On Tuesday, during the Senate hearing on the potential cryptocurrency regulations, the chairmen of USA’s top two market regulatory agencies largely stuck to their script. The hearing was held by the Senate Committee on Urban Affairs, Housing, and Banking which affected a wide range of regulatory concerns that are linked to the blockchain and cryptocurrencies technology, including trading platforms, ICOs (initial coin offerings), derivatives and ETFs (exchange-traded funds).
Both Giancarlo and Clayton expressed concern in their statements that at this time, the cryptocurrency exchanges are delimited at the state level and not on the federal one. They both repeated that in the future at some undefined point, there’s a chance that the Congress may try to improve the ability of federal regulators to manage the spot markets.
The chairman of SEC (Securities and Exchange Commission), Jay Clayton, tried to shift the conversation back to the ICOs constantly and noted that he hasn’t seen an ICO that shouldn’t be catalogued as a security under federal regulations. The same statement he has been repeated on several past occasions as well.
He likewise gave a perception on why the SEC has struggled against the fund sponsors attempts to list Bitcoin ETFs and explained that because retail investors are largely targeted by the ETFs and are primarily one-sided markets, rules presiding their creation need to be strict than those for futures indentures, which are supervised by the CFTC. He added that the SEC will be open for revising its stance on Bitcoin ETFs if these rules are gratified later.
Meanwhile, Chairman Giancarlo grabbed the attention of many Bitcoin fanatics with some comments that seemed to be hat tips to the community.
The very first word that he used during the Congressional hearing was “hodl” and till the end of the hearing, he continued to contradict the common misconception that the coattails of blockchain technology are purged by Bitcoin.
He told the committee that it’s really important to reminisce that there’d be no blockchain if there was no Bitcoin. Overall, the whole hearing didn’t end up as a thunderclap, however, it proved what has been already made ostensible ‘that new cryptocurrency regulations are expected to be coming to the US markets soon.’
Basically, fintech ventures refer to specific computer programs and use of other related technology in order to support financial services in banking and other sectors. Since the end of the first decade of 21st century, fintech has expanded a lot, now it refers to many technological innovations in the financial sector e.g.; financial literacy education and various forms of crypto-currencies.
SFA and FAJ join Hands for Fintech
According to a joint press release, the Singapore Fintech Association (SFA) and the Fintech Association of Japan (FAJ) have decided to work together in order to bring improvements in fintech development. Both the countries signed a Memorandum of Understanding (MOU). The press release also states that this joint venture will probably raise the financial profile of the Japanese fintech companies as well as expand the business opportunities for Singapore in wider Asia.
Views of Chia Hock Lai about the MOU
Chia Hock Lai, the president of Singapore Fintech Association, said that this partnership will lead to fill the gap between the fintech communities of Japan and Singapore. Natalie Shiori Fleming, Vice Chairperson of the FAJ, also exclaimed his thoughts in this regard. According to him they are looking forward to increase interaction and cooperation level between respective markets of the two countries through a deeper relationship.
Japan’s Financial Services Agency (FSA) has also updated legislative rules and regulations in order to improve cooperation and interaction level between traditional banks and fintech companies. Same is the case with Monetary Association of Singapore (MAS) in case of fintech related innovations.
Reasons to Promote Fintech
An overview of the above details may arouse questions in your mind regarding fintech. First of all, what is the reason behind so much dependability and concentration on fintech?
Answer to this question in a single phrase is:
The financial industry is more than ever focused on technological innovation than it was at any other time.
All the major countries are become fintech dependent with the passage of time. At the moment, North America is leading fintech startups while Asia is following. A bird’s eye view of some of the most active areas of fintech innovation are as follows:
A Bitcoin wallet address is equivalent to a bank account for tangible cash. In bank accounts the money is deposited, withdrawn and transferred to other users. Same is the case with bitcoin wallets. These wallets are used to store/withdraw bitcoins and transfer them to other users. There are three major types of bitcoin wallets: web wallets, software wallets, and mobile wallets.
Also known as “eWallets” or “browser-based wallets”; web wallets are the easiest to protect and give you complete freedom to use/obtain bitcoins.
Some of the examples of web wallets are:
Software wallets are installed on your PC. The users have complete control over Software Wallets and are responsible for bitcoins’ protection and backups.
Some Examples of Software Wallets:
The users with Mobile Wallets have the freedom to store bitcoins on mobile devices. Mobile Wallets are simple and easy to use while transferring coins. All a user has to do is to scan the QR code using “tap to pay”.
How Do Wallets Work?
Each Bitcoin wallet comes with a private key. The key allows a user to spend the coins. It’s usually the owner only who knows about the key. However, if you are not careful enough with protecting the key, there is a huge chance that someone else will be able to figure it out and spend your coins.
What Are Some of The Tips to Keep My Bitcoin Wallet Secure?
As mentioned above, the key-protection should be your top priority while using online Bitcoin wallets. Otherwise, someone else could easily hack into your account to steal your coins. To make sure your wallet is well protected, follow the tips given below.
Weak passwords are easy to crack. There are several programs that run different patterns, names, and combinations to crack these passwords. To make sure your password is resilient to these attacks, do not use commonly used patterns or names. Instead, go with the strings of random letters, numbers, and symbols.
Multifactor Authentication is an additional security authentication to your password. This could be something like a favorite quote, secret question or a captcha.
Private Key Encryption:
Encrypt your private keys. A private key in plain text is easy to guess and easy to access. So, make sure your key is encrypted.
If Possible – Use Open Source Software:
Use open source software where possible as it gives you the freedom to review the source code and ensure it does what it says.Moreover, an open source software is quick to fix the security laps than closed source software. A good example of open source software is Linux which is used by most of the world’s financial system.
Lastly – Keep Backup of Everything:
Keep backup of your private keys and every single information in your wallet. Having a backup is of great significance. If your data is only stored in one hard-drive, and the drive dies, the information will be lost for good.
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.
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.
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.
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,
Above all are a few facts of the bitcoin. Some of them are scary, few are interesting and other are insane.
Bitcoin has been on a roll ever since the hard fork incident took place. The digital currency climbed to many new heights within the past month but, the most recent one was it hitting a record of $5000 per coin on Saturday, last week. Let’s not forget, the value did fall by $1000 within three days before it made a speedy recovery. Bitcoin right now is hovering above $4,200 per coin.
We’re all aware that the rapid fluctuations of the cryptocurrency make it difficult to price products. But even with that continuing, there are still some exciting and wild purchases you can make with bitcoin.
Here are 7 of the most shocking things you can buy with bitcoin.
Back in the summer of 2014, Air Baltic was announced to be the first airline to accept bitcoin as a means of payment for airline tickets.
In 2013, ForCoinsLLC was launched by two bitcoin enthusiasts. Their aim was to make it simpler for consumers to purchase items with bitcoin. PizzaForCoins is their website that allows you to pay with bitcoin at local franchises of Papa Johns, Pizza Hut and Dominoes.
A college degree
You can get a master’s degree in digital currency from the University of Nicosia, in Cyprus. They accept tuition payments in bitcoin through a bitcoin exchange but, their first class is free online. The degree costs $14,500 however, if you pay in bitcoin, you get a 5% discount.
An apartment in Dubai
Looking for a new pad? Well, the Aston Plaza and Residences in Dubai newly announced that the developers would be accepting bitcoin as a payment for studios, one and two-bedroom apartments. Prices begin at around $127,800 which is 27.55 bitcoins.
In Berlin, a restaurant owner claimed that about 10% of his customers pay using cryptocurrencies.
A brandy distillery
Presently, a distillery in Nemesvamos, Hungary, is selling its building along with the equipments for a little above 73 bitcoins.
One funeral home in the U.S., Crescent Tide Cremation Services in Twin Cities, Minnesota is known to accept bitcoin as a means of payment. They even offer 3% discount if you pay in crypto-cash.
Bitcoin is the fastest growing cryptocurrency in the United States and many people seem to be financially attracted towards this currency due to the high returns it offers. However, the majority of the people still don’t have an idea of how to get Bitcoin in united states. Here we are going to tell about the most reliable exchanges that offer Bitcoin.
CoinMama is a bitcoin exchange that empowers buying bitcoins with credit or debit cards. Expenses are around 10% with a limit of about $5,000 every day and $20,000 every month. After verification, bitcoins are transferred to your wallet within a couple of minutes. CoinMama is accessible just in a few US states.
IndaCoin is a Bitcoin exchange empowering the snappiest bitcoin buys in more than 200 countries with a credit/debit card and without registration.
If you are using the card for the first time, you will get a call from IndaCoin with a 4-digit code, which must be entered on your request page. From that point onward, you should enter a 3-digit code, which can be found on your online card statement.
LocalBitcoins is an escrow service which facilitates buying and selling of bitcoins between two persons face to face. The deals through LocalBitcoins must be done at public spots or the places that are safe – security wise – to avoid any unpleasant event.
So, these three are the best exchanges for those asking how to get bitcoins in united states. Choose the one that you are most convenient with.