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After April 28, Rising center of blockchain technology, the city Hangzhou is going to establish itself. The government of Hangzhou is going to establish China’s first blockchain park. In addition, that park will be with preferential policy support.

Hangzhou????

Hangzhou is the capital of china’s province Zhejiang. This place is famous for its southern terminus of the ancient grand canal waterway. Now, this place is going to be the hub of this new technology.

An event of G20 summit in 2016, brings the Hangzhou to the stage of economics and politics. Moreover, along with Shanghai and Beijing, Hangzhou is rising city in china which is going to be dynamic and a big supporter of innovations and technologies even in transformative industry.

CEO and founder of the imToken states about his new company, “We have decided to move our team to the Blockchain Industrial Park. The government of Hangzhou has promised companies moving into the park subsidies for office and talent recruitment, tax deductions and government funding support. However, the supportive attitude of the government matter[s] more to us than that of subsidies. I believe this active approach from the government will enable Hangzhou to stand out as a financial technology city.”

Direction from banking sector

Central banks around the world are trying to move their infrastructure to blockchain technology. Because this technology has enough power to renovate the banking industry and directly create an impact on a current mechanism. In that scenario, People’s bank of China has completed the trial version of its own digital currency. In addition, the bank is going to be the first central bank which has the ability to issue digital currency. Interestingly, the bank of Hangzhou and China’s A-share companies also attend the summit.

Head of e-banking Hu Feihua states, “Bank of Hangzhou is always trying to keep abreast of the most updated technologies beneficial to banks. For blockchain, not only will we try to support the blockchain industry by providing an easy access to loans to startups, but we ourselves have a special team focusing on the research and development of blockchain. As a matter of fact, Bank of Hangzhou is one the members of a banking think tank that have to contribute to PBOC’s digital currency.”

Furthermore, “This is an interesting question. Job cuts seem inevitable when it comes to technology innovation. But for Bank of Hangzhou, we actually expect our staff to update themselves in their thinking and skills so that they can offset the risks of being sacked. On the other hand, banks will still be important and there are always rooms for us to use our workforce to increase our standard of service. Therefore, layoffs will not impede us in developing blockchain technology.”

China’s strategy

According to the official report of Hangzhou’s government, Hangzhou is now going to host 12 blockchain startups, which is a number crossed by Shanghai and Beijing.

Blockchain technology market trends are promoting by the central government of the China and its local government. Therefore, the reason is, users of China’s three exchanges Huobi, OKCoin and BTCC are not allowing to withdraw bitcoins. Which is directly the reflection of China’s aim of social and financial stability. That should never fall weak in front of market strategies, which place them at risk.

In 13th five-year social and economic program blockchain became as an important direction to innovations seekers. Because this plan is the most important strategy to the social and economic sector of the China. Plan for 2016-2020 set by this program.

Therefore, Hangzhou ‘s summit of this year proves that China’s strategy is to implement this plan to make it accessible for the locals. China’s capital will exceed in terms of funding, talent and wisdom. As a result, cities like Hangzhou and other cities will hold the summit next.

In the middle of June, Hangzhou and other countries will hold a high-level blockchain summit. In addition, china is going to be a strong entity in the digital world. Thus, a large number of people believes that China is the driving force of fifth industrial revolution.

 

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What Are the Best Bitcoin Escrow Services In 2017?

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Using third-party services for bitcoin transactions is a great idea, especially for LocalBitcoins users. This is because these types of transactions take place between two untrusted parties. So, you never know when a seemingly simple transaction could turn into an ordeal.

To avoid any unfortunate incident, we advise you to transact bitcoins via escrow service. The escrow service protects users from scams and makes sure that the transactions are taking place in a safer environment.

Learn about the most common Bitcoin scams and how to avoid them.

In case there is a dispute, the escrow service would act as an arbitrator and determine who the funds actually belong to.

Many Bitcoin marketplaces (BitPremier, CryptoThrift, Local Bitcoins, etc.) come with a built-in escrow service. However, if the marketplace through which you are making a transaction doesn’t provide one, then consider the ones discussed below.

Best Bitcoin Escrow Services:

Here are some of the best Bitcoin escrow services to trade your coins.

BTCrow:

BTCrow was established in 2011 and is one of the oldest escrow services out there. Although, the only long-lived solution, BTCrow isn’t that reliable. There have been many complaints regarding delayed payments and system’s response. For example, a user once made a transaction through this service but didn’t receive the payment for a good while. Even after contacting BTCrow support, it took around 12 hours to release the payment which was $7,500 USD. This is way too much for a transaction involving this much money.

Escrow My Bits:

Established just two years ago, “Escrow My Bits” has gone on to become one of the go-to names for Bitcoin users. The site offers a wide variety of services to escrow bitcoin, including:

Regular Escrow:

The site provides the user with a Bitcoin wallet address and asks them to deposit funds in the account. These funds are then forwarded to offline wallets (cold storage) which is one of the most advanced forms of wallet security.

Regular Escrow Pegged to Traditional Value:

The coins are deposited into an account controlled by the site. After the deposit, the coins are pegged to conventional value.

Multi-Signature Escrow:

This service secures your funds through a multi-signature transaction. The funds cannot be withdrawn unless all the signatures are accurately provided. The site holds only one of your private keys.

Multi-Signature Escrow Pegged to A Fiat Value:

Similar to the one mentioned earlier, your funds are kept in a secure multi-signature transaction using “Nubits” or “Omni” to peg the value.

The primary advantage of Escrow My Bits is that if a transaction takes longer than expected, you can still peg it to the fiat currency without the exchange rates affecting you.

The site deducts 1% per transaction in service charges.

Bitrate:

A Bitcoin escrow service which comes with the multi-signature feature. Bitrate is more like a multi-signature wallet.

A multi-signature bitcoin wallet is a wallet which can have multiple owners. To complete a transaction, these wallets require the signatures of involved parties. For example, if a wallet is shared by three individuals and two of those three decide to make a transaction, the order is executed.

The biggest advantage of Bitrate is that the site itself doesn’t hold the private key so it cannot steal your funds.

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What is Bitcoin and How Does it Work?

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Introduction to Bitcoin

Bitcoin is a new cryptocurrency in the digital world. To begin with, the bitcoin network isn’t under control of any one central authority with Bitcoin investment. Which means, no banks! No need of heavy fees for transactions. No need of central authority’s order to confirm the transaction and you can carry out transactions anonymously. Also, bitcoin stores details of every single transaction that ever happened in the network, in a huge version of a general ledger called the blockchain, which keeps a record of every transaction and verifies them through proper ways.

How Bitcoin works?

Bitcoin is pretty much like cash for the internet and is used to purchase things electronically.

How does Bitcoin work?

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A Nightmare for Ledger Wallet Users

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Ledger wallet bitcoin cash is the most used term in crypto industry these days. Ledger wallet is a considered to be a safe way to make your bitcoins secure. In more simple words it is a Nano Bitcoin wallet on a smart card device resembling a USB device. It is connected to a USB port to make safe payments of Bitcoins and protect them.

Since two days the users of this nano device are facing problems in opening it, some have reported that Some users are facing difficulties in making transactions through it while some of the users cannot even see their balance. When such users were contacted, their experiences were terrifying. One of an affected user shared his experience that he had recently transferred all his Bitcoins, Litecoins, Ethereum etc from coinbase to Ledger Wallet, when he tried to send his Bitcoins the transfer was successful with the balance still zero on the wallet. Many other users had a same experience. Latest bitcoin cash news can be checked for such reports in which users have shared their drastic experiences.

Latest Tweet of Ledger Wallet

Ledger Wallet has updated its users that the company is trying to overcome the problem and has also tweeted about the  degraded performance of their wallet in terms of Bitcoin transactions. According to the company’s statement stating the above mentioned issue aroused due to a compatibility problem related to the new version of Bitcoin-ABC (Bitcoin Cash node). To the utmost satisfaction of its desperate users the Ledger company stated that all the funds were safe and sound, they can be accessed any moment with the help of emergency software wallet (Electron Cash).

Nicolas Bacca, the Chief Technology Officer of Ledger further explained that his team is continuously investigating the issue. He also appreciated the patience of his clients and offered them to use the  Electron Cash github in case of any kind of emergency transaction.

How a Nano Wallet Works?

Most of our readers must have heard the name of this kind of wallet for the first time, some might know about it but may not have proper knowledge about its working and technology. For the ease of all such readers we would briefly discuss this information which also make it possible for you to understand the problem faced by wallet users right now.

Anyone can install and use this digital wallet without technical skills. The Ledger Nano technology allows you to backup and restore your precious data even if your Device is lost or stolen. You can use your Ledger Nano on any computer, PC, Mac or Linux. Anyone can install and use it without technical skills.

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Requirements Get Tough for Crypto Financial Derivatives

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Before discussing the main issue, let’s discuss about the crypto financial derivatives and their role in digital payments. Crypto financial derivatives also known as bitcoin derivatives, are in fact security arrangements with a price that is dependent upon or derived from an underlying contract whereby differences in settlement are made in the form of digital cryptocurrencies.

Due to the insecurity involved in this whole process, the European Securities and Markets Authority (ESMA) has toughened its requirements for CFDs in terms of cryptocurrencies. If you are investing in cryptocurrency, this update may affect your future investment plans.

Role of ESMA in Financial Decision

In fact ESMA is an independent authority which makes sure to improve investor protection and promote more stable financial markets. ESMA’s board of supervisors is solely responsible for all the policy decisions. The decisions and policies of ESMA have a direct impact upon the following areas and stakeholders:

  • Financial service providers
  • The financial services industry
  • Retail and institutional investors and consumers
  • Users of financial markets
  • The economy of general public
  • Regulators of securities markets

What are CFDs?

To be precise and to the point, CFDs are in fact arrangements made in the form of a futures contract, according to which differences arising in the settlement are compensated in the form of cash payments, rather than physical goods.

CFDs are usually assumed to be an easier way of settlement as compared to other contemporary methods. It is also preferred by majority of users because as all gains and losses are paid in cash form. The most interesting case in terms of CFDs is that without actually owning one, it gives its investors all the risks and benefits of a security.

Expected change in leverage limit

It is being expected that the leverage limit of CFDs will be changed to 2:1 at its opening by the EU regulator. According to this leverage limit, the investor must have enough funds to cover at least half of the contract value upon its opening. Previously, the leverage limit was 5:1, it allowed the investor deposit only 20 percent of the CFD’s at the time of deal.

The reason behind this sanction is only that ESMA recently highlighted in one of its statements that cryptocurrencies required a deeper monitoring due to the risks it posed in case of undergoing investment deals. ESMA is not alone to show concern in case of cryptocurrencies, even the the Austrian Finance Minister proposed to strictly regulate the cryptocurrency derivatives in order to prevent money laundering with it.

Due to its lack of protection EU regulators have also warned investors about the ultimate risks associated with cryptocurrencies.

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