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A prolonged hyperinflation of the Venezuelan bolivar has made it just about unusable. Over the last couple of months, bitcoin has taken control over the country as the primary currency and the citizens have been using the digital currency to buy basic goods, medicine, and other key items.

Patricia Laya, Venezuelan Bureau Chief at Bloomberg, has revealed that the daily limit of country’s ATMs is set at 5,000 bolivars, worth around $0.05. Laya expressed that she had held up 20 minutes in line to get $0.05 in hyperinflated currency worth just about no value.

Because of the deficiency of money and the quick decrease in the valuation of the Venezuelan bolivar, the residents have started to investigate different strategies for payments since the start of 2017. Since the estimation of money has dove and the residents, organizations, and experts have effectively dismissed the cash, the majority of the Venezuelan population has started to opt for alternative forms of money.

Consistently, the fame of bitcoin inside Venezuela has surged, as a rapidly expanding number of individuals have begun to use the digital money as the primary cash, medium of trade, and store of value.

In a meeting with the Associated Press, Venezuelan inhabitant John Villar expressed that he has purchased two plane tickets to Colombia, his better half’s medicine, and paid his workers with bitcoin in the previous month. Villar stated that he plans to keep using bitcoin like the majority of Venezuelans.

“This doesn’t involve politics. This involves survival,” said Villar.

Currently, it is nearly impossible to buy any goods or services with Venezuelan bolivar, given its low value and adoption in the country.

In coming days, Venezuela may become the first country where bitcoin takes over the national currency and becomes country’s main financial system.

But Why Bitcoin, And Not Some Other Currency?

In Venezuela, the majority of the people have lost trust in the government, national bank, and banks. Its currency is almost broken and its esteem has dived to a point where no goods or services can be acquired with it.

Bitcoin is a decentralized and peer to peer currency framework, store of significant value, and a safe haven asset that shows a trustless ecosystem. Anybody inside the system can send and get payments from each other on a shared premise, without the involvement of intermediaries.

In future, bitcoin will probably rise as the real substitute to the declining fiat monetary standards. In the long term, bitcoin could even replace multi-trillion dollar fiat currencies like the US dollar, Japanese yen, and Chinese yuan, if it continues its current development rate and exponential increment in value.

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Bithumb Partners with BitPay – What Does Sonny Singh have to say about it?

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Bithumb, which is the largest cryptocurrency exchange of South Korea has joined with BitPay. On 13th March, it was announced by an executive, that the main purpose of this partnership is to compete in the global remittance market. As the major South Korea Exchange Bithumb merges with BitPay, there’s no doubt that it’s going to impact the crypto-market.

Chief commercial officer of BitPay, Sonny Singh noted while talking to CNBC, that now the businesses will have the ability to change invoices to Bitcoin and utilize BitPay for settling them more economically and faster than the ordinary bank-based remittance networks.

south korea exchange

What does Sonny Singh have to say about this partnership?

Sonny Singh told the network;

“Cross-border payments between Korea and the West will be a $200 bln industry this year”

Singh continued by saying;

“Right now, people are doing cross-border payments […] and paying bank wires, FX fees around 4% and it takes about four days. Using Bithumb and BitPay, we’re able to make this a 1% fee in one business day”

A chain of regulations on crypto-markets has been introduced by South Korea, since December 2017, for banning unidentified trading, foreign use of local exchanges, local ICOs, and in addition to that, banning all the government officials from trading and holding cryptocurrencies. Even with such massive trading volumes, South Korea is still an ambiguous market for cryptocurrency users and businesses.

Singh also confirmed that BitPay is on its way to process $4 billion worth of payments this year and is disconcerted by the potential for regulatory disruption.

Singh said;

“We welcome regulation.”

Later, he continued by saying;

“So, I think all the Korean exchanges like Bithumb — they welcome regulations too. We make sure they do proper AML/KYC checks.”

At the beginning of this month, it was announced by the South Korean bank, named “Woori Bank,” that its aim is to start commercialized cross-border payments by using Ripple. According to a report, Bithumb still continues to grow consumer-awareness of cryptocurrency within the country, South Korea, by familiarizing payment terminals to restaurants as well.

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What Is Litecoin – A Detailed Look at One of The Top Cryptocurrencies

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Litecoin is a peer to peer digital currency which enables instant, almost zero-cost payment in the world. Litecoin is a global and an open source network which is completely decentralized without any fundamental authorities.

The blockchain of Litecoin is capable of handling higher transaction volume than its corresponding currency – Bitcoin. Because of generating more frequent blocks, the network supports more transaction without modification of the software in the future. By this way, merchants get the faster confirmation times.

Miners are awarded currently with 50 new Litecoin per block. Therefore, the Litecoin network is scheduled to generate 84 million Litecoin, which is 4 times as Bitcoin.

Wallet encryption allows their users to secure coins through a wallet so that user can check transactions and account balance. This requires entering user password before spending Litecoin. This method provides protection from wallet-stealing trojans and viruses as well as check sanity before sending payments.

It is an open source software project which is released under the MIT/X11 license that gives you the full control to run, copy, and modify the software. It also gives the power to distribute at your option and modified copies of the software. The Intel integrated graphics cards which are in most laptops are just not suitable for this purpose. To retain speeds up to a high level, most Litecoin miners build dedicated machines by using motherboards which can hold many graphics cards, generally via riser cables.

How to Get Started with Litecoin?

It’s very simple to get started with Litecoin.

Here are some ways to start:

  • Get a Litecoin Wallet
  • Get Some Litecoin From an Exchange
  • Use Your Litecoin
  • Stay Up-To-Date

What are Main Litecoin Features:

Litecoin features are:

  • Faster Transaction Confirmation Time
  • Improved Efficiency than the top math-based currency.

How to Mine Litecoin:

Except you own specific mining hardware, there are two ways to mine digital currency:

  • With Your Central Processing Unit
  • With Your Graphics Processing Units

GPU provides better performance which required for the cryptographic calculations. If you are making your first ever raid in mining and don’t have a heavy gaming computer, then with just a laptop having Intel integrated graphics will possible to mine Litecoin.

Be careful, mining digital coins is highly system intensive and may reduce the lifespan of your electronic machinery. It’s a good idea to be sure that you have an adequate place, keep an eye on the temperature, and also keep in view any other warranties, just in case.

Mining may also be a solitary project or you may join a mining ‘pool’. In mining pool, many people combine their mining system and all take a share of the rewards.

How Much is a Litecoin Worth?

At the time of writing, one Litecoin is worth $52.75111396. The past few weeks was quite remarkable for Litecoin. However, many people assumed this currency will be dead but that is not the case. In fact, this currency is heading to a very bullish direction. The value of Litecoin has increased by over 700%. This is because of Coinbase listing and SegWit locking in. The future is looking bright for Litecoin because the price of Litecoin Continues to Climb.

How to Buy Litecoin:

Some points which will lead you how to buy Litecoin:

  • A way of getting Litecoin is mining them through standard computing apparatus.
  • Always try to have a check balance before investing funds, and should not take a risk the amounts you can’t afford.
  • Buying Litecoin is not an easy job as buying Bitcoin.
  • One of the straightforward ways is to simply buy Litecoin with Bitcoins, this is actually the fastest approach, and it is also the cheapest option for most of the users.

Anyone with Bitcoin can easily buy Litecoin from a number of exchanges:

  • Kraken
  • Cryptsy
  • BTC-e
  • Others have mentioned on Litecoin wiki.

You are thinking that buying Litecoin is the much easy way via fiat transfer through an exchange, but it can be a boring process for some reasons. Some main exchanges of Bitcoin like Coinbase and BTC China don’t deal with Litecoin transactions.

Another way is to buy Litecoin locally, forgoing the disturbance of wiring currency abroad, and changing it into Litecoin.

What are The Top Litecoin Wallets?

  • Many exchanges provide the service of online Litecoin wallets, but they are not modern solutions. Most of the users want something more secure as offline or cold storage wallets. Litecoin has luckily built-in encryption features that you can use to secure your wallet by just a few clicks.
  • Many users like to use the official Litecoin-Qt desktop client, but it has some syncing issues with another fair share of faults.
  • For a more secure and long-term storage, you have to setup a Litecoin paper wallet.
  • It is also possible to get a paper wallet with credit card quality from Crypto Coin Wallet Cards, but some smaller companies are also selling physical Litecoin or coin holograms.

What Is the Difference Between Litecoin And Bitcoin?

Here are some differences between Litecoin and Bitcoin:

  • The coin Limit of Bitcoin is 21 million and the Litecoin network will generate 84 million Litecoins, which four times more than coins issued by the Bitcoin network.
  • Bitcoin uses SHA -256 algorithms, however, Litecoin uses Scrypt algorithm, the main purpose of using the Scrypt was to allow the miners to mine both Litecoin and Bitcoin at the same time.
  • The mean block time of Bitcoin is 10minutes whether it is 2.5 minutes for the Litecoin.
  • The initial reward of Bitcoin is 50 BTC and the initial reward for Litecoin is 50 LTC.
  • The market cap of Bitcoin $10,467,596,650.78 and Market cap of Litecoin is $540,274,528.26.

Conclusion:

In the end, many people still looking at Litecoin as a Bitcoin testbed. Many people will keep an eye of SegWit malleability fix and be looking at how it effects Litecoin. This time is still much exciting to involve in Litecoin, although people having Litecoin may see the increment in the value of Litecoin these coming weeks.

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Best Auction Sites and Platforms for Bitcoins

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Members of the Bitcoin community are always looking for ways to buy and sell products in exchange for bitcoins. Fortunately, several sites make that possible by offering secure and safe platforms for sellers and automatic escrow protection for buyers who bid to purchase their desired items on sale.

The following auction solutions have gotten a lot of attention over the past couple of years:

OPENBAZAAR

Best Bitcoin Auction Sites

OpenBazaar is a top Bitcoin auction site for everyone looking to purchase or sell all sorts of items in one place. Although it is believed to be a normal shop on the internet, it does offer some auction functions as well. There is no limit as to what items can be sold on the platform. Also, OpenBazaar’s peer-to-peer nature means there is no company or middleman that can remove or block listings, charge fees, or hold money. By accepting bitcoin payments, sellers are opening up to their offering to the rest of the world.

BITIFY

Best Bitcoin Auction Sites

Another Bitcoin trading platform. Bitify was launched in September 2013 and was first known as CrptoThift. It uses an auction system to sell items. It also offers escrow services to the buyers. The buyers have an option to use the escrow service for 1% fee. This means that Bitify acts as a guardian over the customer funds until the transaction is fully settled. You can browse numerous posted items for sales such as E-gift cards, software installers, online gaming accounts and more. Although, it offers more of digital items rather than physical goods.

GLYDE

Best Bitcoin Auction Sites

This platform has been around the longest and sells items super-fast. Buyers can find reasonable deals on electronic items and much more, whereas sellers can benefit from selling their unwanted products. There have been thousands of feedbacks on this platform and have been nothing but positive. So, make sure to drop by this site if you’re ever looking to sell any items. Glyde provides insurance on every package, so in the rare event an item is lost in the mail you will still be compensated for the sale. It is the best bitcoin trading platform to buy and sell with bitcoins.

To help build and enhance your reputation, opt for websites having built-in feedback systems. Also, make deals with already established buyers where you send them the item first and then wait for them to send bitcoins after receiving the goods.

Best Bitcoin Auction Sites

REMEMBER! Your buyer should have an established reputation so you don’t suffer a loss. There could be cases where you send the item to the buyer and they never send the payment.

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Requirements Get Tough for Crypto Financial Derivatives

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Before discussing the main issue, let’s discuss about the crypto financial derivatives and their role in digital payments. Crypto financial derivatives also known as bitcoin derivatives, are in fact security arrangements with a price that is dependent upon or derived from an underlying contract whereby differences in settlement are made in the form of digital cryptocurrencies.

Due to the insecurity involved in this whole process, the European Securities and Markets Authority (ESMA) has toughened its requirements for CFDs in terms of cryptocurrencies. If you are investing in cryptocurrency, this update may affect your future investment plans.

bitcoin investment

Role of ESMA in Financial Decision

In fact ESMA is an independent authority which makes sure to improve investor protection and promote more stable financial markets. ESMA’s board of supervisors is solely responsible for all the policy decisions. The decisions and policies of ESMA have a direct impact upon the following areas and stakeholders:

  • Financial service providers
  • The financial services industry
  • Retail and institutional investors and consumers
  • Users of financial markets
  • The economy of general public
  • Regulators of securities markets

What are CFDs?

To be precise and to the point, CFDs are in fact arrangements made in the form of a futures contract, according to which differences arising in the settlement are compensated in the form of cash payments, rather than physical goods.

CFDs are usually assumed to be an easier way of settlement as compared to other contemporary methods. It is also preferred by majority of users because as all gains and losses are paid in cash form. The most interesting case in terms of CFDs is that without actually owning one, it gives its investors all the risks and benefits of a security.

Expected change in leverage limit

It is being expected that the leverage limit of CFDs will be changed to 2:1 at its opening by the EU regulator. According to this leverage limit, the investor must have enough funds to cover at least half of the contract value upon its opening. Previously, the leverage limit was 5:1, it allowed the investor deposit only 20 percent of the CFD’s at the time of deal.

The reason behind this sanction is only that ESMA recently highlighted in one of its statements that cryptocurrencies required a deeper monitoring due to the risks it posed in case of undergoing investment deals. ESMA is not alone to show concern in case of cryptocurrencies, even the the Austrian Finance Minister proposed to strictly regulate the cryptocurrency derivatives in order to prevent money laundering with it.

Due to its lack of protection EU regulators have also warned investors about the ultimate risks associated with cryptocurrencies.

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