Will Japan Be The Next Country To Launch A Central Bank Digital Currency?

A financial research institute has released a statement on legal proceedings following a digital currency for the Central Bank. Numerous countries are working towards having and using digital currencies. Japan seems to be the latest nation to jump on the wagon.

Even though Bank of Japan Deputy Governor said earlier this year that there were no plans to initiate a digital coin, the institute for economic research shows otherwise. It released a report that was looking at the legal issues revolving around digital currency.

A study group for legal issues on digital currency for the central bank was set up last November. The report stated that CBDC is following technological changes that are happening in the financial arena, such as changes in payment options and a reduction in the usage of cash in some nations.

The report does not denote the official stand of Japan’s financial institute, but it shows that the bank is considering legal options surrounding CBDCs. That includes even options of whether CBDC should be taken as a currency, whether the bank can give out a digital coin, and also if transactions can be constricted.

The bond of contention in Japan is that under the current regulations, legal money is considered to be cash and banknotes. A CBDC is neither of them and so the law has to be revised to accommodate the digital currency. Anti-money laundering is also a massive issue; according to the released report, records for transactions must be noted down, and all the identities should be verified. Financial institutions engaging in these transactions will be held accountable for verifying the identities of the users.

China’s investment stunts Japan’s interest in having a CBDC. China has recently invested a lot of resources in a bid to have their digital coin. The coin aims to increase financial coverage in rural China, this is according to a research team official from the China’s People’s Bank.

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Author: Daniel W

Binance ‘Heisenberg’ Mainnet Hardfork Activation Scheduled for November 28, 2019

The Binance hardfork upgrade is scheduled for the 28th of November following the successful Heisenberg testnet. Validators within the Binance ecosystem have agreed on block height 51,467,800 as the perfect time to execute this milestone.

Binance through its official blog noted that once the hardfork is complete full node facilitators and validators will have to upgrade their software to v 0.6.3. This will however not be necessary for the Binance exchange and BNB token users according to the blog;

“If you use any exchanges which support BNB [such as Binance.com, BitMax or Gate.io], one of the wallets, or a hardware wallet [such as Ledger, Cool Wallet], you do not need to do anything unless your exchange or wallet service specifies otherwise. There are no changes to Binance DEX matching engine logic.”

Binance Hardfork Upgrade Features

The new upgrade will increase the scope of Business that Binance chain can handle through blockchain logic. In addition, the performance for addresses within Binance’s ecosystem will be enhanced to deliver as per the current market standards. Binance is also looking to gain on Lot-size enhancements with the new upgrade; BNB tokens will be used for this calculation. Finally, the new Binance chain will allow for both quote asset and base asset owners to list transactions within its network.

Earlier on, Binance had published a report that detailed this update and a couple of other WIP’s. The Decentralized Exchange project also highlighted that they had approved over 10 proposals to commence operations within its DEX with 2 more in the pipeline.

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Author: Lujan Odera

Are Chinese Blockchain Venture Capital Firms Back In The Crypto Game?

Most Chinese blockchain-focused venture capital firms deserted the market following the crypto crash of 2018. A large majority are set to return as blockchain adoption in China booms.

Chinese blockchain venture capital firms are set for a resurgence, that will help make up for the tragedies of last year’s crypto crash. This comes after the Chinese government advocated for increased blockchain adoption all over the massive country.

Good results are already being recorded. For instance, in the first half of 2019, Chinese blockchain startups were able to raise no less than $368 million through 71 funding deals. This data comes from 01Caijing, one of the more respected Chinese financial data tracking firms.

Chinese Blockchain Firms Fly High!

Compared to the previous years, Chinese VCs can more easily raise the money needed for their operations and expansion. An example is Kinetic, which began operations in 2016 and is based in Hong Kong. According to reliable reports, it is on track to receive a sum in the 8 figures sometime next month.

Other Chinese crypto firms are also busily expanding and usually getting the funds to do so. The sense of optimism in the Chinese crypto sector is palpable and there is a widespread feeling that right now the only way to go is up. Chinese VC firms are also spreading out and diversifying into areas like bitcoin mining and secondary trading.

A prime example is Fundamental Labs. It boasts an impressive half a billion-dollar blockchain fund that backed the likes of Binance, Coinbase, and Canaan Creative. In May this year, Fundamental Labs plunked down $44 million on bitcoin mining. This amount can potentially boost the total hash rate of the bitcoin network by a minimum of 1,000 peta hashes per second (PH/s).

Not to outdone, Parallel Ventures founded by Yizhou Zhu has poured heavy money into the purchase of bitcoin mining equipment. The amount invested is said to be around $15 million and the purchased equipment is reputed to have a computing power of around 300 PH/s.

The Crash Of 2018

While the new deals and capital inflows/outflows are encouraging, they fail to impress when compared to the deals of 2018. The 71 deals recorded this year represent a 67% drop when measured by dollar value. And what’s more, the number of firms in active operation has dropped and most are cautious about engaging in new investments. The present value of deals has decreased too.

Professionalism By Force

One unintended consequence of the crash is that it forced the surviving firms to be more professional and take proper account of risks. It also compelled them to find a sustainable method of doing business and instilled in them the importance of due diligence in all business transactions.

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Author: Ali Raza

Bitcoin Futures Market Turning Bullish But Not Bakkt BTC Holders

  • Bitcoin Futures Contracts Trading at a Premium
  • Bakkt BTC Holders Not Following Upward Trend
  • October Saw Asia Bullish on BTC

Last week Bitcoin price surged 42%, the third-largest surge in BTC’s history. However, today, the price took a drop below $9k to $8,985 on Bitstamp.

At the time of writing, the leading cryptocurrency has been trading at $9,145, down 1.93% in the past 24 hours, as per Coincodex.

Meanwhile, it is managing the daily trading volume of $1.24 billion on ten exchanges with real volume. The volume has also taken a drop from $3.5 billion reported on Saturday, the day BTC jumped. This has been the highest daily volume since mid-July.

Bakkt BTC Holders Not Following Upward Trend

Just like the spot exchanges, the volume of Bitcoin futures also skyrocketed. ICE’s physically-settled bitcoin futures platform Bakkt recorded 1179 contracts throughout the day on Oct. 26. Last week, a total of 2185 BTC changed hands which is 250% more volume than its opening week.

The total open interest on bitcoin futures contracts however, is now at 82 contracts that suggest holders of BTC on Bakkt are not following the same upward trend as the volume.

Also, no trades have been done for the daily Bitcoin futures contracts over the last three weeks.

Bitcoin Futures Contracts Trading At A Premium

The last week’s hike also has traders turning bullish on future prices for Bitcoin. All of Bitcoin Futures contracts are being traded at prices higher than the spot price. While CME traders are now trading March contracts at 3.14% premium, other platforms trade on an average of 2.97% premium.

Oct. 26 also marked the day when BitMEX registered the highest volumes since July at $8.7 billion and Binance Futures made a new record of surpassing $2 billion, reported Skew markets.

October Saw Asia Bullish on BTC

As we reported, the week of Bitcoin price rise coincided with the festive celebration for Indians. The week not only marked Diwali but also Dhanteras when people buy valuable products and look like this time it was digital gold, BTC.

Bitcoin volume soared 22% on Paxful, with about 54.5 million INR (92 BTC) recorded in volume while LocalBitcoins recorded a trading volume of 87 million INR.

Not just India, China invested 14.3 million Chinese Yuan in Bitcoin (243 BTC), seeing a jump of 34%.

The volume is really small but it is just on Paxful exchange and the Chinese use majorly USDT to buy Bitcoin.

This rally has been, in fact, according to commentators triggered by China’s President Xi Jinping talking about embracing blockchain technology that has the related stocks surging as well.

Latest Bitcoin Price News and Crypto Market Updates

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Author: AnTy

CoinBit Pro: Legit Bitcoin and Crypto Trading Education?

The following CoinBit Pro review is subject to change once more details are made available. From the limited information, here is what is known so far.

According to the official website, CoinBit Pro is designed to teach users how to build ‘massive wealth’ with bitcoin using their online marketing system. Is made up by people from diverse fields in the world of business. Some are in sales; others are online marketers, business people, educators, and cryptocurrency traders. They claim the need for reliable knowledge in cryptocurrency field is a big gap that needs filled and intend on doing so with their bitcoin-based business opportunity.

It’s no secret by now, along the way, con artists have made away with their money due to lack of knowledge as the bitcoin scams continue to stack up. As the cryptocurrency industry gains momentum, so do schemers. The CoinBit Pro educational platform founders decided it was time they exposed to the world the signs to look out for in trading to avoid being conned. They have been in the field for a while now and are aware of all the methods that can be used to rob you of your money and joy.

Not only does the platform claim they endow you with the above knowledge but also provides the necessary tools needed to control the outcomes of all the moves you make in the volatile crypto markets.

Coinbit Pro Packages

CoinBit Pro provides everything you need to know about cryptocurrencies in the array of their product packages. From introductory (basic) level to Professional (Advanced) level, you learn what cryptocurrency is and how you make money from it among many others.

Some of the packages are:

  • Crypto Intro: here you get an introduction to the crypto world, taught how to access your personal back office, the marketing system, sales videos, lead capture pages, a license to resell and free support. This package sells for $350.
  • Crypto Pro: This package is for members who have gone through the introduction and completed successfully. By now, they can proceed to advanced training. The package also allows access to personal back office, marketing system, sales videos, license to resell, lead capture pages, free support and take note of Live trading Webinars. This product goes for $1,000.

It looks as though each package, basic ($350) and advanced ($1,000) are standalone products that each offer their own features and benefits.

Is CoinBit Pro Right for You?

There are good reasons to choose CoinBit Pro for all your cryptocurrency trading needs. They include but are not limited to:

Education

On this platform, you are transformed from being an amateur to an expert on all matters concerning cryptocurrency, which in turn enables you to start trading. All this at you own timing and pace. You learn about bitcoins, altcoins, and how they work.

Trading Strategies

CoinBit Pro teaches you the rules of trading from basic to intense. It also provides you with the best platform to start and grow your cryptocurrency trading experience immensely.

Business Opportunity

Since cryptocurrency trading allows you to work at your own timing and pace, making an extra income on the side and exploring new business opportunities is presented to you. You are able to make 100% commission on every new sale you achieve. You also get to earn $250-$800 immediately your sale is done, directly deposited to your Bitcoin wallet.

The official CoinBitPro website does have a video teaser showcasing their bitcoin-centric story and why they exist as a whole.

Owners of CoinBit Pro

While proper due diligence is required on each of the following individuals, kudos to them for posting names and pictures (need verified) on the homepage.

The four names listed on their website are Astone Davis, Luciaan Godfrey, Aaron Civitarse and Bradley Murray. Each have a small bio that needs cross checked, but as mentioned, this is very different in comparison to what you may consider ‘competing’ offers may have.

Latest News

Apart from all the information received from the platform; current and trending news on the crypto world is also available for you to keep you up to speed on the ins and outs of the crypto space.This brief review of CoinBit Pro will be updated once we hear back regarding member feedback and company updates. They do offer a latest news section, bitcoin price chart and BTC coin converter tool on the website.

If anyone has more details on Coin Bit Pro bitcoin business model, please feel free to leave a comment or send us feedback so we can update the review and give the best details available to date.

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Author: Bitcoin Exchange Guide News Team

Telegram Releases Its Blockchain (TON) Testnet Node; Public Beta Set To Launch On Monday

Telegram’s blockchain project, Telegram Open Network (TON), is on the verge of launching its main net following the release of its test net node software and blockchain explorer on Sept 5. The messaging app released its implementation code on its test network website earlier on Friday providing users with a node, validator node, and explorer. Telegram’s blockchain is designed as a proof-of-stake protocol with the support of multiple

“shard chains.”

The official launch of the test net was scheduled for September 1 but due to unconfirmed reasons, the company delayed the release. Now users are in access of the nodes allowing them to test the validation and authentication of transactions on the TON network. The public beta release is expected to be launched on Sept 9. As confirmed by Mitja Goroshevsky, CTO of TON Labs. He said,

“Source code for a full node that can access test net, create and validate blocks has been released. Lite client was released several months ago. TON Labs will release Public Beta of its developer tools suite on Monday.”

Telegram raised its private initial coin offering during the past one year selling tokens worth a total of $1.7 billion USD. The Telegram tokens (GRAM) are set to be launched in the coming month as reported earlier.

Telegram Embracing Crypto

The messaging app is showing affinity to crypto with the latest TON project release. Furthermore, the app is planning to introduce Bitcoin transactions on the app, opening a gateway to over 300 million users to the cryptocurrency world.

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Author: Lujan Odera

Bitfinex’s ‘Sister Exchange’, Ethfinex, Rebrands Independently as DeversiFi

The crypto exchange space is set for another major rebrand following the move by Ethfinex Trustless that evolved to DeversiFi as of August 13, 2019. This will see the former sister to Bitfinex position itself as the sole high-speed decentralized coin exchange with high liquidity for crypto traders. Furthermore, traders using the new DeversiFi platform can be able to carry out trades whilst their digital currencies remain held in private wallets.

Ethfinex began its operations in Q3 of 2018 when it pioneered as a P2P platform for ERC20 based tokens. The decision to rebrand its outlook is pivotal in making the exchange competitive as it shifts to focus on settling for institutions as opposed to its previous retail clientele. Before its rebrand, Ethfinex had acquired a customer base of close to 10,000 with its footprint mainly in Europe.

According to Will Harbone, DeversiFi CEO, the change in strategy is not only a rebrand but a move to scale opportunities for growth. The CEO while speaking to The Block mentioned that among the selling points were lower fees and products regulated as per the current laws. However, the rebrand seemed to have coincided with the pressure on Bitfinex’s $850 million alleged fraud currently under investigation by New York’s AG office.

DeversiFi is set to set itself apart and compete with large exchanges by reducing execution time, narrower spreads and liquidity within its ecosystem. The Ethfinex user interface will also be altered to reflect its new brand in addition to the software features.

Nectar (NEC), the ERC20 token created for Ethfinex’s ecosystem is also undergoing an overhaul to make it well compatible with DiversiFi’s design. This is in line with the growth in needs, both regulatory and technological since it was launched back in 2017.

Harbone noted that next on the roadmap for DeversiFi would be acquiring approval within the European zone while mobilizing for development funds. The biggest challenge so far appears to be establishing DeversiFi as a sole brand given it heavily relied on Bitfinex during its early growth stages.

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Author: Lujan Odera

Tim Draper: Indian Government Is Pathetic And Corrupt Over Crypto Ban Proposal

Tim Draper: Indian Government Is Pathetic And Corrupt Over Crypto Ban Proposal

Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin worshipper and investor in Tezos has come out to condemn the move.

Now in a strongly worded message, the outspoken investor who recently advocated Bitcoin to the government of Argentina referred to India’s proposed bill as being “pathetic and corrupt.” He tweeted:

“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”

Draper was responding to reports of draft legislation that would allegedly impose a blanket ban on all cryptocurrencies in the country.

As reported earlier, an Indian blockchain lawyer leaked what he described as the proposed draft law that will put a blanket ban on all cryptocurrencies in India.

His comments were triggered by an unverified document circulating on social media after it was posted by blockchain lawyer Varun Sethi.

According to the document no person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India. However, the document makes one exception for this rule in the form of something called a “Digital Rupee” which will be used for local transactions.

Date Not Yet Set For The Imminent Ban

Draper’s comments have not been received well by the people on Twitter with some saying that Draper has not confirmed the developments and is acting on hearsay only.

The leaked document indicated that people who hold, trade or mine cryptocurrencies will be handed prison sentences of about 10 years.

Although the alleged bill is yet to be introduced in India’s parliament, lawmakers are coy on giving their views about how the crypto industry should be regulated in the country. Government officials have also come out to disown the alleged bill.

India’s approach to cryptocurrencies has become the perfect example of what not to do. Despite an optimistic crypto industry initially emerging in the country, the authorities, no doubt fearing a loss of control, have cramped any efforts to take the industry up to an extent of jailing some crypto dealers.

The country’s central bank also banned local banks from providing any banking services to crypto-based companies leading an exodus to crypto-friendly countries with exchanges like Zebpay simply moving to Malta.

Draper is not the only one who feels that banning cryptos in India is in bad faith. Other figures within the cryptocurrency community suggested that enforcing such a ban on a decentralized entity like Bitcoin would be nearly impossible. John McAfee has stated that such a move is unlikely to work saying:

“Banning mosquitos after a rain in the summer would stand a better chance of being enforceable.”

Mr. Draper has previously hailed Bitcoin for its potential to replace mainstream forms of currency, calling it earlier this year, one of the greatest technological advances that humanity has ever seen.

Cointelegraph reports that the investor, who holds a significant share of Bitcoin, recently stood by a claim made in 2018 that the cryptocurrency will reach $250,000 by 2023.

Do you think India will ban the use of cryptos in the country? Share with us in the comments section.

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Author: Joseph Kibe

Analyst: Bitcoin Could See $20,000 BTC/USD Exchange Rate In July Having A Look At Fractals

Bitcoin Could Evetually Reach $20,000 In July Having A Look At Fractals Analyst Says
  • Crypto analyst Kaleo shows Bitcoin is following a fractal pattern
  • As per these charts, Bitcoin could eventually reach $20,000 by July 2019

As Bitcoin (BTC) continues to expand in the cryptocurrency market, the question that analysts ask is when is this bull trend going to stop. Bitcoin has grown more than 150% this year and in the last months, the price increase in Bitcoin accelerated. The charts shared by the analyst show that if Bitcoin follows the fractals, the digital asset could eventually reach $20,000.

Could Bitcoin Reach $20,000 By July 2019

The cryptocurrency analyst called @CryptoKaleo, shared some chart sin which it is possible to see that Bitcoin is following a fractal pattern that fit almost perfectly on the current price movement that the virtual currency was experiencing.

The fractual that the analyst shared seems to be so accurate that it has predicted the moved from $8,000 to $8,900 and that many traders were not seeing it coming. In general, fractals tend to have very different time frames, but surpisingly, this fractal seems to be almost identical also in terms of the time fame used.

He said that the best part of these charts is related to the potential that it has to reach new highs. In the near future, these fractals could take Bitcoin to test $20,000.

Kaleo commented that the next point of interest is in the $8,000 – $8,100 range and that bears are going to be screaming for $3,000 and $6,000. However, he said that he will be buying the dip.

Although the fractal has been very accurate describing Bitcoin’s price action, it might not be able to predict Bitcoin reaching $20,000 in the coming days since it is something that would go against many other analysis made by experts.

According to Michael Novogratz, the founder of Galaxy Digital, Bitcoin could be traded between $7,000 and $10,000 during the coming months. Thomas Lee, the co-founder of Fundstrat Global, mentioned that if Bitcoin reaches $10,000, FOMO (fear of missing out) would start in the market.

Bitcoin’s price is $8,748.36 BTC/USD exchange rate today. The real-time BTC market cap of $155.17 Billion currently ranks #1 with a chart dominance at 56.02%, daily trading volume of $5 Billion and live coin value change of BTC 2.12 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$8,748.3608 change ~ 2.12%

Coin Market Cap

$155.17 Billion

24 Hour Volume

$5 Billion

24 Hour VWAP

$8.69 K

24 Hour Change

$185.4545

“}” data-sheets-userformat=”{“2″:14849,”3”:{“1″:0},”12″:0,”14″:[null,2,0],”15″:”Open Sans”,”16″:11}”>Bitcoin’s price is $8,748.36 BTC/USD exchange rate today. The real-time BTC market cap of $155.17 Billion currently ranks #1 with a chart dominance at 56.02%, daily trading volume of $5 Billion and live coin value change of BTC 2.12 in the last 24 hours.

“}” data-sheets-userformat=”{“2″:513,”3”:{“1″:0},”12”:0}”>Find the Latest Bitcoin Price Analysis and Market Updates

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T