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Category Archives: Cryptocurrency

Protesters Around The World Are Putting Their Hopes Into Cryptocurrency – Forbes

Posted: June 24, 2020 at 5:59 am

SYNTAGMA SQUARE, ATHENS, ATTICA, GREECE - 2015/07/15: A protester advertises Bitcoin at the ... [+] anti-austerity protest outside the Greek Parliament in Athens. Molotov cocktails, tear gas and stun grandees were thrown by protesters and police when an anti-austerity protest outside the Greek parliament turned violent. The protest was hold while the Greek parliament was voting on new austerity measures. (Photo by Michael Debets/Pacific Press/LightRocket via Getty Images)

Cryptocurrencies have always had staying power due to institutional and retail investors as well as its traction as a digital means of exchange. Yet its uncensorable nature, and the potential of having relatively private transactions as well as an alternative to fiat currencies has lent itself well, in theory, to protest movements that are threatened by the use of state force.

In a world being swept by protest, some of that potential is manifesting itself now. At a recent protest for Black Lives Matter, one of the speakers talked about bitcoin as an alternative for the financial systems that had oppressed them for so long. Chinese netizens have used ethereum to make sure that messages that would otherwise be censored in online protest could live as long as possible, secured by a network of coordinating nodes. In Hong Kong, cryptocurrency has helped finance the distribution of supplies to protestors and when protestors sought to switch out from Hong Kong dollars to demonstrate their opposition to the erosion of fundamental rights, some of them thought of bitcoin as an alternative.

Some protests seemed focused on the very ills cryptocurrency first arose in opposition to: an out-of-control and out-of-touch monetary system controlled by the very few and designed to benefit those closest to the halls of power. In Lebanon, a funeral was held for the Lebanese pound, and a branch of the central bank was burned down in Tripoli. Yet, cryptocurrency adoption there is low, and the demand seems to be driven to the USD as a safehaven, not towards cryptocurrencies directly.

Some of this shows the difference between the ideals and where cryptocurrencies are now in practice. Yet, sparks are coming up. Art collectives are using blockchain to protest in the United States. People are mining monero with the intent of providing funds for bail.

This doesnt just extend to just individuals who are protesting. Organizations such as the Catalonia government were using bitcoin to finance and fund independence referendums. Declared illegal after it was enacted, the Spanish government alleged that the Catalonia movement was using bitcoin to hide its expenses but it would have made little sense, in any case, to conduct financial transactions with the ledger of trust that constitutes to the Spanish and European financial system that was going to smash the Catalonian referendum.

Catalonia is also a hub for the decentralized web and mesh networks that exist somewhat independent of centralized telecommunications providers. In many ways, technology is now enabling the underlying democratic and political preferences of people even if the fullest extent of their political aspirations are not permitted under the geographic legal boundaries they live in something that forms the blunt foundation for protests.

As we live in a world where digital transactions and currencies are increasingly being adopted by the state from China, to the EU, to the United States and around the world as a more efficient means of exchange, cryptocurrencys rare ability to hold value outside of the context of centralized monetary authorities (often aligned in policy with their political peers, or in the case of China, subordinated to them) and private banking systems that must stay utterly loyal to the state is starting to show its value.

Weve seen governments from Iran to Venezuela to China censor the Internet and the free flow of information whenever it was convenient for them, or wherever would best consolidate the power of these respective states. They are likely to do the same with any digital means of exchange directly under their control, and have much more granular control over rewarding and punishing those who deviate from central state ideology.

As a result, protestors and protest movements around the world are starting to put their faith in cryptocurrencies. The uncensorable nature of cryptocurrencies as well as its decentralized peer-to-peer networks might be seen as weaknesses for institutional investors looking at bitcoin as just another portion of their portfolio but for protestors, these are central strengths of cryptocurrencies not available in any other means of exchange. There are sparks of cryptocurrency activity as protests increase examples that might shed the light on how cryptocurrency will co-evolve with different protest movements.

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The Benefits of Cryptocurrency Trading Crypto Benzinga – Benzinga

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Many people think of cryptocurrency as a simple store of value, but there is much more to the idea. Bitcoin is rooted in financial rebellion, not as another way to pay for a pizza. There are many benefits implied within a decentralized, trustless, immutable system of record-keeping and value transference. Political and financial leaders around the world are taking note, and you should as well.

Even if you dont plan to get involved in cryptocurrency as anything more than a portfolio hedge, youll definitely enjoy knowing just how crypto will change the financial and political world of the future.

If you have ever been annoyed waiting for a cash transfer from a bank account, you may want to consider using crypto. Transfers are instant with lower fees than platforms like Paypal. Using crypto also eliminates fraudulent chargebacks because payments on a blockchain cannot be reversed.

Using crypto also frees you to send money wherever you want with no middleman scrutinizing your transaction history. This includes international recipients who will also happily avoid Paypals expensive currency conversion fees.

The concept of the micropayment, or pay as you go, on-demand payment structure, is another advantage of using cryptocurrency. The built-in fees that you pay when using a credit card disappear with crypto, making per-second or per-minute micropayments a reality. Instead of paying a subscription fee for a streaming service, for example, crypto allows you to pay only when you watch a movie. As a matter of fact, Streamium is a video streaming service that does just that.

Even if youre not a huge crypto buff, you likely heard of the Bitcoin mania that took place around Christmas 2017. Bitcoin exploded in value, almost touching $20,000 USD per coin. At that time, it was literally the best financial investment of all time. Bitcoins value relative to the dollar has receded since then, but crypto bulls believe it can top its 2017 performance and bring the rest of the crypto market with it.

More investors than ever both individuals and institutions are holding some sort of crypto in a portfolio. This includes very public crypto skeptics like Jamie Dimon, CEO of JPMorgan Chase. The Chicago Mercantile Exchange (CME) offers options on Bitcoin futures, giving the market mainstream viability it didnt have before its breakout 2017 year. The crypto market has all of the markings of a solid potential growth investment: rising visibility and sentiment, a relatively low market cap compared to traditional asset classes and consistently increasing utility.

Many investors in the U.S. think of crypto as a volatile investment. This may be because the U.S. dollar is the worlds reserve currency and still one of the most stable currencies on the planet. To a country like Venezuela, crypto actually represents a more stable form of money. This notion is more than a pipe dream or an experiment Nigeria, Australia, Spain and Canada have all doubled their use of Bitcoin year over year.

In countries like Venezuela, the population is literally using Bitcoin to save its life. The government cannot exercise nearly as much control over cryptocurrency as it can a fiat currency. Russia is trying to create its own crypto and criminalize any other nonsanctioned competitor. The people of Zimbabwe prefer crypto to the gold-backed currency the government is pushing.

Imagine never having to pay a lawyer to do good business again. Imagine a real estate transaction with no escrow fees. This is a world that proponents of Ethereum say is quite possible. The smart contract, built on the Ethereum platform and quantified through the Ether cryptocurrency, brings the unchangeable, fraudless blockchain into the realm of law. Smart contracts create a 100% safe way to conduct an agreement sans the judicial system.

The idea of smart contracts is so well received that Ethereum has actually outpaced Bitcoin in terms of new users over the past year. Ethereum developers say that Ethereum will soon beat Bitcoin in the number of developers, daily value transfers and transactions per second.

Facebook and Twitter have recently created controversy because of their willingness to police its platform. Depending on who you ask, we lose. One of the inventive uses of cryptocurrency is to serve as the basis of a decentralized social network. In this structure, there is no central authority to blame for censoring or not censoring controversial content.

Decentralized social media also gets rid of the data privacy controversy because there is no central authority present to gather and sell private data. Cryptocurrency micropayments replace invasive ads as the platforms funding mechanism. Spam is still unwelcome, but it is moderated through a smart contract rather than a mod, who can be influenced to be subjective.

To get the most out of crypto, you need to be able to get your hands on more than 1 kind of coin. You can do this most efficiently through a trading platform. Take a look at the feature sets of the brokers below.

Although you may certainly use Bitcoin, Ether or altcoin as cash, the real benefits of crypto are much broader. Even if the current generation of cryptocurrencies phases out as money, the social and financial ideas they brought to the mainstream cannot quickly be forgotten. The ideas mentioned above represent only the tip of the digital iceberg in terms of potential social and financial utility.

Avail yourself of the more technical benefits of value stores, smart contracts and other crypto utilities. They will certainly play a major part in peoples lives in the very near future. The more you learn today about what crypto can really do, the more your life will benefit tomorrow. You may even be inspired to create a use of your own for cryptocurrency in this still quite new and wide-open space.

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UNICEF Cryptocurrency Fund announces its largest investment of startups in developing and emerging economies – UNICEF

Posted: at 5:59 am

New York, 19June 2020 Eight technology companies in developing and emerging economies will receive investment from the UNICEF Cryptocurrency Fund (CryptoFund) to solve local and global challenges.

The CryptoFund will invest 125 ETH each in the eight companies from seven countries to develop prototypes, pilot, or scale their technologies over six months: Afinidata, Avyantra, Cireha, Ideasis, OS City, StaTwig, Somleng and Utopic.

All investees have previously received up to $100,000 from UNICEFs Innovation Fund and are now receiving cryptocurrency to continue the development of their open-source and digital public goods.

Within the scope of their technology, several investees are working to mitigate the hardships of COVID-19 on children and youth around the world. They are collaborating with national governments and local partners to send vital messages on COVID-19, track the effectiveness of rice delivery to vulnerable communities, improve childrens literacy through remote learning, treat pandemic and isolation-related anxieties, and other vital solutions.

We are seeing the digital world come at us more quickly than we could have imagined and UNICEF must be able to use all of the tools of this new world to help children today and tomorrow, says Chris Fabian, Senior Adviser, co-Lead, UNICEF Ventures. The transfer of these funds to eight companies in seven countries around the world took less than 20 minutes and cost us less than $20. Almost instant global movement of value, fees of less than 0.00009% of the total amount transferred, and real-time transparency for our donors and supporters are the types of tools we are excited about.

Selected from almost 40 startups that have graduated from the UNICEF Innovation Fund, these eight companies have undergone technical evaluations, quality assessments of their open-source tech solutions, evidence of impact and more. They join three other grantees that received the Funds first cryptocurrency investment last year.

Besides funding, investees receive business growth mentorship, product, and technical assistance, open-source and UX and UI development, access to experts and partners, as well as opportunities to showcase their solutions.

The UNICEF Innovation Fund and CryptoFund currently have an open call for blockchain solutions to apply for funding (up to $100,000 and cryptocurrency combined) and mentorship. More details here: http://www.unicef.org/innovation/applyBlockchainCrypto

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Akon City: $6 Billion Cryptocurrency City Set to Begin Construction | News – Bitcoin News

Posted: at 5:59 am

Akon City, a futuristic cryptocurrency themed city founded by famous singer Akon, is ready to begin construction, with a plan to use the akoin cryptocurrency exclusively. Phase one of Akon Citys construction will include roads, a hospital, a mall, hotels, and a school. There will also be parks, universities, a stadium, and an industrial complex.

The $6 billion city in Senegal billed a futuristic cryptocurrency themed city, founded by Senegalese-American star and philanthropist Akon, has awarded its building contract to KE International, a U.S.-based engineering firm. Akon City announced earlier this month:

Akon Citys phase 1 is expected to complete by end of 2023, and will see the construction of roads, a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility and a solar power plant.

Akon, whose full name is Aliaume Damala Badara Akon Thiam, is a famous singer, songwriter, actor, and record producer. He has sold over 35 million albums worldwide and received 5 Grammy nominations for The Sweet Escape, Bartender, Konvicted, I Wanna Love You, and Smack That.

Akoin is a cryptocurrency powered by a marketplace of tools and services fueling the dreams of entrepreneurs, business owners, and social activists as they connect and engage across the rising economies of Africa and beyond, the projects website details. According to Thursdays announcement:

Akon City phase 2 will run from 2024 to 2029 and will end with a complete cryptocurrency city running exclusively on akoin cryptocurrency.

For Akon Citys first and second phases of building, KE International has secured $4 billion from investors. Dubai based Bakri & Associates Development Consultants will lead the architectural designs of Akon City under KE Internationals guidance.

Akon City will be located near Mbodime, a small coastal village in the west of Senegal, West Africa, less than an hours drive south of the new Blaise Diagne International airport in Dakar. Aimed to be a tourist city with a cryptocurrency-based economy, Akon City plans to have parks, universities, schools, a stadium, hotels, and an industrial complex fully completed by 2030. Akon first announced his plan to build Akon City in 2018, stating at the time that he was working with the Senegalese government on the project.

The city plans to exclusively use the akoin cryptocurrency, which is built on the Stellar payment network. The akoin cryptocurrency is also to be used in Mwale Medical and Technology City (MMTC), a green city based in Western Kenya, which KE International is also building. Commenced in 2014, the construction project is 85% done and expected to complete in December this year. Recently, it partnered with the Akoin platform for its blockchain-based digital transactions. Akon hopes his akoin crypto will be used all over Africa where a significant portion of the population remains unbanked but smartphones are widely used.

What do you think about Akon City exclusively using the akoin cryptocurrency? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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From Ethereum to Stellar, to Solana: Cryptocurrency Kin Confirms Blockchain Migration – CoinDesk

Posted: at 5:59 am

Almost a month after announcing its proposal to migrate to the Solana Blockchain, the Kin cryptocurrency project announced Friday the move had been approved by its board and community, and a transition plan would be released in the coming weeks.

The Kin Foundation said in a press release the move to Solanas blockchain was in response to a growing user base, which was hitting limitations on the Stellar blockchain fork the cryptocurrency is currently built on. According to the firm, the cryptocurrency currently has over 3 million active monthly spenders and has been integrated into 57 different, mostly mobile, applications.

App developers, node operators and the Kin Foundations board members (Ted Livingston, who founded the Kik messaging app and is the face of Kin, and William Mougayar, an author who hosts the annual Token Summit conference) voted on the proposal, which was released on Github last month.

They had already been pushing against the limits of the Stellar fork, Mougayar said

He said a rise in users meant that the Kin cryptocurrency needs to be able to process more than 100 transactions per second, which is the upper limit on the Stellar fork.

According to Anatoly Yakovenko, Solanas co-founder, the blockchain can handle up to 60,000 transactions per second on its current mainnet.

In addition to speed, Solanas natural ability to scale turned out to be a major determining factor in their (Kins) decision, Yakovento told CoinDesk.

This is also not the first time the cryptocurrency has changed blockchains. Launched by Kik in 2017, Kin was originally built on the Ethereum blockchain, but a few months later it announced that it would use Ethereum for security and the Stellar blockchain for transactions. Then in May 2018, Kin announced that it would fork Stellars blockchain to create its own.

According to the firms emailed statement, as part of the cryptos transition to Solana, the blockchain firm has also promised to give 1% of all of Solanas token supply (amounting to $3.5 million) as grants to the Kin Foundation.

Even as Kin continues to expand its user-base, the regulatory troubles it faced in the past have continued to persist.

Kin is not getting much recognition in the marketplace, unfortunately because of the SEC [U.S. Securities and Exchange Commission] darkcloud, Mougayar said.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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More Than 14 Million XRP Deposits Within the First Week of Listing on CoinLoan – PRNewswire

Posted: at 5:59 am

TALLINN, Estonia, June 23, 2020 /PRNewswire/ -- On the first of June Ripple (XRP) became officially listed on the CoinLoan platform. Within a week of the listing, users deposited more than 14 million XRP tokens on the platform, making CoinLoan the leading cryptocurrency lending service that uses Ripple according to the company. Users who deposit their Ripple tokens on the platform can benefit from up to 5.7% APY and take out loans with XRP as collateral. This is the reason the company considers many XRP holders to choose CoinLoan.

There are a couple of reasons CoinLoan believes that XRP holders are choosing their platform to deposit their XRP coins in such volume. Firstly, there are individuals that use the platform as a way to store their funds safely. According to the company, CoinLoan is a trusted entity with a financial institution license and state-of-the-art security, it's a simple decision. Additionally, users can enjoy earning up to a 5.7% annual yield on their holdings. All thanks to the staking mechanisms. As an addition to all this, users can use XRP as collateral to borrow stablecoins, or fiat-assets in both the Instant Loans section and the Lending Market on the platform.

With regular exchanges, the only possibility is deposits of funds, or exchange them for another currency. With CoinLoan, users can deposit their funds, exchange but also earn interest or take out a loan at any moment. For users that prefer to keep their options open with their XRP tokens, CoinLoan believes their platform is a perfect fit.

Providing liquidity

On an individual level, the benefits of users' choice for the CoinLoan platform are evident. However, these 14 million XRP tokens do not solely come from individual users. There are miners, cryptocurrency exchanges, and OTC-platforms that contribute to this number as well. The reason for that is clear and evident; the ability to maintain liquidity for all parties. CoinLoan collaborates through partnerships with several established entities in the cryptocurrency industry to provide traders and miners the ability to trade, stake, and hold.

CoinLoan is on a mission to make cryptocurrency lending as easy as possible, and by doing so, have the opportunity to change lives. Where interest rates are negative, and access to monetary funds are limited, cryptocurrencies offer a solution, and thus, it should be available to anyone in the most straightforward manner possible.

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https://coinloan.io/

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Market Makers Hold The Key To Success Of Early-Stage Cryptocurrency Projects – hackernoon.com

Posted: at 5:59 am

Market makers have become a significant driving force in the cryptocurrency market. Primarily, their activity is to create an active, progressive market for buyers and sellers by placing multiple limit orders in an exchange platforms order book.

These services are usually provided by institutions that are registered by and have an agreement with the exchange in question. On one hand, such an agreement allows them to access some special trading conditions including lower fees and others. On the other hand, however, it also obligates them to provide a specific level of liquidity in the market.

This is a significant reason why the quality of liquidity that traders can find on exchanges can be measured by the depth of the exchanges order book and the size of the spread.

In the crypto space, the market makers quote buy and sell process for various assets on an exchange. By doing so, they help to improve price discovery and provide an avenue for effective trading between themselves as well as for other traders. At the end of the day, the work they do helps ensure that market operations can move at a healthy pace.

There are two significant benefits that the activities of market makers provide. The first is that they make liquid trading possible. This way, buyers and sellers can transact at reasonable prices in a quick, seamless manner. They do this by maintaining healthy order books with tight buy/sell spreads. At the end of the day, they can minimize volatility in the market and stabilize the price of the underlying asset.

The combination: IT, quantitative finance and crypto market understanding

In the traditional space, market makers have been operating widely across every popular exchange platform the New York Stock Exchange, the NASDAQ, etc. While they mostly trade electronically nowadays, their roles in a mature stock market are usually fulfilled by high-frequency trading institutions.

These institutions hire quantitative finance experts to develop trading algorithms. As the crypto market continues to grow in prominence and popularity, the influence of these market makers becomes more visible.

Like it is in the traditional space, market makers in the crypto industry also have to do a lot of quantitative finance. This is one of the most important factors, as it helps in making calculations and setting the right buy/sell prices to ensure optimal transaction levels.

At the same time, it is important for a market maker to understand how the crypto market works. An understanding of the prevalent market conditions will help to improve market makers ability to spot prices, and it should give a sense of when calculations are right or wrong.

As for IT, the rationale is pretty simple; IT is everywhere now, and for an industry that is as progressive and revolutionary as the crypto space, technology is playing a significant role

How to find a good market maker

To operate effectively we dont only need to understand trading and crypto, we have to become close partner of the project: understanding the business, current situation and plans is crucial. Nikita Martynyk, CLS Business development manager

Ideally, a market maker should have the following qualities:

Price improvement: When you hire a market maker, you expect to receive market liquidity and improved trading conditions. This will invariably improve the price of the asset

Depth of liquidity: Creating and improving liquidity is one of the most significant reasons why companies and crypto projects hire market makers.

Service offering whatever the financial climate: The market never sleeps. Even in a market downturn, an effective market maker should be able to provide their service and ensure that your assets liquidity is upheld

Flexibility: Offering market-making services for more than one asset is always an added benefit.

Immediacy of dealing: Services should be provided in real time, and in most cases, you should be able to see results quickly. Every moment waster is a potential trader or investor lost.

Bespoke technology solutions: Technology is a tool that market makers use to optimize their operations. It helps for one to have the right technology to apply in quick time, depending on the market factors.

How does it affect crypto projects?

Considering the fact that the crypto market is still young especially compared to the traditional financial market, there arent many market makers operating. At the same time, the fact that cryptocurrencies operate on the principle of decentralization means that their prices can differ across various exchanges.

Our aim is to assists the market regardless if there is upturn or sharp fall - traders should always have the possibility to perform trades at optimal market price. When traders understand it, they become much more loyal to the project, they are not afraid to invest.

-Adam Levin, CLS Head of Trading

Most of the small exchanges that dont use market makers are prone to experiencing market discrepancies. Consequently, the absence of these makers means that asset prices will differ from their market price. These differences could mean that traders will sell their Bitcoins cheaper or buy them at higher prices than they would on larger exchanges.

The importance of market makers to crypto projects

Digital assets are at their most vulnerable when they first get issued and listed on an exchange. The company behind such a token will need market makers because they have to encourage traders and investors to transact using their tokens.

For assets to be listed on exchanges, they need liquidity. Market makers provide an opportunity for that to happen. Nothing drives traders and investors away like high volatility and illiquid markets. If a company behind a crypto project is hoping to spur confidence in its asset, then a market maker becomes an invaluable piece of the puzzle.

-Nikita Martynyk, CLS Business development manager

At the end of the day, the objective is to create a market that investors and traders are comfortable to play in. the chances of getting that done without a market maker are quite low.

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Jim Rogers Discusses Bitcoin as Money and Why Governments Will Stop Crypto | News – Bitcoin News

Posted: at 5:59 am

Jim Rogers, who cofounded the Quantum Fund with billionaire investor George Soros, has shared his view on bitcoin, its use as money, and governments response to the growing use of cryptocurrency. He predicts that central banks will not let uncontrolled money be used.

Famous investor Jim Rogers shared his prediction about the future bitcoin and cryptocurrency in an interview with Asahi Shimbun Singapore branch manager Koji Nishimura, published on Friday. Rogers cofounded the Quantum Fund in 1973 with billionaire investor George Soros, which was considered one of the most successful hedge funds in its heyday. They earned a 4,200% return over 10 years through 1980 compared to 47% for the S&P 500.

Rogers believes that if cryptocurrency succeeds in being used as money, instead of primarily for speculation, governments will intervene, making it illegal in order to stop its use. For this reason, I believe that the [value of] virtual currencies represented by bitcoin will decline and eventually become zero, he told the publication. It is hard for us to move money without the control of the government, Rogers said, elaborating:

The government wants to know everything. Controllable electronic money will survive, and virtual currencies beyond the influence of the government will be eliminated.

Rogers explained that cryptocurrency markets are volatile, particularly during the global economic crisis. Even though cryptocurrencies did not even exist a few years ago, in the blink of an eye, they become 100 and 1,000 times more valuable This is a clear bubble and I dont know the right price, he opined, emphasizing that cryptocurrency is not an investment but gambling.

He proceeded to talk about electronic money. Governments like electronic money because with electronic money, you can keep track of when, where, who spent and how much. Governments will have more control over people through electronic money, the investing guru described. Electronic money has a low issuing cost. Cash must be printed, carried and counted. It is expensive for the government.

However, cryptocurrencies beyond the control of governments will not be accepted as money, Rogers believes, adding that those who work on cryptocurrencies think they are smarter than the government. However, the government has something that those who work with virtual currencies dont have. Its a gun. For this reason, he said, I believe that virtual currency will disappear eventually.

He believes that governments will never let bitcoin be used as money. Only 100 years ago, we could use whatever we liked as money. You could use coins, gold, silver, or shells. Banks could also print the bills themselves. That was legal, he was quoted as saying. However, in the mid-1930s, the Bank of England declared that using any type of money other than the money it issued was illegal, Rogers pointed out. As a result, no one used money other than that issued by the Bank of England, he described, predicting that the same will happen to cryptocurrency.

While admitting that a society where governments know too much about our actions is unfavorable, he believes that cryptocurrency beyond the control of the government will not be widely distributed as money.

While Rogers is not bullish on cryptocurrency, many institutional investors are increasingly interested in investing in this asset class. Fidelity Digital Assets recently conducted a survey of about 800 institutional investors in Europe and the U.S. and found that 80% of them find cryptocurrency appealing, while 60% feel cryptocurrencies have a place in their portfolios. Grayscale Investments also sees increasing demand for crypto investments.

Well-known hedge fund managers such as Paul Tudor Jones have been growing their bitcoin holdings. Jones said he has about 2% of his assets in bitcoin. Other billionaire investors who are bullish on bitcoin include Virgin Galactic chairman Chamath Palihapitiya and Galaxy Digital CEO Mike Novogratz.

What do you think about Jim Rogers view of bitcoin? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Nikkei Asian Review

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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South Korea to Unveil Rules of Cryptocurrency Taxation in July – Finance Magnates

Posted: at 5:58 am

The South Korean government is set to announce the final details of taxing income generated from cryptocurrency transactions after years of discussion about the virtual asset that yet remains in a grey area.

Quoted by South Koreas Yonhap news agency, Finance Minister Hong Nam-ki said his ministry will announce the details next month.

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The government has continued to realign its tax system to reflect changes in market conditions, but it is especially working to refine its list of taxable items and types of tax this year, Nam-ki added while speaking before the parliamentary finance committee.

Personally, I believe a digital tax needs to be imposed as a new type of tax, and the government too is considering moving in that direction, said the minister.

The South Korean government was said to be considering imposing a 20 percent tax on crypto income. Although no specific taxation standards for crypto assets have been put in place, but the finance ministry was reportedly considering re-classifying returns made on cryptocurrencies as a type of other income. This places crypto profits it in the same category as those earned from lotteries which has a 20 percent tax rate.

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Despite the high tax tag levied on other income but it remains better than being taxed as a form of capital gains, as it is currently treated, which calls rates of up to 42 percent.

Historically, South Korea is one of thehottest investing and trading marketsfor cryptocurrencies. However, authorities have been hesitant to regulate the virtual asset class, due to their belief that cryptocurrency regulation could lend legitimacy to the sector.

Separately, the central bank is taking a wait-and-see approach over the issue of a government-controlled cryptocurrency, or a so-called central bank digital currency (CBDC), as of now.

Recently, there have been numerous reports emerging oftax authoritiesclamping down and going after cryptocurrency traders. The US Internal Revenue Service (IRS) also sent letters to taxpayers who might have failed to report income and pay the resulting tax from cryptocurrency transactions.

At the very core, the IRS still deems crypto assets to be property rather than currency for income tax purposes, the same as its regulatory guidance came out five years ago. That means the authority will continue to tax crypto profits and losses like those for stocks, at capital gains rates.

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Evorese.com, a new and promising cryptocurrency exchange – PR Web

Posted: at 5:58 am

PETROSANI, Romania (PRWEB) June 23, 2020

Evorese.com, a crypto payment, and exchange, opens the doors for cryptocurrency users globally. The payment portal launched from the beautiful Jiu Valley, Romania, promising to offer solutions for both solving volatility for established merchants and friendly payments, but also to come up with an ultimate model of Initial Exchange Offering in order to protect investors and the projects success in the long term.

Initial Exchange Offering (IEO) is a token sale supervised by our cryptocurrency exchange. The IEO enables investors to get new cryptocurrencies and raise funds for promising crypto projects.

The startup is partnering with Ledger to store the raised funds in custody securely, releasing them based on certain achieved milestones.

Being a decentralized exchange is advantageous since users are not required to transfer their assets to the exchange, running a significantly lower risk of theft from the hacking of the exchange.

In addition, Evorese.com will also integrate a P2P Cryptocurrency Lending Platform that lets users lend and borrow loans in cryptocurrencies. The aim of the startup is to develop a user-friendly and intuitive P2P Crypto Platform that, by letting the user deposit their crypto assets, will allow them to sanction loans without any bank or legal formalities.

Some cryptocurrencies are more volatile than others, their fluctuating prices being a source of financial insecurity. On this platform you can find Crypto Swapping, a service used for exchanging assets in a volatile currency into one that is stable, making sure that both parties give and receive what they agreed upon.

Our goal is to create a trust-worthy platform for exchanging digital assets. We will create a safe space for investors to invest in crypto projects and hope to get back a large part of the crowd that has been lost in 2017. Furthermore, we aim to solve the volatility problem which is a major issue these days with friendly and merchants payments," says Ciprian Filip, Co-Founder and CEO at Evorese.

Even if, at this time, this market is a highly competitive space, the Evorese portal plans to integrate a bundle of services that will give us an edge over the competitors and to satisfy our clients full needs while saving time and resources.

Find out more about us at evorese.com, or you can contact us directly at pr@evorese.com

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Evorese.com, a new and promising cryptocurrency exchange - PR Web

Posted in Cryptocurrency | Comments Off on Evorese.com, a new and promising cryptocurrency exchange – PR Web

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