BTCC plans to expand into South Korea next month

The first cryptocurrency exchange to have launched in China is now on the move. BTCC, which was previously called BTC China, is preparing to expand into South Korea, according to a report in The Investor.

The exchange anticipates offering beta services by the end of this month and will then make an official launch sometime in November. The BTCC website indicates that its South Korean operations will include a trading platform, a mining pool, a wallet service and even a consumer payments platform. The company adds, “BTCC is establishing an on/offline payment system using cryptocurrency… [and is] is expanding services for real-life use.”

In Hong Kong, where BTCC is now headquartered, investors are able to trade in five cryptocurrencies against the US dollar. These include Bitcoin BCH, Bitcoin Core (BTC), Ether (ETH), Litecoin (LTC) and DASH. There was no word if the same digital currencies will be supported on the South Korean exchange.

According to the new BTCC Korea CEO, Lee Jae-bum, “Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”

BTC China has been around since 2011. It was previously one of the top-ranked exchanges in the country until regulators and China’s central bank began to crack down on crypto operations. The exchange closed its doors in September of last year, but started to see new life this past January after it was purchased by a blockchain investment fund out of Hong Kong. Along with the purchase came a rebranding to BTCC, a new mining pool and the Mobi cryptocurrency wallet. Its trading platform cranked back up this past July.

The expansion into South Korea comes at a time when regulators are tightening the screws on the cryptocurrency industry. Several high-profile exchange hacks, coupled with allegations of fraud, have led authorities to take a strong position against crypto. However, lawmakers are now working to provide better oversight and are prepared to define cryptocurrency exchanges as “crypto asset exchanges and brokerages.” This will “recognize [them] as regulated financial institutions,” instead of as “communication vendors,” their former classification.

In November, South Korean regulators are also expected to deliver their decision on the initial coin offering (ICO) space. ICOs have been banned since September of last year, but that ban could be lifted next month.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post BTCC plans to expand into South Korea next month appeared first on Coingeek.

Read More

Bitcoin: Speculation vs. The Big Picture

The cryptocurrency plunge since December 2017 has not been forgiving on the stomachs and wallets of digital currency speculators. Full disclosure just for the sake of piquing interest, I’m not one of those. I did have a very small amount of Bitcoin (BCH) I happened to earn over the course of 2017 essentially by accident for simple lack of any other way to get paid for my services. I did absolutely nothing with it. It went up like crazy, and I sold it mid 2017 and bought a car, because why the hell not? I was up triple digits. I still have the car. I like to tell myself that had I held on to the Bitcoin and sold in December I would have been a millionaire, which would have been true, technically on paper, but would I have sold? I like to tell myself of course yes because I’m a genius, and imagine that all my worries would have been over. It makes a great story. But who am I kidding? I’d have probably cashed out after the crash in dejection and bought the same godforsaken car.

That story haunts me now and probably will for the rest of my life. I’m sure many reading this have similar stories. How many people actually sold at the top? Very, very few, all of whom I’m sure are convinced that they are absolute geniuses now, many of whom will lose it all on some other wild speculative venture drunk off the heady illusion that they are, in fact, speculative geniuses. Every so often though, I see the light, or at least I imagine that I do. The truth is, I’m just one person. There is so much more happening here than the personal fortune of any one specific human being, myself included.

Anyone the least bit invested in the cryptocurrency industry understands this is more than just a speculative game. Everyone from retail traders to institutional investors on both sides, both haters and enthusiasts who track the price of Bitcoin with an electron microscope and hope that their theories are confirmed by either its skyrocketing to infinity or plummeting as close to zero as possible, are missing the point. This is not, primarily at least, a game where those who can guess where the most volatile asset class in the history of the world is going, end up rich. That’s just an infinitesimal fraction of what’s going on here. Let’s just keep in mind that digital currencies have only existed for less than a decade. We’re still in the immature speculative baby phase here.

So what’s really going on in the bigger picture? Let me try to plot it for us all.

By far, the single absolute most important invention in the history of human economic activity has been the invention of money itself. An indirect method of exchange, no matter what it happens to be, is responsible for the entirety of economic advance since the era of the cavemen. This cannot be overstated. The fact that we can work together as a single species (sometimes) rather than as exclusively warring tribes of wild humans, means that we can trade with one another, exchanging good for good, instead of bad for bad, as in total war. We can actually work together, improving everyone’s standard of living on this planet. But in order for this to be possible, we need a measure of account. This is money, the basic unit of account we use in order to measure how much good X produces in exchange for how much good we get from Y. Money makes it all possible.

But money is becoming more and more poisoned as governments, now with nearly complete control of its supply, find more and more ways of skimming off the top of its value. If governments were in direct control of the supply of food, or shelter, or clothing, they would be overthrown. Control of the money supply is even more important than those three because it controls all three human basic needs, but since it is indirect, as money is indirect exchange, few realize how they are bent to poverty because of the absolute control over the supply of money. So central banks continue on their merry way.

The PhD academics who we are all supposed to consider geniuses, most of whom come from failed investment ventures rescued by government (read the personal history of former Fed Chair Alan Greenspan for example) or else have never even been part of the private economy at all, call this “monetary policy”. This is an Orwellian term from the centralized control of the quantity of money by vested interests we are required to consider “independent” and “benevolent”. Fah.

Now let’s get to the point. The point is, until the advent of Bitcoin, there has never been a way to verify monetary transactions without a Central Bank-controlled middleman, which are their lackey banker goons. Now there is a way. That doesn’t mean the medium won’t at first have some, or even a lot of, volatility. It simply means that there is a way now, in principle, to bypass the oligopoly. It exists. We can all cheer that.

When I say that word, “oligopoly”, I am aware that I sound like one of those Alex-Jones-type conspiracy theorists who mouth off sophisticated-sounding terms that make me look smart and conspiratorial, and you’re all supposed to be amazed. Instead of leaving it at that though, let me bring that term back down to Earth. An oligopoly happens when a specific group of power-privileged elite, the “oligarchs”, through political and personal connections, control an entire industry. There can be competition between these oligarchs, yes, which makes it slightly less disgusting, but all the rest of us without connections are left out and have to pay their price. As time goes on, the oligopoly becomes more and more concentrated. Let’s see that on a graph and lay it bare. Down below is the number of banks in the United States since 1971, when the US went off the gold standard and money supply came exclusively under the control of a connected group of bureaucrats and nobody else.

Bitcoin: Speculation vs. The Big Picture

Since 1971, the number of banks in the US has contracted from about 13,000 to below 6,000. This is the numerical meaning of oligopoly. More and more power in the hands of fewer and fewer people, over time. And as the number of banks goes down, so their fees go up. According to the World Bank, the global average for remittance fees is now 7.45%. Banks in particular are at a whopping 11.2%! Click on that link and you’ll see that the percentage has been going down since 2008, but that’s only because of decreasing interest rates, themselves manipulated by central banks. Compare that to a chart of Bitcoin BCH transactions fees, and the price differential is nothing short of insanity. The average Bitcoin BCH transaction fee is $0.017 for an average transaction of just under $17,100. That’s  8.19 X 10-7, or .000000819, or .0000819% compared to 11.2% for the average bank fee. Transferring money by bank is about 100,000x the cost of transferring money through Bitcoin. Let that soak in.

That’s how much we’re being robbed, just in commission.

Here’s another chart from Ron Paul showing real wages on the same timeframe.

Bitcoin: Speculation vs. The Big Picture

But there is an even bigger point than that absolutely crazy price differential for money transfers. Think government enforced capital controls, the starving masses in countries where monetary policy has gone completely off the rails. People are dying because of this, nothing less than that.

Governments enact capital controls when they don’t really feel like suffering the consequences of their reckless “monetary policy”. That means they printed too much money and now they have to pay for it through increased interest rates, negatively affecting their ability to borrow money ad infinitum with little to no immediate consequence. So they prevent people from moving money out of the country who fear that their capital is rapidly eroding. Which it is. So the people lose money and the government ends up relatively unscathed. That’s why governments lock down their national banking systems in times of crisis. It’s a moral outrage.

High bank fees are nothing compared to a government’s ability and willingness to enforce capital controls. Bitcoin and other cryptocurrencies destroy their control over the money supply, and render ineffective their ability to enforce capital controls, at least in principle. The unfettered movement of capital means that those governments that were reckless with their own money supplies can no longer pass on the consequences to their hapless citizens while they eat spiced venison in their palaces. Think Venezuela and Turkey, Zimbabwe and Argentina.

The bigger picture here is not the speculative price of Bitcoin whenever it finally settles, whenever and wherever that may be. That may be important for our personal fortunes, but it means nothing in the bigger human picture. The bigger picture is that we have a method of instant payment that is out of the hands of government. Wherever it stabilizes, and it will at some point, is where it can start serving as a method of stable capital transfer across borders. This will help enormously in dissolving artificial political boundaries that promote nothing but inane nationalism and senseless war. Just as money itself has done so long ago in enabling international trade in the first place, cryptocurrencies will eventually enable international trade independent of government control.

Allow me to come clean now. I am no Bitcoin enthusiast. I am simply a decentralization enthusiast. Personally, I am a gold bug because I fear government’s power to smash cryptocurrencies if they feel threatened enough to do so. But that doesn’t mean I’m not rooting for Bitcoin, too. I really hope it succeeds just so we can simply trade with one another without capital controls or monetary policy or any of the other tools that governments throw in our path in our simple efforts to improve our lot in life on Earth together.

So forget about your personal fortunes and how much money you’ll make in this speculative game, where the bottom may be or anything else other than the shared human effort to further trade, fairly and truly, which starts with fair and honest money, whether gold, Bitcoin or whatever the preferred medium may be. The human race is being robbed by banks, oligopolized by governments. The tool is here. When it settles, that’s when we can start living more independent of banks, and hopefully, eventually, trade without banks entirely, with no fractional reserve institutionalized cheating or anything else. Just honest money.

Rafi Farber writes for CoinGeek.com’s sister site CalvinAyre.com where he analyzes shares and investments in publicly held gaming companies. You can read his column every Tuesday.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Bitcoin: Speculation vs. The Big Picture appeared first on Coingeek.

Read More

Coinbase to provide ‘global’ selection of tradable cryptocurrencies

California-based cryptocurrency exchange Coinbase announced a change to its process of listing cryptocurrencies as part of its efforts to increase trading options for users.

In a blog post, the exchange said that it would now allow users, through Coinbase Listing, to submit their applications for virtual currencies to be traded in the platform. Such listing requests will be entertained “in a jurisdiction-by-jurisdiction manner,” depending on local laws. “In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time,” Coinbase said.

The exchange said the changes were a way to deal with “now thousands of digital assets of all types, including coins, tokens, forks, stablecoins, and collectibles” being offered worldwide. “With this shift in process, our customers can expect us to list most assets over time that meet our standards,” according to the Coinbase team.

Currently, the exchange already offers Bitcoin Cash, among other cryptocurrencies that include BTC, ETH, ETC and LTC.

Coinbase said that such an increase in assets for trading meant “we will also begin communicating with a wide variety of asset developers and ecosystem participants. As always, all employees of Coinbase will continue to be subject to trading restrictions and confidentiality obligations to ensure the integrity of our platform.”

Coinbase’s Dan Romero, in explaining the move, told CNBC, “Ultimately, crypto is a global phenomenon. You have software developers and entrepreneurs around the world building products on top of crypto, and it’s unlocking a lot of use cases, particularly in emerging markets. I think we need to shift as a company to a more global perspective.”

Matthew Beedham from online tech magazine The Next Web noted that the “jurisdiction-by-jurisdiction” approach would mean “some new digital assets won’t be available to customers based in the U.S. due to stricter regulations.”

Coinbase recently announced the opening of a new office in New York, in which about 150 employees will be hired throughout next year. The expansion is intended to cater to institutional clients located closer to Wall Street.

The exchange is one of several companies that have expressed an interest in launching an exchange-traded fund (ETF), although this still depends on regulators, who have yet to approve an ETF application, giving the go-signal.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Coinbase to provide ‘global’ selection of tradable cryptocurrencies appeared first on Coingeek.

Read More

Brazilian brokerage to launch crypto exchange

Brazil’s largest independent brokerage firm Grupo XP has made plans to put up a cryptocurrency exchange in the country, to take advantage of high demand for virtual currencies, according to Bloomberg.

Grupo XP CEO Guilherme Benchimol said at an event in Sao Paulo that of the over 200 million people in Brazil, about three million are already holding BTC, while only about 600,000 are invested in stocks.

“I must confess, this is a theme I’d rather didn’t exist, but it does. We felt obligated to start advancing in this market,” Benchimol said.

Grupo XP is the owner of XP Investimentos, that offers brokerage services for stocks and various funds.

The planned cryptocurrency exchange, dubbed XDEX, will have 40 employees, and will allow for the trading of BTC and ETH.

News outlet Blockchain Focus noted that XP Investimentos had registered the ‘XP Bitcoin’ mark back in October 2017, prompting speculation that the firm was interested in expanding into cryptocurrencies. It had also registered ‘XP Coin Intermediacao’ in August 2017, which would later become XDEX.

Benchimol’s pronouncement is timely, coming just as the Brazilian government’s antitrust watchdog, the Administrative Council for Economic Defense, begins an investigation on whether the country’s banks had abused their power by limiting cryptocurrency exchanges’ access to financial services, after reports from some exchanges that banks had closed their accounts without due explanation.

The banks, such as Banco do Brasil, Banco Bradesco and Itau Unibanco, have claimed to be merely following anti-fraud requirements, as implemented by the country’s central bank, and that many exchanges have been unable to provide sufficient client data.

Last month, Brazilian exchange Atlas Quantum was hacked, wherein private information of over 264,000 users was compromised. The exchange, however, denied that any funds were stolen.

Last July, it was reported that members of an international criminal network were using BTC to transfer millions of dollars. Twelve individuals in Brazil were arrested in connection with this.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Brazilian brokerage to launch crypto exchange appeared first on Coingeek.

Read More

OKCoin lists five new cryptocurrencies trading against USD, BTC and ETH: XRP, Cardano, Stellar, Zcash and 0x

Expands its licensed exchange to include five new fiat-to-crypto and token-to-token trading pairs

SAN FRANCISCO — September 19, 2018 — OKCoin, one of the world’s leading digital asset exchanges, today announced it has listed five new popular convertible virtual currencies on its exchange, including XRP, Cardano (ADA), Stellar (XLM), Zcash (ZEC) and 0x (ZRX). US traders and institutional investors in applicable states can now buy and sell these five convertible virtual currencies safely and securely through OKCoin’s licensed trading platform. The five new convertible virtual currencies will be paired against fiat (USD), Bitcoin and Ethereum.

Fiat-to-Token Pairs

The five new convertible virtual currencies will be paired against USD and available for trading to California residents. This addition adds to OKCoin’s rapidly growing stable of convertible virtual currencies paired against fiat, which also includes Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin.

Token-to-Token Pairs

The five new convertible virtual currencies will be paired against Bitcoin and Ethereum and available for token-to-token trading in 21 US states.

“We are very pleased to welcome these five new cryptocurrencies and all of the communities that trade them,” said Tim Byun, OKCoin USA CEO. “As we build out the broadest set of financial products on a globally regulated exchange, we are committed to expanding the trading pairs for our customers, while bringing tokens to the exchange that offer utility, value and demonstrable use cases. Today’s announcement signifies a giant step forward for the entire ecosystem.”

XRP

An independent, decentralized digital asset, XRP settles payments in 3-4 seconds and can scale to handle 50,000 transactions per second, which makes it the best digital asset for cross border payments. Ripple, an enterprise blockchain company, uses XRP in one of their products – xRapid – to help banks and payment providers source liquidity on demand.

Cardano (ADA)

Cardano is a decentralised public blockchain and cryptocurrency project that is fully open source. Based on a project that began in 2015 as an effort to change the way cryptocurrencies are designed and developed, Cardano’s focus is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users.

Lumens (XLM)

Lumens are the native token of Stellar, an open network that allows any currency or asset to be digitally issued, transferred, and exchanged over the internet. The Stellar public ledger has a built-in order book, pathfinding algorithm, and network token that together allow assets to move seamlessly between participants. With investment from payment company Stripe and a partnership with IBM, Stellar is an open-source, decentralized protocol for the transfer of value globally.

Zcash (ZEC)

Zcash is the first open, permissionless cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography. Aiming to make transactions more private than other cryptocurrencies, Zcash allows users to selectively disclose private information such as the sender, recipient and amount being transacted.

0x (ZRX)

Enabling the creation of a decentralized exchange, 0x is an open source protocol designed for exchanging any ERC20 token on the Ethereum blockchain in a fast and cost-effective way. The 0x protocol facilitates the exchange of a growing number of Ethereum-based tokens including currencies, game items, and many more digital assets.

About OKCoin

Founded in 2013, OKCoin is one of the world’s first and largest regulated digital asset exchanges. OKCoin provides traders and institutions with a fiat-to-token trading platform for digital assets including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Cardano, Stellar, Zcash and 0x. Offering fast trades and industry-leading expertise and support, OKCoin’s mission is to help eliminate trade barriers and improve transaction efficiency while complying with the highest regulatory standards in the US and the world. Headquartered in San Francisco, OKCoin has a global footprint with offices around the world to serve its growing community and customer base. For more information, visit www.okcoin.com.

Media Contact

Matt McAllister

Fluid PR & Communications

(510) 229-9707

matt@fluidspeak.com

The post OKCoin lists five new cryptocurrencies trading against USD, BTC and ETH: XRP, Cardano, Stellar, Zcash and 0x appeared first on Coingeek.

Read More

BCH White Wallet and White Pay

The White Company has expanded its White Wallet Cryptocurrency Trading platform to include the ability to buy and sell Bitcoin Cash (BCH) with fiat using USD, Euro, and GBP. The platform is notable for not having any fees or limits on the amount of cryptocurrency or fiat that can be traded, deposited, or withdrawn.

The addition of BCH also extends to the White Company’s crypto merchant processor, White Pay. Now, merchants will be able to accept BCH along with other cryptocurrencies for goods and services, while receiving guaranteed next business day settlement in fiat funds of their choice (USD, GBP or Euro). Merchants benefit from significantly lower fees than credit card processing while appealing to crypto holders who want to use them for everyday purchases. White Pay is already a solution for auction houses, car dealerships, art galleries and online gaming.

Bitcoin Cash joins BTC, ETH and XLM as cryptocurrencies which users can buy or sell with fiat through White Standard stable coins, 100% USD, GBP and Euro backed coins which are third-party audited and fully redeemable at all times at 1:1 for 1 USD, GBP or Euro. White Standard allows consumers and businesses to pay anyone, anywhere, in seconds for free, enabling all the benefits of blockchain cryptocurrency without the volatility.

“The White Standard stable coin serves as the basis of a fiat backed crypto economy,” says Elizabeth White, CEO of The White Company. “Since BCH is a very popular cryptocurrency for payments, purchases and investing, it provides great synergy for us to work with BCH to allow users to easily purchase BCH with fiat”.

The post BCH White Wallet and White Pay appeared first on Coingeek.

Read More

Coinbase to hire over 100 employees as part of Wall Street growth

California-based Coinbase recently opened a new office in New York. Coindesk reports that it will cater primarily to institutional clients and currently operates with 20 employees. In anticipation of extreme growth, the company has said that it will hire an additional 150 employees over the course of 2019 as it continues to grab a hold of Wall Street.

The market downturn has not resulted in a downturn in interest. Institutional investor demand is on the rise and is expected to pick up even more. According to Coinbase Institution General Manager Adam White, “When we saw the market begin to correct, which we all expected, institutions didn’t lose interest. It was exactly the opposite. They look at it as an opportunity to enter when things are not too frothy.”

The company’s local staff was recruited from traditional financial entities—Citigroup, Barclays and the New York Stock Exchange, for example—operating on Wall Street. This has given Coinbase access to “an incredibly deep pool of talent.” According to White, “We have to create a bridge between financial services and technology. In order to do that, we need to pull from some of the best and brightest minds that have worked their whole careers in other kinds of traditional financial firms.”

Despite a focus on institutional investments, Coinbase clarifies that it isn’t neglecting the retail investors. Christine Sandler, the company’s head of institutional sales, told CoinDesk, “We want to partner with appropriate institutions to help the whole ecosystem grow. It’s not ‘institutional or retail,’ because a lot of these institutions will be distributors.” She added, “We’re committed to not being a U.S. company.”

Coinbase is also looking to expand its operations globally “pretty quickly.” It began forming a team to staff a new office in Tokyo last summer and has also applied for certification with Japan’s Financial Services Agency (FSA).

While Coinbase is expanding, other cryptocurrency exchanges have been shrinking. Earlier this month, Kraken laid off 57 employees, or around 10% of its workforce, across North America. However, the exchange’s CEO, Jesse Powell, still expects to add more personnel this year, possibly growing his team to as many as 1,000.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Coinbase to hire over 100 employees as part of Wall Street growth appeared first on Coingeek.

Read More
Top
You have not selected any currencies to display