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Coinsquare is a Canadian crypto exchange which has launched its very first television commercial, as it’s looking forward to extend its customer base before divulging to public by the end of this year.

initial public offering

Coinsquare Advertisment

The exchange, Coinsquare is sometimes called “Canada’s Coinbase” and has launched an ad on Monday that will start running on television later this week. According to the advertisement, Coinsquare is the most secure platform of Canada for trading cryptocurrencies, and also, the advertisement attempts to initiate the reputation of exchange as a reliable and trustworthy option to the scams and other warning tales that fill the space.

Also, the timing of the ad campaign is eminent, since the interest of consumers in cryptocurrencies has declined in the past few months. But, it relates with the ambitious plans of Coinsquare to continue its development, internationally and as an IPO (initial public offering).

At the beginning of this year, the exchange, Coinsquare unveiled that it intends to go public in the month of September by listing on the Toronto Stock Exchange. The company expects that it will raise almost $120 million (C$150 million) and after that, it will use those funds to finance expansion into the United Kingdom and United States.

Cole Diamond, the Chief Executive Office of Coinsquare told bloomberg, back in January that:
“The United States and the UK market are next… We believe that we will be a strong competitor to Coinbase and other exchanges in the US by the end of the year.”

While Coinsquare considers itself as a strong competitor to Coinbase in the future, at this time, it processes quite less trading volume than its correlative south of the border. According to CoinMarketCap, at this time, Coinsquare is ranked as the 95th-largest exchange of the world, with daily volume of almost $1.7 million. Amid exchanges that provide CAD trading pairs, it is ranked on the third position, behind QuadrigaCX and LakeBTC .

Although it isn’t the first cryptocurrency company that’s going public, however, Coinsquare is going to be one of the first to do so via conventional means, which offers an extensive regulatory analysis process. Many have done the same through RTOs (reverse takeovers), where a firm joins a company that is already listed on an exchange and after that, it modernizes its ticker symbol as well as its name.

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Famous Bitcoin Trader Claims the Currency Will Hit $15,000 in 2017.

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The price of Bitcoin climbed above $3,500 and at the moment it is standing a little above $4,200. While some people are doubtful towards this gradual increase in value, Veteran trader masterluc says otherwise. He’s made a prediction that Bitcoin will be worth $15,000 by the end of 2017.  He claims that this bull run will continue into 2019 where the price will top out anywhere in between $40,000 and $110,000.

Masterluc is said to have a history of being right in his predictions, and many experts agree that the rise will continue for a while longer, which could have some major consequences for paper money.

Bitcoin recently celebrated its market cap crossing over $50 billion as it tripled the price of gold. Predicting the future of the digital currency is not an easy task especially when its reign shows no sign of ending.

 

News Credits: futurism.com

Image Credits: bloomberg.com

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Bitcoin Returns Tim Draper Over $110 Million From A 2014 Investment

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Bitcoin news today: In an interview in 2014, financial specialist Tim Draper anticipated the bitcoin cost to surpass $10,000 in three years. At the time of writing, the bitcoin cost is at $9839.22 and is in transit of achieving $10,000 before the finish of 2017.

Since 2014, Draper has been a standout amongst the most dynamic investors in the cryptographic money. During the previous three years, Draper has supported both local and global bitcoin organizations, including a $1.6 billion bitcoin brokerage and wallet platform CoinBase, and $160 million South Korean crypto exchange Korbit.

Three years ago, after taking part in different auctions to buy groups of a huge number of bitcoin, Tim Draper Bitcoin concentrated on building the important framework for the bitcoin market to thrive and develop at an exponential rate. His interest in organizations like CoinBase and Korbit played a key factor in the quick development of the US and South Korean bitcoin markets, the second and third biggest bitcoin markets behind Japan.

Apart from the $120 million benefit which he secured from his bitcoin investment of 30,000 BTC in 2014, Draper has been a standout amongst the investors in the bitcoin and digital money division in the course of recent years, finding monstrous success in both direct bitcoin investment and venture capital funding of bitcoin startups.

Draper firmly believes in bitcoin becoming the global currency by replacing the fiat in next few years. As he said in 2014:

“I’m extremely excited for bitcoin and what it can do to improve the world. Bitcoin is similar to traditional currency what internet was for information and communication. Everyone should go out and purchase a bitcoin. Everyone should at least be partially involved in bitcoin because of the fact that it’s a support against the various monetary standards. There’s an entire system being assembled that will make business significantly less demanding with considerably less friction and more secure.”

Bitcoin In 2018:

All through 2017, the market valuation of bitcoin expanded from $10 billion to $160 billion only through the general buyers and easygoing investors. Billions of dollars in institutional cash from flexible investments like Man Group and Fidelity will trigger another surge in the cost of bitcoin for the time being.

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Bitcoin – What Are Some Intriguing Facts About the Most Popular Digital Currency?

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Bitcoin is a form of digital money – also known as cryptocurrency that is free from the influence of any bank or governing authority. Bitcoin is used to make transactions anonymously on the global scale. The currency was created by a group called Satoshi Nakamoto and first came into circulation in 2009. The identity of group members is still unknown.

The usage of Bitcoin is increasing and the number of people making Bitcoin transactions is growing each day.

If you are one of the people who feel fascinated by this form of money and want to discover more about it, here are some intriguing Bitcoin facts for you.

Bitcoin facts:

There Is No Authority to Control This Currency:

You might be surprised to know that there is no entity that controls Bitcoin. The general concept of money is that it is controlled by a bank or other concerning authorities. But this is not the case with Bitcoin. The currency is autonomous from all sorts of regulatory authorities. The only person who can control the coins is the one who owns it.

Bitcoins Are Finite:

As bitcoins are not printed into cash or molded into physical coins, most people think that there should be an infinite number of bitcoins in existence. But this is not the case because if it were true, the coins would lose their worth. In order to keep them worth having, bitcoins are kept finite. The exact number of existing bitcoins is 21 million.

Bitcoin Has No Set Values:

There are no set values on Bitcoin. In fact, how much a bitcoin is worth depends on the popularity of the currency. The more people use it, the more it appreciates in value.

Bitcoin is Transparent:

Bitcoin is completely transparent in terms of transactions and amount. Each and every detail related to a transaction is available on blockchain. This openness, as a result, induces trust and security among the Bitcoin users.

Bitcoin Mining:

In Bitcoin mining, the users are supposed to solve mathematical problems using a specialized software to verify transactions around the globe. The users in return, are paid if their efforts were successful.

Want to learn more about Bitcoin mining, read our guide on what is Bitcoin mining and how does it work.

Bitcoin Transactions Are Irreversible:

The Bitcoin transactions are irreversible and a user can never be forced to pay. Once the bitcoins are paid, there is no way to revoke the transaction or force the receiver to pay back your coins.

It Costs Little to No Money to Make a Transaction:

Bitcoin transactions cost little to no money. There are no taxes on the currency and it doesn’t matter to which part of the world you send the money, there are no cuts on transactions and the receiver gets the exact amount that was sent to him.

Lastly -Bitcoins Are Stored in Digital Wallets:

Bitcoin wallets are equivalent to bank accounts for real cash. These wallets are used to store, withdraw and transfer bitcoins from one wallet to another. The wallets are protected by a security key and only the owner can know about it until he reveals it someone else.

Tags: digital currency bitcoin

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Bank of England Governor Says, “Bitcoin Failed as a Currency so far”

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Mark Carney (Bank of England governor) resisted lately that bitcoin has failed to be a legitimate currency estimated by the standard benchmarks, as it’s neither a store of value nor a useful medium of exchange.

At London’s Regent’s University, the central banker told students that bitcoin has failed to meet those “two-key” requirements to emerge as a legitimate currency. He said that during a live Q/A session. To him, the top-cryptocurrency has failed so far. He added, no one uses it like a medium of exchange as it’s not a store of value.

Business Insider noted, that bitcoin is a medium of exchange and it is acknowledged on the “dark web”. Even though its instability deters its acceptance, still hundreds of traders accept this cryptocurrency and these also include Microsoft and Overstock.

bitcoin has failed

Stripe, which is a payment processor, recently stepped away from the cryptocurrency and stated, that there were only few cases for which paying or accepting with the top-cryptocurrency (bitcoin) makes sense. Steam, which is a pretty famous gaming/digital distribution platform has stopped accepting bitcoin, due to high fees and instability in the price of Bitcoin.

The argument that bitcoin is a store of value is based on its volatility, so that if you are looking for investing in it, make sure that its price won’t fluctuate immensely. Even though the cryptocurrency has lately seen an increase in its value around about 30% in a week, government failures can almost wipe out the fiat currencies. In countries like Venezuela and Zimbabwe, where fiat currencies failed to emerge as a legitimate cryptocurrency, bitcoin trades at the top.

Mark Caney Views on Bitcoin:

Mark Carney’s remarks are not really surprising and fall in accordance with those central bankers/Wall Street personalities, who’ve been recently assessing the bitcoin and the cryptocurrency ecosystem. Head of the Bundesbank, Jens Weidmann, lately argued that exchanging fiat with bitcoin is quite hazardous. He also stated, that for stabilizing monetary and economic system, we do not need crypto-tokens.

In the beginning of this month, board member of European Central Bank, Yves Mersch said, cryptocurrencies are not money, while Bank of International Settlements general manager, Agustin Carstens, argued that bitcoin was just a “bubble”, in which global stock markets were losing trillions of dollars.
At the same time, the head of South Korea’s financial regulator has confirmed the government is finally going to support cryptocurrency trading while promoting banks to enable transactions with exchanges.

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How To Get Registered With FINtrac?

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Every business needs an identity. A secure platform for business transactions. Accordingly, It needs a complete registration. Following are few steps of registration:

  • You have to complete the pre-registration form. Where you need to submit your business information, either it is a corporation, sole proprietor, or partnership based business.

While, after the completion of pre-registration form, the company will contact you within 5 days with ID and password.

  • You need to sign in MSB registration system with ID and password provided by the company. (MSB registration is a system where business is described by the owner that transmits or converts money).
  • MSB registration includes 4 sections: home page, navigation through MSG registration form, submitting your form to FINtrac and you will receive notification messages, definition, etc.
  • After the submission of the MSB form, you need to complete other information:
  1. Your bank account information
  2. Complete information about compliance officer
  3. You employees number
  4. Business structure
  5. Information of senior management of MSB
  6. Complete information about your branch and Canadian MSB agent.
  7. Total expected expense including the fees

Meanwhile, Company will take 14 days for the verification. If the company rejects your form, there is nothing more for you. On the other hand, if you get the approval, you will proceed to the next step which involves:

  1. Your approval notice and registration number
  2. Clarification request (if you didn’t respond this section on time, you may assess penalties). The clarification request includes (sign in with MSB then, follow the instruction about response to clarification strength then, review the information and at the end, check your details, once you submitted your form, you will have done with your work)

Following are some Criminal Penalties:

  • In case of a suspicious transactions, the penalty is up to $2 million and/or 5 years imprisonment.
  • In case of a large cash transaction or an electronic funds transfer, the penalty is up to $500,000 for the first offense and $1 million for subsequent offenses.
  • If you fail to meet with record requirements the penalty can go up to $500,000 and/or 5 years of imprisonment.
  • During the examination of the compliance, if you fail to provide information, the penalty will be up to $500,000 and/or 5 years imprisonment.
  • Disclosing the facts or suspicious transactions: the penalty is up to 2 years of imprisonment.

What is The Penalty In Case of Violation?

At minor violations, the penalty starts from $1 dollar to $1000, depending on the violation nature.

  • At serious violation, the penalty goes from $1 to $100,000,
  • The extremely serious violations may see your penalty going from $1 to $100,000

Third, These penalties are applied according to the Canadian act “Proceeds of Crime and Terrorist Financing Act”.

A company with the negative background will be not registered with    MSB.

What Are The Documents Required for The Registration:

When you are going to register your business with FINtrac, the following are the documents required at the time of registration.

  • ID
  • Bank statement
  • Driving license
  • Passport details
  • Birth certificate

You may also need to provide other documents on demand. 

How to Contact FINtrac?

If you want to know more details about your registration, you have an option to visit the site. In addition, you can directly contact the Financial Transactions and Reports Analysis Center of the Canada. The address is:

24th floor, 234 Laurier Avenue West

Ottawa, ON K1P 1H7, Canada

Contact number: 1-866-346-8722

Goodluck!

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