On Thursday, a letter was issued to parliament by Dutch finance minister, Wopke Hoekstra, to encourage a global approach to cryptocurrency regulation. The main focus of Hoekstra is on new consumer protections and to start it up, he wants to have a dialogue with credit card companies about potentially introducing stronger protections for those people who prefer to buy cryptocurrency with their credit cards.
According to Hoekstra, by the end of 2019, all local exchange platforms, plus, the cryptocurrency regulation and services would deceptively get registered with the government and should be also obeying their customers necessities. The finance minister also proposed some new regulations in the letter, that could also be helpful in protecting the ICOs (initial coin offering) contributors.
“It is being investigated whether investors in ICOs can become just as good protected as investors with a normal IPO or bond issue. The current framework is not sufficient for this.”
In the past, particularly in ICOs, some issues were highlighted by the regulators, making these proposals more noteworthy. Last November, a statement was released by AFM (Authority for Financial Markets) of Netherlands, which is a Dutch version of U.S. SEC (Securities and Exchange Commission) and referred the ICO market to a dangerous-cocktail. Linked with these statements, a ban was proposed by Hoekstra that’d forbid marketing of risky financial products to random customers.
Moreover, Hoekstra also promised to work in the European Union with other countries as well and encourage collective research to discover the market’s cross-border nature. Yet, Hoekstra specified that even inside the Netherlands, more work is required for updating the laws of the country to account for cryptocurrencies and more erratic activities around it.
As in the letter Hoekstra wrote;
“The current supervisory framework and instruments are insufficiently tailored to cryptocurrency,”
Buying Bitcoin is extremely simple. All you need to have is a Bitcoin wallet because, Without it, you can’t buy the coins. The goal of this post is to provide you the complete idea about how to buy bitcoins straightaway.
How To Buy Bitcoins:
There are countless Bitcoin sellers, exchanges and wallet servers. The number is so high, it makes the process of choosing a reliable and reputed service quite overwhelming and daunting for the newbies.
Users are required to provide identity verification in order to buy bitcoins. Once the information is verified, your account is activated and you will be able to buy bitcoins without any legal obligations.
Buying Bitcoins with PayPal:
Although the site has banned its merchants from accepting bitcoin payments, there is still a way to buy Bitcoin through PayPal. It’s called “Local Bitcoins”.
The service facilitates the trading of Bitcoin through PayPal ads. What happens here is that the user posts an ad stating exchange rates and method of payment for trading bitcoins.
The interested users respond to the ad and discuss terms. Once everything is finalized, the transaction takes place between the two parties.
The payment methods for Local Bitcoins include:
- Bank transfers
- Gift cards
Local Bitcoin is considered to be the safest way to exchange Bitcoin with PayPal. In addition to the user safety, it offers escrow service to make sure the transaction takes place in a safe environment.
Buying Bitcoins Through Coinbase:
Coinbase is the largest and most renowned bitcoin broker in the world with presence in over 30 major countries. In order to buy Bitcoin from Coinbase, you will need to provide your identity and bank card as a proof.
Coinbase users are categorized into two levels: level 1 and 2.
- Level 1 users: Also known as fully verified users can buy up to $1,000 worth of bitcoin per week.
- Level 2 users can only buy up to $100 worth of bitcoin per week.
The transaction fee of Coinsbase is 3.99%; which is pretty low compared to other exchanges.
Buying Coins Through CoinMama:
CoinMama specializes in helping users to buy large quantities of coins through debit/credit card. The CoinMama users can buy up to $5,000 worth of bitcoins per week and up to $20k per month.
The transaction fee of coin mama is 5%; which is slightly higher than Coinbase. This service is best for users who like to buy a lot of bitcoins with credit card/debit card.
BitPanda is an Austrian bitcoin broker and is well known across Europe. It accepts payments through both credit and debit card and provides instant bitcoins. The transaction fees are around 3-4%. However, the exact number is only disclosed to their registered users.
The Final Word:
These are some different techniques to buy instant bitcoins. All are pretty safe and involve no danger. However, when dealing through “Local Bitcoins”, make sure to arrange a meet up at a public place and bring a close friend or family member in the event things go south.
An interesting story came out earlier this year when the death of a young Colorado man left his family with the daunting task of sorting out his state. Only for them to discover that their beloved had been investing in bitcoin, a digital currency which cost as low as $13/BTC back in 2013 and recently cruised past the $14,000 mark.
The grieving family was in for a fortune – but only if they could find and access this little crypto treasure.
Bitcoin is a digital currency secured with some unbreakable cryptography, an attribute makes bitcoin a great medium to store wealth. However, there’s one downside to it. When the owner dies, the digital fortune goes off map, rotting behind a piece of code for good. And this is probably the biggest problem for the relatives of those putting resources into this crypto worth about $245,355,661,320 at the time of writing this article.
Bitcoins are stored in a virtual wallet. Every wallet utilizes a string of arbitrary characters called “public key,” visible to anybody, as an address for sending and receiving the digital currency. The “private key” enables the owner to access the wallet’s contents.
In the event that a Bitcoin owner passes away without passing on the private key, his beneficiaries may find his wallet just to realize that they will never access the riches inside. To avoid this, the owner just needs to ensure that somebody gets a duplicate of the private key by recording it or securing it on a hard drive.
But some of these strategies accompany their own particular risks. Suzanne Walsh, a wills and estate attorney with Murtha Cullina, says agents and beneficiaries may fail to perceive a private Bitcoin key for what it is and wind up discarding it.
Putting in a nutshell, the only way for bitcoins to be passed on to someone is if they are listed in a will or the owner discloses the private key to someone they want to have their coins. If neither of the two happens, then bitcoins are susceptible to what attorneys call “probate by truck”— where beneficiaries walk off with the assets by claiming that “he would have wanted me to have it.”
Story credits: fortune.com
Most of the cryptocurrencies in the cryptocurrency market have fallen by more than 16% and the market has experienced another major correction as the bitcoin price has dropped by 14%.
The price of Bitcoin has dropped below $9,000 and is currently trading at $8,704. Many investors are now wondering about the bitcoin crash reasons.
The major cryptocurrencies like Bitcoin Cash, Stellar, Ripple and Cardano have also dropped by 12-16%. Analysts have shown their concern towards Ripple because it fell below the $1 mark for the second time in two weeks.
For many bitcoin investors, the mark of $10,000 is a psychological threshold. Similarly, the $1 mark indicates the same threshold for XRP or Ripple investors. We can clearly see that Ripple’s price has recovered after dropping below $1, whereas the XRP’s price has fallen below $1 twice within the past 2 weeks.
Other cryptocurrencies are also struggling to show signs of short-term recovery. Cardano and Bitcoin Cash have remained constant for weeks and have continued to maintain their positions as the 4th and 5th most valued cryptocurrencies in the market. In the past week, these two cryptocurrencies have dropped significantly, while the other cryptocurrencies have moved in the same trend. Over the last 24 hours, many major cryptocurrencies have suffered losses and also, there’s been a decline in the value of many virtual currencies.
The whole cryptocurrency market has fallen by almost $120 billion and the previous month had been a slump for the cryptocurrency market. Even after the major corrections, the market usually records gains in the mid-term, often on a monthly basis but based on the momentum indicators, daily trading volume, and overall interest, it looks dubious that we’d see a rise in the cryptocurrency market by a large margin in the short-term.
Well, it is a feasible period for many newcomers to enter the cryptocurrency market, but on the other hand, it is not actually the best time to invest in the market. Investment in the market would be an option if it shows some signs of recovery in the short-term, but at this time, the most important thing is to expand the assets and minimize the risks.
What Triggered the Crash?
We’ve seen that the cryptocurrency market was hit with a series of developments and negative news. Even some regions are still struggling to recover from trading ban FUD that was started by the government of South Korean and now, the Indian government.
The cryptocurrency market was typically composed of casula investors and speculators, who’ve been keeping their eyes on the short-term profits. However, the speculators left the market after the slump in the price of most cryptocurrencies. So apparently, the market needs to struggle in order to recover.