Year: 2020

BTC

Bitcoin Is A Better Gold Than Gold Itself, Tyler Winklevoss Says

All these days everybody has been hearing about liquid gold, that’s oil but Winklevoss Says something amazing and different, he says, “Bitcoin is better Gold Than Gold itself!”.  Tyler Winklevoss says bitcoin has the potential to make gold go on its knees. Cryptocurrency has been beating Gold in its “own game” and that is also with a better magnitude of 10x performance. This was a tweet by “Tyler Winklevoss” on 21st September.

In 2008, Bitcoin was introduced in the market by a group or a person whose name has never emerged on the papers yet. For 11 years, bitcoin has been playing its vital role in the market and that is one of the main reasons why one needs to understand the usefulness of digital currency. According to various financial experts, bitcoin is the new age of currency, and that everyone should be prepared to welcome the new change in no time.

The fate of bitcoin

It’s not very clear when, but the fate of bitcoin has drastically transformed around the last decade. Bitcoin has been and is setting new records of surpassing its value compared with other valuable products and elements found in the market. Bitcoin has always been in the place of an asset but never a transactional currency. The financial researches have been comparing valuables like gold with the value of bitcoins. Surprisingly, the new research and information data show that gold has been outshined by bitcoin. It is more valuable than gold. Comparing gold with any other transactional currency is a time-tested method of judging the economic value of the item.

While some say, it is best to compare gold and bitcoin with each other, others say it’s not necessary to compare both valuables with each other because they both proved their own value which is not similar to each other. Like warren buffet says, bitcoin has no intrinsic value, the value of an item depends on the necessity of an individual. Necessity is taught the value of everything.  Similarly, when it will be necessary the more worthy will surface gradually.

How is Bitcoin a better store?

The recent pandemic has transformed the world into a lot of chaos and many of the countries have realized that technology is helping them survive. Without technology, humans would have survived with a huge loss like any other pandemic eras in history. This situation has made people realize the necessity of cashless transactions where bitcoin is one most promising contenders that has gained momentum. Many investors, businessmen, and industrialists are willingly putting their money in bitcoin rather than in gold. The spike in the bitcoin currency has been noticed in this pandemic, hence, the spike and the crazy deterioration of the position of gold to many investors.

The future value of bitcoins is quite high and that is the pull factor for many investors. The estimated recovery on every investment of Bitcoin when purchased at the launch time (or at the earliest price) was approximately 7,615.27%.

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What Top Us Politicians And Potus Election Candidates Think Of Bitcoin

Cryptocurrencies or virtual currencies are always a point of debate since their inception. Many people favor them, while many people have points that devalue the currency. It is interesting to find the opinion of top politicians in this regard. Many politicians in the US do not have a positive opinion about cryptocurrencies in general, as the decentralized nature of such currencies will pose a threat to their way of working with the central banks. However, as elections near, they are not in a position to reject donations made through cryptocurrencies. In this regard, let us look at what some top politicians in the US feel about Bitcoin.

Donald Trump has always been open about his dislike for Bitcoin, and he had even tried to accuse such currencies as not valuable. He has said that he is not a fan of Bitcoin. Many experts in the market blame Trump for the slow growth of the crypto industry in the US. However, Brain Brooks of Bitcoin was appointed as COO of the Office of the Comptroller of the Currency in March by the Trump administration.

Even though he has not openly supported Bitcoin, Joe Biden is said to be a supporter of Bitcoin. He is seen as a strong supporter of technology and innovation. He had even commented on the Internet as being neutral. The political action committee even accepted donations in Bitcoins since 2016.

Bernie Sanders has not taken a harsh stand on cryptocurrencies so far. But media reports indicate that he has taken a large amount of donations from tech giants Microsoft and Facebook.

Joanne Jorgensen has always been vocal about free markets, and she has supported unrestricted competition between banks and other financial institutions. She is also in favor of enacting Ron Paul’s Free Competition in Currency Act.

Kanye West has said that he wanted to use Bitcoin and many experts believe that it will be good for the crypto community if he wins the election.

Elizabeth Warren, on the other hand, has criticized the volatile nature of cryptocurrencies, and she said that it is difficult for the government to protect consumers and yet derive benefits out of crypto technology.

Mike Bloomberg has said that there is a need for a clear regulatory framework around cryptocurrencies. He said that Bitcoin has become a high net worth investment asset, and there is a need for a regulatory framework in this regard.

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Greyscale Brings Altcoins to Over-the-Counter Trading

Greyscale is an investment company, it has announced on 17th August 2020 that their firm’s bitcoin cash trust will be accessible on, over the counter system, or generally known as the OTC market under the BCHG ticketer.

What is over the counter trading?

Over the counter or OTC is a way of trading securities for companies that aren’t listed on any formal exchanges. Over the top means, the securities are traded via a dealer network, which is the opposite of the centralized exchange system. This helps to maintain the current market place while you can have transparency and liquidity of the stock exchange. OTC is very thin traded and that is known as “penny stocks”. It can be traded at low as $1, which makes it more preferable for investors. Grayscale has achieved a state where they have robust security to provide optimum protection to the investors so that they can trade easily and risk-free.

What’s the news?

Grayscale investment offers digital-currency investment stock, which can be traded by individual investors on their Demat accounts. The company debuted in the financial field on 25th September 2013 as a bitcoin investment trust. Storing cryptocurrency is very problematic and greyscale is doing it in a very mature way. They announced that they have a robust system for securing the cryptocurrencies that actually uses the leading techniques of security standards for protecting digital currency. 

Grayscale Investments is an asset management company that is the world’s largest bitcoin trust also, it has announced that bitcoin cash trust, and bitcoin trust, both are eligible for deposits at the “Depository Trust Company”(DTC). This company is based in NY(New York) and is commonly known as DTC, it was founded in 1973.

DTC holds $54.2 trillion in securities. Grayscale also happens to meet the requirement of being eligible to be listed as a major stock exchange like the very well known “New York Stock Exchange”. The most amazing news would be knowing Grayscale has already cleared the Nasdaq NYSE requirement list for becoming eligible. They have successfully entered the stock exchange market and will hopefully rule it very soon.

What are Altcoins?

These are basically the alternative of bitcoins. They came into the market after bitcoins were a huge success. Altcoins specifically denote all the cryptocurrencies that accept bitcoins. Some of the altcoins are, Ethereum (ETH), Chainlink (LINK), Basic attention token (BAT), Komodo (KMD), Bitpanda Eco System Token (BEST), etc.

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Mastercard Exec reportedly linked to suspect transactions at Cyprus Bank

With the positive effects of virtual currency, one has to witness the negative use of this currency also. Recently one such incident has come into light by a German Banker. Germany based Wirecard, which is well known for issuing crypto debit cards, is implicated for several criminal activities. A Mastercard executive who operated at FBME bank in Cyprus has been linked to these suspicious transactions. Earlier in 2014, US Financial institutions were asked not to deal with FBME.

FBME Bank was accused of dealing with money laundering activities, and it was suspected of helping organized crime gangs and terrorist funding programs. It was also accused of fraud and other illicit activities by the US Financial Crime Enforcement Network.

Wirecard link with FBME

Wirecard and FBME have alleged links through an unnamed key account, and recently $2.1 billion in cash was reported missing from the company books. This led to Wirecard filing for insolvency, and the CEO of the firm Markus Braun was arrested in Germany.

The law enforcement agencies are on the lookout for Wirecard CEO Jan Marsalek, who is allegedly hiding in Russia.

The new allegations involve an unnamed executive of Mastercard who is accused of money laundering activities. The transactions were allegedly covered up in such a way that it would evade the detection mechanism of Mastercard and Visa anti-fraud and money laundering detection system which is considered very serious.

The system usually checks for any sort of suspicious transactions between companies. To avoid such detection, they created phantom transactions many times between the suspicious firms to avoid any red flags in the system. In this way, hundreds of thousands of transactions were done to avoid detection by the system.

Visa and Mastercard impose fine on Wirecard:

Due to such fraudulent activities in the past, both Mastercard and Visa also have imposed fines of more than $10 million in the last few years. The allegations about such suspicious activities of Wirecard were earlier detected by Visa many years ago.

Apart from that, Wirecard is also facing an investigation in an alleged $100 million bank fraud connected to Eaze Technologies. In this wake, the US Department of Justice is investigating the charges about the financial fraud conspiracy.

Wirecard is also alleged of miscoding gambling transactions, and this has led to severe losses for several clients in the recent past. It is also notorious for having maximum stolen card purchases.

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Crystal blockchain to assist Ukrainian Government with virtual asset monitoring

With the more reach of cryptocurrencies to users, the governments also have to accept them as a part of the world of finance. As per the latest news from Ukraine, this belief is strongly held valid. In coming days the country will have a policy for monitoring of the same also.

Crystal blockchain is all set to assist the Ukraine Government with monitoring virtual asset transactions. Crystal blockchain, which is a subsidiary of Bitfury is well known for manufacturing software that helps organizations and agencies to monitor digital transactions. This move is welcomed by the crypto industry as the Government is showing a keen interest in developing digital assets. It will help to build trust about virtual asset transactions among the general public.

Verify the origin of transactions

With this collaboration, the Ukrainian Government aims to monitor the origin of transactions. This will be used by both governments as well as private entities like banks and other financial institutions. The analytics software developed by Crystal Blockchain will be helpful in this regard, and the company officials are currently providing training to the government authorities to monitor the transactions on the digital platform and verify the origin of the transactions.

Legalization of virtual assets market in Ukraine

The Government has also released a statement in this regard and confirmed that they are working towards legalizing virtual assets markets in Ukraine. By joining hands with Crystal Blockchain, the Government aims to use the analytics solution to verify the source of illicit transactions. The Ukraine financial market has shown great interest in digital assets in recent years, and they are more open towards adopting cryptocurrencies when compared to other countries.

All transactions may not be monitored

While the Government plans to use the technology to monitor the origin of transactions, all the transactions may not be monitored. It can become an overwhelming task for the government agencies to monitor all the transactions, and there is no purpose behind doing so. In this regard, market experts are of the opinion that only suspicious transactions will be monitored for their origin so that they can prevent money laundering and fraudulent activities on the crypto platform.

This is a good move by the Government as there is no point in blaming the crypto platform for every fraudulent transaction when the government agencies are not in a position to monitor the activities. This move by the Ukrainian Government may motivate other countries to follow the same route.

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