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Bitcoin

Turkish Customs Confiscate Over 500 Smuggled Bitcoin Mining Rigs!

If you are one of them who is involved or interested in the cryptocurrency world, then you will be surprised to hear that the Turkish customs officials have recently stopped the illegal smuggling in which there was a record smashed in contradiction of the illegal bitcoin mining equipment which were used in the country. When the officials got to know about this tip, then the turkey customer protection anti-smuggling and the intelligence teams immediately raided the place. The warehouse in which this illegal activity was going on is on karabaglar, Izmir. In this warehouse, the cop’s team found almost 501 ASIC rigs of bitcoin mining which were closed in the cardboard boxes.

It is essential for you to know that the customs police have explained that the value after the estimation of the seized material was approximately 500 million Turkish liras. In dollars, this amount is 600000 dollars. In the raid, four of the suspects were immediately arrested by the cops as they had a connection with the illegal activity.  According to some of the reports, it is claimed that the law operation is also going to carry out an active operation in Istanbul, which is the largest city of turkey, and it is also a big custom checkpoint in the state.

Some people are not aware of the fact that the application-specific integrated circuits are the famous way by which bitcoin is mined, but the thing is that they are also prone to consume more electricity which is the widely known issue that occurred in the recent week due to which Elon musk who is the tesla car company owner had reversed the decision of accepting bitcoin payments.

Turkey was a cryptocurrency-friendly country at some time, and now Turkey has recently banned the use of cryptocurrency and all the activities related to it. You might have heard about the news in the last month when the Turkish crypto exchange stopped operations, which had more than 150 million dollars missing in it. This has prevented thousands of customers from having access to their funds. After a short period of time, the Turkish police caught 62 suspects in the investigation of those. After this news went viral, the other local cryptocurrency exchange, which is Vebitcoin, was also closed.

Lutfi Elvan, who is the minister of Turkish treasury and finance, has also announced that the MASAK or the financial crime investigation has the full charge for auditing and overseeing the cryptocurrency exchanges. To counter the fraud activities and the illegal trafficking of money, any cryptocurrency exchange in Turkey is now needed to notify the MASAK for the cryptocurrency transactions that are more than 10000 Turkish liras.

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Bitcoin

Bitcoin is an Unreliable Hedge During Market Upheavals: JP Morgan Analysts

For anybody else in Wall Street, JPMorgan Chase & Co. cross-asset strategists have bad news that Bitcoin is the warmest way of diversifying portfolios worldwide that are short on hacks but are large on valuation risk.

Bitcoin has proven to be lazy at compensating for short-term downsizes in large-scale sales, its popularity among retailers also increases the link between the token and cyclical assets, according to their research. Crypto investment could best be viewed as a safeguard against the loss of belief in the currency or payment system of a country — rather than a gold-like competitive.

While acknowledging Bitcoin’s appeal as a response for investors that are worried about political shocks, the team warned that it will not soon act as a defensive traditional asset. Cryptor ownership mainstreaming increases correlations with cyclic assets and potentially translates them from insurance to leveraging, they added.

Unlike anything Wall Street has seen, the Bitcoin trajectory has been so far, and the debate among professionals is heating up. Nikolaos Panigirttoglou proposed that Bitcoin might reach 146,000 dollars in the long term by drawing cash from investors who had previously bought gold at a Normand colleague at JP Morgan early in January.

Bitcoin’s relation to other assets was analysed by Normand and Manicardi to try to answer the issue: Can investors use the tool for portfolio diversification? Bitcoin has had a low correlation with hedges in the past five years, such as game, treasure and yen, which makes it useful for investors that have a wide portfolio.

However, opinions remain sharply divided as to whether cryptocurrencies are a new digital age asset or whether speculative frenzy is gone haywire. In 2017, when the wave of renewed Wall Street interest and speculation in Robinhood was again fueling prices, the market slept heavily until last year.

After exceeding $40,000, the Bitcoin price gradually retreated at the beginning of January and traded around $32,000. Bitcoin has already achieved the fastest ever price appreciation of any asset which is a must-have,” said Normand and Manicardi. Bitcoin’s relation to other assets was analysed by Normand and Manicardi to try to answer the issue: Can investors use the tool for portfolio diversification?

Bitcoin has had a low correlation with hedges in the past five years, such as game, treasure and yen, which makes it useful for investors that have a wide portfolio. But in the recent run-up, the dynamics have changed, and the traditional cyclical markets are more in keeping with Bitcoin.

If it were sustained, this could, over time, erode the value of diversification, they said.

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Bitcoin

Visa Grants Principal Membership To Crypto Payments Platform Wirex

As a part of a long-term partnership, which is focused on over 3 million customers in APAC and EEA countries, it was announced that Wirex has been admitted to the Visa European network as a Member. The business allows its customers world-wide exchanges between cryptocurrency and fiat currencies.

Wirex CEO and Co-founder Pavel Matveev said: “This has been our key aim of uniting the conventional and digital economies and working with trustworthy global payment companies like Visa enables it to be achieved transparently and cost-effectively. The key membership is not an easy feat and would offer many chances for a groundbreaking product to be created again.

 

As a client, Wirex is the second crypto firm to become a partner of this kind after Coinbase, but the London based company does not equate this with the first payment giant.

On 20 July 2020, the company has joined forces with Mastercard in obtaining directly a leading membership to issue cryptocurrencies and fiat cards.

The new Wirex figures reveal that the number of crypto exchanges on the site has risen by 271 percent relative to December 2019. The CEO and co-founder of Wirex, Pavel Matveev, claims that achieving the key membership from Visa would pave the way for the creation of a “revolutionary product.” The customer has already released its first crypto-enabled debit card in 2014.

Even Wirex sets the field for landing on the United States market as a similar currency visa card is about to be launched. Wirex is not the only supplier of encrypted Bitcoin based cards as exchanges like Binance and Coinbase sell such pro cards.

Furthermore, Wirex CEO, co-founder and CEO Pavel Matveev is of the opinion that this achievement of Visa’s principal membership gives more space for “a revolutionary product” to continue growing.

Even Wirex sets the field for landing on the United States market as a similar currency visa card is about to be launched. Wirex is not, though, the only organisation that issues cryptographic Bitcoin-based cards because of the exchanges such as Binance and Coinbase.

The Visa Director and Head of Cryptocurrencies Cuy Sheffield continued that “digital currencies have an ability to expand the value of digital payments to more citizens.”We are very pleased to work with innovative Fintechs like Wirex to make digital currencies useable by their customers at over 61 million Visa traders.”

Wirex also revealed its first crowd funding to raise £1m. In order to invest before expanding in the coming months, the company is expected to deliver its clients. Wirex said people might pre-register for the company’s investments.

Wirex states that more than three million individuals in the EEA and APAC countries are provided with its services, and research has revealed the continued growth in the use of crypto. When Cuy Sheffield, Senior Director and Head of the Visa Section, spoke on the status of Wirex’s leading member:

‘The appeal of digital transfers will be improved for a wider range of individuals and locations by the digital currencies. We look forward to partnering with creative Fintechs like Wirex and enabling its customers to use digital currencies in the Visa network with more than 61 million traders.”

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Bitcoin

Will Paypal’s Crypto Integration Bring Crypto To The Masses?

One of the most examined themes inside the crypto network as of late has been PayPal’s declaration that its clients will have the option to purchase and sell cryptographic forms of money. The administration is required to be completely turned out right on time one year from now.

The organization’s objective “to build buyer comprehension and reception of cryptographic money,” as expressed in its public statement, is by all accounts a required advance in digital currency advocacy. Standard familiarity with crypto remaining parts low. As information from a Statista study demonstrates, Bitcoin (BTC) use in nations with created economies is beneath 10%, with the most reduced levels in Sweden, Denmark, and Japan. Then, some hopefully foresee that this number will develop to 90% of the U.S. populace by 2030.

PayPal’s leader and CEO, Dan Schulman, said that “The move to computerized types of monetary standards is inescapable, carrying with it away from regarding monetary consideration and access; effectiveness, speed and versatility of the payments framework; and the capacity for governments to dispense assets to residents rapidly.” Similarly, the previous executive of Malta, Joseph Muscat, told the General Assembly of the United Nations in 2018 that digital currencies were the “unavoidable eventual fate of cash.” 

PayPal will start by offering its administrations for clients with Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), and the organization has obtained from the New York State Department of Financial Services what it professes to be a “first-of-its-sort” contingent BitLicense, a permit needed to work a computerized money business in New York, and collaborated with United States-based stablecoin administrator Paxos to empower this administration for its clients.

Taking into account that PayPal had a revealed 346 million dynamic clients in the second quarter of 2020, a figure that has since expanded in the second from last quarter to 361 million, as indicated by its most recent quarterly report, the choice to offer its clients administrations identified with digital currencies is by all accounts a critical advance toward standard appropriation. A year ago, specialists in the crypto and blockchain businesses were asked for their suppositions on crypto mass reception. This time, the inquiry was: Could PayPal’s ongoing declaration of starting to offer crypto payments potentially power the mass selection of crypto?

Cristina Dolan, organizer, and CEO of InsideChains, Dominik Schiener, prime supporter of the IOTA Foundation, Jay Hao, CEO of OKEx, also praised the decision. Let’s now hope for progress.

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Bitcoin

Crypto-currencies Beating Gold As A Top Asset This

Digital currencies are always a pleasure to deal with. The cryptocurrencies have been the best source of an asset by far in this year. They are called decentralized finance. Decentralized finance or Defi is one of the fastest-growing sectors in the cryptocurrency market, where cryptocurrency helps in creating of a decentralized store value which is obviously different from any government-backed currency, whereas Defi helps in creating a decentralized financial instrument which is helpful for the investors because it is different from traditional institutions.

 

According to some reliable sources, it was noticed that the “Bloomberg Galaxy Crypto Index” of digital coins had risen about 66% in the year 2020, which is much higher than the worth of Gold. There is a steep rise of 20% value difference of crypto coins from that of Gold. The total global bonds, stocks, and blocks combined couldn’t take down the value of crypto. The main reason behind this surge is the rise in ethereum, which is one of the most weighed crypto gauges.

 

According to Mike, strategies at Bloomberg Intelligence, the increased use of decentralized finance is taking everything a level up, and that has technically driven the rise of ethereum. As ethereum has already risen above, it is trying to set new examples and most importantly maintain its status.

 

When the decentralized finance transfers it’s financial functions to some of the digital lenders, the process is called a blockchain. These blockchains have major functions to do in the finance market.

 

●     Lend or borrow funds

●     Earn to invest in a savings account without a middleman involved

 

The functioning of the blockchain system is beyond just the monetary usages. It can be used widely in various fields that need exploration. Many of the decentralized applications are basically running on ethereum. Defi insurance levels have reached $9 billion from under $700 million toward the beginning of the year, as indicated by Fasset, which works as a blockchain-based commercial center for framework speculation.

 

Beside Defi, defenders of advanced monetary standards, for example, Bitcoin contend they offer a store of significant worth in the midst of worry that colossal improvement infusions to counter the pandemic will feed expansion and debilitate the dollar.

 

Crypto markets have done well during the Covid-19 emergency, in fact, the Bitcoin turns into an “asylum,” like Gold when dangers duplicate, as per Marc Fleury, CEO of Two Prime. Two Prime is a crypto resource board and monetary innovation firm. He said that there would be an absolutely ethereal instrument that performs well when the genuine economy is on stop.

 

Cynics are unconvinced, contending crypto markets have a past filled with wild swings and are only riding a tide of liquidity. Splits are additionally showing-up in the promotion around Defi, recommending it isn’t as decentralized as promoted.

 

The “Bloomberg Galaxy Crypto Index” tumbled over 8% as the pandemic hurt supposition over various resources, featuring the danger of sharp-move. The check has withdrawn over 20% from an August high. Generally, financial specialist’s enthusiasm for digital-forms of money is widening as subordinate markets for Bitcoin, and as a result, the Ethereum is growing.

 

Defi prompted a flood of enthusiasm for Ethereum contracts, said Aziz Zainuddin, chief product officer of Fasset, including “retail digital money clients have progressively gone to subsidiaries to boost their profits.”

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Bitcoin

Backing The Development Of Bitcoin Core Infrastructure For Sound Money

For the users of Bitcoin, the increased usage has been much beneficial. The company has also got some more benefits, which can also be useful to the users. For the development of infrastructure, the virtual currency also has got some sponsorships, which were much needed. Open source development got a big boost this year as various organizations have generously contributed grants and sponsorships for such programs. OKCoin supports such an open-source community, and it has enabled many organizations to sponsor the development of infrastructure in the crypto industry.

Marco Falke, which is a core maintainer for Bitcoin, got the award as the most active contributor to the Bitcoin code. Apart from that, others like BTCPay, Fabian Jahr, and Amiti Uttarwar also got grants and sponsorships.

Developing trends in crypto infrastructure

Even as the coronavirus pandemic continues to affect the global economy, the crypto industry is doing well this year. There are many flaws in the traditional economic system as the stock markets continue to rise even when the economy is headed lower. The federal reserve is increasing the money supply to counter such problems. Given these circumstances, it is the right time to push BTC as an alternate sound currency.

Growth in FOSS sponsorship

The interest about open source development is increasing in all corners, and this is a good trend for the crypto industry. In this regard, several organizations collaborated to provide grants for contributors in this industry. The grant to Amiti Uttarwar, who contributed a lot to the peer to peer layer of Bitcoin, was awarded a grant in partnership with BitMEX. This contribution has strengthened the core of Bitcoin and improved the codebase security for all transactions.

There is good growth for the industry, as supporting Bitcoin core with such sponsorships is suitable for the entire industry. It can support other industries in the form of education, validation, and adoption of cryptocurrencies. 

It has been a community effort to support and connect with Bitcoin developers, and this has helped the sponsors to gain a lot of knowledge. OKCoin has benefited a lot from Chaincode and Square Crypto, and this has helped the initiative.

Even though all the grants are not given through partnership, this is a collective effort in the long run. OKCoin believes that it is always a healthy trend to build a community sponsorship platform for FOSS development in the future.

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Bitcoin

How Not to Lose Everything During the Bull Run

The winds have favored Bitcoin as well as other crypto-assets, and investors’ sentiment has been expecting another surge in its valuations. All watchdogs that have been looking for essential signals in a crypto talk on public platforms online, price fluctuations, and trading amounts indicate that we may experience a much sought-after bull run shortly. This new development has made the greed meter high among veteran traders, and with such high hopes, mistakes will undoubtedly be committed, and fortunes may even be lost. Thus experts urge all traders to maintain dignity and question all possible angles before jumping into the pool of hungry Bitcoin investors.

Think like a Hoarder:

 A reputed industry expert advises Bitcoin enthusiasts to hold their horses and think before leaping. She postulates that the time to dig deep and gather altcoins is long over, and now it is time to be happy with what you have. The best thing to do is to put more than three-fourth of your amassed crypto wealth into a secure vault and swallow the key. Use only the remaining bit to play around and trade if you incur losses, tough luck, but do not try to throw up that key and eat into the savings that should remain untouched.

Don’t Be Hasty:

Another veteran realizes how difficult it will be for some to show restraint after the hullabaloo that occurred three years back when bitcoin was in every conversation around the streets. With a similar bull run on the horizon, the craze may be even bigger and wilder that will fulfill some dreams and shatter others. This will lead to hasty purchasing without proper research and then equally rapid selling with every careless whisper of a self- declared “crypto guru.”

It is essential to realize that wild talks about the Bull Run will push your twitchy investor brain, but it pays to be cautious, especially the second time around, and play the game where it’s okay if you lose and fantastic if you win. Do not plunge into debt to find out all of that advice you got about trading from your cousin’s friend was foolish.

It is best not to trust the advice from influencer-type crypto enthusiasts whose interests lie in their trading plans instead of promoting reliable information for their followers. Do ample research from diverse and verified sources before deciding to put your hard-earned money into a market known for its volatility.

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Bitcoin

Steve Wozniak sues YouTube for Bitcoin giveaway scams

Once again, the use of virtual currency is in controversy, and now a court of law is approached to have intervention in the matter. Recently on the video platform YouTube, there was a promotion of the use of bitcoin.

Steve Wozniak has filed a lawsuit against YouTube for allegedly allowing scammers to use his name for phony bitcoin giveaways. In a series of videos that recently emerged on YouTube, scammers targeted YouTube users into giving away bitcoins claiming that Wozniak will return double the amount. The promotions went viral, and many users were scammed in this way.

The lazy approach of YouTube

The lawsuit also has support from many other tech entrepreneurs, as even their names were used similarly. The videos advertised 5000 and 10000BTC giveaways from Wozniak and other tech entrepreneurs. Most people believe that YouTube is not taking the scams seriously and indirectly encouraging the scammers to get away with such fraudulent activities.

YouTube has always been slow in responding to such complaints by individuals. This time also, it continues the same lazy attitude even when high profile names are involved in the scams. The lawsuit filed by Wozniak claims that he has suffered irreparable harm to his reputation due to these scams.

YouTube responds to allegations

Officials from YouTube had claimed that they are serious about the abuse of the platform, and they had always taken timely action when they detected any violation of their policies. Such violations include scams and impersonation. Even after such assurance from YouTube, many market participants are not sure about such scams not happening in the future.

Bitcoin scam on Twitter

Recently, several high profile accounts were hacked on Twitter, and scammers used them to collect bitcoins as investment from unsuspecting victims. This has not gone down well with users, and many are lashing out at Twitter for these scams. Responding to these happenings the CEO of Twitter Jack Dorsey said that they are investigating the hacking attempt and finding ways to fix them at the earliest. Hackers had managed to break into several high profile accounts on this platform.

Such scams have become common, especially after the pandemic broke out in the early part of this year. Many scammers are now finding it easy to target novice investors into giving away bitcoins and cryptocurrencies for such phony schemes. Investors have to be aware of such scams and stay away from them.

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Bitcoin

Is High-Frequency Trading the Reason Bitcoin Has Become Boring?

The Bitcoin market is getting quieter with the passing time, and it has started to worry about the investors and traders. The volatility levels of Bitcoin trading have touched the levels not seen since the year 2017. One of the reasons behind Bitcoin falling behind in the race with other cryptocurrencies is because the investors are diversifying their crypto portfolio. Many investors are now looking at altcoins, such as Cardano and Chainlink. 

One other reason that has contributed to the consolidation of Bitcoin lately is the enhanced presence of HFT firms in recent months in the crypto space. A popular name in the Bitcoin world, Paolo Ardoino, who is currently the Chief Technical Officer at Bitfinex, said that the presence of High-Frequency Trading firms has majorly contributed to the low volatility of Bitcoin in recent months. He said that the HFT has the potential to earn a lot of money because, in the crypto world, it is yet to reach the stage of a zero-sum game, as is the case in the traditional trading platforms. The simple and straightforward trades, such as taking advantage of the spread between two exchanges as well as cross-exchange arbitrage, makes HFT firms highly profitable. 

High-frequency trading does so with the use of advanced technology and pre-set algorithms that have the ability to process high volumes of orders in seconds. Even though it has been present in the crypto world for quite some time, the influx of new investors has been staggering in recent times. The reason behind new HFT firms opening up at a rapid pace is estimated to be triggered by a showcase of Bitcoin holdings by a famous billionaire, Paul Tudor. Bitfinex, one of the big names in the HFT space, recently revealed that above 80 to 90 percent of their revenue is generated through the HFT firms. 

Bitfinex joined hands with Market Synergy recently to offer a high level of cryptocurrency connectivity to its clients. Bitfinex said that the increased presence of HFT firms in the crypto space is a good sign as it showcases the maturity of the digital assets world. If you’re still wondering as to how Bitcoin will lose the market volatility due to the use of HFT, the answer is increased liquidity caused due to high HFT transactions. It is known to push the volatility levels down.

With time, as Bitcoin establishes itself as one of the mature asset class in the market, the volatility it has been witnessing for long would start to mellow down. The CTO of Bitfinex said that liquidity and volatility always share an inverse relationship, and thus, more liquidity stabilizes the volatility and helps to consolidate it. The presence of HFT firms in the crypto space has helped tremendously in flooding the market with liquidity, which has helped balance the buy and sell orders. It is what helps in stabilizing the Bitcoin volatility as well as boosting the overall market efficiency. 

Last year, Bitcoin gained more in ten days than it did the entire year. It has been well-known for its aggressive upward movement in a short period. Fundstrat’s Tom Lee also said that the majority of gains achieved by Bitcoin mostly come in any ten days of the year. However, this ten-day rule seems to be changing with the increasing presence of HFT firms. 

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Bitcoin

Illegal Crypto Mining is Booming in the Republic of Abkhazia

Given the illicit operation of crypto-mining throughout 2018, the Republic of Abkhazia is seeing an increase in bitcoin-mining operations. Over the last six months, the Customs has registered mining materials estimated at more than $589,000.

The importation of crypto mining plants is still legally permitted as per Nuzhnaya Gazeta. Taxes equal to 1 per cent of the hardware volume and VAT of 10 per cent are charged by importers. After early 2020, Georgia has received over $84,100 in taxes only from crypt mining plant imports. It is generally overlooked by most countries in the South Caucasus as an “autonomous republic” in Georgia.

Catching Illegal Crypto Miners

The chairman of the national Customs Committee, Guram Inapshba, claimed that imports are permitted to “hunt” illicit crypto-miners.

In Ashba states, however, in Abkhazia, “some many dozen people” are involved as regards the operating or financing of the crypto mining sites, within the region.

The government prohibited all crypto mining operations in December 2018, citing a lack of power in the electricity grid of the country. They also pointed out the need to have the people of Abkhazia with ‘priority control.’

Recent times, 315 Bitcoin ( BTC) mining devices developed by Bitmain were confiscated by the Bolivarian security forces of Puerto Ordaz, Venezuela. This was told to the founders of the mining plants that they do not own and use the facilities.

Crypto-Currency: A bitcoin exchange symmetric cryptographic allows the network administrator transactions safe and difficult to falsify is the interpretation of cryptocurrency. The most critical characteristic in a crypto-monetary network is that no central body governs it: the decentralized essence in blockchain technology renders crypto-monetary structures inappropriate for the old forms of government regulation and intervention. Cryptocurrencies ease the operation of all transactions and facilitate payments for protection and privacy reasons by using public and private keys. Such transactions will be carried out at low payment costs so that consumers escape the high costs that conventional financial institutions impose. But the current cryptocurrency news suggests that, since bitcoins are devoid of a central registry, a computer crash, a hack and other unpredictable incidents will wipe out the weighing balance.

Mining: The way it functions will be suggested when describing crypto-monetary mining. To me, a peer-to-peer data network must be built such that activities can be carried out using their shared computing resources. The faster activities would be carried out more and more computer systems and the less organized the system. Any device in the blockchain is called a host, and the system operates based on an encrypted configuration.