It is also imperative to note that Amazon.com owns this gaming platform. Supporters of cryptocurrencies have been looking forward to the likelihood of this e-commerce giant accepting Bitcoin, thus acting as a strong catalyst to trigger the adoption of the digital currency as a powerful legitimate currency. As other companies like Facebook have a strong presence in the crypto arena, several industry watchers feel that Amazon will make a digital currency move very soon.
Possibility of Goldman entering into the crypto space
David Solomon, the Chief Executive Officer of Goldman Sachs, is of the opinion that the high-profile investment bank might come up with its own digital currency similar to JPMCoin – a cryptocurrency that has been launched by JPMorgan. He also added in an interview that the investment bank might play a part in the disruption of conventional financial systems through cryptocurrency initiatives.
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
More and more crypto traders are taking to social media to share their crypto market predictions and investment advice. Some have managed to gain themselves millions of followers, turning them into influencers in the cryptosphere. If you are interested in making investments into cryptocurrency or blockchain, following what these influencers have to say is a good idea. Here’s a list of the top social media influencers in the cryptocurrency sector to watch out for –
- Nicholas Merten – Nicholas Merten is a data analyst and successful crypto trader who runs his own YouTube channel by the name of DataDash. He posts a video everyday and is a reliable source for new policy updates and chart analysis of trends in the cryptospace.
- Chris Larsen – Richest person currently in the crypto industry as per Forbes, Larsen is the chairman and co-founder of Ripple. He has a modest follower base of 20k users on Twitter. However, this modest number in no way impacts the influence Larsen commands over the industry. XRP – Ripple’s very own digital currency has consistently found pride of place in every Top 10 list of cryptocurrencies in the last two years.
- Eric Choe – Choe has a Twitter followership of around 116k people. An Economics graduate, he is a well renowned crypto expert who is sought out for his knowledge and experience. He started trading in crypto during the crypto boom and found success based on his skills. Eric also runs a website at cryptochoe.com which you may refer to for more of his thoughts and insights.
CryptoDaily and CryptoYoda are some other interesting and easy-to-understand crypto influencers you can find online. Any information that you may need for your crypto investments, you will find on their pages. Crypto market knowledge sourcing has gotten so much easier now – all you need to do is follow these influencers and you’re good to go!
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
CoinMarketCap is a six-year-old website which keeps track of the market capitalization of cryptocurrencies such as bitcoin and 2100 and more altcoins. People rely on this website as a valid way to measure the market.
Although CoinMarketCap has been a go-to website in the cryptocurrency space, it is hard to argue that it is not complicit in reporting false crypto volumes. A report published in Bitwise affirmed that 95% of all the Bitcoin volume in the cryptocurrency exchanges was actually fake. According to a report in Wall Street Journal, prices for some of the most popular cryptocurrencies dropped sharply when CoinMarketCap changed its data. CoinMarketCap came under fire for relying on faulty data when calculating exchange trading volume.
Luke Wagman’s stand against Bitwise report
Luke Wagman, the Chief Evangelist at CoinMarketCap stated that fake trading volumes are not specific to CoinMarketCap. He said that it is an industry-wide issue without an easy solution.
Wagman also mentioned that the website would provide more information to users so they can draw their own conclusions. He said that by giving control, users could evaluate the exchanges rather than actively policing. He also added that from a business point of view, delisting exchanges with fake trade volumes was not a solution as it would be met with criticism. It would also make CoinMarketCap a mediocre source of information source.
Wagman added that there is no simple or easy solution for such a big problem. But CoinMarketCap announced an initiative with Data Accountability & Transparency Alliance in an effort to calm the damage caused by the fake trade volume allegations. In addition, all exchanges listed on CoinMarketCap were given a 45-day deadline to send live trading and live order book data. This data would be used to determine liquidity, order book depth, and spreads.
In an attempt to repair the tainted image, CoinMarketCap DATA will promote accountability, greater transparency, and disclosure from projects in the crypto space. To make it easier and more intuitive to explore and interact, it will also introduce a new blockchain explorer for a more down-to-earth interface
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
The Future of Cryptocurrency ATMs
The phenomenal rise in popularity of cryptocurrency had led to a spike in demand for crypto ATMs. These ATMs facilitate the exchange and spending of cash invested into crypto assets. Currently, the competition between crypto ATM manufacturers is at an all-time high.
2017 was a good year for cryptocurrency registering an increase in prices of various cryptocurrencies. However, crypto trade still happens to be riddled with problems. Besides stringent moves taken by the government to regulate the circulation of these assets, the industry suffers many barriers to entry like the lack of avenues to buy these cryptocurrencies. Crypto ATMs have provided the solution for these problems and the number of crypto ATMs have been projected to grow in leaps and bounds over the next five years.
Bitcoin ATMs allow crypto traders to buy and sell with ease and convenience, increasing the adoption rate of the coin in the process.
Changes expected on the BTM end
So what are some of the changes we can expect with regards to cryptocurrency ATMs in the future? Let’s take a look –
- The Asia Pacific region is slated to get more crypto ATMs. At the moment, more than half the concentration of the world’s crypto ATMs is located in the North America-Europe region.
- In general, the number of crypto ATMs to increase the world over. The more digital asset awareness increases, the more people want the ease of access that a crypto ATM provides to carry out crypto buying and selling.
- These Bitcoin ATMs also offer the services for at least one Altcoin and are expected to increase as time goes by.
Conclusion
Cryptocurrency exchange is no longer solely the domain of tech-insiders. People today are keen on learning about the digital currency and understanding how they can go about using it. The cryptoverse may baffle the newbie initially with its lack of platforms to carry out crypto-trade and high exchange fees. Cryptocurrency ATMs are a relief to these people, facilitating the quick and easy exchange of crypto assets. Most crypto ATMs are situated in the West. The coming years will witness the concentration of these crypto ATMs expanding all over the world. The East will have its share too. However, for now, the number will only keep growing in the US and surrounding regions as more and more Bitcoin ATMs spring up to the potential crypto enthusiast’s joy.
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
Crypto bears are still arguing that BTC is yet to hit rock bottom but analysts all across the cryptoverse are convinced that Bitcoin can’t fall any lower than the $3,100 mark it has reached for this cycle.
Well-known crypto analyst and trader Jonny Moe recently explained in a three-part Twitter thread why the bottom for BTC is in. He explained to his 15,000 strong followings that BTC is about to cross its first 20-day and 200-day simple moving average (MA) since October 2015, which is when the crypto market was on its way back to recovery and charting all-time highs.
Jonny isn’t the only analyst that believes BTC has broken past resistance and now holds incredible potential to rally higher and not pullback drastically off-highs. Jonny explains the 20-200 crossover as a faster version of the more acclaimed 50-200. The golden 50-200 crossover may also be in reach in the coming weeks if the BTC and other cryptocurrencies fail to continue their bullish momentum. The analyst believes this is what is a sure indication that the bottom could really be here for BTC.
Moe wasn’t the first to have popularized the belief that December’s collapse was the very worst possible instance that could have happened in the current cycle.
BTC Bottoming at $3,100 is very probable
Ethereum World News had previously reported that a team member at crypto exchange startup Level, Josh Rager had recently claimed that $3,100 could very probably be BTC’s bottom for two reasons –
The first, because, retail investors had many buy orders in the $1,800-$3,000 range because of analysts who called for further lows indicating that $3,100 could really be the bottom. It is based on the theory that going against the crowd is more favorable than going with the crowd in the market.
The second theory highlights that $3,100 is an attractive investment point for institutional players and individuals with high-net-worth. In the process, making it unlikely that BTC would fall beyond that level. The theory makes sense when volumes on the CME’s Bitcoin futures contract breaching incredible highs in the current bear market are considered.
So, are the analysts right or are crypto bears more aware – have we seen the end of BTC’s drop yet or will it plunge even further? We shall find out in a couple of weeks or two.
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
The institution of banking has traditionally been the regulatory body that has overseen the economy of a country. Its role solidified further with the introduction of paper money as official currency. Now, with the entry of cryptocurrency in the economy – where do banks stand with it?
Cryptocurrency was devised to improve upon the flaws in traditional currency. When Bitcoin was minted first in 2009, it was done in response to the economic crisis of 2008 as a viable alternative to the existing banking system.
How Banks Responded to Cryptocurrency in the Heydays
When cryptocurrency was first introduced, the banking sector refused to give it any importance as they expected it to fizzle out. But it didn’t. It grew in popularity and is now a safer currency alternative to traditional currency. Many cryptocurrencies have developed since Bitcoin and registered a growth in value. Banks around the world have now woken up to the disruptive power of cryptocurrency, reacting differently in different parts of the world. Certain countries like China have clamped down on crypto-exchange operations while others have been quite receptive as has the Netherlands and other Nordic countries.
How Can Banking Regulate Cryptocurrency?
Prima facie, banks have little space to regulate the minting or trade operations of cryptocurrency. Why? Cryptocurrency is based on a decentralized system where individuals can transact amongst themselves without involving a third party. Secondly, it is highly volatile and so is unlikely to replace flat money anytime soon. Of course, the market value of the regular currency is subject to ups and downs as well, but these aren’t as sharp as with crypto. Naturally, if cryptocurrency is to become the primary currency in our society – banks will have little role to play as they will be helpless in the face of such volatility.
All hope isn’t lost though. If the banking system was to modernize itself by adopting blockchain technology, it could function the same way a crypto exchange does.
Additionally, if cryptocurrencies became more media-reliant than simply value-reliant, banks would find it easier to deal with them.
It is too soon to rule out the bank’s role in a world dominated by cryptocurrency. At the same time, traditional banking as we have known it may be looking ahead to a decline. Nations, now, should probably mull the idea of introducing cryptocurrency for official monetary exchange to draw it into the folds of the banking system.
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
Many market pundits believe that cryptocurrency is the future of money. As more traders rally behind cryptocurrency, it’s high time you jumped on the bandwagon. Typically, cryptocurrency trade is conducted through websites where you can pay in dollars (or any other currency the exchange accepts) to get tokens. Not all exchanges are made equal. To safeguard your interests, you need to choose a reputable exchange with customer-friendly policies. To help, we, in this post, take a look at some of the most popular exchanges. Read on.
1.Binance
Binance is one of the fastest growing exchanges and has constantly featured in the list of the most popular exchanges. Binance is usually preferred by traders who want to conduct crypto-to-crypto trading. Binance charges an affordable fee and you can find a number of promotional offers and discounts. In addition to holding almost all major types of altcoins, Binance offers its own coin, BNB. Traders using BNB to trade on the exchange get additional discounts. Binance deposits 10 percent of the total exchange fees it earns into its Secure Asset Fund for Users, a fund that will pay traders back in the event of a hack.
2.Changelly
If you prefer instant conversion, Changelly can be the ideal site for you. Unlike many other sites, Changelly does not require traders to undergo a KYC process. Changelly is extremely easy to use. The exchange supports 35-plus cryptocurrencies. Chengelly charges a fee of 0.5 percent on each transaction, which is significantly lower as compared to many other websites.
3.KuCoin
KuCoin is one of the best options for traders who are constantly on the go. The exchange has its own Android and iOS apps, both of which are updated regularly. KuCoin is known for its user- friendly interface. The exchange has a special program that focuses on constantly adding new tokens. KuCoin has its own token known as KuCoin shares.
The exchange rewards traders who use its token for conducting transactions. KuCoin organizes promotional events at regular intervals for its traders.
4.Bitfinex
Unlike some other exchanges, Bitfinex deals in fiat currencies such as GBP, USD, and EUR. Bitfinex has constantly ranked in the list of top 10 cryptocurrency exchanges by CMC. The website is known for its simple interface. Traders can use three wallets for exchanging, funding, and margining.
5.Poloniex
Since its launch in 2014, Poloniex has become one of the most trusted and popular exchanges. The fees that you will have to pay for using the website will depend on whether you are a maker or a taker. Based in the U.S., Poloniex is known for its wide selection of cryptocurrencies.
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
Cryptopia Hacked; New Zealand Police And Hi-Tech Crimes Unit To Conduct The Probe
Cryptopia, the company credited for launching the first cryptocurrency token tethered to the NZ dollar has become the latest exchange to be targeted by hackers. On January 14, the company detected a major hack and had since then suspended services. Earlier the organization had informed investors that the platform was undergoing unscheduled maintenance.
In a tweet, the company claims that it has informed the New Zealand Police and Hi-Tech Crimes Unit, who will be conducting an in-depth investigation. Both the units are allegedly treating the breach as a major crime.
At this point, the exact quantum of loss that the breach may have caused cannot be ascertained as Cryptopia’s trade volume is not disclosed on CoinMarketcap, a website that tracks almost all coins that hit the market. The news could not have come at a worse time. The cryptocurrency trading community is still trying to recover from major hacks that rattled the industry in 2018.
The hack has yet again exposed the chinks in the armor of cryptocurrency exchanges. Several trading enthusiasts have suggested that Cryptopia’s recent transactions be investigated, claiming that the platform recently shifted Ethereum worth millions of dollars out of its wallet. Other commentators suggested that the breach could be a part of Cryptopia’s exit plan.
Many experts believe the writing was on the wall. Last year, Cryptopia’s move to begin a scheduled maintenance window early raised concerns among traders. Following the announcement, several traders tried withdrawing their deposits without any success.
Since 2016, the cryptocurrency exchange market has witnessed a number of attacks. Despite governments tightening regulatory frameworks governing cryptocurrencies and companies announcing various measures to improve internal operations, attacks have increased, which is a major concern for the cryptocurrency trading community.
In many cases, hackers were able to execute their plans with the help of basic hacking tools, which raises a big question mark on the security claims made by platforms. To ensure enhanced security, many countries such as Japan and South Korea require that companies allocate a specific percentage of their revenues to beefing up their internal controls and security mechanisms.
Experts believe that most companies prioritize increasing trade volumes, rather than securing their systems; a theory that may be applicable in Cryptopia’s case. In 2018, the platform, as a part of its efforts to increase trade volumes integrated several cryptocurrencies.
Many experts believe that stricter regulations are the need of the hour. Cryptocurrency experts advise using fiat-to-crypto exchanges as in most cases, they are compliant with local policies.
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
Blockchain Innovation Campus Being Planned in Washington
The Seattle Times reported on 11th January that the local officials in the Douglas County of Washington are planning to build a blockchain innovation campus. As per the article, the county is accustomed to hosting various kinds of cryptocurrency mining industries and the country has attracted miners from around due to the cheap rates of hydroelectric power. However, one must take into account the mining bust of 2018 and the severe crash in the markets.
The article reports that the officials hope to power the volatile industry of cryptocurrency with better blockchain technology. The executive director of the Port of Douglas County, Lisa Parks, has been reported in the article saying, “There is more to the [cryptocurrency] story than the boom and the bust.” The Department of Commerce of Douglas County is ready to contribute $50,000 in grants for the establishment of this blockchain innovation campus.
Due to the boom of mining within the county, there is an abundance of high-speed computing power and experts in the field of blockchain and cryptocurrency. This, combined with the lower rates of electricity, makes the county an ideal location for the development of blockchain technology. Lisa Parks has also been reported saying, “We have some unique assets that make our region appealing to that industry. […] Let’s figure out a way to capitalize on it.”
Not all of the counties in Washington have accepted cryptocurrencies with such open arms. As reported earlier, the Public Utility District in the Chelan County of Washington has proposed a separate electricity pricing structure for miners which is supposed to take into account the increase in electricity demand caused by mining initiatives. Added to this, commissioners of the Chelan County PUD ordered their staff to enforce a moratorium on cryptocurrency mining due to the discovery of unauthorized mining activities. Ephrata in Washington has also been reported to enforce a halt on all kinds of cryptocurrency mining activities in the city for 12 months. Compared to this, Douglas County has shown no signs of increasing their power prices so sharply due to cryptocurrency mining, and the county as a whole is enthusiastic about this new technology.
The Port of Douglas County which owns the Giga Watt facilities are reportedly now in talks with several businesses and investors for utilizing the facilities for mining and other kinds of hi-tech computer applications such as data analysis and AI.
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
In Thailand, the Ministry of Finance has issued digital asset business licenses to four cryptocurrency-related organizations as per the message published by the National Securities and Exchange Commission on 8th January. These licenses have been issued under the advice of the Securities and Exchange Commission, and three out of the four companies are digital exchanges for cryptocurrencies known as- Bitcoin Exchange Co., Ltd., Bitkub Online Co., Ltd., and Satang Corporation, and the last company is a brokerage firm known as Coins TH Co., Ltd.
There is a fifth license whose application is currently pending, filed by Coin Asset Co., Ltd. The application is currently under consideration due to the change in the top executives of the company. The company has been given a green signal to resume its operations, and the Ministry of Finance will oversee the change. Several firms such as Cash2coin and Southeast Asia Digital Exchange Co. (SEADEX) saw their applications getting rejected as they failed to comply with the required regulations set by the Securities and Exchange Commission. These two organizations have also been given a notice which directs them to stop all of their operations. The Ministry of Finance has allowed them to ramp up all of their operations by the 14th of January.
In August last year, the regulators in Thailand approved seven more businesses in the field of cryptocurrencies to begin their operations as a part of the formalization of the country’s markets. These moves made by the government are a part of the transitional rules which are being set to manage crypto-related businesses before the first package of proper regulations comes into effect. The financial regulators in the country have warned the public against unlicensed crypto exchanges in order to protect them from fraudulent practices and Ponzi schemes. As previously announced, the government of Thailand has also shown greater attention to offer licenses to ICOs or initial coin offerings. The Ministry of Finance has announced its plans to launch a set of regulations surrounding ICOs in March. So far, more than 50 ICO-based projects have expressed interest in receiving certifications.
While the cryptocurrency market remains largely unregulated so far, several nations have mounted efforts to bring in much-needed regulations and impart transparency to the whole market. While the risk of scams and hacks remain, the platform is growing stronger with time.
Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.
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