Protecting your Cryptocurrency

1. Backup today

You can never say it enough: back up your wallet. If you haven’t yet backed up your wallet, do it now.

Most hardware and software wallets use an industry standard backup protocol called BIP 39 that allows your wallet backup to be 15  English words.

It's important to write the words down, on paper, in order, and securely store the backup somewhere safe from people, water and fire. If you don’t back up your wallet, you could well lose your bitcoin. Forever. Greater security involves using a brain wallet

2. Check on your backups

The new year is a perfect time to check on your important papers, including your wallet backups. Can you still access them? Can you still read the words? Are they secure from fire, water and theft? If you've given the backups to someone else (lawyer, accountant), ask them to check their storage.

3. Set a calendar reminder

While we all know we should be checking our backups, wallets and estate plans regularly, it's hard to remember to do it. Add a reminder to your calendar now, to check all these things again in three, six or at most 12 months.

4. Move money off your smartphone

I have never been a fan of having money or bank information on my phone and with the increase in the Cryptocurrency prices, you might be shocked at how much money you've been carrying around on your smartphone.

Now is a great time to move your coins onto a hardware wallet or into cold storage. Hardware wallets are very easy to use, with user-friendly software components, and are considered one of the safest ways to store bitcoin.

While it's great to carry petty cash or spending money on your phone, never carry more Cryptocurrency on your smartphone than you would carry as cash in your wallet. maybe create a separate wallet just for your phone

5. Move your money off exchanges

If you have coins sitting on an exchange, move them out today to a wallet you control.

Most of the popular exchanges pool coins and while you have a "balance" showing on your account, you do not actually control the keys. If the exchange gets hacked you could lose your money. Remember that you only control the chryptocoins if you control the keys: "not your keys, not your bitcoin".

6. Upgrade to two-factor authentication

Add two-factor authentication to your bitcoin-related accounts and to all other important online accounts. The best two-factor solution is a hardware token and you can buy one for just $20–$30.

Otherwise use a smartphone authentication app, such as Authy or Google Authenticator. SMS is not a very good two-factor solution, though it is still better than none at all.

7. Use a password manager

Humans are great at identifying patterns and that makes us terrible at randomness. Password best practises – choose a different random password for each site, never write them down – pose management problems.

For most people, the only way to accomplish this is to use a password manager – one which generates and stores your passwords securely on multiple devices. Popular managers include 1Password, Roboform, LastPass, and the open source KeePass.

Many offer free basic services, with premium services costing less than $80 per year. They're easy to use and in just a couple of weeks you’ll never want to be without one again.

8. Plan for your family

If something happened to you tomorrow would your family be able to access your cryptocoin? While this tip takes time to implement, it's worth it.

It shouldn’t take you more than an hour to make a plan and decide who you want to get what, write down instructions and tell your family about your plan.

Be sure to consult an attorney, to make sure your plan is consistent with local law and can’t be challenged in a court. If you have a will, trust, or other estate plan, let your attorney know that you have new assets that need to be included in your plan.

Getting your first Cryptocurrency is becoming easier and easier, but keeping it safe from hackers, insolvent exchanges, and loss isn't as easy.

These 8 tips will help you bring in the new year with a renewed sense of confidence that you can safeguard the  Cryptocurrency  that you have, especially now that it’s worth a lot more.

David Ogden


Will Bitcoin Reach One Millions Dollars?


Will Bitcoin Price Reach $1 Million U.S. Dollars? Yes, and Here’s Why:
by Evander Smart

Bitcoin’s price versus the US dollar is the most searched keyword for Bitcoin, along with “What is Bitcoin?” The
Bitcoin price is important under many circumstances, primarily exchange rates with any fiat currency, which are
based on US dollar rates to some extent.

Now that Bitcoin’s price has more than doubled since January, the Bitcoin trolls and haters are noticeably silent this
holiday season (funny how that works). Now that the good times are rolling, again–for Bitcoin as a global currency and
an exchange of value–how far can this go? What is the ceiling for “the future of money”?

Some in the mainstream have actually been beating the drum in favor of Bitcoin as a long-term investment. Henry Blodget
of Business Insider used Bitcoin’s peaking value (back during the Mt. Gox bubble in the fall of 2013), to pontificate a $1 million
value down the road. That article received over 100k views, at a time when Bitcoin couldn’t have been more exciting to the mainstream,
leaping from $125 USD to over $1000 USD in one fiscal quarter.

Not too long ago, The Street took Bitcoin blogger Datavetaren’s word in a recent interview that not only will Bitcoin reach $1 million USD in value,
but it will replace gold as the economic “safe haven” of choice. In a Bitcoin bull market, are we just taking a trip to Fantasy Island, or
is there real digital gold in these economic graphs, long-term?

If you look at Bitcoin from all sides, it is hard to come up with a failing conclusion, if you go out far enough. As Nick Cary
tweeted this morning, Bitcoin daily transactions are setting records this holiday season, passing 100k per day, so demand
and usage are at all-time highs. As Bitcoin price continues to increase, the mainstream media struggles to castigate the digital currency.

Bitcoin will undergo a halving next July, dropping production to 12.5 BTC every ten minutes, which certainly won’t hurt Bitcoin’s price in
the long run. This may cause miners to sell more Bitcoin holdings to maintain operations in the short-term, so there will be attrition at play.
This can act as a counterbalance to the natural appreciation, at least for awhile–don’t expect BTC values to double by next fall, but I would
be bullish over time on Bitcoin values. When demand, which is increasing steadily, swamps supply, prices rise over time.

A factor no one talks about is the long-term value of the “global reserve currency,” the dollar itself. The US government will tell you inflation is
a mere 2% at worst, and many times, they’ll even say there is no inflation at all if you let them. Anyone who has bought a car, a pound of beef,
or a bitcoin for that matter will tell you otherwise. Real-world inflation–not the contrived and manipulated CPI–is more like 5% per annum, not 2% or less.

Many experts are also forecasting the end of the U.S. dollar’s run as the global reserve currency by the end this decade. Superpowers like Russia and
China are working night and day to upset the global economic dollar-based shopping cart. The AIIB (Asian Infrastructure Investment Bank) and the
BRICS (Brazil/Russia/India/China/South Africa) have created a we-hate-the-dollar investment bank, and new Silk Road construction from China, through
Russia, into Eastern Europe are all signs of a geopolitical economic shift for the ages.

In an environment where the U.S. is $18 trillion in debt, where non-dollar denominated bilateral trade agreements are the norm and countries worldwide
are using the Chinese yuan for global exchange, the US dollar is on the clock. It’s not a matter of if, but when there is a changing of the guard.
The dollar has lost over 97% of its value over the last century, and why wouldn’t that model of consistent economic debasement continue?

Bitcoin’s value is being rated against a depreciating paper asset with a bad heart. We all do this by default, but I could write 3000 words on why a
bitcoin is more valuable than a dollar, and the market agrees, obviously. In the end, the question may not be how many dollars a bitcoin is worth–every
fiat currency known to man has collapsed, and the U.S. Dollar will be no different. Its final destination will change the future of money even more than Bitcoin will.

I have no doubt a Bitcoin will be worth $1 million USD, not so much because of the strength of Bitcoin as a global currency, but because of the inherent
weaknesses in the US dollar going forward. Global support and confidence in the dollar is fading while Bitcoin continues to rise. “The Third World”
hasn’t even grasped the value of Bitcoin yet.

The billions of dollars invested is still 1-2 years from bearing fruit, making Bitcoin easier and more capable to use, worldwide. Bitcoin has proven its mettle,
and it’s still in the foundation-building stage of its development arc. It may take a decade, but Bitcoin value is not something worth worrying about, over the long run.

The only real question is: will your investment be there when it does?

Richard Tipsword
Learn More

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly
for information purposes only. It should not be regarded as investment/trading advice. All the information is
believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information
in its analysis and therefore will not be liable for any loss incurred.

original article from NEWSBTC



The Blockchain technology is already revolutionizing the world and how it works.  It brings with it some very exciting features and some very scary features.  It has proven it's power in that money can be sent and received more rapidly than on the traditional platform that banks and credit card companies use.  For most that is the exciting part, but for the banks and credit cards that is the scary part because they are not in control of how the system works.
Blockchain technology is going to be working in many areas of our world very soon.  It has possibilities in Human resources, industrial, social, marketing, transportation, and the list goes on.  It has brought about the DAC or DAO, which stand for Decentralized Autonomous Corporation or Decentralized Autonomous Organization.

Here's what David Morris has to say about how the blockchain and crypto-currency will change everything.



Patrick Tate

Profile photo

skype: patricktate19


Bitcoins, How & Where To Buy

How & Where To Buy Bitcoins


Buying Bitcoins can be quite a confusing process if you are new to the digital currency. This guide was created to give you a very simple process to help purchase your first Bitcoin safely and without too much headache.

Even though many people are becoming familiar with the name Bitcoin and the concept of crypto currency, few still understand how to buy Bitcoins safely or even how to use them. Up until recently, it has been quite hard to purchase Bitcoins with standard payment methods we are so used to such as; credit & debit cards or a Paypal account. But as new technologies and companies emerge, the process of getting your hands on your first coin has become more simple.

Over time, more and more people are coming to the realization that crypto-currency may be a legitimate choice of currency in the future. Some are buying it to begin using it, while many others are still looking at Bitcoin purely as an investment opportunity since the currency trading market has witnessed such dramatic highs and lows in the USD/BTC price. At it’s peak, a single Bitcoin was worth just over $1200.

What ever your reason for wanting to purchase Bitcoins, let this article and our research serve as your safe guide to getting into Bitcoin.

Step 1. Obtaining A Bitcoin Wallet

The first step to purchasing Bitcoins is getting a wallet for you to store your new Bitcoins in. Your wallet will serve just like your own bank account. The Bitcoin wallet will enable you to hold your Bitcoins securely as well as allow you to receive and send Bitcoins to and from others.

Getting a wallet is extremely simple as most Bitcoin wallet providers will only require you to provide your email address. Obtaining such a wallet will take just a minute or two, and you’ll be ready to safely purchase and store Bitcoins. is a industry pioneer in providing secure wallets with many rich features. As a beginner, this is a great place to get your first free wallet.

This wallet can be software on your computer hard drive or even a web-based service. Both have their own vulnerabilities. If stored locally on your computer, it is important to make sure that you back up the wallet regularly. This will position you on the safe side in case your hard drive becomes corrupted. Almost all web-based wallets employ a high degree of security against hacking. In case a theft from your wallet occurs due to a password or security lapse on your part, you will not have any guaranteed way in which you can recover the funds.

Once you have a wallet, you can safely move to the next step of buying your first Bitcoin. Now comes the choice of where to buy and for that you have 3 main choices.

Step 2. Purchase Your Bitcoins From An Exchange, A Person or a Bitcoin ATM.

Crypto currency exchanges offer a way in which one can buy and also sell Bitcoins.

You should bear it in mind that these exchanges and wallets are not regulated the way banks are. Ultimately, you’ll have no insurance for your account and this will be an issue in case of any hacking and robbing. Although several larger exchanges have undertaken many security measures to ensure your Bitcoin safety, and even to replace customer funds in the event of theft.

First, you will have to register, providing some proof of residency and identity. This can become an intimidating process for many, as some places may ask for personal information and copies of your drivers license, passport, email or phone number. However these are protective measures to ensure your safety as well as make sure that you will not perform illegal purchasing activities, since your identity can be traced back to your purchases.

Once you are confirmed, you will then be required to set up a payment method with the details provided at the exchange. Some exchanges will allow you to make deposits in person to their bank account via a human teller. Other exchanges will offer various payment options that are more common such as credit or debit cards as well. Any transfer of funds done online, will require different forms of verification documents depending on the exchange. Also you may incur transfer fees depending on your funding source, when moving funds into your new exchange account. However, all fees are clearly stated at the time of purchase. At this point, you can fund your account, enabling you to purchase some Bitcoins.

Bitcoin exchanges would be the best approach to take if you wish to engage in regular Bitcoin trading and speculation. However, the best exchange option will depend on your specific location.

Below is some of the most respected exhanges from which you can obtain your first Bitcoins.


Over-The-Counter (OTC)/ Face-to-face Trades in Person

This is the easiest option, especially if you live in a big city and prefer being anonymous. This also helps avoid many bank hassles, document verifications and fees. There are numerous ways through which you can arrange a face-to-face trade with a local seller. There are several sites or rather, P2P marketplaces on the Internet that work to arrange such meet-ups and allow for negotiations on the prices. Such platforms will match individuals who wish to trade Bitcoins. is one of the top market places in which you can find people willing to buy or sell bitcoins in person.

If you decide to adopt this approach, it would be best to meet in a busy public place and take all necessary precautions you would take when carrying large amounts of cash. Also keep in mind that you should be able to have access to your wallet when meeting face-to-face. It would also be much wise to check whether such trades are legally allowed in your local area.

You may be prompted to pay a certain premium of around 5-10% on top of the exchange price, depending on the seller. This is essentially done for all privacy and convenience needs. A reputable trader is one who will negotiate the price before the meeting.

Bitcoin ATMs

Bitcoin ATMs are growing drastically in number despite being a relatively new concept. This is similar to the face-to-face trade, with the only difference being that you are interacting with a machine. In such ATMS, you are required to insert your cash before the Bitcoins are loaded into your wallet. They might require you to scan your mobile-wallet QR code or issue you a paper receipt having codes necessary to load Bitcoins onto your wallet. The exchange rates in this case vary widely, and may be between 3%-8% on top of the standard exchange price. Some machine models will allow you to send Bitcoins and withdraw cash.

In conclusion…

As a newcomer, you’ll find that buying Bitcoins does not have to be as complicated as you first may have imagined. The number of safe, viable payment options is increasing with time. There are also plenty of incentives for creative entrepreneurs to invent convenient options. You can expect a lot of developments to be witnessed in the Bitcoin industry within just a short span of time.

The good thing about Bitcoin is that it is truly the future. It will easily subvert bank monopolies, cross borders and governments at the blink of an eye. A new era of trade, business growth and prosperity are set to be with us. It will be to your advantage if you are involved in this amazing life-changing phenomenon.

And now a new kid on the block. A new ICO (Initial Coin Offering), MyCryptoCoin (MCC) by It is in the final stages before release. Your opportunity is ending on December 31, 2016 so there is not much time left.

If you want in on the action attend these informative webinars conducted by There are more than one every day during the last week of December 2016. Right now they are scheduled at 10:00 AM 2:00 PM and 6:00 PM and that is U.S. A. Mountain Time. You will be able to log-in at this URL:

Dennis Roeder
Skype: daroeder



Make Money with Cryptocurrency

The past few day has seen bitcoin reaching towards the $1,000 per coin level after more than doubling its value this year. People in the know have been transfering some of their saving into Cryptocurrency to ride the wave. Citizen in the like of India, Venezuela, Brazil, Nigeria have started to purchase coins to protect themselves from losing their savings as government play around with fiat currencies declaring some notes as no longer legal tender. The Philippine government is thinking about its need to license exchanges in its country where many overseas workers  use bitcoin so send money to their families, rather than expensive bank transactions. Banks are starting to get concerned and are starting to look at blockains,. the software technology  behind Cryptocurrency to protect their business.

Now the question is  if you have money in you bank, is now the time to buy bitcoin. $1,000 is a barrier which may take a month or or more to breach with bitcoin trading at $847-915. In the longer term the coin is expected to rise.  The problem is that Bitcoin is not perfect and will not become a mainstream product until it resolves its latency issues, because commerce  in this fast moving world and cannot afford to wait minutes or hours for transaction to be completed. Time is Money.

One short/ long term option is to place your savings into another coin which is running a crowd funding campaign and ICO for mycryptocoin (you can see a white paper here) This coin has not only resolved the latency issue but will revolutionise the way customers wallets work. The tokens are valued at $0.1 but on first day of trading coins will trade at $1.0. If you put your money into the crowdfunding project the gains will be enormous however due to the fact the project closes at the end of the month you need to take action  now to complete the purchase of tokens.

Take the first step now by registering your interest at

Then remember to come to our webinar @ 1200Hr hrs MT on Friday 23rd December (Use enter Denver as location 1 and your own location to check your local time)

Join our live Webinars Every DayFor times and Webinar logins on go to the Markethive calendar:

Direct access to our webinar room is at: https://www.TheHiveRoom

David Ogden
Owner @ My CryptoWorld




Will Latency Slow Bitcoins Rise?


Will Latency Slow Bitcoin Rise

Yes bitcoin has doubled in value over the past year, however as more people turn to bitcoin then more miners are required to ensure transactions are completed quickly. China has a large share in mining pools, however in the past months some pf them have been shutdown for stealing electricity to power the computers required to solve the mathmatics which builds blocks in the blockchain. the longer it takes to produce blocks the slower the transaction becomes.

There has been talk of fork to update the blockchain but there is no consences for this. Implimentation might also prove challenging due to its widespread distribution which perversly adds to it security.

Waiting in the wings is a new coin Mycryptocoin (MCC), which brings together the best of bitcoin and ether, but using Proof Of Stake(POS) to replace mining as all coins will be allocated at launch. Smart contract and application csn be run on the blockchain. Owners walletscan hold MCC and these can be brought and sold within the wallets with links to all other ccyptocurrencies, banck accounts, cards and other payments sytems such as paypal. Truely a one stop wallet complete with its own Visa card.

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 TODAY


Take the first step now by registering your interest at

Then remember to come to our webinar @ 1000 and 1300Hr hrs MT on Thursday 22rd December (Use enter Denver as location 1 and your own location to check your local time)

Join our live Webinars Every DayFor times and Webinar logins on go to the Markethive calendar:

Direct access to our webinar room is at: https://www.TheHiveRoom

David Ogden
Owner @ My CryptoWorld



2017 Will Be The Year For Cryptocurrency

2017 Will Be The Year For Cryptocurrency

The world is becoming more aware of how using cryptocurrency can not only save you money but is the quickest way to transfer money around the worlds on top of that the actual value of the coins rises over time compared with paper currencies.

Many governments do not recognise cryptocoins as currency with the result that they are not taxed, until such time as you move them from your wallet and place them in a bank account.

There are  a growing number of South American, African and Asian counties who are starting to use the like of bitcoin because all they need is a phone and internet connection to use cryptocoins.

January 2017 will see the launch of Mycryptocoin, which has developed a new blockchain ,built on the experience of bitcoin and etherium. Which will enable faster transaction speeds, no need for miners, plus a number of built in applications for commerce, which some people are referring to as bitcoin 2.0

MyCryptoWorld is a crowdfunding venture, behind the ICO launch, which closes on the 31st December and the billion mycryptocoins will be fully allocated in January to people holding it tokens.

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 TODAY

Take the first step now by registering your interest at

Then remember to come to our webinar @ 100hrs MT on Tuesday 20th December (Use enter Denver as location 1 and your own location to check your local time)

Join our live Webinars everyday days: For times and Webinar logins on go to the Markethive calendar:

Direct access to our webinar room is at: https://www.TheHiveRoom

David Ogden
Owner @ My CryptoWorld


Financial Education 2.0 | Why MyCryptoCoin (MCC) is Bitcoin (BTC) 2.0


'The People Digital Currency'

Be Your Own Bank !






Are you a newbie in FINANCIAL-ECONOMY 2.0 ? Learn about here … 

Watch Videos about HIDDEN SECRETS of MONEY | FREE Financial Education Training–100-failure-fiat-currencies-vs-100-success-goldsilver–big-reasons-for-debt-collapse–blockchain–bitcoin–currency–fast-and-simple-steps-to-be-your-own-bank–frequent-questions-about-cryptocurrencies

To be updated visits links below …​

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 

For details :

For webinars (on the right column of this page) and contact me


To your success,

José Angel Delgado

HTW Program & HighTrafficWealth


How To Protect & Increase Your Wealth

FREE Financial Education Training



Uses Public 'hybrid' blockchain digital ledger

Bitcoin : The best investment return in last 5 years        



Uses Private blockchain digital ledger (propietary)

Instant transfers of physical gold ownership between

parties on the platform. Third party custodian (vault) 


Gold : The world's oldest asset class and the XXI century's best performing currency                                 


Financial Education 2.0 | Frequent Questions About Cryptocurrencies






Are you a newbie in FINANCIAL-ECONOMY 2.0 ?  Read this first …–blockchain–bitcoin–currency


Frequent Questions (

1 – How do I store my Bitcoin safely?

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.

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 

For details :

For webinars (on the right column of this page) and contact me


To your success,

José Angel Delgado

HTW Program & HighTrafficWealth


How To Protect & Increase Your Wealth

FREE Financial Education Training


Uses Public blockchain digital ledger


Uses Private blockchain digital ledger (propietary)

Instant transfers of physical gold ownership between

parties on the platform. Third party custodian (vault) 




Crytocurrency was boosted As Key Figure Joins Bitcoin Startup

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 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.

Dennis Roeder
Skype: daroeder