Third world countries are growing in their use of Cryptocurrency like bitcoin. In Nigeria especially since the economy fell into recession earlier this year following much lower global oil prices. The economy’s contraction by 2.06% between April and June 2016 has increased concerns regarding Nigeria’s banking system, with the nation’s currency greatly devalued, sending bitcoin at an all-time high of $1,228.09 in Nigerian money, according to the lowest offer on local bitcoins. There are generally no restriction of holding cryptocurrencies unlike fiat currency which are normally controlled by central banks.
Philippine overseas workers who send money to their homes in the Philippines are also using bitcoin as a method of transferring money back home to save on traditional high transfer fees using the services of sites such as Rebit where bitcoin can be converted into Peso and deposited into local banks or pawnshops where they recipiants can pick up cash for a small fee.
Are you interested to join a brave new world, if so you are just in time to join an Initial Coin Offering (ICO) cloud funding project which is about to close.
MyCryptoWorld, has a lucrative offer at the moment which is going to be explained Tomorrow
On December 12, 2016, the Chinese government made another decision that makes their economy look weaker. Trading in bond futures is no longer possible every since the market crashed in spectacular fashion. It only took the market a few hours to wipe out all bonds market gains made in the past 18 months. China has a volatile market, and it looks like things go from bad to worse.
It was not entirely unexpected the Chinese bonds market would collapse sooner or later. The PBOC has been making very strange decisions as of late, all of which hint at an uncertain financial future for the country. One could argue China has dug their own bond market grave and now they have to sleep in it.
Unfortunately, it appears this crash is only a sign of what is to come in the future. The Chinese economy is in a bubble that can go poof at any given time. Increasing capital outflows, and a heightened government concern over local assets, are only fueling further speculation. Moreover, injections of capital in short-term money markets have not helped matters either.
Chinese Bonds Market Collapse Is Only The Beginning
To put this into perspective, the 10-year Chinese Treasury bond future crashed by 2%. That is quite a significant number, and also the largest daily drop in history to date. Authorities panicked after this trend became apparent, and shutting down the market seemed to be the only course of action. However, in doing so, the government only adds more reasons for investors to look for alternative financial solutions.
For now, it remains unclear what all of this means for the Chinese economy moving forward. But one thing is certain: more money will flow into alternative assets than ever before. It is very likely the bonds market crash will bring more attention to Bitcoin as a safe haven asset in the future. If that is the case, the price per BTC will only go up even more in the coming weeks.
It is safe to say the Chinese economy is very sensitive to any local and foreign interference. Now that the Federal Reserve has hiked the interest rates, more trouble is looming for China’s economy. It will be interesting to see how all of this plays out in the coming weeks. All of these changes have only pushed the Bitcoin price up, and cryptocurrency holders are not complaining by any means.
And, this is going to help a new crowd sourcing program sponsored by MyCryptoworld. It is a new ICO (Initial Coin Offering) and time is running out for you to get in on it. The dead line to get in on the offering is December 31, 2016. You can purchase tokens which will convert to bitcoins on January 10, 2016.
Small to medium amounts: We recommend you use a wallet on one of your existing devices where only you can access your funds. Please see our guide for opening a Bitcoin Wallet.
â¨â¨Large amounts: For even more security, we recommend buying a dedicated device, for instance a smartphone, that you use only for storing Bitcoin. You will keep the device offline at all times except when you use it for transferring Bitcoin.
2 – Can virtual currencies be abused for criminal purposes?
Like any currency or technology, Bitcoin can be used for illicit transactions.
However, quantitative studies indicate that the extent to which virtual currencies have been used for illicit purposes is no greater than for national currencies.
Lightspeed Venture Partners estimate that 0.5% of all Bitcoin transactions are used for trading illicit drugs. On the other hand, the United Nations estimate that the illegal drug trade constitutes 0.9% of world GDP. While these two numbers are not directly comparable, there does not seem to be any reason to suspect that virtual currencies are used for illicit purposes any more than traditional currencies.
Furthermore, the anonymity aspects of Bitcoin have been greatly exaggerated by the media. While the Bitcoin system itself does not directly identify its users, every transaction that has ever occurred in Bitcoin is stored and logged forever in the publicly accessible Bitcoin blockchain. Whenever bitcoins are used for purchasing goods or services or exchanged to national currency, the store or exchange provider can identify the customer.
3 – Bitcoins were sent to a wrong or inactive address. Can you send them back to me?
Unfortunately, we are not able to do this. Bitcoin transactions are irreversible.
This is why it is very important that you double check the address you are receiving Bitcoins to and make absolutely sure that it is the right one! The reason for this is that the owner of a Bitcoin wallet is the only one with control over it and being authorised to perform any actions with it.
Contrary to credit cards, Bitcoins can be sent only when using the private key of a wallet owner. Private keys are not public and hence not accessible to us.
In case you have had Bitcoins sent to a wrong address, you have to personally contact the wallet owner in question and ask him to send you back the Bitcoins received by mistake. As there is no directory of owners of wallets, the most common way to contact an owner, is to send a micropayment with a message.
4 – Can a vendor take funds from my wallet without my consent ?
It is not possible for a vendor to withdraw bitcoins unauthorised from you as only you are in control of your own wallet.
Unlike credit cards, which can be processed once the vendor has the card details, bitcoins can only be sent using the private key of the wallet holder.
Private keys are not public and thus not accessible for a Vendor to misuse at a later stage, once the payment has been accepted from a customer.
5 – Can I be sure that I can use Bitcoin in the future or exchange it back to national currency?
No currency can provide an ultimate guarantee that it will keep its value forever.
The security and value of national currencies depend on sensible decisions made by the leaders of central banks and the politicians who elected them.
Similar to gold, there is no company or central bank issuing Bitcoin or regulating its exchange rate. The monetary policy of Bitcoin is instead regulated by open source software and mathematics. This means that the supply of Bitcoin can be accurately predicted 10, 50 and even 100 years ahead.
Bitcoin is still young and what role it will play in the world economy in the future is yet to be discovered.
The number of merchants accepting Bitcoin payments can both increase and decrease significantly, and there are currently no “legal tender” laws requiring merchants to accept Bitcoin as payment. Accepting Bitcoin as a method of payment is completely voluntary.
In the same manner, the Bitcoin exchange rate compared to euros or dollars may also increase or decrease significantly as the price of Bitcoin is determined solely by supply and demand on exchanges – like the price of gold increases or decreases based solely on supply and demand.
NEW CryptoCurrency & Bitcoin 2.0
MCC is going public (ICO) on 10th of January 2017
Until 31th – Dec – 2016 you can adquire Pre-ICO MCC
I have purchased a few bitcoins from a couple of different sources, unfortunately the easiest one to use Circle no longer allows purchase or sales. I have discovered the best prices to be on the exchanges and it can be a little daunting. I traded currencies in the distant past and you can quickly lose your money.
Now if you are looking for a bargain you can place a limit order where you specify the maximum amount you are prepared to to purchase say for example I BT @£622 . If you use Kraken you will see the last traded rate and the max and min for the past 24 hours. At the moment with the bitcoin rising in value I will buy at minimum. If you do not put a limit on you order will be filled at the market rate. A limit order will remain open until the market reaches the level you set
One think I did notice is that any numbers of traders will help fill the order
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If all the above sound to difficult you could go to a site such CoinCorner who are based in the IOM they will accept debit cards or bank transfer but the rate they offer is £703 compared to Kraken high for the day at £639 which to me is too costly, the reason being they have affiliates to pay.
Another site in the UK I might consider is https://bitbargain.co.uk/ Here you will find private traders will to sell on set terms using escrow accounts for buyers and seller rates currently offered @ £644
It looks easy to use but trader terms will include identity checks or proof of previous trading. but at the moment it would be my my first option for small amounts at Kraken involves International Bank transfer cost.
Now you may ask why I am buying bitcoin at the moment, well it is increasing in value so could be a good investment. However I need them to crowdfund an ICO from MyCryptoWorld, which has a lucrative offer at the moment which is going to be explained on Friday. The ICO closes on 31st December by which time all tokens have to be paid up in bitcoin.
Crytocurrency was boosted As Key Figure Joins Bitcoin Startup
ForexNewsNow | Published on December 13, 2016 at 2:00 am
A key figure in the mainstream financial services sector is backing Bitcoin, a move that is now seen as another crucial seal of approval for the cryptocurrency world. Antony Jenkins, a former CEO of Barclays (BCS), has joined the board of Blockchain, a startup that provides bitcoin and digital currency technologies.
The startup, based in London, is named after the core technology on which bitcoin and most other digital currencies are built. Blockchain’s services and solutions are used by cryptocurrency exchanges such as Coinbase. Investors can also use Blockchain’s native mobile app and website to trade digital currencies. The startup is further working on a number of other technologies, some revolving around identity tracking.
Blockchain is betting on widespread adoption of cryptocurrencies, especially as they are now seen as an alternative to traditional safe-haven assets such as gold. Uptake of Bitcoin and other digital currencies soared in the lead up to and after the U.S. presidential election last month. Investors worried about the outcome of the election and its potential implication on global economies given that the Republican candidate Donald Trump’s inflammatory remarks on the campaign trails. In Mexico, demand for Bitcoin has spiked since the surprise election of Trump as the next president of the U.S.
Bitcoin prices and market capitalization have soared in the recent times amid a strong demand for digital currencies. Source: Coinmarketcap.
Monetary regulators studying cryptocurrencies
Besides growing acceptance of Bitcoin and other cryptocurrencies or altcoins by consumers, central banks are also taking notice of the digital currency phenomenon. Some monetary regulators have even expressed interesting in minting their own digital currencies to replace the legacy banknotes and coins. Central banks in Sweden, the U.K., China, and Russia are some of the monetary agencies studying blockchain technology in what could pave the way to the modernization of monetary systems in these economies.
The central bank in Sweden, for instance, may move quickly to introduce digital currency given a sharp drop in hard cash transactions in the country.
A storm brewing for banks
As for Jenkins who has taken up a seat on the board of Blockchain, he believes a major storm is brewing for traditional banking industry amid a rise of fintech firms. He compares the disruption the banks would face to the shakeup Uber is causing in the taxi services industry.
A signal of growing adoption of cryptocurrencies, Blockchain’s co-founder Peter Smith recently said the startup is on track to do transactions worth $50 billion this year. The startup is particularly seeing strong demand for its services from institutions, which it expects to contribute a third of its transaction value.
Blockchain’s initial fundraiser netted $30 million in 2014. The startup is backed by several investors, including Lightspeed Venture Partners’ Jeremy Liew. On the board of Blockchain, Jenkins joins Liew and the startup’s cofounders Nick Cary and Peter Smith among others.
Besides Blockchain, Jenkins is also associated with several other fintech startups including 10X Future Technologies and Currencies Direct.
Jenkins becomes the latest of former major bank leaders to join startups working on shaking the foundations of traditional banks – their earlier employers. Anshu Jain, a former CEO of Deutsche Bank, is joining Social Finance, an online lending firm, and John Mack, a former executive of Morgan Stanley, joined LendingClub.
Banks see opportunities and threat in the rise of cryptocurrencies. The opportunities include tapping on blockchain technology to simply transactions and cut operating. But banks are worried they could lose their middleman role in money distribution if regulators adopt a system that allows citizens to open accounts with the central directly.
A new paradigm begins January 10, 2017. That is the Inital Coin Offering (ICO) by MyCryptoworld.com. The coin will be known as MCC (MyCryptoCoin). It is going to change the way currency in exchanged around to world. Pre-enrollment ends December 31, 2016. You can get more information here.
The Bitcoin Network is the first successful implementation of blockchain technology.
The term "blockchain technology" typically refers to the transparent, trustless, publicly accessible ledger that allows us to securely transfer the ownership of units of value using public key encryption and proof of work methods.
The technology uses decentralized consensus to maintain the network, which means it is not centrally controlled by a bank, corporation, or government. In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes.
The potential for blockchain technology is not limited to bitcoin. As such, it has gained a lot of attention in a variety of industries including: financial services, charities and nonprofits, the arts, and e-commerce.
BLOCKCHAIN (technology) is the new standard for FINANCIAL Transparency:
Bitcoin can often refer to two things. First, the Bitcoin network that keeps track of our transactions and balances, and second, the currency that we use as the unit of value when we transact. We'll cover both here ..
The Bitcoin Network
Bitcoin's payment network (also called the bitcoin blockchain) is what makes it possible for us to transact with one another. The network uses distributed consensus to verify and confirm transactions, and consensus is reached via a large global network of high-performance computers (called miners) running the bitcoin software.
Whenever someone sends a transaction it is broadcast instantly to the network and verified by the miners. Miners are constantly working to confirm individual transactions and include them in the next block of transactions in the chain. Once a new block is verified, all the transactions within it are permanently recorded on the blockchain. Rewards are paid out in bitcoin to miners who confirm transactions and verify the next block as a way to incentivize productivity on the network.
Each party who participates in the mining process has an identical up-to-date copy of the blockchain or public ledger, which is a record of all the transactions in bitcoin history. Each party's copy of the ledger is updated every time a new block is found.
The unit of value that we send and receive on the Bitcoin network is also referred to as bitcoin, or bitcoins. Bitcoin is completely digital, meaning we can't physically hold it in our hand. It's also portable, divisible, fungible, and irreversible.
NEW CryptoCurrency & Bitcoin 2.0
MCC is going public (ICO) on 10th of January 2017
Until 31th – Dec – 2016 you can adquire Pre-ICO MCC
1.1 It is a open public wallet – FREE – with no access to our data where we are
the only responsible to protect our private date with many options
inside member area for 'privacy & protection & recovery' -SECURITY CENTER –
(support can not recover our lost password; ourselves will have to do it in any case
with the options available to be set up inside Security Center Area)
1.2 How It Works: Client side encryption keeps you firmly in control of
your funds. Not even they have access. Includes Support !
1.3 NO need to upload Personal Data (ID , passport, …) !!
1.4. We can BUY inmediately (integrated in the wallet – no extra set ups)
with CREDIT CARD through their external partner called COINIFY ( 3% commissions
are payed to Coinify in the 'total bitcoins buying transaction' ). ALL is done inside
Blockchain Wallet !! (awesome feature). Once done the purchase, the order is
named 'Pending' (needs at least 30 minutes to be accepted in the blockchain
network from different 'miners') and Coinify will send an update in less than 24 h.
1.4 SENDING / RECEIVE bitcoins are available at zero o very little Transaction
fees depending on how quickly Bitcoin's mining network will confirm its
transactions and depending on current network conditions)
1.5 Send EDUCATIONAL messages whenever you access Dashboard (great to
understand in a simple an effective way the Wallet-features)
1.6 NO option to exchange/sell bitcoins to another currency/bank account
(this can be done inside COINIFY members area ; so , first we would send
the bitcoins to Coinify Wallet – need to be set up previously – and, after that,
we would send them to our bank account)
1- MyCrypoCoin Pre-sale TOKENS: The MCW pre-sale tokens packages are available for a low coin price in many affordable investment packages to serve any budget.
2 A TRUE Decentralized Cryptocurrency: Many cryptocurrency programs are fooling people into investing in a centralized and inferior cryptotechnology, not so with MCC! Our advanced blockchain is already up and running.
3 – An incredible Referral Program: MCW is creating financial freedom for members all over the globe prior to the coin release in January 2017 with our superior referral compensation program.
4 – Extra benefits: Universal Wallet beyond financial options , MLM commissions, Micro Transactions Commisions and future ownership of 'shares/dividends' in other projects set up with external partners using the blockchain technology-network (not only in the financial arena)
Buying BTC (bitcoins) inside https://blockchain.info/en/wallet do NOT need verification at all . You can buy using CREDIT Card (3% commisions) or BANK account (no payment fee | 2-3 days delay) ! It is a simple and faster way using credit card
p.p. I received my first BTC in my wallet in only 5h:30m after purchasing them with credit card (awesome)
p.p.2 Only can buy Bitcoin – UK / EU countries (for other countries , I suggest do this directly with their partner https://www.coinify.com/
BLOCKCHAIN (technology) is the new standard for FINNANCIAL Transparency:
A Saxo Bank ‘Outrageous Prediction For 2017’ says that the spending binge of a Donald Trump presidency could create ideal conditions for the price of Bitcoin to test $2,000 by next year, as the possibility of the US dollar skyrocketing could force emerging markets to seek alternatives.
It projects that the Trump regime’s fiscal spending binge may increase the circa $20 trillion of US national debt and potentially triple the current US budget deficit from approximately $600 bln to $1.2-1.8 trillion or some 6-10 percent of the US’s current $18.6 trillion economy.
This may cause inflation to skyrocket, forcing the federal reserve to accelerate its hikes and the USD dollar to soar, creating a domino effect in emerging markets and forcing people worldwide to look towards alternative forms of currencies and payment systems not tied to central banks.
The report adds:
“If the banking system, as well as sovereigns such as Russia and China, move to accept Bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see Bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the Blockchain’s decentralized system, an inability to dilute the finite supply of Bitcoins as well as low to no transaction costs gains more traction and acceptance globally.”
China to exceed growth expectations:
On Dec. 1, China restricted the importation of gold in order to prevent capital leaving the country. The country still plans to regulate the importation of gold to avoid the Chinese yuan from leaving the country.
As a huge determinant of the eventual quasi-synchronization in price between Bitcoin and the yuan, the Chinese trading volume will correlate with the price of Bitcoin in the coming weeks even as the Chinese central bank and authorities struggle to recover the value of the yuan which has fallen 5.8 percent against the dollar already this year.
Saxo Bank notes that China is expected to exceed growth expectations in the coming years, adding that the country’s current slowdown has been predictable due to elevated investment levels of around 50 percent of GDP while total debt has swollen to an unsustainable 237 percent of GDP.
Through massive stimulus from fiscal and monetary policies, and by opening up capital markets even more, the country successfully steers a transition to consumption-intensive growth surpassing current expectations and reaching eight percent growth in 2017.
Remember Kim Dotcom?
Trump’s ascendancy will be confirmed in January – a time in which Kim Dotcom hopes to launch his Megaupload 2.0.
Saxo’s projected three-fold increase in the current price of the digital currency – currently at $760 – is similar to Dotcom’s prediction that Megaupload and its potential Bitcoin wallet Bitcache system could take the price of Bitcoin to $2000, based on the claim that the file sharing product would overcome Bitcoin’s scaling problems.
The anonymous cloud sharing, anti-surveillance, video hosting, Bitcoin-caching online service, that will serve the equivalent to the population of the Philippines (approximately 103 mln), is slated for a release in late January. Let’s hope he can pull it off. India is ready for Bitcoin
Bitcoin’s price increased following the recent demonetization of the Indian rupee. Following this, there were suggestions that the government could be planning a ban on the importation of gold as the precious metal reached two-year highs in November. This, coupled with the growing awareness of Bitcoin in the world’s second most populated country and the Indian government's resolve to work on Bitcoin and the Blockchain framework before 2018, could push it to a tipping point.
In its Payment and Settlement Systems in India: Vision-2018, the Reserve Bank of India notes that it will be monitoring framework for new technologies/innovations in order to “ensure that regulations keep pace with the developments in technology impacting the payment space, the global level developments in technology such as distributed ledgers, Blockchain etc. will be monitored and regulatory framework, as required, will be put in place.”
This will improve the country’s payments ecosystem, it says, which has been evolving dynamically with the advancements and innovations taking place, particularly in the area of FinTech.
In a chat with Cointelegraph, a spokesperson for Zebpay agrees that there's been no talk of Bitcoin without the mention of India lately and this will continue for a little longer because Bitcoins are the new game changers in the era of cashless economy offering billions of Indians the ability to go cashless using digital currencies.
The spokesperson says: “We skipped the landline generation and have a modern mobile phone infrastructure. Similarly, India has the potential to skip the plastic money generation and build a modern financial infrastructure on this revolutionary technology.”
For Coinsecure CEO Mohit Kalra, India is rising to Bitcoin and 2017 seems promising for its adoption and usage.
This will be a global phenomena so you should get ready, become knowledgeable and get some Bitcoins into your possession. A good way to do that is with an Initial Coin Offering (ICO) similar to an IPO in the Stock Market. Destined to be a leader in the Cryptocurrency market is MyCryptoCoin, being released by My Crypto world.org and is being released to the Public on January 10, 2017. Get more information and your tokens here.
When you are looking to purchase some Cryptocurrency, for whatever reason, there are certain cryteria that you should be aware of before you commit your fiat money to acquire it. You may be looking at Cryptocurrency simply because of its potential for growth, because it is Flexible, it's Secure & Perfectly Suited to e-commerce, it has no geographical restrictions or many other reasons.
Cryptocurrencies use a number of different algorithms and are traded in different ways. Here are the main characteristics that you should consider:
Market Capitalization and Daily Trading Volume:
A cryptocurrency's market capitalization is the total worth of all coins currently in circulation. A high market capitalization can indicate a high value per coin or simply a lot of available coins. Perhaps more important than market capitalization is daily trading volume: the value of the coins that exchange hands every day. A high daily trading volume relative to the market capitalization indicates a healthy economy with many transactions.
Their Method of Verification:
One of the major differences between cryptocurrencies is their verification method. The oldest and most common method is called proof of work. To gain the right to verify a transaction, a computer has to expend time and energy solving a difficult math problem. The trouble with this method is that it requires a massive amount of energy to operate. Proof-of-stake systems attempt to solve this problem by letting the users with the largest share of the currency verify the transactions. These systems require less processing power to operate and claim faster transaction speeds, but concern over security means that few coins use an entirely proof-of-stake-based system.
A cryptocurrency isn't much use if you can't buy anything with it. That's why it's important to know who accepts a currency before you invest in it. A few cryptocurrencies are widely accepted, even boasting partnerships with major retailers. Most, however, have more limited acceptance, and some can only be exchanged for other cryptocurrencies. Some coins simply aren't designed to be exchanged for goods and are built for other purposes. Cryptocurrencies are an exciting new development in the world of finance. No one is quite sure yet where the technology will lead, but the fact remains that these new currencies offer possibilities that traditional cash can't.
There is a new Cryptocurrency on the horizon. it is MyCryptoCoin. The ICO (Initial Coin Offering) public release is scheduled for January 10, 2017. If you are seriously considering purchasing some Cryptocurrency do It before December 31, 2016.