How a Brand New Technology is Going to Change the World of Banking

In first world countries, it is natural to assume everyone has a bank account. The banks are omnipresent and can be found nearly everywhere there are consumers. Because of this, we don’t really take the time to think about what a potential substitute for the banking system would be if they weren’t present in a certain space.

So what’s the most likely alternative to going to a bank or ATM to do your banking? Using your mobile phones. The GSMA released a report in February of 2017 that forecasted the number of unique individuals subscribing to mobile services would reach 5 billion by the end of 2017. That represents more than 70% of the population and outlines a huge target market.

With the number of bank accounts that have active means of payment around 1.2 billion, there is a clear opportunity for mobile service providers who are capable of facilitating payments.

Matter of Necessity

Most people use banks because they need to, not because they want to. Banks are the socially acceptable way to store and invest money, and people naturally gravitate towards the easiest solutions.

Banks currently provide this easiest solution, but if someone figured out how to move this solution to be housed purely on mobile devices, a lot of users would follow. Most of Western civilization is tethered to their phones these days, and they are also resistant against going to the bank when there is an easier solution in the palm of their hands.

Banks know this and have tried to shift as much of their services to online banking and mobile banking as possible. This is a priority for them, but at the same time, it takes away their competitive advantage of having invested large quantities of money in their physical infrastructure. In short, the move to mobile creates an even playing field for future players.

Bringing New Users to Market

So if we only have 1.2 billion of the 5 billion current phone users able to use banking, how can we bring these new users to market? The answer is shockingly simple. Everyone already prefers to deal through their phones, and these people all have mobile phones.

The real trick is determining how to facilitate the payments made through phones. Right now there is no company people are willing to trust their money with enough that isn’t a bank. Banks have mobile applications, but you need to have access to a brick-and-mortar store to gain any utility from them, which negates a lot of their utility in these underserved markets.

By creating a new platform that all mobile phone users have access to for their banking and mobile payments needs, a company would be able to relay that growth into other fields. The person paying bills via a certain app is more likely to use that application for borrowing money or investing savings. And the beauty of it is all of these consumers currently don’t have access to any of these services.

Blockchain as the Facilitator

This opportunity may sound great, but previous technical limitations have made it impossible to execute on. The major change which has occurred in the last several years is experimentation with blockchain technology. It has become clearer and clearer that the technology has a place in our future, and mobile payments are a natural application of it.

Blockchain technology functions as a decentralized log of all the transactions that occur. Rather than having a central server and facilitator of transactions, the entire network is devoted to handling transactions. This helps cut costs and maintain the transaction logs in a much more efficient way, which leaves a powerful opportunity open for the taking.

In the mobile payments space, Telcoin is the current frontrunner. They have built a strong framework upon the Ethereum platform and employ smart contracts in their design. It is still early days, but if they can address the overall need of the market for an alternative to the traditional banking system and its infrastructure, there is a major opportunity to be capitalized upon.

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Source: newsbtc
How a Brand New Technology is Going to Change the World of Banking

iPhone 8, Bitcoin and Sex Scandals Top Google Trends

The pervasiveness of Google in our everyday lives means its search trends have become a cultural barometer, giving insights into our collective curiosities and preoccupations. For 2017, this hi-tech navel gazing has thrown up everything from hurricanes to iPhones, bitcoin to celebrity sex scandals. This year’s top trends were published Wednesday in Google’s annual Year […]
Source: bitcoinwarrior
iPhone 8, Bitcoin and Sex Scandals Top Google Trends

India: Officials “Survey” Nine Crypto Exchanges

Just a month after the Indian Supreme Court issued a warning to the financial interests of the nation, “surveys” have begun on nine of the country’s cryptocurrency exchanges. An undisclosed source explained to local news outlet DNA:

“We are collecting the name of investors and their transaction details. The survey under Section 133A of the Income Tax Act, is being conducted for gathering evidence for establishing the identity of investors and traders, transactions undertaken by them, identity of other parties, bank accounts used, among others.”

The “surveys” began early this morning and targeted 12 premises associated with prominent Bitcoin companies. The operation was countrywide with properties in Delhi, Bengaluru, Hyderabad, Bombay, Kochi, Hapur and Gurugram being singled out. These included buildings used by popular exchanges Zebpay and Unocoin.

A photographer for Business Today who was witness to the events unfolded at Coinsecure in Bangalore claimed that computers were seized, servers taken control of, and staff detained.

Cryptocurrencies do not have legal status in India, however, they are yet to be outlawed. That said, the central bank has issued several warnings to those buying, selling, and transacting using digital currency. Bloomberg report that as recently as December 5, the Reserve Bank of India had issued a statement saying that exchanges were not permitted to operate in the country.

Despite the legal grey area in which they exist in India, like elsewhere, digital currencies like Bitcoin, Ether, and Litecoin are proving immensely popular. In a country that has had such financial strife at the hands of corrupt bankers and politicians, it’s hardly surprising that efforts at genuinely sound money are capturing the imagination of citizens. According to another of DNA’s unnamed sources, the country’s cryptocurrency exchanges have been adding over 3,500 new users a day, and downloads of digital currency-related wallet and exchange software have exceeded 800,000.

Just yesterday, the federal government in India set up a panel to decide how Indian law should treat cryptocurrency. It’s chaired by Subhash Chandra and members include the chairman of the Securities and Exchange Board, and the Reserve Bank of India’s Deputy government. Chandra is the country’s Economic Affairs Secretary. Based on the composition of the panel, today’s events, and previous statements from the RBI, it’s thought to be unlikely that any form of endorsement of cryptocurrency is forthcoming from the Indian Federal Government.

 

Image: ShutterStock

 

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Source: newsbtc
India: Officials “Survey” Nine Crypto Exchanges

Mt Gox Creditors Petition the Court to Get Full Distribution of Bitcoins

Mt Gox Creditors Petition the Court to Get Full Distribution of Bitcoins

Within the cryptocurrency community, the Mt Gox legal proceedings have been a very topical subject with a court case that has been dragged out for four years. Now a group of creditors are pleading with the Tokyo court to change the bankruptcy case to civil rehabilitation.

Also Read: Bitcoin’s Price Rise Brings Mt Gox Closer to Solvency 

The Curious Case of Mt Gox and 200,000 BTC

Mt Gox Creditors Petition the Court to Get Full Distribution of BitcoinsBitcoin has increased in value exponentially, and Mt Gox creditors want their share of the gains. According to reports, claimants now believe that the former trading platform’s assets outweigh the current liabilities. The firm is mostly controlled by the exchange’s CEO Mark Karpelès who is currently under investigation for embezzlement. In addition to the company’s branding rights and assets, the Tokyo based court trustee for the Mt Gox legal proceedings presently possesses over 200,000 BTC (US$3.4Bn). Karpelès found the funds after the exchange went under losing over 800,000 BTC (US$13.5Bn).

Petitioning the Court for Civil Rehabilitation  

A petition was filed with the Tokyo courts that asks the Japanese bankruptcy officials to move the case into a different type of legal process called civil rehabilitation. If the case was changed to civil rehabilitation, then creditors could possibly receive all their funds in full which would be pro-rata per claimant. At the moment the way things are written by the Mt Gox trustee and the Tokyo court system claimants will only receive $450 per BTC. Moreover, at current prices, Karpelès could receive over $2Bn after the liquidation sale at current prices.

Mt Gox Creditors Petition the Court to Get Full Distribution of Bitcoins
The former CEO of the now defunct bitcoin exchange Mt Gox. Mark Karpeles wants to revive the business with an initial coin offering (ICO) and may also get $2Bn from the bankruptcy case.

The Aim of Diversified Representation

Mt Gox Creditors Petition the Court to Get Full Distribution of Bitcoins
Kolin Burges, the founder of Mtgoxprotest.com, and member of the creditors group petitioning the court.

According to a source close to the matter, the court system and trustee are considering the civil rehabilitation changes. Many creditors are not happy that Mt Gox’s shareholders, and Karpelès might be credited 173,000 BTC after losing all their money. Recently news.Bitcoin.com reported on the well-known owner of the website Mtgoxprotest.com, Kolin Burges, who has explained many times in the past that he’s not pleased with the way the bankruptcy case is unfolding. Burges is a member of the creditors group petitioning the court alongside Daniel Kelman, Josh Jones, and an unknown claimant. The team has drafted a creditors “constitution” and roadmap for how they are handling the civil rehabilitation petition.

“These are the founding members who are getting this thing off the ground, and any participation as voting members will be discussed during the consultation period — Kim Nilsson will be an advisor,” explains Burges.

We will appoint more committee members during the consultation period, this will be done with creditor participation and based around the aim of diversity of representation.

What do you think about the Mt Gox bankruptcy proceedings? Do you think the creditors should get a more fair share? And what about Mark Karpelès receiving over $2Bn from the liquidation sale? Let us know what you think in the comments below.


Images via Pixabay, Reuters/Toru Hanai


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Source: bitcoin.com
Mt Gox Creditors Petition the Court to Get Full Distribution of Bitcoins

Bitcoin Price Analysis: Bitcoin Rests at Tipping Point Before Deciding Next Move

Bitcoin Price Analysis

Bitcoin prices have currently stalled out in the $16,000s as the market decides if it wants to continue the ravenous bull trend or go through a more corrective phase. In the last 30 days, the price of bitcoin has doubled — entering into what most traditional market analysts would deem “bubble territory.” Bitcoin’s growth has been so rapid, it has managed to break north out of a parabolic trend to form an even more aggressive parabolic shape known as a “hypodermic trend.” Let’s take a look at the macro view of bitcoin and see if this trend is sustainable or ripe for a correction:

Figure_1.JPGFigure 1: BTC-USD, 1-Day Candles, Macro Trend

The image above shows a multi-year, parabolic envelope that, until recently, has guided the bitcoin bull market. Within the parabolic envelope we see a strong linear channel (shown in purple) that has provided very strong support and resistance through much of the bitcoin price growth. At the end of November 2017, however, bitcoin price growth was so strong, it managed to break out of both the linear and parabolic trends and form a more aggressive price trend: a hypodermic trend.

Figure_2.JPGFigure 2: BTC-USD, 60-Minute Candles, Hypodermic Trendline

The solid red line represents an aggressive support line that has guided this new, aggressive price growth out of the parabolic envelope. As of the time of this article, I am monitoring a trading range very closely as it nears this hypodermic trend. A breakdown below this hypodermic trend represents a diminished trend of demand in the bitcoin market, and it could ultimately lead to a local top on for BTC-USD. Paired with this hypodermic breakdown is a breakdown of the trading range (shown in blue) that has a span of approximately $5,000. A breakdown of a trading range that large would have quite a meaningful market reaction and is likely to see a profound correction before bitcoin buyers step back in.

However, before we get all doomsday-esque, it’s important to remember that distribution phases and reaccumulation phases are quite similar in shape and are called “evil twins” of one another. It’s entirely possible we could see new all-time highs out of bitcoin but, given the weak and anemic follow-through of each all-time high breaching the trading range, I am inclined to lean less toward accumulation and more toward distribution.

As always, volume will be a huge indicator in this process; a great telltale that we are, in fact, in an accumulation phase will be volume growth coupled with price growth. If we begin to push new highs and we see a volume growth trend combined with it, there will be a great sigh of relief from traders as this pairing will indicate increasing demand and diminishing free-floating supply in the market.

Summary:

  1. The price of bitcoin has doubled in the last month.

  2. The price growth has been so aggressive that it has broken north of a parabolic trend it’s been well-confined within for 3 years.

  3. Bitcoin is at a crucial point as it currently decides whether it wants to move up or down in price.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Bitcoin Rests at Tipping Point Before Deciding Next Move appeared first on Bitcoin Magazine.


Source: bitcoinmagazine
Bitcoin Price Analysis: Bitcoin Rests at Tipping Point Before Deciding Next Move

Trade.io Announces Upcoming Tier Change For Its Trade Token, Having Amassed Over $15.5 Million in Funds & 7,000 Participants

13 December 2017, Zug Switzerland: trade.io  has announced that more than $15.5 million has been raised for the ICO since its launch, plus more than 6,000 participants have subscribed to join the trading revolution. Now in full swing, and in the midst of its ICO period, the company will be changing tiers on its Trade Token (TIO) thereby increasing value from 1 ETH = 900 TIO to 1 ETH = 800 TIO. This change will occur on 14 December 2017 08:59 CET.


This news closely follows the announcement of the board to acquire a US-based broker/dealer, as well as the launch of a string of partnerships with blockchain industry leaders including HitBTC and the University of Nicosia. HitBTC will be listing the trade token (TIO) on their exchange in mid-January 2018, and the company will be sponsoring an incubator at the University of Nicosia – known as “the Bitcoin university” – and the first academic institution worldwide to publish academic certifications on the blockchain.

With more than $15.5 in funding already, the company has already far surpassed its soft target which enables it to build out the technologies that it has committed to its early adopters, including Primus Capital Markets, FXPrimus, and others.

Most attractive for existing token holders, however, is the opportunity for them to participate in a growing Liquidity Pool. An innovation in blockchain circles, the liquidity pool enables eligible participants to benefit from successes of the company, by receiving regular rebates in fiat or ETH.

CEO, Jim Preissler commented on the announcement:

We have been overwhelmed by the support of the community and by the sheer volume of people wishing to join the trading revolution. Never resting on our laurels, we continue to proactively push forward with new partnerships and new innovations in order to add value for our existing participants who form part of our industry-leading liquidity pool.

trade.io ICO ends on 4 January 2018, and the next tier change will occur on 14 December 2018.


Images courtesy of trade.io

The post Trade.io Announces Upcoming Tier Change For Its Trade Token, Having Amassed Over $15.5 Million in Funds & 7,000 Participants appeared first on Bitcoinist.com.


Source: bitcoinist
Trade.io Announces Upcoming Tier Change For Its Trade Token, Having Amassed Over .5 Million in Funds & 7,000 Participants

Markets Update: Bitcoin’s Price Takes a Quick Dive

After hovering around the $16,500 zone for most of the day on December 12, bitcoin jumped in value to around $17,100 during the early hours of December 13. Bitcoin markets were coasting along in that range for a few hours, and then around 12 pm EDT the price started heading south and dropped one deep leg down to the $15,400 territory. At the moment the price has rebounded, and bullish traders are desperately trying to command prices ranges above the $16K region.

Also Read: Lightning Network’s New Infrastructure and Interoperability

Bitcoin Markets See Turbulent Price Swings

Bitcoin markets and the cryptocurrency’s price has been exciting to watch as spectators around the world wonder what will happen next. At the moment bitcoin core (BTC) markets are recovering from a massive dip that took place around midday eastern standard. The price is hovering around $16,000-16,200 after falling nearly $1,500 in value over the past two hours. Volume is high as global trade volume has seen roughly $13bn over the past 24 hours. The top five exchanges swapping the most BTC volume are Bitfinex, Bithumb, GDAX, Bittrex, and BTCC. The drop also sent many other digital assets into the red zone as they followed bitcoin’s temporary dive. The top ten digital currency market capitalizations have bounced back as well with only a few of them still nursing their wounds.

Technical Indicators

Looking at the charts shows that bulls have a lot more work to do if they want to grasp prices they held earlier this week. Looking at order books on the sell side shows there are some significant walls to hurdle above the $16,500-$17,000 range. However, on the flip side, the backdrop of buy walls show some stronger foundations, but traders should be careful if the price breaks below $15,250.

Markets Update: Bitcoin's Price Takes a Quick Dive Dropping 5 Percent
BTC trade volume has seen roughly $13bn over the past 24 hours

The short-term 100 Simple Moving Average (SMA) is way above the 200 SMA which means the price will likely see some more uptick northbound. RSI and Stochastic oscillators still show oversold conditions, but both indicators have been telling this story regularly. The most prominent hurdle bulls face will be three key zones which include $16,500, $17,200, and $17,500 in order to break new ground.

Markets Update: Bitcoin's Price Takes a Quick Dive Dropping 5 Percent
The price of bitcoin core (BTC) touched a low of $15,400 and bounced back to the $16K range shortly after.

Digital Asset Markets Closing In on a $500 Billion Market Cap

Three out of the top five digital assets with the largest market caps have recovered from bitcoin’s price dive. The three cryptocurrencies doing slightly better include ethereum, bitcoin cash, and ripple. Ethereum (ETH) markets are up 15 percent as the price per ETH is around $700. Bitcoin cash (BCH) has had a pretty decent day as markets are now up over 5 percent with one BCH priced at $1,600. The currency ripple (XRP) probably had the best day out of all the cryptocurrencies on December 13 as one XRP is now $0.45 after gaining over 70 percent in value. Lastly, litecoin (LTC) is down 6 percent and the price per LTC is roughly $300 at the moment.

Novogratz Says Sell Your Litecoin and Sees Bitcoin Hitting $40K While Cboe Futures See a Low

Bitcoin proponents and community sentiment still seems fairly positive, and many still believe the price will see even more all-time highs this coming year. For instance, the macro hedge fund manager at Fortress Investment Group, Michael Novogratz, is more optimistic about bitcoin after seeing litecoin’s recent spike. According to an interview with CNBC, Novogratz says he would sell litecoin holdings after LTC spiked over $300, and sees bitcoin reaching $40,000 in a mere two months.

Markets Update: Bitcoin's Price Takes a Quick Dive Dropping 5 Percent
Cboe futures hit a low on December 13.

However other mainstream investors don’t seem so confident as Cboe’s bitcoin-based futures markets are way down. After skyrocketing to a high of $18,650, futures markets are now seeing lower predictions in the $16,750 price range. On the first day of Cboe’s bitcoin futures trading markets were halted due to a large price swing. The same thing happened today on December 13 as the sudden drop in value had Cboe’s bitcoin markets cease operations temporarily. 

Bitcoin spectators, skeptics, proponents and avid cryptocurrency enthusiasts have no idea what will happen next, but it’s safe to say most of them have been glued to the market action over the past few weeks.

Where do you see the price of bitcoin heading from here? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Cboe, Bitcoin Wisdom, and Bitstamp.


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Source: bitcoin.com
Markets Update: Bitcoin’s Price Takes a Quick Dive

The Bitcoin.com Wallet Celebrates a Million Downloads This Week

The Bitcoin.com Wallet Celebrates a Million Downloads This Week

This week the Bitcoin.com Wallet has reached a milestone of over 1 million wallet downloads since the software was introduced in August. Our developers have added bitcoin cash functionality recently, and our download numbers have exploded after the initial implementation. Interest in cryptocurrency over the past few months has increased our wallet’s growth exponentially, and Bitcoin.com is always striving to be the leading destination for all your digital asset needs.

Also read: 3 Easy Steps Guide to Get Our Wallet on Your iPhone or Android

A Million Wallets Downloaded in Just a Few Months

The Bitcoin.com Wallet Celebrates a Million Downloads This WeekThe multi-cryptocurrency Bitcoin.com Wallet is growing quite popular as a non-custodial wallet that stores bitcoin core (BTC) and bitcoin cash (BCH). The client is available for multiple operating systems including Mac, Windows, Linux, a Google Chrome extension, Android, and Apple’s IOS. The Bitcoin.com Wallet puts users in control of their private keys so they can be sure no third party has access to their funds. Alongside this, the wallet’s codebase is open source and available on Github for code review. Chief Officer of Operations at Bitcoin.com, Mate Tokay, is thrilled with the million downloads milestone, stating:

“A million wallets downloaded in just a few months is incredible,” explains Tokay. “You can really see how cryptocurrency is growing more popular every day with metrics like these.”

Additionally, since we added bitcoin cash functionality to our wallet’s software, we’ve seen an intense uptick in user downloads as well. Digital assets are here to stay, and Bitcoin.com wants to help people understand cryptocurrencies, and use them in their everyday lives — The Bitcoin.com Wallet is meant to bolster that vision.

The Bitcoin.com Wallet Celebrates a Million Downloads This Week
1 million wallets and growing!

Creating a New Digital Asset Wallet Using Our Software is Easy and User-Friendly

The Bitcoin.com Wallet Celebrates a Million Downloads This WeekThe Bitcoin.com Wallet’s digital asset integration is seamless, and users can send and receive both BTC and BCH with ease. For instance to create a bitcoin cash wallet, click “create personal wallet” and choose the “bitcoin cash” button. In a matter of minutes, you will have a non-custodial wallet that allows you to transact with other cryptocurrency participants and merchants.

We expect the cryptocurrency fever to continue, and Bitcoin.com hopes to serve a billion users someday, and such an ambitious goal is helped along with our secure and easy-to-use wallet software. For now, one million downloads in just a few months is a wonderful milestone, showing how the world of finance is changing very quickly. Don’t miss out on the digital asset phenomenon that’s sweeping the globe! Download a Bitcoin.com Wallet today!


Images via Bitcoin.com


Check out Bitcoin.com’s Wallet that’s available for all operating systems.  

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Source: bitcoin.com
The Bitcoin.com Wallet Celebrates a Million Downloads This Week