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Tyler and Cameron Winklevoss, otherwise called the Winklevoss twins, expect the market valuation of bitcoin to surpass trillions of dollars in the upcoming years.

Main Story:

In an interview, Cameron Winklevoss clarified that the properties of bitcoin enable it to work as a premier store of significant worth that is in orders of magnitude greater than gold in various aspects, including divisibility, transportability, and monetary supply.

 

“We’ve generally felt that bitcoin, given its properties, is gold 2.0 — it upsets gold. Gold is scarce, bitcoin is really settled. Bitcoin is much more versatile and way more separable,” said Winklevoss.

 

He included that if bitcoin can keep on disrupting the $6 trillion gold market in the long haul, it will have the capacity to hit a trillion dollars in a moderately brief timeframe, given that the market valuation of bitcoin currently stays near $300 billion.

 

“Long-term, directionally, it is a multi-trillion-dollar resource — I don’t know how long will it take to get there,” said Winklevoss.

 

Bitcoin is quickly changing the global finance industry as a decentralized store of significant worth. If bitcoin market can maintain its development rate over the next couple of years, it will enter into the gold and offshore business industries. The joint market cap of gold and offshore business industry is up to almost $40 trillion.

 

Winklevoss noticed that fiat and different cryptographic forms of money are not the rivals of bitcoin. Instead, other safe haven resources and store of values, for example, gold are the genuine rivals of the digital currency. He explained:

 

“For the vast majority, it isn’t just the source of not paying taxes. It’s the target of getting the privilege to security and looking for financial secrecy,” said Marcovici.

 

Structurally and reasonably, bitcoin is an altogether better framework to store cash for people and institutional investors than offshore bank accounts, primarily because the legislatures can in any case crackdown on offshore ledgers. In 2016, the US government fined Swiss banks $1.3 billion, including more than 43,000 offshore ledgers holding $48 billion.

 

As a decentralized and distributed store of significant worth, governments can’t in any way, shape or form crackdown on bitcoin holders and records. Consequently, it furnishes speculators with security and budgetary privacy, which seaward ledgers were intended to give.

 

If bitcoin can represent even 10 percent of the worldwide offshore business industry, bitcoin’s market can surpass $3.2 trillion. In light of the settled supply of 21 million, a $3.2 trillion market cap esteems bitcoin at $152.380.

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The Avant-garde Bitcoin Desk in Wall Street- Goldman Sachs

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Due to extreme volatility and back and forth fluctuations of Bitcoin noticed previously, the most talked about the argument is that if Bitcoins and its peers are overruled or still intact. Financial institutions and similar authorities have managed to maintain a safe distance from this digital currency market during the whole stretch. Embracing all the risks and jeopardies, Goldman Sachs has risen with the plan of establishing the first Bitcoin trading desk in the Wall Street.

crypto investor

But what resulted in the giant wall street titan like Goldman to dip toes in the crypto world? According to a Goldman executive, this step was taken keeping in regard a lot of queries and requests by the clients and also crypto investors. A good number of people showed their interest and curiosity in holding Goldman Sachs Bitcoin as their alternative asset.

The First desk

Goldman has hired Justin Schmidt as their first digital asset trader to grip the daily operation. Having a former experience with a hedge fund, Schmidt is determined to navigate the client’s interest in exchange and transaction of the Bitcoin. With an extensive past experience and knowledge, Justin Schmidt has joined one of the most vaunted banks as a vice president and head of Digital Asset Market in the institution’s Securities division.

Being the first major U.S bank to take such initiative, holding the reputation for always staying ahead of its peers, the institution is dedicated to measuring possibilities and options to entertain their clients play with digital crypto if they wish to.

The Breakdown of The Protocol

The facilitation and assistant Goldman is giving to the crypto world will definitely raise institutional transaction and trading of Bitcoin. Raising these legitimacy bars, the cryptocurrencies are beginning to rise up to the ‘seen’ surface levels.

Though following by many significant absurd comments, Goldman is very hopeful and certain about its position. Goldman concludes that they don’t think Bitcoin is a fraud and they honor their client’s interest to hold Bitcoin as a valuable commodity. After receiving inquiries from hedge funds and clients who received the donations in the form of these digital currencies and weren’t aware how to deal with it.

Being extremely volatile and unpredictable, a great deal of uncertainty comes readily with this currency. After a massive hit seen by the start of the year, the prices of Bitcoin have recovered certainly. being fully aware of the risks and certainties of the nature of the initiative, Goldman claims to be knowing what they are getting into.

Insight

Goldman Sachs Bitcoin trading will not be initiated right away. To entertain and engage crypto investors, they have planned on trading Bitcoin Futures using their own money on the clients’ behalf at start. Running the trade via its New York desk, they are expected to launch its own version of futures too. So, it will not be an actual trading of the crypto, just the trade of non-deliverable forward futures. These trades will further be settled in regulated fiat currency it was quoted in.

The follow-up

Following the footsteps of Goldman Sachs Bitcoin as the first regulated financial institution to propose such a service, it is expected other banks in line to follow the same lead. But the biggest name ruling out the scenario is the British multinational investment bank, Barclays. According to the presenters, they think this crypto world to be fraud, infectious and delusional. But the key point is a market grown as big as this one, for how long you can ignore it. This initiative by Goldman Sachs shows how far this crypto market has traveled and come under limelight to be considered worthy in the eyes of these wall street titans.

But it is highly hoped, this initiative is not just stopping right here. After reaching its peak by the end of last year and its recession by the start of this year, the hopes with this digital currency has risen. Despite a downfall by 48%, the volatility of this currency is expected to be increased during time due to the more people entering down the pool of this crypto world. It is expected to cross by $50,000 by this year. There are more and more acceptance and support expected in the following next five years in regard to this cryptocurrency.

Despite the firm faced criticism, Goldman Sachs has proven itself as the utmost technologically sophisticated institution on wall street.

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Facts about bitcoin

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This is a time of bitcoin. This year interest in virtual currency increases as compared to last year. In this article, I will discuss the main bitcoin facts which are the cause of increasing interest in virtual currency. Let’s move toward the discussion.

A brief about bitcoin

Transactions are made without a middle authority. Which means, no banks! No need of heavy fees for transactions. No need for central authority’s order to confirm the transaction and you are allowed to do transactions anonymously. This is the secure and legal way of transactions. Because the transaction is verified by the proper channel named blockchain. Who keeps the records of transaction and verify them through proper ways. Bitcoin is pretty much like cash for the Internet. Read  article if you want to know about the Bitcoin

Current value of the bitcoin

Today, 2 June 2017, bitcoin’s value is $2466.48. As you see the increasing behavior of the bitcoin value. Accordingly, Bitcoin has captured the everyone’s attention.

Whereas, today’s open, high and low is,

Meanwhile, you know the current status of the bitcoin. Want to know about the market value of the bitcoin. and price analysis of bitcoin

Decentralize the middle person

While we are going to deal with currency, we don’t like the third person’s interference. The security we need during our transaction, bitcoin provide the same. The third person in the transaction is not allowed even third is a government. Bitcoin transaction process doesn’t allow any person’s interference. Furthermore, you are free to do transaction anonymously without third person’s interference.

Check and balance   

When you have completed your transactions, you can check the details. Copy them or save them where ever you want.  https://bitref.com/ here, you can check the details of your transactions.

Do study with bitcoin

You have a wish to go back to the university life and you have just bitcoin. Don’t get panic. Bitcoin technology and its followers allow you to pay the fee in bitcoins. New Yorker University of The King’s College accepts the Bitcoin as the fee of your semester.

However, this is the initiative steps in universities. The University of Cumbria in the UK, the University of Nicosia in Cyprus is also planning a degree in digital currencies for students.

64% part of the bitcoin on blockchain  

A few years back, bitcoin’s rate was $1 for 1309BTC less than $0.00076 per BTC. Meanwhile, the price is very low. But, time change, Bitcoin asserts itself and easily acceptable everywhere. Let’s have an example, you get 393,225BTC by paying $300 at that time. Now, you are going to sell them and cost of BTC is $2,226.08. You will have the enormous wealth of $875,350,308.

A study by California University,

There is a huge history of bitcoin user’s. Who lost the private keys and unable to use bitcoin. Here are two examples of the accounts, still they don’t do any transactions.

1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF: this address was created on 1st March 2011 and now 2017. In addition, 75,957 bitcoins have been not using still.

12tkqA9xSoowkzoERHMWNKsTey55YEBqkv: this was created on 5th March 2010, and still no progress or spent bitcoins from 28,150.

Computing power is higher   

Bitcoin computing power is 2 046 364 Pflop/s. whereas, 500 supercomputer’s computing power is 274 Pflop/s.  you can see the difference of power computing networks. However, Bitcoin users are not performing fluctuating processes. But, only numeral calculus. How can we proceed? It is simple, infect,

A hash is equal to 6.35K numeral actions

A numeral action is equal to 2 variable fact actions, whereas,

A hash will be equal to 12.7K variable fact actions

So, if we use the rate of one hash that is the 12.7K flop, and analyze it with the network is 161 131 086 gh/s, we get the approximation of 10^9*161131086 H/s * 12700 = 2 046 364,7922 Petaflops.

Too much computing power, this power can b utilize during modelization process.

114-million-dollar transaction

A transaction which shows the transaction of 114 million dollars or more. Accordingly, an effective rate of the time. Transaction is,

How created bitcoin

Bitcoin acceptance is worldwide. People use it, spent it for their daily needs, means it has a worth. How created the bitcoin? its answer is still a mystery. Few names have surfaced the financial platforms like Craig Steven Wright. Know about Craig Steven

Total number of bitcoin

We all know the limited amount of Bitcoin supply is 21 million.  Which will never exceed this amount. Whereas, bitcoin users are continually mining the Bitcoins. It is a rough estimation that 14 million bitcoins are mined. Accordingly, two-third bitcoins are mined. In addition, it is a prediction that the last bitcoin will be mined in 2040. Which clearly means that we still have an option of mining. But unfortunately, due to a high demand of coin decreases the supply.

Black Friday bitcoin sale  

You are able to buy bitcoin for cash. On the day of Black Friday, you are allowing to buy bitcoin and then spend it in different ways. How to shop with bitcoin, you can read the article.

Physical Bitcoin

Few users + lovers of the bitcoins introduce the physical bitcoins. They are doing heavy working behind these projects. Fortunately, they have code redeemable for digital currency. Read physical bitcoins

Leaders called it scary  

When few sites like Mt. Gox hacked in 2011, a developer Gavin Andresen states on his personal blog.

“I’ve said it before, and I’ll say it again: Bitcoin is an experiment. Treat it like you would a promising Internet start-up company: maybe it will change the world, but realize that investing your money or time in new ideas is always risky,” courtesy of http://gavinthink.blogspot.com/2011/06/that-which-does-not-kill-us-makes-us.html

No inherent no set values

Luckily, another fact of the bitcoin is, bitcoin has unique or unstable values. Whereas, no other currency support bitcoin inherited its values. Bitcoin values are changing, depends on the services.

Losing wallet

When you are losing your wallet, forget about your bitcoins. because it will never come back to you again. So, keep the complete security of your wallets. It is a scary fact that people forget or lose their wallets of the bitcoin.

Bitcoin vs Gold

Bitcoin’s value crosses the gold’s value. Isn’t insane???

Yes, Bitcoin crosses the gold’s value. Read the article about bitcoin vs gold,

Few other facts of the Bitcoin are,

 

Conclusion

Above all are a few facts of the bitcoin. Some of them are scary, few are interesting and other are insane.

Goodluck!

 

 

 

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Why Is North Korea So Interested in Bitcoin?

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Bitcoin Interest North Korea:

It was observed in 2016, certain actors that seemed to be North Korean were conducting cyber-crime. Their target being banks and global financial institutions. Although, looking at bitcoin investment North Korea, the country’s reputation as a nation that is entirely cut off from the global economy and also a nation that has a government unit dedicated to carrying out illegal economic tasks. This act was possibly carried out to fund the Pyongyang’s elite especially, with them having complete control of their military forces.

A second wave has already begun as these state-sponsored actors are now seeking to steal bitcoins and other digital currencies. It began in May 2017, three South Korean cryptocurrency exchanges were targeted with the intention of stealing resources. According to observations made previously, these actors mostly target personal accounts of employees at these cryptocurrency exchanges using phishing scams. In particular, the attacks used malware called PEACHPIT.

Buy Bitcoin Online North Korea – Activities Conducted by North Korea Against South Korean Cryptocurrency Exchanges in 2017

 

  • April 22 – A South Korean digital currency exchange, Yapizon, had four wallets stolen.
  • April 26 – The US announces an increased economic sanctions strategy against North Korea. These international sanctions could be the reason behind North Korea’s interest in cryptocurrency.
  • Early May – First spearphishing attempt against South Korea is taken.
  • Late May ­– Second South Korean exchange is targeted.
  • Early June – Increased North Korean activity took place with cryptocurrency service providers in South Korea targeted.
  • Early July – Third South Korean digital currency exchange targeted.

 

The Advantage of Targeting Cryptocurrencies:

If they keep this up and plan to take on an exchange itself, they could be able to control online wallets and much more. From moving cryptocurrencies out of online wallets to sending cryptocurrencies to other wallets and even swapping cryptocurrencies for other ones. Since the digital currency realm is still pretty new, several exchanges might have less secure anti-money laundering security measures which make these exchanges a hot-spot for such attacks.

Conclusion:

As the adaptation of bitcoin and cryptocurrencies have increased within the past few years, various nation states have begun to take notice. While many countries are beginning to open new digital currency exchanges or launch their own cryptocurrency, there are some that use it for criminal activities as well. Currently, North Korea is winning over their cyber spying skills but this isn’t long-term either with the advancing cyber powers.

 

Story Credits: fireeye.com

Image Credits: money.cnn.com

 

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Will Kazakhstan Ban Cryptocurrencies?

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The National Bank of Kazakhstan has surprised all those who are interested in the crypto business by announcing its sudden plan to ban cryptocurrency in Kazakhstan. In fact Kazakhstan’s central bank has some serious plans to prohibit the use of all kinds of cryptocurrencies. All this information was disclosed in a report published by Sputnik News which is the official news outlet of the Russian government. According to that report all this information was personally revealed by Daniyar Akishev who is the chairman of National Bank of Kazakhstan.

crypto exchange

Reasons for ban on Cryptocurrencies?

Daniyar Akishev further added to his statement that the National Bank of Kazakhstan had to take this decision to ban the exchange of digital currencies for the national currency of  Kazakhstan at the moment. The cryptocurrency exchanges and miners operating within  Kazakhstan would also be banned completely and no such activity will be allowed within the borders of  Kazakhstan. When asked about the reason behind that action he stated that the main reason was the vast number of problems associated with the user’s rights. That’s why the country’s central bank wants to prevent its residents from converting the nation’s fiat currency from any sort of crypto exchange within Kazakhstan.

Further Risks Daniyar Akishev Sees

When asked further about the reasons behind that ban Akishev said that he probably sees a lot of problems associated with cryptocurrencies, main reason being the protection of user’s rights. He also stated that the possibility of using cryptocurrency to commit illegal activities is also one of the major reasons behind that ban. The statement of Daniyar Akishev cannot be overlooked as far as the illegal use of cryptocurrencies is concerned. Cryptocurrency has become an ideal way of money laundering and to escape taxation around the world.

It is not the first time that Daniyar Akishev has showed his concern about cryptocurrencies. He had also stated last year in October that the National Bank of Kazakhstan was planning to prohibit activities related to cryptocurrency to protect its residents from the vast risks associated with these transactions. At that time his suggestions were to prohibit the:

  • Exchange of the national currency for cryptocurrencies.
  • activities regarding the generation of cryptocurrencies.

However, it is also a fact that the local community of Kazakhstan is showing extra ordinary interest in cryptocurrencies. According to a survey by Yandex, this interest has become 15-fold as compared to the previous years. According to that survey the citizens of Kazakhstan were showing 10 times more interest in search results related to crypto mining and how to mine.

Do not forget to share your thoughts regarding this ban in the comments section below.

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Supply Chain Blockchain: Eximchain Raises $20 Million!

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Eximchain was established in 2015 at the Massachusetts Institute of Technology’s (MIT) media lab and is a supply-chain focused blockchain startup, which has managed to raise more than $20 million from a group of investors. Eximchain is basically an MIT-based software development company which uses blockchain to advance the SCF (supply chain financing).

blockchain supply chain

Supply Chain Financing

SCF allows investors to fund an organization through its supply chain procedure by providing them further operating capital and functioning cash flow to upsurge its effectiveness and lessen risk. Companies that effectively succeeded this cash flow have reduced their inventory by almost 30%, heading to substantially lower working costs.

Even as a startup, it has managed to raise the funds to advance its own public blockchain which runs by private smart contracts, in order to offer multiple solutions for recording, executing and disseminating information for supply chain shareholders.

Who’s behind the funding?

One of the major cryptocurrency hedges from China, FBG Capital was behind the funding. There were also many other participants included such as;

  • INBlockchain, which is a blockchain capital firm. It was founded by a Chinese cryptocurrency activist, Li Xiaolai.
  • Kinetic Capital, which is a Hong Kong-based investment firm.

Now moving towards the token airdrop, Eximchain says that it will see approximately 1.5 million ERC20-based EXC tokens disseminated to contributors after verifying their identity. According to the company, EXC can be also transformed into the native tokens, on the blockchain of Eximchain itself.

Hope Liu’s Statement

Eximchain’s co-founder and CEO, Hope Liu stated;

“After experimenting [with proofs of concept] on ethereum or private blockchains, the enterprise world is looking for technical solutions that can be deployed immediately to solve real supply chain problems. There is a huge potential for blockchain technology to revolutionize supply chain processes, and we are all excited to see the progress that Eximchain will help bring to this industry.”

The funding is actually what makes the firm one of the latest ones to join the highly popular trend of distributing airdrops, through which firms allot tokens for free to the concerned parties, rather than holding token sales in the existing ambience of regulatory obscurity.

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