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Mark Carney (Bank of England governor) resisted lately that bitcoin has failed to be a legitimate currency estimated by the standard benchmarks, as it’s neither a store of value nor a useful medium of exchange.

At London’s Regent’s University, the central banker told students that bitcoin has failed to meet those “two-key” requirements to emerge as a legitimate currency. He said that during a live Q/A session. To him, the top-cryptocurrency has failed so far. He added, no one uses it like a medium of exchange as it’s not a store of value.

Business Insider noted, that bitcoin is a medium of exchange and it is acknowledged on the “dark web”. Even though its instability deters its acceptance, still hundreds of traders accept this cryptocurrency and these also include Microsoft and Overstock.

bitcoin has failed

Stripe, which is a payment processor, recently stepped away from the cryptocurrency and stated, that there were only few cases for which paying or accepting with the top-cryptocurrency (bitcoin) makes sense. Steam, which is a pretty famous gaming/digital distribution platform has stopped accepting bitcoin, due to high fees and instability in the price of Bitcoin.

The argument that bitcoin is a store of value is based on its volatility, so that if you are looking for investing in it, make sure that its price won’t fluctuate immensely. Even though the cryptocurrency has lately seen an increase in its value around about 30% in a week, government failures can almost wipe out the fiat currencies. In countries like Venezuela and Zimbabwe, where fiat currencies failed to emerge as a legitimate cryptocurrency, bitcoin trades at the top.

Mark Caney Views on Bitcoin:

Mark Carney’s remarks are not really surprising and fall in accordance with those central bankers/Wall Street personalities, who’ve been recently assessing the bitcoin and the cryptocurrency ecosystem. Head of the Bundesbank, Jens Weidmann, lately argued that exchanging fiat with bitcoin is quite hazardous. He also stated, that for stabilizing monetary and economic system, we do not need crypto-tokens.

In the beginning of this month, board member of European Central Bank, Yves Mersch said, cryptocurrencies are not money, while Bank of International Settlements general manager, Agustin Carstens, argued that bitcoin was just a “bubble”, in which global stock markets were losing trillions of dollars.
At the same time, the head of South Korea’s financial regulator has confirmed the government is finally going to support cryptocurrency trading while promoting banks to enable transactions with exchanges.

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How to Buy Bitcoin – Is It Possible to Buy Large Amount of Bitcoin?

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How to Buy Bitcoin

With the start of 2017, a lot of investors appear to be keen on buying large amounts of Bitcoin. The traditional Bitcoin buying methods are not always suitable due to the limited supply of cryptocurrency and high transaction/deposit fees at most exchanges.

In this guide, we will explain how to buy Bitcoin in larger quantities (in excess of $100K).

How To Buy Bitcoin in Larger Quantities?

Wondering how to buy Bitcoin in bulk? You can buy it either through OTC exchanges or and traditional Bitcoin exchanges. OTC stands for “over the counter” and refer to individuals/companies that are willing to sell you Bitcoin without going through an automated or regulated trading platform.

What Are the Benefits of OTC Exchanges?

OTC exchanges have two major benefits over their traditional counterparts.

  • OTC exchanges own higher volumes of Bitcoin and fulfill your order faster as compared to traditional exchanges.
  • The exchange prices are negotiable.

Are There Any Disadvantages of OTC Exchanges?

Just like advantages, there are two major disadvantages associated with OTC exchanges.

  • OTC exchanges are less transparent. The buyers do not know exactly who they are dealing with or the volume they are supposed to trade. Their information is solely based on what they get from the seller.
  • The amount of risk involved in OTC transactions is pretty high as there are no regulations and the OTC sellers aren’t listed as money transmitters.

What Are Some Top OTC Exchanges?

There are several OTC exchanges around the globe. Some of the best exchanges to buy bitcoins are:

ItBit:

ItBit was founded in 2013 and is one of the most renowned OTC exchanges in the US. It provides Bitcoin for both small and large institutional investors.

Genesis:

Another leading OTC exchange. Over the last three years, the company has traded over 1.5 million BTC with the worth over $600 million USD.

Richfund:

Richfund is the largest Bitcoin hedge fund in the world. The company deals with market making, OTC trading, and mining operations. Richfund provides between 1000-5000 BTC and operates in Hong Kong, Korea, China, Cambodia, and Taiwan.

Something About Traditional Bitcoin Exchanges:

If you prefer traditional exchanges over OTCs to buy Bitcoin, you should consider going to the exchanges discussed below.

Coinbase:

The largest Bitcoin company. Coinbase operates both in Europe and the US and offers its users the opportunity to buy $10,000 to $100,000 USD worth of coins every day.

want to find out more about Coinbase? Read our guide on how to buy Bitcoin via Coinbase.

Bitstamp:

Bitstamp is the oldest traditional exchange around. Currently, the company sells 5,000 on average per day with the deposit fees as low as 0.05%. The fees may also go up somewhere between 0.25-0.1%, based on your trading volume.

Kraken:

Kraken is one of the very few companies that deal in Euro, British pounds, USD, Japanese yen and Canadian dollar. Similar to Bitstamp, Kraken also sells 5,000 BTC on average per day.

Conclusion:

Regardless of all the hype, Bitcoin is still in its earliest stages and the options to bulks of it are restricted. Nonetheless, the choices listed above should be more than enough to take care of this issue for you.

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Bitcoin Cash Payments Allowed for BitPay Merchants

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According to some experts and critics Bitcoin Cash may be considered as the best future money. To support this statement we have a news, in addition to Bitcoin, BitPay merchants have been allowed to accept a second cryptocurrency — and it is no other than the Bitcoin Cash. Bitpay has made an announcement on its official website that it’s now more easy for BitPay customers to become a part of the energetic community of Bitcoin Cash. A Bitpay merchant who accepts bitcoin cash can now consider himself a part of that community.

bitcoin payments

How it all started?

BitPay became active in 2011, while Bitcoin was still at its initial stage. No doubt Bitpay played a vital role in the transformation of the financial industry as a whole. It introduced the concept of faster and secure blockchain payments which were relatively less expensive globally.

The main purpose of founding BitPay was to make it easier for various businesses to deal in bitcoin payments. At the moment it is continuously expanding its network which has already become the largest bitcoin payment processing network in the world. Bitpay is currently providing its services to industry-leading merchants over six continents. It has generated a foolproof secure bitcoin payment plan which is used by thousands of bitcoin users on daily basis.

Bitcoin Cash – an Innovative step by BitPay

As mentioned above, BitPay merchants can now accept payments in Bitcoin Cash. No doubt it is an innovative step in case of Bitcoin Cash which has already been considered as the best future money. Bitcoin Cash will provide a rich opportunity to the BitPay merchants to receive payments from customers around the world. Due to the trust provided by the blockchain technology, there will be no risk of credit card frauds or chargebacks. the company said in a statement. It will also be more convenient in case of cheap transactions as the Bitcoin Cash costs only pennies or even less in some cases.

Future plans concerning Bitcoin Cash

BitPay is also planning to integrate Bitcoin Cash in order to save massive transaction fees in terms of batch payments. According to a company statement it also has the intentions to enable Bitcoin Cash settlements. With the help of these settlements merchants would be able to receive their payments in the form of cryptocurrency, no matter what kind of BitPay payment option they had been using already.

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What is Bitcoin Lending? A Beginner’s Guide About Bitcoin Lending

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What is Bitcoin lending?

Bitcoin lending is quite similar to the universal investing. Although, funding bitcoin loans has some features not share properly by other assets classes. In this article, we will read about principles of lending bitcoins and beginners guide to bitcoin.

Diversification:

The first and foremost cited principle of the investing is diversification. Here, mathematical details will show its effect very confidently. But we want to give you information that you can easily understand or digest. And, there is no need to study heavy statistics, you can easily apply as a lender on Bitbond.

Diversification in finance is allocating process of the finance. where the exposure will be reduced to one particle, whether it is a risk or asset. A simple way toward distribution is to decrease the percentage of the risk by investing in the verity of the assets. So, finance diversification means you are placing small bets instead of big ones. As a result of this strategy, you’ll get the decent yield. Whereas, in a case of a big bet, chances of potential return and potential loss are equal.

Bitcoin lending yield is approximately 10 p.a. in bitcoin loan’s portfolio. So, how you will diversify,

Amount per loan:

Accordingly, per loan minimum invest is 0.01 BTC, currently a small amount. This small amount is kept by us on purpose. In addition, with 1 bitcoin you have the option to build 100 loans portfolio. Here, we recommend you, not to invest too much into one loan. Two basic rules are as follows;

  • If it is a small amount loan of 0.1 BTC, don’t place more than 0.02 BTC into loan means to put 20% or less than requested loan amount.
  • If you are lending 2 bitcoins then do not put more than 0.1 BTC (2 X 5% = 0.1), means loan comprises only 5% or less of your portfolio.

Geography:

Diversify other aspects of your loan is another good feature. It is very imperturbable that bitcoin lending is listings to the country to country. As the economic environment varies from country to country. A country might be in recession period while other may a part of a dynamic economic activity. Accordingly, time gets changed and creates the impact on the economy as well. Therefore, this makes sense that loan portfolio is directly affected geographically.

Bitcoin lending is quite new in this technology era. So, that all the technology seeker countries are not listed here, listing process is in a process as well. As opportunities are growing on the daily basis, we suggested you a portfolio where a countries’ makeups are at 30% or less of entire portfolio value.

Duration:

Commonly, Loan with long duration has high default profitability mostly. Its depend on your luck because long durations are always uncertain. It may bring high-interest rate or default loss. Moreover, Bitbond has term bitcoin 6 weeks and 5 years.

If you have short term loans you need more effort to manage your portfolio. Holding different loan investment tending directly toward that your capital is not concentrated to one definite term. Your flexibility lies only in a term when your basis of long-dated loan whereas, other are shorter dating ones. If you are not ready for immediate liquidity than you need to re-invest cash again.

Rating Category:

Rating categories have the list of different risks. Higher interest tends toward higher risk. Therefore, an average return will be in the same range. You just have the option of 20% for each rating category (A to E).

Keep the concentration category below 40% in one rating category. This may consist of valued instead of loans.

Loan Terms:

Two things will happen on loan default.

  • The lender will receive the identity details and take the action by his or her own. And, Bitbond will free to sell the claim to this loan to debt collection agency.
  • Recovery amount will be higher because debit agencies will collect the amount instead of individuals.

Small amount loans are difficult to collect. But the one thing is most important, a small amount is not small in front of the world. Purchasing power varies from country to country. In addition, loan of 0.8 BTC may be small in Switzerland whereas, may have worth in Chile.

We mention here to invest in loan up to 0.1 BTC or more in established world. Whereas, in emerging markets, this amount is up to 0.5 BTC or more. You are free to check the details of the borrower from a country flag.

Meanwhile, diversification principle is to make small invest loans.

Purpose of The Loan

You need to check the description and notice what the borrower needs the bitcoin for. Each borrower has the option to write 1000 characters. Grammar, spelling might not be perfect always but the main thing is the purpose of borrowing bitcoins. Be thoughtful, if there are just a couple of words and borrower do not mention the main reason or purpose.

Affordability:

Bitcoin lending is new in the technology market and a number of things are still in working. If you follow the bitcoin lending principle properly, asset class will deliver the return of 10% p.a.

But we recommend you to invest bitcoin you can afford to lose. Furthermore, With the passage of time, you’ll come to know, how to invest and you can plan your strategy easily. Because this technology system is unpredictable.

Loan Portfolio:

Keep check of your results on daily basis. In addition, collect the pattern performance and apply them in future investments. Meanwhile, on statistics page, you have the option to download the entire history.

Goodluck!

 

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Initial Coin Offering – How to Avoid ICO Scams?

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

initial coin offering

What is ICO?

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

 

What Makes It Different?

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

 

No Regulations

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

 

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

 

Is ICO a Scam?

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

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

How to Avoid ICO Scams

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

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

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

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The Dos and Don’ts of Safe Peer-to-Peer Bitcoin Trading

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For some reasons, people are hesitant to buy bitcoins in face-to-face transactions. They are afraid of the risk that comes with it and would rather trust a Bitcoin exchange with their bitcoins. However, every method comes with its own set of dos and don’ts.

This post will outline the various dos and don’ts you must keep in mind while trading bitcoin face-to-face.

 

Carry your device with you

Do not forget to carry your personal device, be it your mobile phone, laptop or tablet when you’re going to the meeting. Make sure that you already have a bitcoin wallet if you’re the buyer. It is best to take your own device so that you can verify the trade on it rather than filling out your personal information on the other party’s device.

 

Do not cancel trade if price of Bitcoin drops

Feedback is everything. Do not try to walk out on a trade when you can negotiate. If the prices have dropped then it is best to try to negotiate on a price that benefits both the parties. When you cancel a trade, it is going to lessen your chances of earning a good feedback early.

 

Decide on a price ahead of time

To avoid any debate on the price later on during the meeting, it is best to agree on a price beforehand. Do not try to get a higher rate out of the seller after the price has been decided, this attitude can cause things to go sour very quickly. If possible, get an escrow service as it guarantees the payment to the seller and the buyer is sure that he will receive the bitcoins before releasing the payment.

 

Don’t expect to get rich overnight

You need to keep track of the rapid price changes taking place while trading. You need to prove that you are a good and reliable buyer/seller in order to gain a better reputation on any exchange platform. Be sure to remain patient when dealing with bitcoins, as nothing comes easily. Do not be fixed onto selling your bitcoins the moment it hits a high note since it is very volatile.

 

If you follow these pointers, then you are sure to develop a good reputation on any exchange platforms and have nothing to fear.

 

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