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On 27th March, The Bank of England stated that it is undertaking a POC (proof-of-concept) to figure out how the new RTGS (Real Time Gross Settlement) facility is capable of interacting with DLT (Distributed Ledger Technology).

blockchain features

Real-Time Gross Settlement

Real Time-Gross Settlement systems are basically special payment systems where the funds transmission is conducted amid banks on a gross basis and in real-time. On the other hand, this means that the transactions are processed immediately after being settled on a one-to-one basis, deprived of connecting with any other transaction. RTGS systems are generally used for “high value” transactions requiring prompt payment and operate by the central bank of a country.

The RTGS blueprint was issued by the Bank of England in May 2017, stating that the new service will be providing a different and flexible variety of settlement models, to make sure that the payment infrastructures have gained access to the money of central bank.

Reason Behind Central Banks’s Announcement

After the announcement by central bank to test blockchain features, it explained the main purpose behind it, which is to develop a payment service, compatible with Blockchain technology. However, in the recent announcement of the central bank, it excluded the idea of transferring to DLT completely due to the immaturity of technology.

The central bank announced that:

“Although the Bank has concluded that Distributed Ledger Technology (DLT) is not yet sufficiently mature to provide the core for the next generation of RTGS, it places a high priority on ensuring that the new service is capable of interfacing with DLT as and when it is developed in the wider sterling markets.”

The UK bank is going to cooperate with the companies that develop payment solutions by using advanced technologies. Following are the names of the companies:

  • Baton Systems
  • Clearmatics Technologies Ltd
  • R3
  • Token

The capability of DLT-based payment systems to interrelate with the renewed RTGS service and to qualify techniques in which the service’s performance could be extended will be examined by the project parties. The bank is also considering to report their conclusions by the end this year. Also, the ECB (European Central Bank) along with the BOJ (Bank of Japan) released their Blockchain’s potential study this week, for altering securities settlements.

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How the blockchain is changing money and business | Don Tapscott

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Where To Buy Bitcoin

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Did you know that currently, such a large number of individuals are purchasing and using Bitcoin that the system is really encountering surprising delays? It’s hard to believe, but it’s true – bitcoin is so prominent with individuals rushing from all areas of life because digital cash brings a massively wide spectrum when compared with all other payment arrangements.

With mass adoption comes a storm of queries, most prominent one being “where to buy Bitcoin” on wiki sites.

Here we have discussed the top three Bitcoin exchanges to buy bitcoins from:

Kraken.com:

Kraken is turning into a reputed bitcoin exchange, with many markets served. Europeans cherish it just as much as Americans since they function admirably through SEPA, have a simple confirmation process, and are extremely knowledgeable when it comes to cryptography and security. Since the start of 2017, Kraken has been re-positioning themselves as a crypto exchange by including different new altcoins.

Bisq:

Bisq (otherwise known as “Bitsquare”) isn’t to be missed for the more technically progressed. A decentralized p2p stage that keeps you super protected. More than 60 digital currencies can be exchanged and you can even buy BTC utilizing a bank exchange, escrow, and trusted outsiders.

GDAX.Com:

GDAX is incredible for specialized merchants and offers great liquidity. Deposits are in USD and can be processed just as quickly as withdrawals. It likewise happens to be the best Ethereum trade for genuine players in this space.

So these are the best bitcoin exchanges in our opinion. Next time, hopefully, you won’t have to ask where to buy bitcoins because now you know the best places to buy it.

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Coinbase Buy Bitcoin: Bitcoin Cash Launch Delays Because Of Overwhelming Demand from Buyers

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Coinbase is a secure online platform for buying, selling, storing and transferring digital currency and it’s the most popular way to buy and sell Bitcoin, Ethereum and Litecoin.

Last month, few issues have been experienced on Bitcoin’s GDAX exchange during the launch of Bitcoin cash trading. Coinbase has blamed exceptional demand from buyers for these issues. On 20th December, the firm added support for bitcoin cash, however, Coinbase moved to disable trading of its newest assets after this unexpected news.

Adam White, who’s the manager of GDAX said in a blog post that they did their best efforts for creating a fair and orderly market, however, the launch of bitcoin cash didn’t go well and they also understand why the customers are so upset. He also said that they’ll share a detailed timeline of events and other additional information about the decisions for improving the future launches.

He added, that on 3rd August 2017, it was announced that customers could withdraw their bitcoin cash (BCH) balances by the 1st January 2018. Later, the decision was deferred. After monitoring the Bitcoin Cash network, some factors were observed such as; developer support and network security. And in the end, it was concluded that the bitcoin cash met the standards of Digital Asset Framework so it could be traded on GDAX.

Coinbase buy bitcoin

According to the blog post, in the 2 minutes and 40 seconds after BCH/USD trading started, almost 4,000 orders were placed, in which 3,461 matches occurred, and trading volume got to $15.5 million. Furthermore, he added, the low cash flow also triggered the price of the cryptocurrency to leap as high as $9,500, a lot higher than listed on other exchanges.

The constant liquidity complications made the relaunch of BCH/BTC and BCH/EUR books to be postponed until the end of winter holidays, when there would be higher possibility of meeting liquidity standards that are needed to enable trading. White accepted that regardless of the firm’s best efforts to create an impartial and methodical market, the launch did not go as it was expected.

On 13th November 2017, employees were informed about the decision to support BCH trading and were overtly verboten from buying and selling BCH. All employees were also forbidden from sharing this information with anyone else outside of the Coinbase. Coinbase has also announced that it will start an inquiry if any of the employees have desecrated its insider trading rules.

It’s not the first time that price movements have seemed to anticipate changes in the exchange to list new cryptocurrencies. According to an information from Coinmarketcap, the prices of the cryptocurrency began increasing at least a day in advance. Only four assets have been listed by Coinbase on its GDAX exchange, which offers order, bitcoin cash ether, order books for bitcoin, and litecoin.

Well, the move to list bitcoin cash was different and unique, as it effectually gave all the customers of Coinbase’s GDAX exchange an amount of bitcoin cash equivalent to the amount of bitcoin they detained on the exchange at the time, when the new cryptocurrency network was formed and Coinbase has also specified that it will definitely look for relaunching bitcoin cash trading later.

 

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Major Cryptocurrency Fiasco: Coinmarketcap Removes South Korean Price

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The trading price of Ripple on South Korean cryptocurrency exchange has been removed from the Coinmarketcap yesterday.  Over past week, well-regulated South Korean cryptocurrency exchange market has been accountable for more 50% of global Ripple. The world’s second largest cryptocurrency exchange with $2.6 billion daily trading volume process $750 million worth of Ripple trades on a daily basis.

Coinmarketcap Failure:

The decision of Coinmarketcap for suddenly removing South Korean rates is questionable though it has removed South Korean rates from all the other cryptocurrencies including Bitcoin, Ethereum, and other cryptocurrencies. The price of all the cryptocurrencies that are concerted in the South Korean market has decreased significantly.

For newcomers, the sudden removal of South Korean rates from Ripple’s global average price looked like a major correction. According to Ripple’s chief cryptographer, David Schwartz, Coinmarketcap’s decision to eliminate Korean prices from the displayed XPR price made the price appear to drop possibly triggering some panic selling. Look meticulously at the data and don’t be deluded. He also highlighted that the latest price of Ripple without the high premium rate of the South Korean market is more meaningful. Although it has triggered a minor sell-off as investors began to validate concerns over the short-term performance of XPR.

Is it a Good Decision?

Analysts and experts have conflicting viewpoints on the removal of South Korean rates from the global price of cryptocurrencies on Coinmarketcap.  David Schwartz also said that the removal of South Korean rates is advantageous for the market and for every cryptocurrency that is listed on the Coinmarketcap since only a portion of investors is affected by the premium rates in South Korea.

It’s quite difficult for foreigners to trade cryptocurrencies in the South Korean market and also very much challenging for South Korean investors to take benefit of the arbitrage opportunity. The price of cryptocurrencies in the South Korean market is exclusive to local traders and investors.

The question about the rates from the South Korean market whether they should be imitated on the global price of cryptocurrencies still remains unanswered. Whereas some experts believe that it could make the ecosystem better. Others believe that the sheer trading volume coming from the South Korean market and strict rules imposed by the government to regulate the sector, South Korean rates should be considered in the calculation the global average price.

Eventually, due to the strict capital controls, it’s not possible for the foreign traders to move South Korean won out of the local cryptocurrency segment. Therefore, experts believe that the removal of South Korean rates is defensible.

Story credits: ccn.com

Image: Google images

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