Bithumb, which is the largest cryptocurrency exchange of South Korea has joined with BitPay. On 13th March, it was announced by an executive, that the main purpose of this partnership is to compete in the global remittance market. As the major South Korea Exchange Bithumb merges with BitPay, there’s no doubt that it’s going to impact the crypto-market.
Chief commercial officer of BitPay, Sonny Singh noted while talking to CNBC, that now the businesses will have the ability to change invoices to Bitcoin and utilize BitPay for settling them more economically and faster than the ordinary bank-based remittance networks.
What does Sonny Singh have to say about this partnership?
Sonny Singh told the network;
“Cross-border payments between Korea and the West will be a $200 bln industry this year”
Singh continued by saying;
“Right now, people are doing cross-border payments […] and paying bank wires, FX fees around 4% and it takes about four days. Using Bithumb and BitPay, we’re able to make this a 1% fee in one business day”
A chain of regulations on crypto-markets has been introduced by South Korea, since December 2017, for banning unidentified trading, foreign use of local exchanges, local ICOs, and in addition to that, banning all the government officials from trading and holding cryptocurrencies. Even with such massive trading volumes, South Korea is still an ambiguous market for cryptocurrency users and businesses.
Singh also confirmed that BitPay is on its way to process $4 billion worth of payments this year and is disconcerted by the potential for regulatory disruption.
“We welcome regulation.”
Later, he continued by saying;
“So, I think all the Korean exchanges like Bithumb — they welcome regulations too. We make sure they do proper AML/KYC checks.”
At the beginning of this month, it was announced by the South Korean bank, named “Woori Bank,” that its aim is to start commercialized cross-border payments by using Ripple. According to a report, Bithumb still continues to grow consumer-awareness of cryptocurrency within the country, South Korea, by familiarizing payment terminals to restaurants as well.
The central bank of Pakistan has told financial service providers and banks that it won’t be supporting virtual currency transactions. In a statement on its website, the State Bank of Pakistan (SBP) suggested the general public that it controls both international and domestic payment as well as money transfer services.
Prosecution Against Transferring Funds
According to this cryptocurrency ban news, the State Bank of Pakistan will take action against those who use virtual currencies for transferring funds outside Pakistan. If they found anyone using virtual currencies, tokens or coins for transferring money outside Pakistan, he/she will be subject to prosecution according to applicable laws. The State Bank of Pakistan also asked microfinance and commercial banks, as well as payment service providers/operators to restrict those account holders, who are looking forward to carry out transactions in the form cryptocurrencies and ICO tokens.
The State Bank of Pakistan also noted that it doesn’t recognize cryptocurrencies as legitimate tender and hasn’t sanctioned or licensed anyone for the sale-purchase, exchange-investment or even issuance of any tokens or currencies.
The State Bank of Pakistan took the action of the following risks:
- The closure and fiasco of virtual currency exchanges as well as businesses for any purpose, like action by law enforcement agencies.
- The number of security negotiations of virtual currency exchanges and wallets all-inclusive, in which huge amount of funds was lost.
- Virtual currencies are extremely erratic, volatile and the prices are mostly based on assumptions.
Furthermore, fraudsters have started to offer “pyramid style investment schemes” as well and have promised high returns to the general public of Pakistan. The State Bank of Pakistan has also warned that such schemes similar to cryptocurrency Ponzi schemes, can cause some hefty losses to the general public.
The Reserve Bank of India (RBI) stated that all controlled entities that already offer virtual currency services are required to cut off all ties within three-months. These services include:
- Maintaining accounts
- Giving loans against virtual tokens
- Accepting the loans as collateral
- Opening accounts of exchanges that manage them and transfer funds in accounts including the sale and purchase of virtual currencies.
The Reserve Bank Of India (RBI) believed that blockchain technology has a lot of positive applications however, it contends that cryptocurrencies increase several concerns related to the:
- Protection of customers
- Market integrity
Preventing financial crimes
Bitcoin is basically an anonymous, centralized digital currency. So, theoretically, it was built to be the untraceable version of cash. Not money but cash. The idea of having a digital unhackable and invulnerable decentralized currency got so well liked by people that they started treating it more like a commodity than the currency. Just like gold, People started investing and hodling (the typical term of holding coins till they generate profit) the coins. It soon turned out to be an investment vehicle and the basic idea of it being a digital currency got dragged down the tunnel somewhat.
So, yeah it is basically both a currency and a commodity. Yet untraceable! Sounds like a win-win?
Bitcoin is a secure and decentralized digital currency. It’s also a trad-able financial asset like bonds and stocks. Think if you want to pay or transfer another person a hundred dollar. What you do is you transfer your money to that other person. But in reality, what actually you are doing is asking a third commodity to deduct the cash from your account and transfer it to that person’s account. Bitcoin eliminates this interference of the third or fourth entity. It establishes this direct transfer link between you and the other person.
Unlike other monetary and economic affairs, Bitcoin is not regulated by any financial body or the government entity. Unlike stock market and shares, there is no fundamental rule or practice that can predict or determine the future value of the currency. Due to its incredible price volatile nature, the transactions or investment in the currency can be extremely complicated.
Why Criminals like Bitcoin?
Bitcoin is a totally secured and anonymous network. Anybody can come up and make an account and start the transactions. It requires literally no name, address or any else personal information. This encrypted platform generates a unique user ID, wallet IDs to the operator. During the transaction, only that specific ID will be visible and displayed to the viewer.
Due to this feature of the Bitcoin structure, making all the transactions complete anonymously, a lot of criminals were attracted. They used this platform to hide their identity and their transactions to practice illegal and unauthorized dealings.
With the ability to buy or sell anything without your name ever being revealed, a huge set up of the black market started running in around 2011. Silk Bank became an online transaction hub for all these illegal activities using Bitcoin. FBI broke the phenomena resting that these Bitcoins were untraceable. They were traced and Silk Bank was shut down. All the Bitcoins were subsequently acquired by the FBI.
21 Million… Ever!
One of the most amusing and interesting things about Bitcoins is that there are only 21,000 Bitcoins to be mined. Ever!! Yes, the total amount of these bitcoins will never exceed this amount no matter what. These coins are generated through a process called ‘mining’. Around 17 million of these coins have been generated till now. These coins are in circulation around the world balancing the network. This means, only 5 million of these coins are left to be mined to reach the limited threshold.
Generally, there is a new winner every 10 minutes, winning about 12.5 coins every time. This reward of 12.5 coins is halved every year too. So that means, in about 2140 we will be able to mine all these 21 million coins once in for all. Every existing Bitcoin is created using this same method. Anyone can mine these coins, provided with suitable supporting systems.
Merchants and consumers are slowly accepting and becoming comfortable with this digital currency. So, will this sum of 21,000 million enough bearing the collective economy pressure someday?
A bitcoin is divisible up to 8 decimal parts. Being deflationary in nature, if the market rises on a continues basis making its value to trillions, there will be an adequate amount resting with every coin in circulation.
Reviews about bitcoin is the most interesting topic ever. As we know that bitcoin has its own worth. In that case, richest people of the world are not dumb. They know the trend of the financial markets. In the same way, richest people of the world seems interested in bitcoin technology. Some of them also give positive reviews about bitcoin world and do some transactions.
Few perks of bitcoin review are, no banking agony, no transaction’s fee even less inflation. In this article, I’ll tell you about the reviews of richest persons in the world about bitcoin technology.
The founder of Microsoft and the richest person in the world said that ‘’ bitcoin is better than the currency “which means he accept the bitcoin. As we know that Bill Gates foundation works on the serious social issues of the society.
As he said, they help to poorer how to have no excess to the banks. Ironically, if they have, then transactions fees don’t let the enough amount. In that scenario, they need to send and receive money in an easy way. For example, everybody in the world knows the use of mobile phones. People know how to utilize themselves with this technology.
The only solution of this inflation is the use of digital currency. Bitcoin is the most dominant contestant in the list of digital currencies. He completely focusses on the present situation of poorer. His reviews about bitcoin are, “Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than the currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.” Which clearly proves that next era is bitcoin era. Including banks and financial institutions are going to change infrastructures as well.
He is the second richest person in the world. CEO of Berkshire Hathaway stats ‘’ yeah it is a very fast money order anonymously’’.
Dr. Eric Schmidt
He is executive chairman of Google and also holds a Ph.D. in computer science with the wealth of $8.3 million. He admires that the currency with no duplicate in digital currency, useful for many computer applications. In fact, most of the people do business with bitcoin. Which clearly means that people’s trend about payments and buying goods has to change to the digital system.
As he states, “Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has an enormous value”.
He is a founder of the virgin group comprising more than 400 companies. Richard seems to interested in bitcoin investments and also support it.
He clears the thing that bitcoin is the future.
“If people have lots of bitcoin and they want to go to space, I much rather they spend that money on a spaceship.”
Above discussion describes the trend of a financial market about bitcoin. A large number of richest persons are interesting to invest in bitcoin.
Tags: how to make money with bitcoin
The price of Bitcoin climbed above $3,500 and at the moment it is standing a little above $4,200. While some people are doubtful towards this gradual increase in value, Veteran trader masterluc says otherwise. He’s made a prediction that Bitcoin will be worth $15,000 by the end of 2017. He claims that this bull run will continue into 2019 where the price will top out anywhere in between $40,000 and $110,000.
Masterluc is said to have a history of being right in his predictions, and many experts agree that the rise will continue for a while longer, which could have some major consequences for paper money.
Bitcoin recently celebrated its market cap crossing over $50 billion as it tripled the price of gold. Predicting the future of the digital currency is not an easy task especially when its reign shows no sign of ending.
News Credits: futurism.com
Image Credits: bloomberg.com