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Christine Lagarde, Chief of the International Monetary Fund (IMF), has said in an IMF blog post that the blockchain technology used to regulate cryptocurrencies can also be considered helpful in regulating and legalizing them.

In fact, it would prove to be a good news for crypto lovers as they have also been longing for the cryptocurrency to be legalized. Once it will be legalized, more people would get attracted towards it and the market ratio will automatically stabilize. According to some, the blog statement of Christine Lagarde can be considered as the first step towards the legal monitoring of cryptocurrency.

cryptomarket

In her above-mentioned blog, Christine Lagarde, appreciates the salient features of blockchain technology, which she refers to as an “exciting advancement that could help revolutionize fields beyond finance.” However, addressing the “dark side of the crypto world” she further explained that cryptocurrency market also needs legalized regulation in order to avoid illegal activities e.g; money laundering and funding terrorist activities around the globe. According to her some of the main features of cryptocurrencies is their anonymity which can inturn prove them safe for criminals and terrorists — that’s what makes them dangerous in short and blockchain technology is the only way to monitor what is actually going on in the world of cryptocurrency. To understand her statement further we must know what actually the Blockchain Technology is.

Blockchain Technology

Blockchain technology is the actual power behind Bitcoin, Ethereum, and other major cryptocurrencies. Technically, it is an openly accessible collection of financial accounts of all transactions which have been made in the crypto system since its starting point.

The reason behind Christine Lagarde’s blog statement

The main reason behind Lagarde’s statement is that she’s also well-aware of the financial stability faced by crypto-market during the past few months. At the same time the tremendous variations in the value of cryptocurrencies have also served to ignite her interest.

She further suggested that cryptocurrencies require the same sort of regulation as implemented on traditional currencies. However, she acknowledged that a lot of work needs to be done. She also suggested the use of biometrics and some other techniques like artificial intelligence, distributed ledger technology etc. could ensure the information-sharing between market participants and regulators.

Lagarde’s point of view is that with the help of modern technology, we can easily turn crypto-market for the public good, instead of making it a place of comfort and shelter for criminal minded people.

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One thought on “Why does IMF chief Christine Lagarde want to regulate the ‘cryptomarket’?

  1. Dear…!!! I need info about Pakistani cryptocurrency MTB… Whether its safe to invest in or not…???
    Thank you…

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Pay With Bitcoin

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Got bitcoins to spend? Many renowned platforms have just started to incorporate payment options Bitcoin. Along these lines, you’re in luck if you’ve been clutching yours for some time now and feel prepared to use them to make a buy.

Here we are going to mention top online platforms where you can pay with Bitcoin. so let’s get started!

 Overstock.com:

Overstock.com was the main online retailer to begin accepting bitcoins in January of 2014. Joining forces up with CoinBase, a standout amongst the most prevalent bitcoin trades, the organization enables its clients to pay for everything from portable PCs and TVs to toss cushions and ottomans with bitcoins.

To utilize bitcoin on Overstock.com, at checkout just select the “Pay with bitcoin” to finish your buy.

Shopify Stores:

 In case you’re not familiar with Shopify, all you truly need to know is that it’s an online platform that enables traders to set up their own online shops to offer their items like Etsy or eBay. In November 2013, every one of the 75,000+ Shopify dealers got the option to begin accepting bitcoin payments with the assistance of BitPay.

Dish:

 Satellite TV and Internet specialist organization Dish Network acknowledged its first bitcoin installment in August 2014. A dish is one of the biggest organizations so far to embrace any sort of digital currency, and furthermore, the first subscription-based TV provider to do so.

Dish has joined forces with CoinBase for its bitcoin exchanges.

So this pretty much covers everything to be bought with Bitcoin. Time to go online shopping, huh?!

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Ethereum Hits $1,000  For The First Time – Jumps Closer To $100 Billion Market Cap

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Ethereum hit another milestone on Thursday after its price went above $1,000, the highest it has ever gone in the history of world’s third largest cryptocurrency.

Just four days into the new year and January has already been a remarkable month for the crypto market. During this brief period, the combined value of altcoin market tops has swelled by more than $140 billion, and altcoins now represent more than two-third of the crypto market cap. Recently, Ripple became the first altcoin to accomplish a $100 billion market cap, and Ethereum now seems ready to add its name to this prestigious list.

Like most digital forms of money, Ethereum has been on an extended rally since the start of December, when it was estimated at $428. Through the span of the month, the Ethereum value ascended by 76 percent and it finished the year at $752.

Despite dropping behind Ripple in its race to capturing the second spot for the most valuable crypto, Ethereum expanded its rally into 2018, getting through both $800 and $900 earlier in the week. This Thursday, Ethereum cost accomplished a notable high, ripping past the $1,000 for the first time in its history.

Ethereum now has a market cap of $98.1 billion, bringing it a yard closer to becoming the third digital money to accomplish a $100 billion market cap.

Despite the fact that Ethereum has yet to hit $1,000 on most Western exchanges, South Korean merchants have taken the cost of ether up to $1,322, enabling its worldwide average to stretch out into the four-digit region. Currently, a majority of ETH exchanging is focused on Binance, which represents more than 20 percent of daily ETH volume.

Traders Are Optimistic About Casper Alpha Release:

Despite the fact that Ethereum’s walk past $1,000 happened against the backdrop of a more extensive altcoin surge, at least a part of its development is likely due to the declaration that the Casper consensus algorithm had entered alpha testing, finish with a public Testnet, preparing for the system to change from evidence of-work (PoW) to verification of-stake (PoS).

Though Casper is a long way from production release, the way that it has entered alpha testing is bullish at the Ethereum cost. Ethereum’s engineers trust Casper will convey a large group of benefits to the Ethereum network, not the slightest of which is the ability to significantly decrease its inflation rate.

This will be conceivable on the grounds that PoS requires far less power than PoW, boosting system members to approve exchanges for lower rewards than the current ones distributed to miners.

The reduced inflation will make singular cash units more significant and, after some time, conceivably enable the system to achieve a deflationary state in which fewer coins enter the course than those lost or destroyed.

 

Story credit: ccn.com

Image: Google images

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Bitcoin vs Litecoin – Which One is Better?

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The hype of cryptocurrencies has increased dramatically over the past few years. Especially after the introduction of Bitcoin, back in 2009.

Bitcoin is the most popular cryptocurrency. The currency has ruled the crypto world undisputedly for many years. Even now, Bitcoin sits on top of the crypto pile. However, it is not the only king in the jungle anymore. The leading cryptocurrency is now facing a growing competition from other cryptocurrencies, Litecoin being one of the closest rivals of Bitcoin.

In this article, we have discussed the major differences between Bitcoin and Litecoin. Hopefully, you will be able to get a good idea about both the cryptocurrencies after reading this.

Litecoin:

Litecoin is one of the many names that received a lot of positive responses from the market.  It was launched in 2011 by its creator Charles Gee – with the aim of becoming the “silver” to Bitcoin’s “gold”. Like Bitcoin, Litecoin is also generated by mining. The motivation behind its creation was to improve upon Bitcoin.

Bitcoin:

In 2009, Satoshi Nakamoto launched Bitcoin as the world’s first cryptocurrency. It has no central authority and anyone can access it from anywhere. Bitcoins are ‘mined’, using computing power in a global network and are used to buy things electronically.

Bitcoin vs Litecoin

What is The Difference Between Bitcoin and Litecoin?

There isn’t just one, but many differences between Bitcoin and Litecoin. The major differences are as follows:

  • There are more litecoins available in the market, i.e. 84 million than bitcoins as Bitcoin will never exceed the limit of 21 million.
  • Due to the limit of bitcoins available, it is of much higher value as compared to Litecoin.
  • Litecoin has a much faster speed of transaction; only 2.5 minutes, unlike Bitcoin which takes around 10 minutes right now.
  • Both employ different algorithms, Bitcoin uses the longstanding SHA-256 algorithm, unlike Litecoin which makes use of a new algorithm known as Scrypt.
  • Another major difference is that Litecoin is a cheaper option for miners than Bitcoin. The former only requires a normal computer and an internet connection to begin mining, whereas the latter requires maximum computing power which is out-of-reach for an everyday user.
  • Bitcoin is relatively slow in confirming transactions, while Litecoin accepts a higher number of transactions due to its higher volume of blocks.

So, What to Choose – Bitcoin or Litecoin?

We know that both the cryptocurrencies have their own set of pros and cons. They even have several resemblances. No doubt, they are both accepted very positively all across the globe. However, the final choice is yours.

Good Luck!

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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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Bitcoin Exchange Calculator

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Bitcoin is a decentralized crypto money that offers pseudonymity to its clients. In spite of the fact that a Bitcoin has no intrinsic value, it’s turning into an inexorably popular type of digital cash, drawing in venture capitalist attention, from Winklevoss twins to Fred Wilson of Union Square Ventures.

Bitcoin Exchange Calculator

There is a restricted supply of Bitcoins, 21 million to be precise, with 11 million currently available for use. While Bitcoin enables you to keep your identity concealed, the blockchain goes about as an open record of each Bitcoin exchange. Bitcoins can maintain a strategic distance from central banking and global cash wiring charges.

There are a couple of various approaches to obtain Bitcoins. You can mine a Bitcoin, but it becomes difficult when the amount of Bitcoin mining increases. You can likewise set up a wallet by means of Blockchain.info, or through a safe Bitcoin customer like CoinBase, and utilize destinations like BitInstant to load it.

For a simple way to calculate the estimation of your Bitcoin in fiat, check out this Bitcoin exchange calculator designed by BTCwonder.

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