On Friday, Yahoo Japan confirmed that it has acquired a minority stake in a cryptocurrency exchange of Japan. According to Reuters, a subsidiary of Yahoo Japan, Z Corporation, has purchased a 40% stake in the Japanese crypto Exchange, “BitArg Exchange Tokyo,” which has the worth of almost $18.6 -$27 million. The exchange will be set to launch in the month of September, 2018.
Rumours of Acquisition
The rumours of the acquisition first came out in March; however, at that time they showed that the investment will be made by Yahoo Japan through YJFX, which is its forex transaction platform, and not through Z Corporation.
In a statement, Yahoo Japan said:
“By utilizing the service operation and security expertise of the Yahoo group, we support the operation of exchanges operated by BitArgo Exchange Tokyo.” Yahoo Japan also added that the exchange intends to offer services for customers that are secure and easy to use.
Japan is considered as an industry hub as it has above three million domestic crypto-traders. The news of Yahoo Japan’s investment showed up just after days when the financial regulator of the country ordered crypto exchanges; FSHO and Eternal Link, to stop operations due to inadequate KYC procedures. Similarly, another prominent acquisition happened this month – Monex Group announced that it struck a deal to acquire Coincheck exchange, as it went through a major hack at the beginning of this year.
After the Yahoo crypto news, Monex, which is known as a major Japanese online brokerage has confirmed its acquisition of Coincheck and was undeterred even with Coincheck getting lots of criticism for negligent-security procedures the whole year that led it to the mugging of $530 million of NEM tokens from its wallet.
Even with interruptions, SB, which is a Japanese banking giant is set to launch its own cryptocurrency exchange after firming up the security measures when the FSA is considering to ramp up its scrutiny of exchanges after the theft of Coincheck. Also, Messaging giant Line, that has a market cap of more than $9 billion and has almost 600 million registered users as well as 200 million monthly active users, has also filed an application with FSA in order to launch its own cryptocurrency exchange in Japan.
Scams have been part of human history. Ever since the beginning of currency, people have been trying to defraud each other. And with the advancement of technology, the scamming tricks have also become more raveled.
When it comes to currency related scams, Bitcoin tops the list. The currency is relatively new but holds incredibly high value in the market. Moreover, generating personal bitcoins is extraordinarily hard. So, the scammers use different techniques to steal hard-earned coins of other users. (Want to earn some bitcoins, here is everything you need to know about how to earn Bitcoin fast and easy).
Here are the most common scams that the bitcoin users should be aware of.
Scenario #1 – Wallet Scams:
If you are a bitcoin user, you would know that a Bitcoin wallet address serves the same purpose as a traditional bank account. The difference is that it is used to store bitcoins – and not the fiat money.
Since Bitcoin is all about anonymous transactions and the anonymity is gained through bitcoin wallets, the scammers hit this feature particularly by developing fake wallets.
Then they try to sell these wallets to users with a promise of 100% anonymity. The program initially seems to be working fine. But to your surprise, the trickster behind the scenes has been transferring coins from your wallet to his own without giving away a single hint.
So, being a Bitcoin user, it essential to acquire a wallet from trustworthy sources.
Scenario #2 – Scam Through Ponzi Scheme:
One of the most common Bitcoin scams. In Ponzi scheme, the con artist promises high-interest rates on deposits you make.
People who join the scheme early are paid out using the money of those coming in later. This goes on until the point where there are no more new entries.
Once the entries stop, the payments also stop and users start realizing the losses.
Scenario #3 – Bitcoin Exchange Scams:
Bitcoin scam exchanges sell the cryptocurrency at current market rates. Most of the exchanges working out there are genuine and possess now security threats to users. However, a small portion of exchanges does not work that way. Their sole purpose is to steal the digital currency and fill their own pockets.
Such exchanges charge extremely low fees when a customer is looking for credit card processing. However, after the card is processed, all the money is gone and the user is left with no bitcoins.
So, don’t always go with the cheaper options.
Read our guide on what are the biggest Bitcoin exchanges in the world to trade safely.
Scenario #4 – Phishing Scams:
The scam involves users receiving fake emails – stating that they have been awarded or have won bitcoins. But to receive the reward, they are asked to reach their wallets through the link given in the email.
DO NOT CLICK THAT LINK – or you will end up losing all your coins.
These are some common scams that go around in Bitcoin world. All it takes is a bit of common sense to realize true intentions of someone you are dealing with. And if you are just starting your bitcoin venture, it’s necessary that you are aware of these bitcoin scams and know how to tackle with the tricky situations that may arise during a transaction.
Tags: Bitcoin wallet scam
Bitcoin is a type of cryptocurrency that is free from the influence of traditional banking. The currency first came into circulation in 2009 and was invented by an individual/group called Satoshi Nakamoto. The identity of the creators is still unknown.
Bitcoin exchange rates are independent. They are autonomous of the central bank and no government/private authority governs the supply of this type of currency.
The only factor that determines Bitcoin’s worth is the trust level of users. The more companies accept Bitcoin as a payment, the higher its value goes. How Bitcoin works?
What Are the Benefits of Bitcoin?
Wondering what are the advantages of Bitcoin? The list is quite long. But let’s take a look at some of the major benefits that this currency has to offer.
As the bitcoin is free of any third-party influence, there is no system to implement taxes on this money. The only form of tax that may come with bitcoins is if someone purposely sends a small percentage of payment as cash.
Free of Third Party Seizures:
Again, as there are no third-party involvements and no unnecessary copies of transactions are made, the chances of Bitcoin being seized are zero. This implies that the government can’t freeze the Bitcoin accounts and the users can do whatever they want with their money.
The Transactions Are Tracking Free:
The Bitcoin transactions are tracking free. Unless a user publicizes his wallet address, there is no way a transaction can be traced backed to him/her.
In case a user mistakenly made his wallet address public, a new wallet address can easily be generated. The benefit of keeping your wallet address a secret is that no one can ever know how much money you have in your account.
This means more privacy as compared to the traditional currency systems. You can read details about the theory behind a Bitcoin transaction.
All the Transactions Are Free of Cost:
There are no costs involved in Bitcoin transactions. Users can send/receive money in whichever part of the world they want. The only cost that may come with Bitcoin transactions is the vendor fees that they charge in return for the services they provide.
What Are the Risks of Bitcoins?
Using Bitcoins is not always safe. There are some risks associated with Bitcoin. The risks may include:
Bitcoins Are Easy to Lose:
There is not any system to recover lost bitcoins. If lost, they are gone for good. You have to be very careful to prevent your bitcoin account from hackers otherwise your account may compromised.
They are hard to trade:
Bitcoins are hard to trade as compared to transferring the normal currency. Although there are vendors that trade bitcoins, it’s not as easy as sending money via PayPal, Western Union or some other money transfer service.
Too New In The Market:
Bitcoins appeared on the radar just a few years ago, so it’s hard to predict what their future would be.
Lastly – They Can’t Be Used to Buy Stuff For Now:
Bitcoins are still not the complete replacement of real money and are only accepted at very few places as a form of payment. So, it’s still pretty hard to buy stuff using this currency.
How does Bitcoin works?
Bitcoin’s price has rebounded to $11,997 with a 4.9% gain after falling to $10,000 recently and is now affecting the whole market with its momentum.
Bitcoin Once Again Hits its All-Time-High:
The daily trading volume of the cryptocurrency market including the top-cryptocurrency (bitcoin) has been comparatively strong over the past 24-hours. The daily trading volume of the top-cryptocurrency remained strong across all major cryptocurrency exchanges including; Bithumb, Binance and UpBit, which demonstrates signs of another recovery towards $13,000, as many experts have highlighted it.
The daily trading volume of bitcoin has hit a monthly high in South Korea, as around about 80,000 bitcoins were traded within a single day. South Korea’s largest mainstream media outlet “HanKyoReh” reported, that for the first time since January, the demand for bitcoin is rapidly growing.
Multiple investors have started to invest in the bitcoin market out of the fear of missing out, as the top-cryptocurrency has continued its rising momentum throughout the past few days. Another South Korea’s mainstream media outlet “Chosun” highlighted that bitcoin has built flexibility just within a month, as a lot of investors have started to enter the cryptocurrency market once again.
According to Chosun, strong cryptocurrency (bitcoin) remains above $10,000 mark even though it has been through many adverse issues, criticisms, and huge corrections. At this time, the crypto-market is seeing similar prices as it has seen only two months back, preceding to bitcoin’s enormous bull run that permitted the top-cryptocurrency to achieve its all-time high at $19,000.
CEO of venture capital firm Pantera Capital, Dan Morehead said last week, that the price of bitcoin would be expected to surge by the following week after it recovers from the bear market. He highlighted that most bear markets have a tendency to last 71-days and from now, bitcoin would be in a perfect position to see an upsurge in its price in the coming week.
He added, the past doesn’t predict the future, however, it looks like this is the right correction. It had been on a 71-day bear market so, it looks like within few weeks, everything will go back to normal.
Other major cryptocurrencies (including Ethereum) with ICO tokens have been following the trend of bitcoin for the past 2 weeks, however, it just dropped to $945 on February 20th. Just few cryptocurrencies have been able to exceed the gains of the top-cryptocurrency bitcoin, and most cryptocurrencies have recorded declines in their worth. Ethereum has declined by 2% against Bitcoin. However, it is also essential to perceive that Ethereum is only down by 0.52% over the past 24 hours.