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Bitcoin Interest North Korea:

It was observed in 2016, certain actors that seemed to be North Korean were conducting cyber-crime. Their target being banks and global financial institutions. Although, looking at bitcoin investment North Korea, the country’s reputation as a nation that is entirely cut off from the global economy and also a nation that has a government unit dedicated to carrying out illegal economic tasks. This act was possibly carried out to fund the Pyongyang’s elite especially, with them having complete control of their military forces.

A second wave has already begun as these state-sponsored actors are now seeking to steal bitcoins and other digital currencies. It began in May 2017, three South Korean cryptocurrency exchanges were targeted with the intention of stealing resources. According to observations made previously, these actors mostly target personal accounts of employees at these cryptocurrency exchanges using phishing scams. In particular, the attacks used malware called PEACHPIT.

Buy Bitcoin Online North Korea – Activities Conducted by North Korea Against South Korean Cryptocurrency Exchanges in 2017

 

  • April 22 – A South Korean digital currency exchange, Yapizon, had four wallets stolen.
  • April 26 – The US announces an increased economic sanctions strategy against North Korea. These international sanctions could be the reason behind North Korea’s interest in cryptocurrency.
  • Early May – First spearphishing attempt against South Korea is taken.
  • Late May ­– Second South Korean exchange is targeted.
  • Early June – Increased North Korean activity took place with cryptocurrency service providers in South Korea targeted.
  • Early July – Third South Korean digital currency exchange targeted.

 

The Advantage of Targeting Cryptocurrencies:

If they keep this up and plan to take on an exchange itself, they could be able to control online wallets and much more. From moving cryptocurrencies out of online wallets to sending cryptocurrencies to other wallets and even swapping cryptocurrencies for other ones. Since the digital currency realm is still pretty new, several exchanges might have less secure anti-money laundering security measures which make these exchanges a hot-spot for such attacks.

Conclusion:

As the adaptation of bitcoin and cryptocurrencies have increased within the past few years, various nation states have begun to take notice. While many countries are beginning to open new digital currency exchanges or launch their own cryptocurrency, there are some that use it for criminal activities as well. Currently, North Korea is winning over their cyber spying skills but this isn’t long-term either with the advancing cyber powers.

 

Story Credits: fireeye.com

Image Credits: money.cnn.com

 

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Bitcoin vs. USD – Why Bitcoin wins this battle

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As Bitcoin goes through another day reaching a new mark and huge publicity, it is important to inform the public what makes it so different from our paper money.

This post will outline the pros and cons of both the currencies and explain why Bitcoin is achieving all the fame and fortune.

USD and other Fiat Currency Systems

Fiat means “simple” which is pretty self-explanatory. Paper money was introduced into the system in 1861 to help fund the Civil War. The printing of paper money is regulated by a country’s central bank in order to keep the flow of money in line with monetary policy. Moreover, the value of fiat currency is not determined by what it’s made of, rather it is the economic laws of supply and demand that dictate its value. They are occasionally updated to new versions containing security features difficult to counterfeit to create illegal copies.

Advantages of USD

  • Can be easily transferred, stored and claimed. You can easily get your cash in physical form with just a single trip to the bank.
  • It has the ability to inflate and deflate accordingly to adjust the impact economic problems.
  • Metals such as gold, are free to be used for commercial purposes, by not being tied to a currency.
  • It is very divisible, flexible and digitally usable. (with the help of credit cards)

Bitcoin & the future of money

Bitcoin was created as a cryptocurrency, by an entity known as Satoshi Nakamoto. People from all over the world can exchange products, credits, and services instantly- without the need for a bank.

The Bitcoin network relies on the blockchain, which is a shared public ledger. It is sort of a database design, where all the nodes hold a copy of the entire blockchain history. These nodes are distributed around the world and attempt to solve complex mathematical equations to confirm a transaction and record it in the blockchain.  The nodes are run by mining pools, bitcoin enthusiasts etc. with high computing power. Therefore, the more the computing power on separate nodes, the more secure the network is.

Advantages of Bitcoin

  • Bitcoin transactions can be carried out instantly. Money can be sent with ease from one end of the world to the other easily.
  • No or very less transaction fees. Bitcoin transactions are extremely cheap with very little or no transaction fees to be charged.
  • It is infinitely divisible. At the moment, 1 bitcoin can only be broken down into million smaller units, which are known as satoshis.
  • There is nothing hidden with Bitcoin, it is completely transparent. We are aware of the supply of bitcoins and with that, we can even predict its future.

 

Should Bitcoin be preferred over digital currencies?

Whenever something new is introduced, there is always a certain amount of fear and resistance present in traders. However, with the rapid growth Bitcoin has shown in the past few years, it is becoming every investor’s need. Even a small investment can show twice the doubling of your deposit in a relatively short time period which is not possible with traditional currencies. Bitcoin has stabilized a lot in the past year and with its short supply and increasing demand, it is definitely not slowing down anytime soon.

To be honest, this is up to your personal preferences. Also, people invest in bitcoin because it shows a good profit in a short amount of time, some do it to learn more about the cryptocurrency world while others just enjoy it. Due to its popularity and drastic growth, I’d recommend everyone to get acquainted with it.

Here’s a graphical representation of the differences of Bitcoin vs Paper money outlined:

 

Tags: bitcoin future, bitcoin news.

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Here are some tips for a successful ICO (Initial Coin Offering)

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According to the latest Initial Coin Offering news, ICO scams have increased scepticism and suspicion in few recent campaigns. This distrust is somehow defensible with plenty of legitimate projects that act as a ‘front’ for fast money-making-schemes. Though, there are still many genuine and reliable initial coin offerings being launched.

ico compaign

How to Treat Your ICO?

  • Before you launch an initial coin offering, you should fulfil certain requirements and standards, including the publication of a whitepaper.
  • The main thing is to identify that your attempt to attract an investment in an ICO must have to be in your own way and through more traditional means.
  • Make sure that you have provided enough information in order to be transparent and reliable. Likewise, it is worth being cognizant that a typical ICO whitepaper has almost 20 pages, however, a prospectus of a stock market investment can be of almost hundreds of pages.

 

Determine the Problem

  • If you can evidently present an issue in a given industry, and clearly explain how you can solve that problem, you will definitely attract contributors.
  • Many companies have claimed that their novelty/solution is firm to change any given industry, as they can be seen in many ICO schedules.
  • On the other hand, winners will be those, who’d offer the finest solution; as well as those who are new to the market.
  • If you want to make sure that whether your proposed ICO is going to attract the potential participants or not, you’ll have to evidently demonstrate the value that you add to your service.

 

Determine Why blockchain is the best solution

  • The solutions provided by the blockchain technology are definitely worth the hype. Though, in your proposed offering, it’s imperative to demonstrate how and why a blockchain-solution is the finest course of the act for the problem that you are attempting to re
  • It is often due to an existing/growing network of contributors that can actually profit from the blockchain network primers as well as tokenization to advance the service/product.
  • It is imperative to have the ability to explain how you will attract people to the network that is created by you and how it will be monetized.

 

Robust Corporate Governance

  • Contributors that are potential to your business will always do a good research on the team and explore the idea behind your company.
  • Ensure to clearly explain the knowledge and involvement you have behind your company as it’s good to prove that your idea was analyzed and developed already.
  • Also, you should form a corporate governance structure that is matched with present structures.

 

Secure Investment

  • There are ways to promote your ICO campaign without using Google and other social media platforms – Google, which has already banned advertisements related to ICOs.
  • Ensure that you are utilizing each and every tool in your clearance to make the exposure.
  • Online presence across cryptocurrency calendar websites, other information portals, and cryptocurrency apps is also quite imperative.

 

  • You can find advisers and agencies that are specializing in ICOs so that they can assist you well, however, pick them wisely before using your budget for extra support.

 

  • Make sure that your diary is full of meet-ups and conferences.

 

  • It is a hard slog to get your name to be known, but still, it is more important that you are ‘far and wide.’

 

  • Inducing a renowned investment entity will also verify the success and failure of the ICO.

Transparency

  • The comfort through which potential contributors can get information about the token sale development and the whitepaper matters a lot, as it demonstrates that you didn’t hide anything.
  • A genuine ICO can be tracked through the token sale address, while a fake ICO will try its best to hide how its sale progress is surging through numerous individual contribution addresses.
  • This doesn’t only disguise how far the live sale of the ICO will go, but also the accurate amount.

If any of these factors are difficult to find, it is a sign that something is wrong and potential participants should look somewhere else.

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Cryptocurrency News: Putin’s Endorsement Gives a Boost to Ethereum

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As investors look for a safe place to store their assets, Ethereum – the second largest cryptocurrency after Bitcoin – is getting a boost, thanks to Putin’s endorsement of the currency.

The Main Story:

Ethereum continues to skyrocket after the Singapore government and the Russian president Vladimir Putin publicly showed their support to the currency. The latest Monday morning saw the currency trading at $407.10, a record rise of more than 5000% since the start of 2017, where Ethereum was trading at just $7.98.

The Russian president and Vitalik Buterin ­– founder of Ethereum – recently had a meeting during St. Petersburg International Economic Forum. According to some experts, the occurrence of this meeting suggests that Russia is willing to open its doors to using cryptocurrency in an attempt to make their economy less dependent on oil and gas.

“The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models,” said Putin at the forum.

The recent shift in Putin’s stance has had an immediate impact as the Russian entities such as the State Development Bank VEB, have agreed to use Ethereum.

Meanwhile, the government of Singapore has also released a report about their recent attempts of using Ethereum blockchain and creating their own digital currency.

Japan is also issuing new rules about making Ethereum a valid form of payment. Some major companies such as Microsoft and Toyota have shown their support for Ethereum too.

In conclusion, Ethereum is getting support from all across the globe and is likely to experience even more boost in the coming days. So, if you are looking for a safe digital investment option, Ethereum is the way to go.

Story Credits: vanityfair.com

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Joint Fintech Venture of Singapore and Japan

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Basically, fintech ventures refer to specific computer programs and use of other related technology in order to support financial services in banking and other sectors. Since the end of the first decade of 21st century, fintech has expanded a lot, now it refers to many technological innovations in the financial sector e.g.; financial literacy education and various forms of crypto-currencies.

finetech companies

SFA and FAJ join Hands for Fintech

According to a joint press release, the Singapore Fintech Association (SFA) and the Fintech Association of Japan (FAJ) have decided to work together in order to bring improvements in fintech development. Both the countries signed a Memorandum of Understanding (MOU). The press release also states that this joint venture will probably raise the financial profile of the Japanese fintech companies as well as expand the business opportunities for Singapore in wider Asia.

Views of Chia Hock Lai about the MOU

Chia Hock Lai, the president of Singapore Fintech Association, said that this partnership will lead to fill the gap between the fintech communities of Japan and Singapore. Natalie Shiori Fleming, Vice Chairperson of the FAJ, also exclaimed his thoughts in this regard. According to him they are looking forward to increase interaction and cooperation level between respective markets of the two countries through a deeper relationship.

Japan’s Financial Services Agency (FSA) has also updated legislative rules and regulations in order to improve cooperation and interaction level between traditional banks and fintech companies. Same is the case with Monetary Association of Singapore (MAS) in case of fintech related innovations.

Reasons to Promote Fintech

An overview of the above details may arouse questions in your mind regarding fintech. First of all, what is the reason behind so much dependability and concentration on fintech?

Answer to this question in a single phrase is:

The financial industry is more than ever focused on technological innovation than it was at any other time.

All the major countries are become fintech dependent with the passage of time. At the moment, North America is leading fintech startups while Asia is following. A bird’s eye view of some of the most active areas of fintech innovation are as follows:

  • Digital cash in the form of cryptocurrency.
  • Blockchain technology, to maintain records with no central ledger.
  • Computer based smart contracts.
  • Cybersecurity and fintech are interlocked.

According to the modern day financial experts, fintech will have the same impact on future financial affairs as was of mobile phone and social media in case of communication era.

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Burger King Launches Own Cryptocurrency In Russia – WhopperCoin

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Burger King has taken the world by a storm as they launched their all new cryptocurrency “WhopperCoin” in Russia.

Reportedly, with each purchase of their signature Whopper sandwich, customers can now get WhopperCoin tokens through a digital wallet. The token is based upon the Waves blockchain.  It allows users to trade, transfer and issue tokens, on an integrated peer-to-peer exchange.

Customers can transfer and trade their coins online or simply use them to purchase food from BK. Although, the actual exchange rate for such transactions has not been revealed yet.

Just a year ago, Bitcoin users were threatened with being thrown in jail if they were ever caught using cryptocurrencies but that was soon to change. It is pleasing to know that the Russian Government has relaxed its grudge on cryptocurrencies.

The Burger King chain is set to launch an app for the digital tokens in both the Apple Store and Google Play in the coming future.

 

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