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European Commissioner, Mariya Gabriel, has confirmed that European Commission is going to pay attention to the growing electricity consumption in the European Union, for the cryptocurrency mining, as she supervises and manages digital economy and the social order. A notice was posted on the European Parliament website and according to that notice, this issue was addressed by Gabriel in response to a question that was presented in the parliament.

Cryptocurrency mining

The Issue of Power Consumption

Gabriel mentioned, that the Commission is well-aware of the issues like growing electricity consumption for cryptocurrencies and blockchain technology. This issue is going to be perilous, especially for bitcoin, as the cryptocurrency mining is intense in China. Whereas, according to some estimates, two-third of entire mining takes place in China, and some of the mining is done in other places.

The statement also noted that no legal basis is there to avert or limit energy consumed inside the EU at this time. However, specifying that electrical consumption is an economic movement, it is an issue for EU regulations that also apply to energy proficiency, greenhouse gas emissions and the power sector. The cryptocurrency mining business model is based on providing a high assessment of cryptocurrencies. The growing electricity consumption and the price, both are expected to alter the demand and worth for cryptocurrencies.

Mining Isn’t Illegal

The Commission didn’t invoke in any way to follow the cryptocurrency mining since, it’s not an illegitimate activity. Though, the activity will be reviewed by the Commission as it has an impact on the demand for energy. Gabriel further stated that it’s always essential to keep this thing in your mind that many auspicious applications of blockchain technology usually don’t have an extreme need for processing power.

 

Christine Lagarde, Managing Director at International Monetary Fund, told in January that bitcoin mining is way too much energy intensive. It’s been warned by many environmentalists’ and analysts that the world is already battling with the climate change and that’s why industry’s power usage has turned in to such a huge concern.

EU Plans to Establish Blockchain

Last year, few plans were announced by the European Commission to launch an EU Blockchain Observatory as a response to a mandate of European Parliament for strengthening technical proficiency and governing bulk. In this project, an observatory and a forum will be included to collect the information from the blockchain technology and distributed ledger technology. Their main aim is to launch an EU expertise source for progressive blockchain subjects. The other goal is to contribute the EC for boosting the creation of technologies like these and to advance policy endorsements.

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Install, Backup And Restore A Bitcoin Wallet. Or, Almost Any CryptoCoin Wallet (Windows)

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Bitcoin vs Gold – A Brief Comparison Between Bitcoin and Gold

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Bitcoin vs Gold

Is this a Bitcoin or a Gold era? This question has stirred the people’s mind. Ironically, the bitcoin vs gold, Bitcoin values fluctuate as the gold values. Let’s clear one thing here, what is Gold and why did the Bitcoin and Gold prices cross?

Gold is basically the chemical element with atomic number 79 and has a physical worth. Whereas Bitcoin is a peer-to-peer currency in digital wallets. If we discuss the history of both the commodities, we come to know that Gold was traded by civilizations from 600 BC whereas Bitcoin usage started from 2009. However, only in few years 2009 to 2017, Bitcoin exchange prices have exceeded from zero to over $2000.

Bitcoin first captured the massive attention in media when its value raised to $1242 in November 2013. The price of gold was $1250 at that time. This was the time when the competition between gold and bitcoin began. Both values are fluctuating. Basically, this is a story of supply and demand which completely depends on the public’s demand. As we read in economics, higher the demand and lower the supply. So, we can say that Gold is rare but bitcoins are rarer because both have limited source. However, the mining process for both the commodities is different: hundreds of tons’ of Gold is mined every year through hardware processes like placer mining, hard rock mining, and gold ore processing. On the other hand, Bitcoin mining is the collection of bitcoins in exchange. By using specialized hardware, they make transactions clear and secure.

This comparison between Gold and Bitcoin is just a psychological more than anything. Because gold’s market value is $7, whereas Bitcoin’s value is $20 billion. But, Price of Bitcoin exceeded, is worth more than one ounce of Gold on 2 March 2017.

In addition, this comparison between both commodities is a positive sign for users. They can enjoy the fluctuations and new changes. But Bitcoin is a digital currency, it is not a commodity whereas gold has been known as a commodity for thousands of years.

Prices or values increase per ounce is not a big deal, and not that much important. However, everyone notices one thing that from 2009, Bitcoin is continually making its new highs every now and then. The purpose of comparing Bitcoin with gold is to provide complete satisfaction to its customer. Both Bitcoin and gold have a relationship in term of their prices. That’s why fluctuation in price creates a strong impact. There are more than 100,000 merchants who use Bitcoin for trade. Same with gold, millions of merchant still trade in gold.

 

Bitcoin vs Gold Comparison

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What Is An Altcoin – A Brief Look Into The Concept Of Altcoin

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Most people these days are completely aware of Bitcoin – a digital currency which has taken the digital market by storm over the last couple of years. However, a large portion of these people is not aware of the fact that there exists a large number of other cryptocurrencies as well. Ether, Ripple, Zcash, and Montero are few to name. The general terminology for these cryptos is ‘Altcoins’.

Each Altcoin is different in characteristics. Few of them differ in the economic model while others have different distribution methods. It depends on an Altcoin’s design whether it has to rely on proof-of-work mining algorithms or not. Moreover, a number of Altcoins offer an extra adaptable programing language, while others follow the same privacy terms as Bitcoin.

All Altcoins are not much interesting though. Some don’t even provide handsome offers to their users. For example, Altcoin is the combination of the total amount of coins, which clearly means that each coin has low worth. In this post, we will have a brief discussion about different aspects of Altcoin.

What is Altcoin Mining?

A process of mining new Altcoins. There are two types of Altcoin mining: single mining and pool mining. Single mining may not give you expected rewards and is way slower than pool mining. On the other hand, pool mining has a large number of participants sharing their mining equipment’s hash power which ultimately makes the process quick and simple. Besides, the rewards in pool mining are much higher than those of single mining. Following are few steps that will help you start mining Altcoin.

How To Start Altcoin Mining?

To start Altcon mining, you will need:

Acquiring an Address:

Before starting mining, you need to register with the well-reputed platform and have a digital address. You give this address to pool inform them where to pay your rewards. The mining pool provider will sync the blockchain for you.

Funding:

Start funding to your account and create your public key.

Connecting to the pool:

Once you have an address, you will need to install a mining software and connect to the mining pool. After joining the pool, you can start mining.

Once you have an address, you will need to install a mining software and connect to the mining pool. After joining the pool, you can start mining.

What is Staking Pool?

It is a proof of stake mining pool. BTC and other altcoins are used to purchase Altcoin. Later, these altcoins are held in their individual wallets. In addition, each wallet will contain the staked altcoins. The number of the altcoins holding in your wallets completely depends on the price and percentage of the Altcoin.

What Is The Process Of Staking Pool?

Deposit your POS coins into an electronic wallet, so that it can easily connect with the other altcoins available on the internet. Basically, this is the result of connected wallets. Transactions get verified and confirmed which enables the receipt of the reward.

Altcoin Mining

What Are Best Altcoins?

Based on the market cap, following is the rundown of top altcoins:

  1. Ethereum: $19,567,960,363
  2. Ripple: $6,485,335,767
  3. Dash: $1,294,582,036
  4. Nem: $1,174,185,000
  5. Ethereum classic: $1,409,231,346
  6. Litecoin: $2,167,228,375
  7. Monero: $539,679,521
  8. Zcash: $335,018,425

What Are Best Altcoin Trading Platforms?

Few exchanges help you to deal with your altcoins on daily biases. The list of top altcoin exchanges includes:

  • Local Bitcoins
  • net
  • Kraken
  • Bitfinex
  • Bittrex
  • Poloniex
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CapitalWave, Inc. Announces Launch of The Blockchain Academy – Blockchain Programs for Corporation’s & Developers.

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NEW YORK – April 25, 2017 – CapitalWave, Inc., a leading global provider designed to deliver highly engaging training for the financial markets, announced the official launch of The Blockchain Academy, a new institution offering online video training courses to professionals seeking to have a greater understanding of the impact of blockchain and its most famous use-case Bitcoin.

The Blockchain Academy offers progressive courses to increase the understanding of someone fresh to the blockchain network. It includes everything, from foundation to immersive courses that provide a thorough understanding of each aspect of the technology. Blockchain Academy prepares businesses to reach their internal targets and better serve their employees and customers.

Blockchain Academy courses prepare students to:

  • Understand the disruptive impact of blockchain
  • Learn how Bitcoin, mining, and cryptocurrencies work
  • Get a deep and thorough understanding of the concepts that underpin how blockchain works.
  • Discover where this technology is headed and the changes this will mean.
  • Understand the basics of virtual currencies, with a focus on adoption and use within the financial sector.

Current Blockchain Academy Courses

  • The Blockchain Foundations
  • Blockchain Intensive I: Bitcoin and Blockchain
  • Blockchain Intensive II: The Financial Sector

 

“We anticipated the need for alternative eLearning solutions to serve both large and small businesses with an easier, more efficient process,” said Bryant Nielson, the Executive Director of both CapitalWave and The Blockchain Academy. “The needs of companies are constantly evolving and we have successfully expanded our training course offerings to meet and exceed these demands.”

 

Each course is designed to provide companies the edge in understanding FinTech by learning online with engaging, self-paced e-Learning modules. Being one of the first learning organizations to provide a truly dynamic educational simulation training platforms.  Their goal is to be the preeminent provider of training platforms, financial simulation and competitions for the Corporate and University markets.

 

About CapitalWave Inc.

With offices in New York and London, CapitalWave is a leading global provider of financial training solutions in the capital & wealth markets. In addition to delivering courses in Equity Fundamentals, Fixed Income programs, Investment Management, Investment Banking, Forex, Commodities & Energy, Wealth Management, Risk Management, Asset & Liability Management, CFA programs and more.  The company’s headquarters in New York.

 

For more information, please visit: http://www.capitalwave.com or www.TheBlockchainAcademy.com

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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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