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2018 doesn’t seem to give a sign of relief to the cryptocurrency community as a latest press release by the RBI (Reserve Bank of India) has stirred up an unrestrained response, which is leading the cryptocurrency enthusiasts in a panic. RBI has been releasing warnings to the crypto-community related to the cryptocurrency in India and its risks, including:

  • Potential financial risks
  • Operational risks
  • Legal risks
  • Customer protection
  • Security related risks

cryptocurrency in indiaComing off the haze about the stance of government in distinguishing the ability of Blockchain technology and discovering its usage for abetting digital economy, the Finance Minister of Hon’ble in his ‘budget’ speech specified that cryptocurrencies are not identified as a legitimate tender, leaving an inexplicable uncertainty. Many in the crypto-community hailed the indication of “crypto” in the speech and took it to be an indirect sign for sanctioning the cryptocurrency trading, while others were nervous on the investment’s fate.

Risks Involved with Cryptocurrencies

Subsequently, the fury of RBI has stumbled now, and the crypto community has caught in another swirl of legal haphazard. The RBI’s press release accredited the potential of Blockchain in developing the efficacy of the financial system, though, at the same time it highlighted the perils that are involved with cryptocurrencies, such as:

  • Consumer protection
  • Market integrity
  • Money laundering

Furthermore, the RBI notified that the entities controlled by it will be prohibited from offering facilities to business entities or individuals, dealing with cryptocurrencies. Therefore, cryptocurrency investors won’t have the ability to transfer currency from their bank accounts to cryptocurrency trading wallets such as:

  • Zebpay
  • Coinsecure
  • Unocoin

Restriction on Banks

If it is supposed that the RBI pursues to save the over-all public from such perils, then it must specify the related reasons which turned out to be ground for issuing such a draconian direction. Quite the reverse, the RBI has put a total restriction on the banks to deal with business entities as a whole. The direction of the RBI pursues to paint all the entities in the cryptocurrency trade with the same brush, which can’t withstand the test of legitimate authenticity.

It is usually believed that the such encounters give escalation to the chances of development. At this current stage, the cryptocurrency community is required to keep patience and wait for the regulation to take its particular course as per other regions where the cryptocurrency is struggling to survive. The relating events will surely bring out the innovative avenues for the crypto-world in India.

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Gatecoin CEO Predicts Bitcoin to Reach $5000 This Year.

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Gatecoin is a Hong Kong based cryptocurrency exchange that claims Bitcoin’s price is to reach $5000 by the end of 2017.

Headlined “Bloomberg Daybreak: Asia,” this price prediction was made during an interview with Aurelien Menant, Gatecoin’s CEO, and founder. He said that the markets are responsible for driving increased interest in Bitcoin.

“Another factor that is very important is the arrival of more and more institutional investors in bitcoin,” Menant said. “Historically we used to have a few hatch funds trading bitcoin in Europe and the U.S. Now we have around 60 or 70 of them that are starting to trade bitcoin.”

Some funds are now dedicated to digital currencies. “So, this is definitely driving a surge in the price,” he said.

 

News Credits: coindesk.com

Image Credits: steemit.com

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Bitcoin – A Child poster for speculation

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A Child poster for speculation

13 July 2017, bitcoin is the leading prima donna of the digital currency market. Anyhow, a big wall street bank does not impress by the crypto-storm.

James Faucette leads the Morgan Stanley’s team to hold up Bitcoin BTCUSD. +0.05% as a poster child for assumption although downplaying its potential as a valid currency.

In a report, analysts of the cryptocurrency note that online merchants’ percentage is low from last five years. This is the fact that price of the digital currency increases by 250%.

Faucette says, “The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking.”

He has the responsibility for retailer’s quick appreciation in case of lack of bitcoin’s appeal, high cost with low transaction process. But unluckily, the main offender may be its rapidly growing worth.

Faucette says, “The ecosystem has focused more on value speculation rather than the foot-leather-eating work of increasing acceptance — way easier to trade speculatively than convince new merchants to accept the cryptocurrency.”

In early June, Morgan warned the cryptocurrencies to join the traditional investment tools. In this context, they need to accept the government oversight. Accordingly, it didn’t persuasive what that would demand.

Meanwhile, until the bitcoin’s regulation introduces, the discussion is over that Bitcoin is an alternative formula of monopoly money. Or, a genuine currency is expected to continue without a definitive conclusion.

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Jay Clayton Believes ‘All ICOs Are Not Fraudulent’

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According to the chairman of the US SEC (Securities and Exchange Commission), Jay Clayton, ‘all ICOs (Initial Coin Offerings) are not fraudulent’. These remarks were made by Clayton, on 5th April, during a speech at Princeton University. Clayton also added that stamping out fraud in the cryptocurrency market is perilous to protect customers. As well as, the improved regulatory analysis will essentially benefit the industry by removing fraudsters from it and con artists who give the whole place a bad name. Since there’ve been many ICO fraud cases before, the remarks of Clayton became viral.

SEC Investigation

Jay Clayton’s Remarks

Clayton said:

“Is the approach taken in Washington by the SEC adversely affecting distributed ledger technology in other areas? My hope is that it’s actually helping because this technology is being used for fraud… And to the extent that it’s being used for fraud, history shows that government comes down harshly on that technology later.”

He also added:

“If we don’t stop the fraudsters, there is a serious risk that the regulatory pendulum – the regulatory actions – will be so severe that they will restrict the capacity of this new security.”

Clayton signalled about SEC investigations, in February 2018, that his agency would be investigating cryptocurrencies and at that time, he said:

“I believe every ICO I’ve seen is a security.”

However, a few weeks later, ICOs were again targeted by the SEC as it issued dozens of subpoenas to the tech-companies related to cryptocurrencies, and counsellors to explore how ICOs are organized.

ICOs Ceased for Scam

Fraud charges were filed against the co-founders of Centra Tech, Robert Farkas and Sohrab Sharma on April 2, by the Securities and Exchange Commission. Centra tech co-founders were accused of raising $32 million by vending unregistered securities throughout the Centra ICO, as it was promoted by Floyd Mayweather (boxing champ) and DJ Khaled (record producer).

According to public documents, the SEC is now looking forward to two bitcoin exchange-traded funds for listing on the NYSE Arca, which is the first “all-electronic” exchange in the US. The name of these two-bitcoin exchange-traded funds are:

  • The ProShares Bitcoin ETF
  • The ProShares Short Bitcoin ETF

 

SEC to Allow Cryptocurrency ETFs

Cboe president, Chris Concannon advised the agency to permit crypto ETFs and soon after that, the SEC consideration of bitcoin ETFs showed up. In a letter, that was sent to the SEC, on23rd March, Concannon sacked criticism that virtual currencies are extremely volatile to be treated like other dependable commodities.

Concannon wrote in the letter:

“Because of its innovative features as a digital asset, bitcoin has gained wide acceptance as a secure means of exchange in the commercial marketplace and has generated significant interest among investors.”

Concannon also added that there is sufficient reliable price info from the bitcoin futures market on CME and Cboe Futures Exchange that must alleviate the regulatory uncertainties about its impenetrability as an asset-tool.

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A History of Bitcoin Soft Forks and Hard Forks

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Brief History of Bitcoin

Bitcoin was the first cryptocurrency, which was launched in 2009 by a mysterious developer, with a name “Satoshi Nakamoto.” Since the creation of Bitcoin, it has inspired thousands of other cryptocurrencies (generally called altcoins) and has gained an enormous acceptance across the world.

bitcoin blockchain

Though some altcoins have copied some aspects from the original concept of Satoshi, other altcoins also made significant development on the Bitcoin model. However, in some cases, some altcoins are just a copy of bitcoin and have the similar underlying program – but at the same time, they are a bit different from the original Bitcoin. In such cases, the bitcoin blockchain should undergo a procedure which is called “forking.”

Forking

  • In forking process, Bitcoin blockchain divided itself into two distinct entities.
  • Through forking, numerous cryptos with a similar name to Bitcoin were generated, including; bitcoin gold and bitcoin cash.
  • It may be a bit difficult for a casual investor to differentiate amid these cryptos and to plan the dissimilar hard forks on a timeline.

What is Genesis Block?

  • After Bitcoin was created, the first block was referred to as “Genesis Block.” It was mined on the Bitcoin blockchain by Satoshi.
  • Satoshi made many changes to the Bitcoin network in this process and those changes have now become even more complex as the userbase of Bitcoin has fully-fledged.
  • Not one can regulate when and how Bitcoin should upgrade, and this makes the entire process of changing/updating the system a little bit more complex.
  • Even after the creation of Genesis Block, a number of hard forks still existed.
  • Hard fork included the upgrading of software executing bitcoin and its mining processes.
  • Once a software is upgraded by a user, that software version discards all other transaction from older software and generates a new branch of the bitcoin blockchain.
  • However, users who use the older software are still going to continue to process transactions, henceforth, there’d be a similar set of transactions going on across two different Blockchains.

Bitcoin XT

  • This is one of the most notable Bitcoin hard forks.
  • In 2014, Mike Hearn made the software for integrating some of the new features that he proposed.
  • At that time, Bitcoin allowed only 7 transactions-per-second.
  • Bitcoin XT was intended to allow 24 transactions-per-second.
  • Bitcoin XT primarily experienced a great success after its launch, with almost 1,000 nodes running its software (back in 2015).
  • However, just after few months, users lost interest in Bitcoin XT, making it ‘doomed to die.’
  • Even though Bitcoin XT is officially available today, but it has visibly tumbled out of the errand of crypto community.

Bitcoin Classic

  • After Bitcoin XT failed, few cryptocurrency community members demanded an increase in the block sizes.

To accomplish this goal, Bitcoin Classic was created in 2016.

  • Unlike Bitcoin XT, Bitcoin Classic intended to raise block size to only 2 megabytes.
  • Just like Bitcoin XT, Bitcoin Classic also saw initial interest with almost 2,000 nodes for few months in 2016.
  • Bitcoin Classic still exists today and has gained a strong support from some developers.

SegWit

  • In 2015, Bitcoin core developer, Peter Wuille introduced the idea of SegWit (Segregated Witness).
  • SegWit aims to reduce the size of all Bitcoin transactions, letting more transactions to come off at the same time.
  • However, SegWit was officially a soft fork and might have assisted in prompting hard forks after it was initially proposed.

Bitcoin Cash

  • Some community users and developers decided to introduce a hard fork in response to SegWit, as well as to evade the procedure-updates.
  • This, at the same time led to the creation of Bitcoin Cash.
  • Bitcoin Cash detached from the main blockchain in August 2017 – when Bitcoin transactions were excluded by Bitcoin Cash wallets.
  • Up till now, Bitcoin Cash is the most effective and successful hard fork of Bitcoin.
  • Bitcoin Cash is also the 4th largest cryptocurrency by market cap and allows blocks of 8 megabytes.

Bitcoin Gold

  • After the creation of Bitcoin Cash, Bitcoin Gold was created.
  • The creators of Bitcoin Gold intended to evoke the mining functionality with elementary GPU (Graphics Processing Units) since they experienced that mining became also particular – in terms of hardware necessities.
  • Post-mine is an exclusive feature of the Bitcoin Gold and a procedure through which the developers mined 100,000 coins.
  • In general, Bitcoin Gold follows the basic concepts of Bitcoin.
  • Also, it is different in terms of ‘proof-of-work algorithm.’

As Bitcoin has been forked quite a few times within few years, there is a possibility that Bitcoin would still continuously experience both soft forks and hard forks in the future.

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Bitcoin profitability

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Bitcoin profitability

When I do shopping, I like to buy goods at a low rate and save some amount. This is much difficult to attain profit while you are buying or selling something.  In the same way, when you are using bitcoin ATM in exchange as well as in buying of goods.  You can make bitcoin profit… not serious???  Yes, you can make the profit while you are using bitcoin ATM.

Bitcoin ATM industry is few year old but is growing every day. It’s almost more than 500 ATM worldwide. Basically, profit from bitcoin is not easy money. You need some targets for your success. Firstly, make it sure that you are making transactions in legal manners with a required license. Secondly, it is very important to choose the public place. Third, you need some promotion of your machine to your surroundings. Fourth, you have to maintain bank relation for the back end. Five and the most important is to make a good reputation.

Furthermore, ATM charge 5.2 % fee or 6% assume $2k gross profit per location on average. This fee can be varying from place to place. Here is an example of $20k per year means $100 gross profit, which is nothing. On the other hand, in a case of Robocoin, an operator will pay $1 fee. According to Robocoin statistics, 1/3 of all sell bitcoin transactions. Whereas, 2/3 buy operation on average. It is assumed that buy and sell transactions are on an equal scale, but it varies. Actually, not all bitcoin ATMs operation support these two-way transactions. Sometimes there is only buy operation and average buy and sell is $480 and $750. Ironically, operation matrices highly depend on many factors including place, area, country, traffic etc.

Here, we created 3 scenarios for bitcoin ATM by using the calculator. Basically, these are theoretical calculations, which do not need any promotions and marketing process.

Is bitcoin mining profitable?

Scenario no. 1

Skyhook is only one-way transaction operator and the bill acceptor is limited to a capacity of 500 bills. Which makes it the cheapest ATM. On the other hand, it is with limited in operations like does not accept large Euro banknotes. The most important things in place, you have to choose the right place.

For example, cash logics are done by the operator and we don’t have to pay rent. Average transactions are 100 per month and average transaction of $50. After the period of payback of bitcoin ATM which is 4 month, it will bring $235 to the owner every month after the return of investment.

 Scenario no. 2

This scenario includes more than two bitcoin ATM machines. Most of them support two-way transactions process and much solid than the scenario 1.  For example, ATM cost is $6000 and per year transactions are 100 which average transaction is at $150. Calculations show that after 9 months of launching it will reach to its break-even period. Whereas it brings $705 per month to its owner after investment return.

 Scenario no. 3

Robocoin ATMs, the most expensive ATM in the market. These ATMs are fully equipped and also support two-way transactions. ATM cost is $15000 with 150 transactions per month and average transaction size is $300 per month. Because of its function, it also looks like the standard bank if ATM.

Here is some example of different ATMs we find on the internet. Vancouver first Robocoin machine, Bit Access stats, Black Star Pastry Bitcoin ATM, Skyhook Bitcoin ATM in the Philippines, Satoshi points Bitcoin ATM in Bristol, Operators survey, BTCPoint analysis, Two-way BitXatm machines in Switzerland.

Conclusion

If you are going to purchase bitcoin machine don’t expect too much. Make your relations strong and promote your machine.  Above are some example and will support you to make your decision profitable.

GOOD LUCK!

 

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