The Korea Times has recently reported that local financial authorities are planning to legalize ICO (Initial Coin Offering) soon. An anonymous source has told The Korean Times:
“The financial authorities have been talking to the country’s tax agency, justice ministry and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met”
What’s the reason behind ICOs legalization?
Few South Korean mainstream media outlets have revealed that “Kakao” is concentrating on assimilating cryptocurrencies for its 100 million users. Kakao is basically the largest internet firm of South Korea, and there’ve been many reports that it’s planning to integrate cryptocurrencies on its each and every application, which will let the users to utilize KakaoPay for both sending and receiving cryptocurrencies.
Kakao is also planning to conduct an ICO and issue its own token. However, it’s been also reported that due to the present regulations on local ICOs, Kakao is preparing to conduct its ICO outside of the country, South Korea. If ICO of Kakao is conducted somewhere else, it may lead to an extensive loss for the economy of South Korea, particularly in the Blockchain sector.
It’s expected that the government of South Korean is on its way to legalize ICOs in order to prevent the leading conglomerates of South Korea from leaving the country to conduct ICOs, as it might also have a bad impact on the cryptocurrency industry as well as local Blockchain sector.
Apprehension about ICO protection
Financial Services Commission chairman, Choi Jong-Ku has recently shown his concerns to the local ICOs, mentioning that high risks are involved for investors inside the crypto-market.
However, even with the concern of investor’s protection by the FSC, there are still many sources inside the government that explain how local financial authorities are trying to allow local ICOs by enabling strict AML (Anti-Money Laundering), KYC (Know Your Customer), and taxation policy for investors.
Is South Korea and U.S. SEC on the same line?
The government of South Korea is willing to let companies conduct ICOs on condition that the token sales are registered with the government, which is on the other hand similar to the stance of the U.S. SEC Securities and Exchange Commission.
At this time, the South Korean government is on the same line with the U.S. SEC and is ready to allow only those ICOs that are registered with local financial authorities. Kang Young-soo (FSC cryptocurrency trading policies director) has confirmed that there are rumours about the legalization of ICOs, as he stated:
“There are many speculating about the possibility of allowing ICOs. The FSC has acknowledged a third-party view regarding the issue, but there’s nothing that we can say officially at the moment.”
Bitcoin is getting more and more popular each day. In 2011, you needed to write to a man from another country to order a pizza for you with Bitcoins, but now you can do things similar to that in various major cities. In a few countries like the Netherlands, the whole towns are Bitcoin-accommodating, (for example, Arnhem, regularly called ‘the Bitcoin city’).
This growing popularity of Bitcoin has caught attention of many people, and thus we see so many people asking how to earn bitcoin.
The best and easiest way to earn Bitcoin is through mining. There are several mining pool which one can join in order to earn their own bitcoin. Apart from that, it can also be earned through carrying out certain tasks, or accepting bitcoin payments if you own a business. In short, Bitcoin can be earned in as many ways as real money. So, next time someone asks how to earn bitcoins, you know what to tell them.
At a time when bitcoin surpasses $17,900 and its market cap nears the $300 billion mark, regulations are apparently turning into a popular way for governments to cope with its existence. Recently, A German financial specialist Clemens Fuest expressed there are “solid reasons” to control digital currencies like bitcoin while talking to CNBC.
Fuest, the President of the Ifo Institute for Economic Research, stated that the market shouldn’t be permitted to fly individually, as according to him there’s a case for controllers to investigate bitcoin because of financial security and monitory policy, as well as its use.
Amid a telephone call, the German market analyst brought up that, with the cryptographic money, “payments can be made with almost no supervision” and suggested that this implies the digital currency can be utilized for tax avoidance or illegal activities.
Fuest also added:
“I think there are solid reasons, beyond monetary arrangements, to regulate bitcoin more closely.”
Fuest’s words come at a time in which the stock trade administrator Deutsche Borse is apparently considering whether to make Germany the primary European nation to list Bitcoin Futures Contracts on a regulated platform, and in which regulators are cautioning investors about the potential dangers of putting resources into digital forms of money and ICOs.
A European Central Bank council member Ewald Nowotny recently expressed that national investors and administrators are peering toward digital money regulations. Nowotny’s remarks came when bitcoin was trading at a then untouched high of $8,100 and included that investors must comprehend the item as “it resembles buying shares on stock market… individuals investing in this item can suffer losses and if that happens, they simply need to acknowledge it.”
Fuest isn’t the only analyst that communicated his perspectives on bitcoin. A month ago, Nobel prize-winning financial specialist Joseph Stiglitz stated that bitcoin “should be banned” as, according to him, it “doesn’t serve any socially useful function.” Earlier this month Nobel laureate Robert Shiller anticipated a bitcoin crash, stating that it “won’t go to zero, but will come down.”
However, not everyone is bearish on bitcoin and other cryptographic forms of money. Israel’s Prime Minister, Benjamin Netanyahu, an MIT graduate and former financial expert, recently questioned whether or not bitcoin can crush banks. John McAfee, a cybersecurity pioneer, raised his bitcoin value target for 2020, making it $1 million – and even bet his masculinity on it.
This article explains six easy methods of buying Bitcoin in UK. There are several options to choose from, such as buying Bitcoin using cash, card, or bank transfer. Based on your level of convenience, you can choose whichever you want.
Ways To Buy Bitcoin In UK
Method 1 – Buy Bitcoin With Credit Card In The UK:
The steps involved in buying Bitcoin with credit card in UK are:
Pick a Website: Some of the best sites to buy Bitcoin with credit card in the UK include Bittylicious, CoinCorner, and Circle. The process mostly includes some steps which are chosen service and follow their on-site instructions. A new arrival named ‘Circle’ may change this trend but they are newcomers and don’t officially support UK cards.
Enter the Amount You Want to Convert: The limits of transactions may be low at the start but they will increase after the first successful transaction or after finishing their verification procedures.
Enter the Bitcoin Wallet Address to which you want to transfer the coins.
Make the Card Payment.
Depending on restrictions and a time limit set by each site, you’ll receive your bitcoins.
Method 2 – Buy Bitcoin Using a Buying Service:
Some steps to buy Bitcoin using a buying service are:
Pick a service: The purpose of buying services is to make it easy to buy a small amount of Bitcoin. Best options in the UK include Bittylicious, SpeedyBitcoin, QuickBitcoin, CoinCorner, and CoinDuit. Some of them accept cards and some accept cash payments.
Enter the amount You want to exchange.
Enter the Bitcoin Wallet Address to which you want to transfer the coins.
You will pay them usually by Bank Transfer, and you must have the transaction reference which they provide you with.
Within 15 minutes after the payment, you’ll receive your coins.
Method 3 – Buy Bitcoin Using an Exchange:
Go to a Bitcoin Exchange as CoinCorner and CoinFloor and create an account. CoinCorner and CoinFloor allow you to pay directly in Pounds. You may also choose Bitstamp and Kraken but these Exchanges will involve a conversion of Pounds to Euros and also a SEPA transfer. Generally, this conversion results in an additional fee. This is the best option if you buy Bitcoin regularly or in bigger quantities as the Exchange rates are generally competitive. If you are just starting, you must prefer to use a different option.
Transfer money by SEPA or Bank Transfer.
Wait for your money to clear about 1 to 4 working days. This differs between Exchanges.
Transfer your money for bitcoins.
Transfer your Coins from Exchange to your Bitcoin Wallet.
By creating its own entity and reputation blockchain finally enter to the typical awareness in 2017. No doubt, blockchain has the capacity to change industrial operating models. Whereas, the distributed ledger industry grew up throughout the year. However, most of the companies are still stuck in survey phase. In addition, are unable to bring fascination into the reality because they are charmed by its beauty.
The primary application is still in banking. 15% of the banks have the plan to put blockchain into the commercial production by 2017. Whereas, 91% of banks are investing in blockchain technology. The world economic forum estimates that 80% of banks are actively working on blockchain technology.
Technology is evolving, $1.4bn invested in blockchain technology startups across different sectors. Whereas, it is not only financing that blockchain is set to disrupt.
Investor look more use cases
Funding to blockchain increases day by day. According to the latest report of KMPG and GB, plus of fintech Q3 ‘16’ investment of this technology fell to $87 million in the third quarter of 2016. $119 in the second quarter and $153 in the first quarter. This is expected thatThe fall specifies that investors are beginning to grow anxious that exploration is not translating into action. In addition, excitement remains the same, this is what the report said.
The report says, ‘To-date, however, the ability to move blockchain from proof-of-concept to adoption and production has been minimal. While the market is still giving blockchain companies plenty of room to prove themselves. Investors are also becoming more concerned about results’. In addition, ‘Over the next year, investors will make more rational assessments of where the main use cases associated with fintech are and how long it will be before they are implementable.’
Growth in Asia
In North, Asia blockchain has received more attentions as compare to other. Where a number of the financial institutions are investing in blockchain related projects. In China, with record breaking of fintech investment, increases for each of the past four quarters. And, there is still a room for growth in Asia in 2017. Accordingly, KPMG China’s fintech investor and innovation partner say that investor is still interested in investment. Not only in massive rounds CV investors are investing in small blockchain technology companies in Asia. Few of them companies are at the second or third round of funding. These small projects are starting to lead the large investment. A Chinese investor has made an investment of $1.7 million for Taiwanese startup Bitmark. A trend may continue in next year.
Companies like Uber and Airbnb provide the services by linking consumers with their needs. They are still playing the role of the middle person. Accordingly, they still take a cut. Whereas, blockchain is entirely different from all this. It has the ability to remove the middle person from needs and its satisfactions. Which clearly means that someone needs take their full dues.
For example, arcade city is the new ride-sharing app that connects the customers with drivers by using Ethereum blockchain. Christopher David, Arcade city’s driver, a former Uber driver says that ‘The Achilles’ heel of Uber and Lyft is their centralized management of pricing. By decentralizing that decision to the level of the driver and rider, Arcade City frees the driver to be an entrepreneur and empowers the rider with control over their entire experience. Both drivers and riders are loving it so far’. May of this year, Arcade city become first in blockchain startup at GTEC awards.
In the same way, blockchain allows an artist to upload, sell or market their work without any middle authority. Edith Suarez of CNN discuss about the blockchain transparency, which other platforms failed to provide, ‘Music is placed in the decentralized server, then each song is embedded with a piece of code (meta information) […] [When people download] a track with a cryptocurrency, a payment is automatically sent to anyone involved, be it the writer, the producer, the singer, as well as many others.’’
Now, government and establishment fail to maintain their trust in the public. In that scenario, public related information should be held in transparent easily available manner. Where anyone will have the ability to verify the ledger and also have the copies of that data.
Most of the countries in the world want to move their currencies to blockchain trend. And, they are also exploring the other areas of the government. A prominent example of this year is, Governor Jack Markell, announce two blockchain initiatives. Whereas, Estonia use the blockchain technology to enhance an e-residency program. In addition, anyone from anywhere in the world can apply to become e-resident of Estonia.
Environment takes shape
In 2016 Japan’s legislatures pass a bill to regulate bitcoin in a country. Furthermore, with the adoption and popularity of bitcoin, they have a plan to focus on security and other risk issues. While regulators are trying to provide a transparent system. Not only Japan is starting working on digital world but US, South Korea and many more countries trying to provide a transparent system to the public.
Education and collaboration
Education is the biggest challenge while blockchain is still new in market trends. There are security issues, companies must not put off or panic if proof of concept does not reveal themselves immediately. They are going to improve their work and understandings with other companies. Early adopters of any technology get benefits. That is why organizations need to know how they can use blockchain technology as soon as possible.
Bitcoin mining is done through a hardware called bitcoin miner. The hardware can be divided into three main categories, each more expensive and powerful than other.
Here, we have explained each category and described how to set up a Bitcoin miner.
While setting up a bitcoin miner, the first thing you will need to do is to choose the hardware, and there are two main things to particularly think about: hash rate and energy consumption.
Hash rate is the number of calculations per second performed by the miner to crack the mathematical problems in Bitcoin mining setup.
They are measured in Megahashes (MH/sec), Gigahashes(GH/sec), and Terahashes (TH/sec) per second.
The higher your hash rate, the easier it is to solve a transaction block.
Mining equipment is unfathomably powerful and chews up a gigantic amount of electricity, which, ultimately results in higher costs.
While searching for the equipment, make sure its energy consumption is in watts. You need to ensure that you don’t wind up spending the majority of your cash on electricity bills to mine coins that won’t be worth what you paid.
In case you need to work out how many hashes you are getting for each watt of electricity, divide the hash tally by the number of watts consumed.
For instance, a device with 500 GH/sec that takes 400 watts of electricity, then you’re getting 1.25 GH/sec per watt.
You can also use several online electricity price calculators to figure out the value in traditional currency.
Types of Mining Hardware:
Bitcoin Mining pc comes in three major categories, GPU/CPU, FPGA, and ASIC.
The least powerful consuming machine to mine Bitcoin is your very own regular PC. Theoretically, you can use a regular PC for mining purpose, but its processing is so slow, there is no point in using it.
To enhance the processing power i.e. hash rate, add a graphics hardware to your PC. The hardware features graphical processing units (GPUs).
GPUs are intended for overwhelming mathematical lifting which is utilized as a part of computing all the complex polygons required in the top of the line computer games.
This ability makes them great at the SHA hashing mathematics which is essential for solving transaction blocks.
FPGA (Field Programmable Gate Array) empowers a mining equipment producer to purchase the chips in volume, and afterward customize them for Bitcoin mining before placing them into their own particular gear.
Due to the fact that they are customized for mining, they offer enhanced performance as compared to CPUs and GPUs.
ASIC Bitcoin Miners:
Application Specific Integrated Circuit (ASIC) is where all the action takes place. ASICs are particularly manufactured perform only one task: mine bitcoins at mind-squashing speeds, with lower power consumption.
Because ASICs are designed specifically for high-speed mining, they are expensive and time-consuming to produce. However, the speeds are unbelievably fast.
The current units can reach the hash rates between 5-500 Gigahashes/sec, and the future units are promised to go even higher.
All Set? Join a Pool:
When you have Bitcoin mining set up, your next stride is to join a mining pool. Bitcoin miners put their assets and share their hashing power in these pools. Once the mining completes, the individuals from a pool get a reward which is then split among all the members, based on the number of hashes shared by an individual.