Author: Kayla Turner (Page 10)

Cryptocurrency has been in the limelight in the last few months. We saw corporate giants like Square, Robinhood, and Paypal embrace the digital currency. Besides, we saw Singapore’s DBS bank jump into the cryptocurrency market. A few days ago, the value of the cryptocurrency has left gold and silver behind. It has now become the most popular investment avenue in the world. Bitcoin has also crossed the $14,000 (a 33 month high) mark on October, 31. Interestingly, it’s the same day on which Satoshi Nakamoto released its whitepaper way back in 2008.

It is noteworthy that the Reserve Bank of India (RBI) had banned cryptocurrency in 2018. This was due to some incidents related to financial fraud. Latter the crypto-enthusiasts had taken the matter to the Hon. Supreme Court of India. In March 2020, the apex court, through a ruling has allowed the digital currency

The Tie-up

The crypto-centric Cashaa and The United Multistate Credit Co. Operative Society tie-up has sent a positive vibe among the crypto community. Their joint venture is UNICAS. UNI from the Credit Cooperative Society and CAS from Cashaa. UNICAS is planning for the first crypto-friendly financial institution of the world. It will have physical branches for handling operations. Thus it will be the first financial group that would operate both online and offline. It is a very unique step taken by the team to deal with the virtual currency.

Cashaa is a reputed UK-based banking platform that deals with cryptocurrency. Besides, Cashaa is the trading name of Cashaa Technologies Limited. It is a UK registered company. It was among the top 50 emerging FinTech companies in the world. In recent months, Cashaa has become the world’s first global crypto-friendly banking system. After the UK, Europe, and the USA, it is now eyeing the Indian market.

The United Multistate Credit Co. Operative Society is a financial business having a good presence in Rajasthan, Delhi, and Gujarat. It is a Multistate Credit Cooperative Society. Before entering into the crypto world, the Cooperative Society had been offering different financial services. This include the likes of Mahila Shakti Bond, Kishan Bond, Pension Plan, and Education Bond. The cooperative society has a very good presence in Rajasthan, Delhi, and Gujarat. The society has 16 branches spread across these states. The total number of customers of the society is 56,000.

The Highlights of UNICAS

• Customers will become interested in their crypto deposits (in the same cryptocurrency as the deposit)
• Provision of loans against cryptocurrency
• Customers can open crypto savings accounts
• Customers can move and store cryptocurrencies directly into their accounts.
• Payments are also made possible through cryptocurrencies.
• The account holders can transact cryptocurrency. They can do it online or at physical branches.

Conclusion

In conclusion, cryptocurrency is marching ahead irrespective of economic crisis and COVID 19 situation. Gradually, it is being accepted by many top-rated global brands and several financial institutions. Awareness about the advantages of cryptocurrency among commoners has been increasing. Considering the potential of such a big market in India, this tie-up i.e. UNICAS will reign the crypto market and redefine it in days to come.

The advent of the IT revolution has transformed the way we perceived the world. It has been instrumental in bringing up a paradigm shift in the economy, medical science, defense systems, communication, space technology, and security. The creation of Blockchain and digital currency like Bitcoin is a few offshoots of the IT impact.

Blockchain has also emerged as a new catalyst that can impact our lives in various ways. In addition, it has revolutionized the banking system, business operations, health system, national security, and cybersecurity. The blockchain revolution has just begun.

What is Blockchain Technology?

A blockchain is fundamentally a digital ledger of transactions that is replicated and circulated across the whole network of computer systems on the blockchain. Blockchain is a type of DLT in which transactions are recorded with an irreversible cryptographic mark known as a hash.

Blockchain was created by a person or maybe a group who was employed under the pseudo name “Satoshi Nakamoto”. It was initially formulated for the most popular digital currency i.e. Bitcoin. However, technocrats found other avenues in using blockchain for various benefits. Blockchain has the capabilities to develop to be the foundation of the worldwide record-keeping systems.

Advantages of blockchain technology

Blockchain is a fairly recent technology that is evolving in many forms and formats. The application of bitcoin will go far beyond digital currencies like bitcoin.

It can bring more transparency and justness to systems. It is also helping companies to save money and time. Selected applications of blockchain are outlines below.

Ten major application of Blockchain

• Personal identity security
• Real-time IoT operating systems
• Supply chain and logistics monitoring
• Cross-border payments
• Voting mechanism
• Anti-money laundering tracking system
• Cryptocurrency exchange
• Secure sharing of medical data
• The real estate processing platform
• Advertising insights

Advantages of Blockchain Technology

Blockchain technology has a bouquet of advantages which are given below.

• Transparency

Blockchain stores data in a transparent way. It stores data on a distributed network. The member shares the same data on the blockchain network instead of individual copies of the matching data which cannot be updated with the agreement from the other participants. In other words, it is next to impossible to modify any information in the blocks where their data is existing.

• Security & Privacy

It is a decentralized system where there is no central authority that has absolute control over data. It implies that the third party can’t tamper with the user data at any point in time.

• Efficiency & Speed

The entire process and all the transactions are taken care of by the members involved. Promptness in processing is ensured as there is no third party involved in the dealings. It is the easiest and quickest way of sharing data or sending money.

• Reduction

It drastically reduces the processing cost as it is fast and fewer stakeholders are involved. There is no third party charges/fees, transaction fees, or any other hidden surcharge. Above all, there is no necessity for maintenance as it lacks any central server.

Conclusion

Undoubtedly blockchain has multiple applications. It has a robust foundation with a decentralized functioning system. Without a third party involvement, the members enjoy the benefits without paying to the intermediaries. The process is fast, efficient, and transparent. In conclusion, Blockchain has a bright future which has just begun!

Toyota Systems, the IT wing of Toyota Motor Corporation, is tying-up with DeCurret. It is a Japanese cryptocurrency exchange to develop a branded Toyota digital currency. On Oct. 26, Toyota Systems made an official announcement to enter into the crypto market. The Toyota- DeCurret team is planning to develop a branded Toyota digital currency.  The wholly-owned subsidiary of Toyota Motor Corporation is planning to develop and test a digital currency. This is part of a new pilot project with DeCurret.

Sources said this virtual currency piloting is starting a half-year-long company token experiment. They will begin with all staff members of Toyota Systems. Now the newly teamed up duo would initiate their journey. They would experiment with the utilization of blockchain technology and digital currencies. This will be a well-contemplated piloting initiative.

Toyota’s experiment with Blockchain and Cryptocurrency

As per DeCurrent, the pilot would be an extensive experiment involving 2,500  Toyota Systems workforce. The employees will be involved in making blockchain-based payment transactions for welfare benefits. They will also record, and manage collected data and shall focus on automation. The employees have the choice to swap these payments in digital currency for welfare points or gifts. Till now the digital currency cannot be exchanged for Yen. Toyota Systems has planned to branch out the use cases. This will be for virtual currency business dealings and supply chain management.

Supply chains are now being linked with blockchain technology across various industries.

This is not the first time Toyota Motors has made an experiment with blockchain technology. Since, May 2020, the Toyota research institute collaborated with the MIT Media Lab. They have been exploring blockchain technology to transform the mobility ecosystem.

The entry of Big Names continues…

The crypto coin and blockchain have been winning big corporate names in the last few months. PayPal has recently entered the crypto market with its high volume account holder base. Before that, we have seen the embracing of crypto by Square and MicroStrategy.

Toyota is also not the first car maker to explore blockchain and crypto. In October 2020, BMW Korea announced to run a blockchain-based token trial. It will be the first branch in the BMW Group to do so. The full launch is expected to be done by the end of 2020. In early last month, another motor company Groupe Renault started piloting its blockchain project. This was to assist compliance certification of vehicle parts. In September 2020, the US Air Force is planning to buy crypto-linked data from Chainalysis.

Big names like Microsoft, AT&T, Boatsters Black, Overstock, and Takeaway.com are already accepting cryptocurrency payments.

Conclusion

Gradually, Blockchain technology and Cryptocurrency are gaining more acceptance. This is because of their various useful features. The features that attract crypto enthusiasts are easy accessibility, user autonomy, user autonomy, and discretion. The low transaction fees for international payments, mobile payments, and flexibility are other factors. In recent months, we have witnessed the entry of big companies into the crypto market. It is expected that more names like Toyota would gradually enter into the crypto market and use blockchain to their best advantage.

Yes, DataIntelo has predicted a glorious, glowing, and glittering future for the Cryptocurrency Mining Hardware Market. DataIntelo, a top-rated market research firm has come up with a report. It talks about the past and future of the Cryptocurrency Mining Hardware market. The report, using hard statistics has analyzed different facets of the market before getting startling results. The results would help the crypto-maniacs to gauge the possible future trends. This, in turn, would contribute to their business decisions making process. The full title of the report is “Global Cryptocurrency Mining Hardware Market Report, History and Forecast 2019-2026, Breakdown Data by Manufacturers, Key Regions, Types and Application”.

It is expected that the findings of the report would help all stakeholders. This would be primarily related to cryptocurrency, especially the enthusiasts of the Cryptocurrency Mining Hardware market. It would help them to understand the requirements of the market, size of the market, and competition.

The report includes data concerning the supply and demand condition, market prospect, and the competitive scenario. It also elaborates on the hurdles for market growth, and the risks encountered by major players throughout the forecast period, i.e. 2020-2027.

Cryptocurrency Mining Hardware Market in COVID-19 era – Impact and Implications

The global pandemic COVID-19 has impacted various sectors of economics across most of the nations in the world. The report has aptly discussed how it has impacted the Cryptocurrency Mining Hardware market. It has also reflected on the implication of COVID-19 impact and how would be the future of the market. It is got to know that the CORONA situation has affected the demand and supply chain and imbalanced it. The report furthermore deals with the financial effect on financial markets, and firms.

DataIntelo has gathered insights from several delegates of the industry and got involved in primary and secondary research. This is to provide the clients with data and strategies to combat the market challenges during and after the COVID-19 pandemic.

Major  Features and Take Away from the report:

1. DataIntelo, recognized for its data precision and market reports, has used a meticulous research methodology for the study.
2. A report depicts a holistic and realistic reflection of the competitive scenario concerning the Cryptocurrency Mining Hardware market.
3. One can get a lot of information on the latest product and technological developments happening in the market.
4. Since 2015 DataIntelo is keeping a track of the market and has consolidated the required empirical data. It has also done a beautiful analysis of data to learn from the past and plan for the future Cryptocurrency Mining Hardware market.

Bottom-line

The report is prepared by dovetailing the efforts of the industry specialists and research analysts. The report is very useful to cryptocurrency enthusiasts. This is by providing extra mileage in the market with cut-throat competition. Interestingly, the report can be tailored as per your requirements covering your preferences and available region wise. Undoubtedly, the report will be beneficial to crypto fans in taking important business decisions.

Cryptocurrency reserves in top exchanges are going down. The reserves of this virtual currency are reportedly sinking to a new depth. This could be due to the considerable bitcoin reserve balance drop in some of the top exchanges. The trading platforms had much more bitcoin reserves holding a few months back. Onchain data reveals that a few exchanges have witnessed strange behavior from customers. They have regularly drained away bitcoins from exchange-owned cold wallets that amounts to as much as 187,000 bitcoins ($2.1B).

Performance of Coinbase & Huobi

Coinbase which had 1 million bitcoin under management in the last February is lowered by more than 9% due to a hefty amount of 92,000 bitcoin ($1B) that has left it in these months. The San Francisco trading platform has 908,560 BTC under its management as per the Bituniverse’s online exchange balance rank tracker findings.

News.Bitcoin.com’s reserves report was published at the end of June 2020. Since then Coinbase has loosed 3,000 BTC ($408M). In the last 3 months many high-rated exchanges, who ranks below Coinbase have also witnessed “tearing away” of their cold wallets.

Huobi is the second-largest trading platform as per the total bitcoin reserves it is holding. Since June 2020, the reserve saw a downfall as 53,000 BTC ($601M) has left it. Interestingly, Binance’s holding has not been affected so much. In these three months, its reserve has slid a little bit from 269,000 BTC to 266,000 BTC. Likewise, there is not much change in the reserve holding of Bitfinex. It is to be noted here that Bitfinex is the fourth largest BTC holder in the world.

Data shows that in the last 3 months, the top five crypto trading platforms have seen more than 187,000 BTC ($2.1B) cumulatively has moved away from their reserves.

Bitmex vs. U.S. governement

A few months back the crypto world saw the legal battle between the U.S. government and crypto platform Bitmex. Because of that, a large number of bitcoins have left the exchange. In the last three months, Bitmex’s bitcoin reserve is downed by a massive 49.55% in BTC reserves i.e. from 224,000 BTC to 113,0  00 BTC.

According to Glassnode’s “Exchange Balance vs. Bitcoin” report, the trading platforms are holding 2.7 million BTC today. The study shows that out of the 21 million BTC cap, the trading platforms hold 12.85% of all that will exist, and 14.59% of the 18.5 million BTC that is in circulation.

Top five cryptocurrency exchanges

The top five platforms in terms of BTC reserves are Coinbase, Huobi, Binance, Bitfinex, and Okex. These crypto trading giants hold as much as 1.8 million BTC out of a total of 2.7 million BTC.

In the last fifteen months, exchange balances have been nose-diving uninterruptedly. This type of lowly situation had happened in May 2019.

Change in holding by traders

According to several crypto experts and traders, this low balances phenomena on trading platforms is implying that instead of leaving funds with a third party; more traders are now storing assets in an un-protective way. The coming months are crucial to deciding upon the future growth of BTC.

Cryptocurrency will have an outstanding role in the future, but it will take more time than generally believed to be. Blockchain reduces digital transaction costs to nearly zero. This is the prime reason why it has a very undeniable role in business. Through smart contracts, the costs incurred for audit, legal, and compliance could be lowered to nearly zero. This boosts business situations and transactions. Cryptocurrency has, no doubt, become very popular among investors and financial institutions. But there would be a lot of changes in the future to make it more acceptable and legit.

The Future of Cryptocurrency

According to some economic analysts, Crypto has a very bright and decisive future. But the shape and importance will be changed as institutional money has entered the market. It is expected that crypto will be floated on the Nasdaq. If it happens, the reliability of Crypto will be furthered as a substitute for traditional currencies. To make it a reality Crypto would require a verified exchange-traded fund or ETF to be in place.  An ETF would certainly make it convenient for people to invest in Bitcoin.

The futuristic viewpoint for bitcoin is a debatable subject. However, the so-called crypto-evangelists are propagating for a brighter future for Crypto. The experts advocate that the irresistible feeling among crypto-evangelists suggests that the market capitalization of cryptocurrencies could grow to $5-10 trillion over the next five years.

Rising Inspection

The advantages could be a base for many misadventures. The decentralized feature of Bitcoin has also made it susceptible to a range of unwarranted illegal activities that include money laundering smuggling, drug peddling, and weapons procurement. In the USA, these loopholes and misuses have caught the attention of authoritative regulatory and other government agencies. The agencies that are seriously monitoring the state of Crypto are the SEC, the Financial Crimes Enforcement Network (FinCEN), the Department of Homeland Security (DHS), and the FBI.

It is to be noted here that way back in 2013 FinCEN had issued a set of laws that made it clear that the virtual exchanges and administrators should be brought within the purview of government regulation as they are operating as money service businesses. The regulating authorities have displayed their biting teeth in this regard. In 2013 itself the Department of Homeland Security made an account of Mt. Gox (the largest Bitcoin exchange) blocked on the basis of the alleged breaking of anti-money laundering laws. Again, in the month of August 2013, 22 emerging payment companies were served with subpoenas by New York’s Department of Financial Services. Most of these companies were handling Bitcoin. The authority questioned regarding their processes and required actions to thwart money laundering, warranty consumer safeguarding, and showcasing the high level of transparency.

The Prospect of Crypto

Irrespective of related discrepancies and misuses of Cryptocurrency, there lies a better future for it. Experts believe that the problems and issues faced by Crypto would be resolved at the right time. Now, it is possible that your digital destiny could be simply wiped out by a computer crash. It is also feasible that hackers could ransack your virtual vault. But it is expected that these issues and problems could be dealt with properly by introducing state-of-the-art technologies.

Although the number of traders who acknowledge cryptocurrencies has progressively augmented, their number is low. Cryptocurrencies need to be accepted by consumers in a large way so that it gains popularity and get used in various ways.

But it is hindered for their apparent complications in comparison to traditional currencies which might discourage a large number of people, excluding those who are skilled with better technological know-how. To become a part and parcel of the mainstream financial system, Cryptocurrency will have to fulfill an array of legalities and criteria.

The bottom line

Cryptocurrency is still evolving and may take a few more years to be in the right shape so that it could be treated as an alternative to conventional currencies. Experts are very optimistic about the bright future but believe that technological intervention is what is required the most now. Through innovative technologies, the problems and issues related to Crypto could be addressed. Finally, one thing is clear, Crypto is going to stay and prosper in the coming years.

Yes, “Blockchain can add $1.76 trillion to global GDP by 2030: PwC”. It’s not a speculation or a mere prediction but a revelation from a recently done study by PwC (Price Waterhouse and Coopers & Lybrand).

According to the study blockchain technology through its extensive array of use cases will prospectively contribute $1.76 trillion to the global GDP (gross domestic product) in the coming ten years. The study also proclaims that, by 2030, blockchain alone would account for 1.4% of the global GDP.

The growing importance of Blockchain

Blockchain has been one of those few topics that have attracted our attention and warranted our action during the last fifteen years. Considering its far-reaching advantages and usability there is no surprise in this astounding popularity of blockchain. The actual acceptance of this innovative technology has become visible in several sectors that include finance, banking, insurance, law enforcement, real estate, energy, supply chain management, and virtually most of the business sector.

The PwC report

The PwC report reveals that the escalating attention on blockchain technology is mainly owing to the requirement for a better and efficient system that can incorporate confidence in practices that rely on mediators. In a different survey, PwC also got to know that 50% or more of the CEOs thought the hesitant confidence in the business practices was upsetting their organization.

Blockchain is going to help organizations in multiple ways. According to PwC, blockchain will be beneficial to organizations invalidating contracts, certificates, identity documentation, agreements, and other records.

The economists at PwC have weighed up the prospect of blockchain across a variety of industries such as government and public services, healthcare, finance, manufacturing, retail, logistics, etc. PwC anticipates that, by 2025. most of the businesses operating in these industries will utilize blockchain technology in various ways.

The team from PwC has discovered that in the coming ten years blockchain will have five major uses. These uses are namely identity, attribution, disbursement and financial instruments, disputes resolution and contracts, and customer commitment.

It is forecasted that the use of Blockchain’s for attribution is going to add $962 billion to the global GDP. Through payments and financial instruments, it is expected that $433 billion will o be added. In the next ten years, the other three are expected to contribute $224 billion, $73 billion, and $54 billion, correspondingly.

The report further endorsed that blockchain will contribute $66 billion to the global economy by 2021 end. The report assessed that blockchain’s role will amplify 6.5 times by the year 2025 with a net contribution (from blockchain) of $422 billion.

The popularity, usability, and acceptance of blockchain would be different from nation to nation. China and the United States are believed to contribute $440 billion and $407 billion to their GDP through maximizing the use of blockchain by 2030. The other top hubs of blockchain innovation will be India, Germany, UK, and Japan.

The bottom line

So, undoubtedly, blockchain is awaiting its golden future when we would witness blockchain being used in an array of industries across the globe. Considering the edge that could be gained from blockchain, many developed nations including the G20 nations have dedicated resources to blockchain solutions. Blockchain is going to be a panacea for a variety of problems. The future of blockchain is going to be bright and brilliant!!!

Cryptocurrency ATM is the future of banking. With this, it is no longer surprising that there are now over 5,000 bitcoin ATMs globally, and it is expected that the number will continue to rise in the near future.

If it is your first time to hear about this kind of ATM and if you are wondering how it works, keep on reading and learn from some of the insights we’ll be sharing. 

What Can You Do with a Bitcoin ATM? 

With a bitcoin ATM, you can make bitcoin transactions. This is pretty much similar to a traditional ATM, but the main difference is that you are dealing with a cryptocurrency instead of a fiat currency. 

There are two kinds of bitcoin ATMs – one-way and two-way ATMs. In the case of one-way bitcoin ATM, you can only buy or sell bitcoins. In the case of their two-way counterparts, on the other hand, you can buy and sell bitcoins. Most of the machines available will allow you to do only a one-way transaction. If you are looking for one that will allow you to do both, Coin Cloud ATM can prove to be the perfect option. Their ATMs will allow you to sell and buy bitcoin using fiat cash. 

Using a Bitcoin ATM 

Looking for a bitcoin ATM is easy when you are online. In the case of most providers, they have a website with a “bitcoin ATM near me” feature.

When your current location has been detected, it will automatically provide a list of ATM locations that will be easy for you to access.