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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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Top 5 Advantages Of Bitcoins That You Didn’t Know

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Bitcoin is a digital currency that first came into circulation in 2009. The identity of the creator is still disclosed.

In recent years, Bitcoin has attracted interest from numerous people of different lines of work, but there is still a large portion of the public that still doesn’t know what is Bitcoin and how does it work. Simply stated, Bitcoin is a peer to peer, decentralized, digital currency system, designed to enable online users to make transactions via the digital currency. In other words, it’s a virtual currency.

Let’s take a look at some of the advantages of using this currency.

What Are The Benefits Of Bitcoins:

  • Its Tax Free:

When a user buys something using euros, pounds, dollars or any other type of flat currency, he is supposed to pay some additional sums in taxes. Every item that is purchased via cash has a certain amount of tax on it.

On the other hand, Bitcoin is tax-free. No sales taxes are involved when you pay with bitcoin in transactions made.

The zero taxation makes Bitcoin an extremely useful form of currency, especially when it comes to buying luxury items.

  • There Are Minimal Transaction Fees:

Exchange costs/fees are part of all sorts of wire transfers. On the other hand, no such costs come with Bitcoin transactions. Since there is no monitoring bank or governing authority to keep the flow of bitcoins in order, the transaction costs are extremely low, or even zero in some cases.

  • Flexible To Pay:

The fact that Bitcoin payment system is online makes it extremely handy for the users to make transactions. All you have to do is tap your smartphone screen a few times or do some clicks on your PC to transfer the coins.

The flexibility in payment methods means you can make the worldwide transaction without even having to leave your bed. Amazing! Isn’t it?

Read our guide to learn more about Bitcoin payments.

  • User Anonymity:

Bitcoin transactions are distinct and give you complete user anonymity. Every purchase made through bitcoins is never connected to you and there is no way for it to be tracked back to you. However, if a user is willing to reveal his identity, he does have the option of to publish his transactions – but in most cases, the users prefer to stay anonymous.

  • Lastly, The Currency Is Free from Third Party Influence:

One of the biggest advantages of using Bitcoin value is that it eliminates third-party influence. There is no central bank or a government authority controlling the flow of bitcoins, which ultimately eliminates the chances of your transaction being disrupted.

Bitcoin transactions are based on peer to peer system and it allows the users more freedom and greater liberty to make a purchase.

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How Is China Stifling Bitcoin and Other Cryptocurrencies? Let’s find out!

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World’s biggest community of Bitcoin miners, China, is cracking down on cryptocurrency. A proactive step has been taken by regulators for shaping the stratospheric increase of Bitcoin. According to President Xi Jinping, there’s been booms and busts in the economy for a decade. As a result, the role of China in the cryptocurrency’s world is going down.

Is it allowed to trade Bitcoin in China?

Bitcoin can be traded only in over-the-counter markets. According to some analysts, it is a slower process that increases the credit risk.

Is China anti-cryptocurrency?

Not really. A bank named “The People’s Bank of China” has run trials of its own prototype cryptocurrency, as it is a prime step to being the very first central bank, that is going to issue digital money.

What is China doing exactly?

Well, China banned initial coin offerings (ICOs), that are equal to initial public offerings for new virtual currencies. Later, it stopped local exchanges from trading cryptocurrencies and also delineated proposals to dampen bitcoin mining. Then it moved to Chinese companies that were listed in abroad skirting to stop its domestic ban on ICOs. Now it’s intended by the officials to block the domestic access to mobile apps and other online platforms that offer such services for cryptocurrencies.

Companies that promote themselves as blockchains, to boost their shares are also being targeted by domestic stock exchanges. It’s a part of an effort by agencies like China’s Ministry of Industry and Information Technology, central bank and the cyberspace administration.

 Bitcoin Value in China

 

What is the reason behind the crackdown in China?

Cleaning risks from financial markets have been government’s statement for almost two years, but there’s been no clear explanation yet. The thriving shadow banking sector is also among the main concerns of the government, although digital currencies also provide a way to move money out of China.

 

Where else are officials clamping down?

South Korean is known as the home of most of the frantic cryptocurrency trading. Some banks are being inspected because of the allegation of money laundering and the country is considering to close such cryptocurrency exchanges. Also, in the past year, the U.S. Securities and Exchange Commission started to work fast on digital token sales.

What’s the effect of China’s actions?

Because of inexpensive power and cheap labour, miners gathered to China, but now they may have to look somewhere else. Bitmain is running China’s two major Bitcoin-mining collectives and is setting up district HQs in Singapore. The #3 mining pool, also known as “BTC. Top” is also opening a facility in Canada. Wallet services and bitcoin exchanges in the country are also leaving. Also, they’re setting up over-the-counter shops in Hong Kong and in other areas of Singapore/South Korea.

What about cryptocurrency prices?

The prices appeared to shrug off the news of increased regulations in China. However, according to analysts, the growing tide of regulation has a hefty impact on digital currencies and it’s also helping in explaining the hefty losses since the starting of 2018.

Story credit: fortune.com

Image Credit: BitNews

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Taiwan – the Crypto Nation and Blockchain Island

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In the recent time, there is a huge awareness being conveyed to the public regarding the Crypto currency. Crypto currency is the digitalized currency or an alternative currency which doesn’t depend upon the country, its economy and its centralized banking system. Crypto currency represents a digital token which carries some value against itself. The first Crypto currency is bitcoin which is regarded as the new gold in the crypto industry due to its overall minimal value. Crypto currency paved the way for the digital payment. Crypto currency differs from fiat currency in terms of exchange rate and other banking trades.

blockchain technology

Many Countries have allowed the trade in the Crypto currency such as in Taiwan according to the legislator Jason Hsu Yu-Jen the legislators in the country have formed a blockchain alliance to provide parliamentary blockchain group to promote the crypto industry in their region and to define regulations so they can attract global crypto exchanges in Taiwan.

Block Chain

The computer protocol which allows its user to transact their cryptocurrencies is called Blockchain. Basically, blockchain represents the blocks of data which are made secure by using cryptography. It acts as a transacted database which is decentralized and can be stored on many computers at once. It can be accessed by only using the cryptography. This technology confirms the legalizing of the trades in real time using only cryptography. There are three types of blockchains which are mentioned below:

  1. Public Blockchains
  2. Private Blockchains
  3. Consortium Blockchains

Public Blockchains which have no restrictions and anyone can access their data or blocks. Anyone can send transactions and as well as can become an activator of the blockchain.

In the Private blockchain provides security and have some set of rules to follow in order to become the validator of this blockchain. This type of technology considered as the permanent block in the companies regarding the blockchain industry.

Consortium Blockchain is also referred to as the semi-centralized. In this type of blockchain multiples of permission is required from multiples companies instead of a single unit.

Taiwan’s Parliamentary Blockchain Alliance

Crypto currency has started a new revolution in the modern time and many countries are moving towards the crypto industry. In this way, Taiwan has also started to promote crypto industry in their country.

According to Jason Hsu Yu-Jen, a member of Taiwan’s parliament and one of the big supporter of crypto industry in the country has said that the Taiwanese legislators have formed a parliamentary blockchain alliance in order to promote crypto currency in their country. Hsu further said that he hopes that the Taiwanese legislators will decide on a clear regulatory network for the blockchain and Crypto currency for the development of crypto industry in the country. The Taiwanese government should be open-minded towards the new technology and innovation said, Hsu. In this way, Taiwan can attract all big and global crypto exchanges to their country and attract global leaders of digital cryptocurrencies in order to make Taiwan a crypto nation.

In this end, many countries are trying to set up the crypto-industry in their countries and Taiwan is one of them and the actions taken by the Taiwanese legislators to make blockchain alliance in the form of parliamentary blockchain to promote crypto-industry in the country and define set of rules regarding its market.

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While We’re Living In 2017, This Indian Bitcoin Gang Is Already In 3017!

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Ever heard of Bitcoin gang?

No?

Well, it’s a thing now in India!

According to the news coming from India, a local businessman got abducted and looted by Bitcoin Gang. Probably the first ever incident of its kind.

Remember that Bitcoin is still not legalized in India and chances of it being legalized are very slim in future.

The Backstory:

So this businessman (identity unrevealed) posted a requirement of Bitcoins worth $55000 on localbitcoins.com, a site which enables P2P trade of Bitcoins/fiat in the same country. A large portion of you can already envision this is a major sum in India, equaling around INR 3594937.50. A seller then contacted this guy to sell Bitcoins. He wanted to pay online but the dealer talked him into paying in cash, by offering him a discount.

Cheeky I see!

I am certain the seller would have given him the reason of tax avoidance and protection from Govt as well!!! The seller was a young lady in her graduation, probably the biggest reason the guy went for a physical exchange.

Anyways, the soon to be victim packs his $55,000 in a briefcase and goes to meet this woman. She, alongside her boyfriend, has officially set the trap for this person. When he meets this woman, an armed gang shows up and snatches all his fiat from him!!!! Also, they gave him some great beating, punch marks, purple eyes, and life threats if he tells about this ordeal to anybody!!!

However, the good thing is that the gang was caught and the cash that had been looted was returned to the owner. But looking at the bigger picture, events like this don’t really give Bitcoin a good name. Particularly in a country where it is already struggling for legalization. A government which is apparently in no mood to legalize Bitcoin may go on putting further restrictions on Bitcoin and other cryptos.

So, let’s see what the future holds for Bitcoin India. Fingers crossed!

Tags: bitcoin news india, bitcoin india

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Creating a Bitcoin bank with USB drive

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People can store their Bitcoins offline or online through multiple ways. They are free to use a paper wallet or hardware option to store.  However, users of this technology also have the option to create a wallet on cheaper USB to store coins offline.

Creating low-cost Bitcoin wallet USB

Today, we are going to create a low-cost bitcoin wallet with a USB drive. You have the option to download few different wallets for this procedure. While, for this walkthrough, we use an electrum wallet. bitcoin users need to follow such installation process.

First

You need to download electrum wallet to your computer. Linux, Windows or Mac OS will take few minutes to download.

Second

Install this software directly on the USB drive. Use USB thumb drive for other application isn’t the good idea. There is an option that drive should play one man show as bitcoin wallet.

Offline installation of wallet into USB drive

Third

To perform offline line installation, you need to disconnect from an internet connection. It will be better to refresh your computer before installation. When you are sure that your operating system is offline then plug your device into the computer.

Forth

Open an installation program from your USB drive. The client does not have the option to reach the bitcoin network, but you still have complete opportunity to create a new wallet. This installation follows the same procedure. You need to install to USB, then go through security session. Where you will create a strong password and write down your seed phrase. Keep in mind, if you forget your password or seed phrase, you will not recover your bitcoins on that wallet.

A Little Bank or Bearer Bond Instrument

After securing your wallet with an encoded passphrase and get your seeds, you will have a fresh wallet. you can easily send or receive the bitcoins. like a hardware wallet, you need a device to access your keys, so that you can easily restore it with seed. The cost for this method is round about $2. Furthermore, they also can use the bearer bond instrument.

 

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