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Digital currencies such as Bitcoin, Ripple, and Ethereum have been soaring pretty high over the past few months. According to the latest estimates:

  • Bitcoin currently stands at $2588 per BTC
  • Ripple has hit the market cap of $10 billion
  • Ethereum has reached a total market cap of around $20 billion.

This incredible growth in value is the outcome of efforts put in by two countries – China and Japan.

CHINA:

China has been leading the Bitcoin market for the last couple of years. The Chinese mining pools are in charge of 60% of the Bitcoin network’s hash rate. Also, with a cheap electricity and access to proper hardware, China provides the ideal ground for digital mining.

However, in February 2017, three of China’s biggest Bitcoin exchanges suspended all withdrawals due to increased concerns over money laundering and capital flight. BTC China, Huobi, and OKCoin declared in separate statements that they will lift the suspension after the proper implementation of new guidelines set by the Central Bank.

Luckily, during June, there was an announcement that the self-imposed halt on withdrawals by Bitcoin exchanges was no more in place. The news took China by storm. The citizens responded with complete enthusiasm, assuring that they have complete confidence in digital currencies.

JAPAN:

While China was on a halt in the beginning of the year, Japan took Bitcoin to an entirely new level. Towards the start, Japan barely took up 1% of the total Bitcoin market in trading volume. However, that soon changed as Japan now holds at least 6% of trading volume at the moment.

Moreover, Japan has entirely eliminated the tax on Bitcoin and other cryptocurrencies, a move which will ultimately increase the trading activities within the Japanese exchange market. The main aim behind this move was to ensure that all transactions take place without having to deal with any external factors such as taxes. Now, Bitcoin traders and businesses can run smoothly and easily access cryptocurrencies in the country.

Furthermore, Large institutions in Japan have now begun to accept Bitcoin as a payment option. Japan’s largest exchange, bitFlyer, now has the backing of all of Japan’s megabanks: MUFJ, Mizuho, and SMBC. In addition, Bic Camera, a very popular retailer, has paired with bitFlyer to accept Bitcoin at all of its locations. As the acceptance of digital currencies by influential retailers increases, the Japanese have begun to trust digital currencies for daily transactions.

Both the Chinese and Japanese, are responsible for boosting Bitcoin’s value to new heights.

Acceptance by The Government:

The Japanese Government is determined to provide their business community with a proper secure environment, where they are able to easily access cryptocurrencies and conduct trading activities. They’ve already assured that all their retail stores are well-equipped with the right security systems to prevent money laundering and fraudulent transactions from happening.

Ultimately, both governments are driving the cryptocurrency’s growth off the charts, with China in plans of designing and launching its own currency and Japan legally classifying Bitcoin a form of payment.

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Mining Rewards – What Will the Price of Bitcoin Price Do?

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1080ti GPU from Nvidia is considered as the benchmark altcoin mining hardware for everyone mining Bitcoin or other altcoins. Though ASICs demand awe, GPUs are the smart means to get into mining with low risk.

mining bitcoin

ASIC

You can easily buy a dodgy piece of fire hazard equipment with an ASIC, which would be good for only one or two algos, that consumes electricity, and might get bricked by the time you get it.

GPU:

  • You can get a piece of kit with a GPU that can be easily sold to gamers.
  • It can mine a world of old and new coins.
  • It obviously doesn’t sound like a jet engine and probably won’t impair your hearing – perhaps, it will get you cited by the city.
  • GPUs are the best for amateur miners.
  • Plus, the 1080ti is the sweet spot amid the GPUs.

Investing in cryptocoins or making an investment in tokens is extremely speculative especially when the market is mainly unregulated. So, anyone considering it must have to be ready to lose their whole investment.

Nvidia doesn’t really like miners, however, they surreptitiously like the huge price premium which they have formed for their equipment. Also, it won’t be critical for their brand since they will be getting hundreds of dollars for a 1080ti GPU.

  • Recently, a 1080ti was making as much as $8 per day.
  • At the same time, this also meant that a miner could get their investment back in almost four months.
  • The price of Bitcoin also rebounded from almost $6,000 to $10,000 – making the rewards for mining double.
  • Later, general mining rewards began to plunge, so did Bitcoin.
  • A 1080ti hit $1.40 per day in mining rewards before they started to recover together with the cryptocurrency market.
  • The increase has taken the regular mining reward to a present $2.40 a day.

Usually, alterations in mining rewards lead the price of Bitcoin and basically are a very valuable indicator of what will happen to the crypto prices in the future. A market which is much volatile as the cryptocurrencies, a trader wants as many indicators as he can get and it’s quite better if they are closer to the elementary demand and supply fundamentals.

Mining Rewards

  • Mining rewards are thoroughly linked to open demand for coins since buyers have to go to exchanges in order to get coins real-quick and miners can sell their coins there after they get them.
  • When demand receives the supply, mining rewards escalate instantly and because of mining’s nature, mining rewards are a complex yet delicate indicator of the market wide activity.
  • An overall upsurge in the demand will encounter a less flexible supply of coins – determined by the emission regulations of the several blockchains.
  • That, at the same time, feeds through into price and onto the mining rewards immediately.
  • You could attempt and watch hundreds of coins at the same time, however, the mining rewards will provide you with a clear index-like outline

Mining Reward Fluctuations

If you are looking for a good place to track mining rewards, then whattomine.com and nicehash.com are there; as they are mining profitability pages. These rewards vary over the long-term due to a complex series of features, however, their movement in the short-term is a robust sign of which coins are hot and what ones are not.

  • The fluctuations in the mining reward make a near-term Dow- or FTSE-index like an indicator.
  • Although, they are not the ones that tell you about the present and the past but, they also hand out to the vigilant investors and traders – probably to push prices over the upcoming weeks.

A week is considered as a long time in the crypto world and for the time being, the mining rewards are directing to positive sentiment. As Bitcoin is set to break above the $10,000-mark, mining rewards will probably be a good sign to watch -because in such an erratic trading, you must have to focus on each and every signal that you get.

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Bitcoin Criminals Are Using Bitcoin & Other Cryptocurrencies for Ransomware Payments

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As we already know that Bitcoin is the most popular cryptocurrency, complaints about Bitcoin are also growing rapidly. It’s been reported by many people that bitcoin’s transaction takes too long to get processed and it’s also very much expensive. Bitcoin Criminal use new hacking resources.

There are many indications that the currency is not going so well in favour of the underworld and the stories about culprits looking for bitcoin alternatives are not so new. The latest report by the forensic firm Chainalysis shows that the amount of bitcoin transactions that are related to the dark websites, where people frequently participate in criminal activities, has reduced by 30%.

The reason behind this huge drop is that many people are using bitcoin, and they’re only choosing to keep it, rather than spending it. However, Chainalysis counts multiple law enforcement agencies among its clients and also mentions the growing use of other cryptocurrencies like Zcash, Monero, and Dash.

bitcoin criminal

Fast and cheap transactions are not the only things that are offered by the new currencies, but they also include additional layers of anonymity that make them hard to track than bitcoin. Rob Wainwright (Executive Director of Europol), has also warned that this trend is already in progress. He also added that we’ll definitely see a progressive change in 2018 towards the criminal use of cryptocurrencies other than bitcoin, making it even more challenging for the law enforcement to counter.

A report by tech site ZDNet also shows that many researchers have claimed that slow transactions and high fees are causing culprits to move to Monero. ZDNet writes that it’s expected that soon, culprits will be also providing instructions to their ransomware victims on how to buy and exchange Monero. It’s been also reported that many companies have started to buy amounts of bitcoins so they’d be ready to pay up if they’re hit with ransomware.

While criminals are trying to turn away from the bitcoin for regular transactions, there’d be still very less chance of finding out if they’ve actually lost their interest in it or not. According to a report by Chainalysis, culprits might not want to use bitcoin, but they’d definitely want to steal it.

According to Chainalysis, theft of bitcoin has increased from at least $3 million to $95 million from 2013 to 2016, adding almost $172 million worth of bitcoin between the 2013-2017.

Image Credit: thehackteam

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A Short Story of Scaling – The Master Mind of Bitcoin Drama

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It’s safe to say that everyone knew consensus was going to be extremely hard.

Dating back to earliest forums and boards, the Bitcoin community has always been pondering on how to expand the Bitcoin network to keep up with the work load and accommodate a larger number of transactions. However, it wasn’t until the year 2014 this idea got the spotlight.

Since then, there has been a heated, non-stop debate which, at best, has showcased the creativity of developers working on the project and, at worst, the damage that a non-stop debate can cause to the scientific pursuit.

Now, the experts look back to major stories in an attempt to recognize what could be a notable milestone that shaped the narrative.

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Will Bitcoin Casinos Continue to Grow in Popularity?

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Online Casinos and Cryptocurrency

There was a time when the word “cryptocurrency” raised a lot of questions and doubtful expressions. But with the impressive amount of attention bitcoin and other cryptocurrencies have gained through the media, digital currencies are one thing everyone is shuffling around to get their hands on.

With more and more outlets bitcoin games accepting Bitcoin as a payment option worldwide, including online casino operators. We’re aware that casinos have become a huge business in the industry and the competition there is very fierce. Thus, casinos have opted for a different attraction like offering deposits and withdrawals via bitcoin.

Now the question is will Bitcoin casinos really get somewhere or is this just a waste of time?

A setback that we’re aware of is that there aren’t many online casinos for bitcoin gambling. Unibet, a famous online casino might eventually add Bitcoin to its list of banking options however, that will take its own time since it depends on its demand. Due to this, there are lesser possibilities of bitcoin casinos to be on the rise, although there might be a possibility in the long run.

It’s only fair if we look at the positives and really, there are many. The major reason why customers would definitely opt for online bitcoin casinos is that they ensure 100% anonymity for the player and owner. Cryptocurrencies are completely independent which means that all your personal information is kept safe and never at risk. Another plus point is that with cryptocurrencies you never have to worry about chargeback issues which is a common problem for credit cards.

Also, with normal online casinos, you usually have to wait around for 2 to 3 days for the money to be withdrawn to your bank account. But that’s not the case with bitcoin, your withdrawals are almost instant each time.

When compared to a few minor setbacks, the advantages outweigh the disadvantages. The more the people become aware of these cryptocurrencies the more the demand. It is true though, we need to give cryptocurrencies their space to become mainstream so a number of people take notice and decide to acquire it.

 

Story Credits: livebitcoinnews.com

Image Credits: bitcoingamblingsites.net

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Bitcoin taxes- another terrifying story

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Currency comes with three faces mainly.

  • A unit of account
  • Store of wealth
  • Means of exchange

Cryptocurrencies around seem to serve the second part only. So, talking about the taxation of these currencies means taxing changes in realized wealth, that is your income tax.

cryptocurrency user

As with more growing acceptability and increasing comfortableness with risks among the regulators, the crypto world is coming out stronger. But IRS has its eye on the crypto investment.

In 2014, IRS issued a legal statement stating that virtual currency will be treated as the capital asset if convertible into cash. Same rules of capital assets loss and gain apply to these digital currencies. Despite these implications, there are very fewer guidelines provided by the authority.

The gaining acceptance of these blockchain-based currencies has attracted many with tales of massive fortunes. Being decentralized and unregulated, these currencies show a great deal of volatility. The currency needs to hold its volatility in order to replace the fiat currency in long terms.

Basics

Running on the system of Blockchains which are decentralized and constantly updated. Despite the extremely complex mechanism, these blockchains are easily verified and are highly encrypted. Due to these features, blockchain has backed many cryptocurrencies including Bitcoin.

A few popular cryptocurrencies include,

  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Monero
  • Dogecoin
  • Dash
  • Tether

All the crypto coins other than Bitcoin are known as altcoins. Perks of being the pioneer, right?

Due to lesser global uniformity and lack of consistency coming with the nature of digital currency, there is a lot of challenges and understanding surrounding the tax regulations of this system. Some basic tax trends to be kept in mind are,

Different rules, different countries

The same basis as traditional businesses rules applies here. As there are different rules for different countries around the world, similarly different tax rules apply to digital currencies taxation around the globe.

If you wish to purchase services or goods using your digital currency, the cryptocurrency used will be written an asset or property. the gain over the currency will be accounted as income subject to tax- for the purchaser. The total value of the transaction is recognized as transaction tax. The seller is bound to collect and remit this value.

Countries like the U.S impose their own set of rules and regulations over tax rates and other categories of goods and services.

From small entrepreneur business planning to global, it can be a great amount of confusion and mayhem for them. In a number of countries, these tax systems are in multiple layers, including taxation for think city, federal and state altogether.

The task is not only to determine the tax payables, the real task will be to figure out the jurisdictions it falls into.

Taxman digitalized

Being a digital currency, the most undertaking is done by the digital goods here. The regulations are being monitored and are coming in shape by the EU and the Organization for Economic Co-operation and Development (OECD).

Taxing majorly base on where the consumer rides. The collection will happen via holding platforms. The tax will be collected and remitted on merchant’s behalf or the tax holder on payments sent to offshore clients.

The anonymity of this crypto nature can be of a great challenge here. There will be minimal information available regarding the receiver or the sender of the transaction.

The government is also working on simplifying this issue. They have introduced guidelines under the title, know-your-client (KYC). Records will be requested through these plans and unwilling or any party unable to disclose their credentials may dwindle.

A global default rule regarding crypto-based businesses may be introduced, accumulating same jurisdictions and rules applied to all.

Tax implied

The tax will be implied specifically in these areas.

  • Trading- it produces capital gain or loses, it has to offset gains and reduce tax.
  • Exchange- exchanging one crypto coin with another creates a taxable event. The token is sold so generates loss or profit.
  • Payment received in Crypto- receivables in exchange for goods or services will be treated as ordinary income.
  • Spending cryptocurrency may gain price during the holding period, subject to capital gain.
  • Conversion to fiat currency
  • Air Drops- income becomes the basis of the coin when sold or exchanged there will be a capital gain.
  • Mining coins

•    Initial coin offerings

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