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Enigma, a cryptocurrency investment platform was miserably hacked on August 21st, during their training for a crypto-token sale for their Initial coin (Ethereum, Bitcoin, etc.) offering (ICO). It was meant to be a method of raising capital using digital currencies. that would be launched on 11 September.

Unfortunately, the company’s website, slack accounts and mailing lists were overtaken by hackers. Furthermore, the website was changed and many fake emails and messages were sent to visitors and those interested, influencing them to deposit money.

ethereum exchange

It was reported by TechCrunch that the $500,000 worth of Ethereum currency stolen was not from the company alone, but the large Enigma community with their slack members, mailing list, and Ethereum exchange. That’s a shocker since the Enigma staff had imposed a strict warning that they would never request for money this way yet, a large amount of the digital currency was stolen.

Highlight The Security Errors:

When it comes to thinking how such an attack could be carried out, reports prove that there were some weak points like two-factor authentication missing from the affected channels. There must’ve been a leakage of at least one of the account passwords, which would lead to this.

The company has broadcasted temporary closing of its Slack channel.

 

Story Credits: siliconrepublic

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Latest Updates: Google is going to ban all Crypto-Ads

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Google is taking an action against the online advertisements related to cryptocurrencies at the beginning of June.

The company is upgrading its Financial Services Policy to restrain crypto advertisement, including wallets, trading advice and initial coin offerings (ICOs). This means that companies with legal cryptocurrency offerings won’t be permitted to serve ads through any of Google’s advertisement products, which place advertising on its own sites as well as third-party websites.

In another post, Google said that it took down 3.2 billion ads that violated its advertising policies in 2017, nearly double of the ads that it removed, back in 2016.

crypto advertisements

Facebook took the same step in January, the move affected most of the Google’s advertised products, which means organizations won’t have the ability to serve crypto advertisement on the search engine giant’s own sites, as well as third-party sites in its network.

Google’s director of supportable ads, Scott Spencer, told CNBC

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”

Crypto advertisement

The company also said that the policy will be executed across its platforms, including Facebook, Audience Network and Instagram. In the beginning of this year, Facebook banned crypto-related advertisements, mentioning the potential for “deceptive promotional practices.” It’s been reported that the crypto advertisements have also been vanishing from the social media sites of China as there’s a ban on ICOs and crypto exchanges in China.

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What is driving Bitcoin’s price up?

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What is driving Bitcoin’s price up?

Bitcoin’s price has been soaring sky high the past few months. It takes everyone by surprise how well the cryptocurrency has been doing.

On April 24th, Erik Voorhees had made a prediction of $300 billion market capitalization on Twitter: “Tokens as an asset class have surpassed $30 billion. I predict over $300 billion within 4 years.”

So, what could be the factors contributing to driving Bitcoin up to new heights?

Through estimates and statistics, it still shows that 85% of the Global Bitcoin trading comes from China. Remaining countries have had a lesser impact. Obviously, due to a large amount of data flowing in from all sides, it’s hard to keep track of the accuracy of everything.

Economists, market analysts and financial experts, like CFA Prableen Bajpaiare, report current fears in China and Asia that the yuan could deflate due to the increased investments in bitcoin.

Other analysts have agreed to this as well: “Signs indicate Bitcoin’s price has become linked to a number of macroeconomic factors in China,” said Vijay Michalik, a research analyst for digital transformation at consultancy Frost & Sullivan.

“It highlights growing concerns about yuan currency deflation, as bitcoin’s appeal has grown as an alternative asset class for a population deprived of many investment choices.”

“The most likely explanation appears to be linked to market confidence in the Asia region, with low confidence in local currencies providing a major boost to bitcoin demand,” said James Lynn, U.K. managing director at investment company Billon Group, in a 2016 CNBC interview.

There has also been a big devaluation of currencies in other emerging markets such as India and Russia. For example, the Indian Rupee had gone down by 20 percent in 2017 compared to the US Dollar.

Even if the USD is rising compared to other currencies, people around the world are still looking for alternatives to it and Bitcoin has seemed to won that competition.

Russia

In 2016, Russians were exchanging their depreciating rubles to bitcoins by a large number. Due to tumbling of the ruble, the Russian Ministry of Finance came up with statements regarding money laundering and the possibility of taxing and regulating Bitcoin as an asset. Deputy Finance Minister Alexey Moiseev told Bloomberg in an interview in April 2017. He also added that “The state needs to know who at every moment of time stands on both sides of the financial chain”.

Blockchain companies funding

Bitcoin start-ups that attracted large investments in Bitcoin and blockchain companies, with total funding of $550 million are now increasing the demand for bitcoin in 2017. This had a huge impact on the Bitcoin’s value, causing it to shoot up.

Back to China

Due to the deflation of the yuan currency, Bitcoin value has been very appealing to Monetary policies, Chinese companies, and rich individuals. Also, several big investors are being tempted by Bitcoin. They are all demanding for Bitcoin in China since it is much more stable right now.

Japan, important growth

Things have started to get very interesting in Japan as well. In the last 6 months, what happened to be just 0.91 percent of the total bitcoin trading volume has surprisingly risen to 6 percent in just 30 days. Based on unofficial estimates and data provided by coinmarketcap.com and data.bitcoinity.org. There has been a sudden increase in the demand of Bitcoin in Japan.

What is driving Bitcoin’s price up

Can anything wreck the path Bitcoin is on?

Anything, such as the increase in the price of gold would cause a drop in the value of bitcoin, but this won’t be happening anytime soon. Gold is down 4.58 percent in the last 30 days, which is in favor of Bitcoin.

Also, the altcoins have been grabbing a lot of attention the past few months, but they’re still risky and unstable investments. Whereas, Bitcoin is in a much better shape than most and will be reaching new heights in the near future.

Tags: Bitcoin’s driving price

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Should You Invest in Bitcoin In 2017 – Here Is What You Need to Know

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Should You Invest in Bitcoin

The year 2017 had a blistering start as Bitcoin ran past $1,000 check without any indications of backing off. The cryptocurrency continues developing in prevalence. Subsequently, you will see a colossal number of individuals asking: “how to invest in Bitcoin and is it even a smart thought to put your resources into the cryptocurrency?”

Bitcoin is not a company nor a brand. It is a virtual cash which just includes shared exchanges.

If you plan on investing in Bitcoin trading, you will need to opt for some unorthodox methods.

Here, we have talked about probably the most widely recognized Bitcoin investment techniques. Give each a strong read.

Bitcoin Investment – Buying and Holding:

A standout amongst the most widely recognized types of Bitcoin investments. Bitcoin clients purchase currency in the hoping for it to appreciate in value. If you plan on buying bitcoins, you must know when is the perfect time to make the purchase – implying that the value will keep on appreciating.

Here are a few tips for buying bitcoins:

  • Bitcoin is a hazardous venture. Never contribute more than you can deal with to lose.
  • Once you have purchased the coins, never abandon them at the trade. Exchange them to your wallet ASAP.
  • Buy the coins only from well-reputed exchange

check out our guide on how to buy bitcoins to learn more.

Trading in Bitcoin:

Individuals often confuse Bitcoin-trade and purchase and holding with each other. In reality, these two are completely different investment techniques. In trading, the purchaser buys the coins at lower rates and effectively tries to offer them at a higher cost, without holding back for value appreciation.

You Can Also Invest in Bitcoin Mining:

Bitcoin mining investment is just conceivable at a bigger scale. It requires costly mining gear and is only useful if somehow you have access to the free electricity.

Some websites also allow investors to make Bitcoin investments using their services. They call it “Cloud mining”. We recommend you to proceed with caution with such websites due to the following two reasons:

  • Most of them are scams and are keeping eyes just on your cash.

you will run over many organizations that welcome Bitcoin clients to put resources into their organization. These organizations claim to give you crazy day by day rewards or offer to two-fold your coins. Try not to get influenced. The vast majority of them are scams and are just there to take your cash.

So, What’s the Final Thought – Should You Invest in Bitcoin?

Well, the appropriate answer is not simply a “yes” or “no” as it’s not only about when to invest but also how to invest. In the event that you need to put resources into Bitcoin, know the procedure, instruct yourself, and do a broad statistical surveying.

Keep in mind, the final only belongs to you. When you think the time is correct, simply go ahead and make the venture.

Tags: Bitcoin Investment sites.

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How does Bitcoins work?

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Bitcoin- Quick Story

Currency gains worth and value when people tend to give it the value and start accepting it. A vast majority of the people are being attracted to the Bitcoin due to the fact that it’s decentralized and its regulated by no third party. It’s tied to no political or governmental system. Due to this, it’s not vulnerable and doesn’t get affected much by their failings or socio-economical collapses happened in the past.

It is a digital form of money, used for transaction online. The mechanism behind these coins resembles like that of gold due to its limited resource. The word cryptocurrency demonstrates that Bitcoin is encrypted in a way that prohibits it being copied. Every transaction performed using Bitcoins is recorded in Blockchain. Blockchain acts like a ledger where all the data is stored. All this data is encoded on the Bitcoin itself. This method aids in avoiding people to spend the same bitcoin more than once. Due to a connected, peer-to-peer network, every user will know that the particular bitcoin was just spent.

Keeping everybody’s identity complete anonymous just like that of its founder, these Bitcoin holders are associated with an ID code or a wallet code. This can be stored on your hard drive or phone or your computer.

Acquire bitcoins

Bitcoins can be acquired for a number of ways. Some of the ways include,

  • Accept them as payments against goods and services.
  • Exchange them as a typical form of currency.
  • Mine them

Again, like gold, these coins are mined. They are mined through suitable supporting powerful computers. Similar to gold, the more people mine these Bitcoins, the less they are to be found in the system for next process of mining. By solving complex algorithm problems, you can mine these Bitcoins.

But you are not the only one solving the puzzle. There are more people and coin holders solving the same mathematical problem. So, it’s more like a competition. When you enter the race, it’s easier to handle with lesser people. But when more people are included, the problems get way more complex and difficult.

When there are more people being flunked and stuck during the problems, the math problems will get easier to ensure,

  • a steady flow,
  • value is boosted, and
  • remain inflation proof.

By 2140, it is expected that all the Bitcoins will be mined from the system.

Risks with Bitcoins

Being extremely volatile and unpredictable in nature, Bitcoin value can never be guessed. You can manage to judge and guess the value of Dollar the next day, but the Bitcoin value can fluctuate in no time. Being under no regulation to a regulatory body or financial institution, it is monitored and scrutinized by nobody.

Bitcoin transactions are not completely anonymous. They are secured by could be tracked down. A lot of individuals were attracted towards bitcoin due to this feature. Including a lot of people from ‘Black Market’. So, you never know who you are dealing with during the transaction.

Security is a big risk associated with Bitcoins. The format Bitcoin runs on is good to go but the hackers don’t seem to miss their chance. Banks and exchanges that deal in Bitcoins are targeted largely by these hackers. But this isn’t the currency’s fault. The paper money gets robbed too and Bitcoin is no different.

Bitcoin has come with both pros and cons. For its furthermore acceptance with the people, its volatility needs to settle down quite a bit. It’s a totally unpredictable and high-risk currency which needs to adjust a bit to enable more people to get their hands on it.

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Cryptocurrency Market Crash: Bitcoin Price Has Dropped Below $10,000

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The price of Bitcoin has dropped by 11% today, on January 31, and once again, the cryptocurrency market is struggling to recuperate from its preceding corrections. Other major cryptocurrencies like Ripple, Ethereum and Cardano have also dropped by 8 to 13 percent and have triggered the cryptocurrency market crash.

Performance of Bitcoin:

In December, the valuation of the cryptocurrency market fell by more than 30%, and since the cryptocurrency market crash, most of the cryptocurrencies have struggled to record hefty gains in the cryptocurrency market. So, we can say that the crash in the performance of bitcoin is not exclusive to bitcoin.

Cryptocurrency Market Crash

Bitcoin is among one of those few major cryptocurrencies (excluding Ethereum), that hasn’t recorded a 50% drop from its all-time high. Whereas, other cryptocurrencies like Bitcoin Cash and Ripple, have dropped by almost 60% from their all-time highs. Apparently, the current price trend of bitcoin shows that the cryptocurrency isn’t performing well in terms of adoption and user activity.

Robinhood is a US-based financial services company that allows individual investors to invest in publicly traded companies and the stock market. Robinhood recently announced that it is going to launch a cryptocurrency exchange and a bitcoin, also, it will allow traditional finance market investors to trade in the cryptocurrency sector.

It is expected that the Robinhood’s cryptocurrency trading platform will launch in February. Above 998,000 users have already signed up to get the early access to Robinhood’s cryptocurrency trading platform and that is almost 10% of the user base of Coinbase.

Multiple hedge funds have expressed their sanguinity this week towards the short-term trend of bitcoin. There have been many rumours in the market that the institutional investors in the finance sector have sold huge amounts of bitcoin in an attempt to lower the price of bitcoin purposely.

 Acceptance by Retailers & Other Financial Sectors:

South Korea’s one of the largest e-commerce platforms “WeMakePrice” have started to adjust twelve cryptocurrencies into their present system in partnership with Bithumb. Soon, cryptocurrencies like Bitcoin, Bitcoin Cash, Qtum, Ethereum, Litecoin and EOS will be accepted by WeMakePrice, which will make it South Korea’s first retailer to accept cryptocurrencies.

Right now, the cryptocurrency market is endeavouring to reflect this speedy adoption of cryptocurrencies by retailers and large-scale companies, which bitcoin sceptic, Howard Schultz (Starbucks chairman), has labelled as the only essential feature for the progress of cryptocurrency market.

As the major cryptocurrencies in the market such as; Bitcoin and Ethereum, continue to be adopted by retailers and other major financial sectors, within few weeks, the valuation of the market would certainly upsurge.

 

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