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5 Countries that are perfect for Blockchain and Crypto Startups

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There are few countries who welcomed those cryptocurrency exchanges with open arms and hence became a favorable place in the Crypto industry.

Underlying reasons for the top 5 crypto friendly nations

 

Introduction

Cryptocurrencies are being criticized by some of the most prominent figures in the industry. However, when it comes to the underlying Blockchain Technology, everyone seems to stand on a common ground on embracing the technology for better purposes. Blockchain finds its application in many Industries like HR industry, Healthcare, supply chain management, entrepreneurship, and electoral process to name a few. The Financial Institutions as well as the Governments of a number of countries have understood its potential and have come forward for the Research and Development in the Blockchain Technology as it is still in its nascent stage. They have been supporting for the Crypto based industries as they have perceived the right notion about it. Some of the most preferred countries are listed below.

 

1. Switzerland

A Central Western European country has the honors of being of the most favorable crypto place. It has been very supportive towards the Blockchain Based companies. Having one of the most stable economies is the nations Swiss Federation. According to reports, the per capita income of the citizens of the place is slightly higher than the average of the world. One of the earliest adopters of Bitcoin also entrails the most basic amendments in the cryptocurrency field in order to safeguard the interest of their people.

 

2. Gibraltar

In order to make a number of blockchain startups and cryptocurrency related companies, an official body of the government, the country’s Financial Services Commission has taken a step ahead and have issued licenses to such organizations. The country is also notable to introduce one of the first exclusive Initial Coin Offering regulation. Due to the Surge in the investments in the year 2017, the country had also warned its citizens to be a little careful with Investments. The country’s Stock Exchange has also included one of the first cryptocurrency product named BitcoinETI. Some of the experts even claim that the product is backed by an asset. The country was once also regarded as one of the most progressive Blockchain countries back in 2015.

 

3. Malta

Also known as the Blockchain hub, the country has passed a number of regulations in order to take control of the Blockchain industry. It is also well known that a stock exchange program for the development of finTech along with the cryptocurrency based startups, is strongly backed by one of the biggest crypto exchange, Binance. The exchange has officially also opened a bank account in the country. Bitbay, which was one of the leading cryptocurrency exchanges in Poland was forced to move to Malta due to strict regulations in Poland.

 

4. Bermuda

The country has no kind of tax apart from minimum payroll tax which accounts for only 10%. This feature has been taken advantage by many organizations around the world. For an instance, Google invested $10 billion in one of its subsidiaries in Bermuda in order to exempt from taxes of $2 billion. The island well known for its conspiracy theories levies light taxes on bitcoins relating to the free nature of the crypto market in the region. Bermuda Monetary Authority which is the country’s financial regulator has taken a stand to regulate the cryptocurrency field in order to prevent any misuse of the technology without hindering its development. The cryptocurrency exchange, Binance has invested almost $15 million in the country. The Anti-money laundering standards are to be implemented for the free and frictionless functioning of the cryptocurrencies.

 

5. Slovenia

The country’s lifestyle ranking in the world is at 14th position. The place is also well known for its hydroelectric and cloud mining services. Bitstamp, one of the major crypto exchanges was initiated in the region 2011. The country categorizes cryptocurrencies as virtual currencies and hence are not liable for taxes. However, citizens involved in crypto mining need to pay respective amounts of taxes. The Prime Minister of the country also made an open statement stating that he wants the country to be one of the acclaimed names in the blockchain industry.

 

Conclusion

Some of the countries by the virtue of their ban or regulation forced many cryptocurrency exchanges to depart and then there were few countries who welcomed those cryptocurrency exchanges with open arms and hence became a favorable place in the Crypto industry for all the Crypto startups and operations.  

#Scam

Bitcoin Giveaway Scam: High Profile Twitter Accounts Hacked

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A team of cybercriminals hacked the twitter accounts of some famous retail business accounts on twitter to promote another cryptocurrency giveaway scam.

A team of cybercriminals hacked the twitter accounts of some famous retail business accounts on twitter to promote another cryptocurrency giveaway scam. These include the twitter accounts of retail industry giants Target and The Body Shop. The hackers are believed to be poor in English writing as the scam messages are usually written in a poor language. The hackers targeted a number of verified Twitter accounts.

The tweet on Target’s Twitter account read:

Target-Twitter-Hack

After which a few hours later when the team realized that their account had been hacked, they posted another tweet stating that their account was inappropriately accessed for posting a bitcoin scam:

 


Apart from Target, a number of other accounts such as The Body Shop, Universal Music Czech Republic, Toledo Rockets, the Agriculture, Horticulture Development Board and UNHCR Serbia account were also targetted by the hackers.

The hackers seem to be quite expert as it is quite surprising how a good number of verified Twitter accounts were all hacked at once. Earlier, the hackers used to clone the accounts rather than directly taking over the accounts.

In a recent case, a group of hackers had cloned the account of Cap Gemini Australia and replaced the name with Elon Musk and posted a similar bitcoin scam message stating that Elon Musk was giving away 10,000 BTC to all his community:

elon-musk-twitter

 

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#Bitcoin

Bitcoin Cash Fork Explained, Forking the Fork on 15 November

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A "wait and see" approach can be the best way to profit during the Hard Fork. Small investors should stay safe and not "dump" their BCH for BTCABC and BTCSV

The upcoming Bitcoin Cash BCH fork is what everyone is talking about. It is scheduled for tomorrow, 15th November.

Bitcoin came into existence in 2008 when Satoshi Nakamoto released the Bitcoin Whitepaper and the aim was to make a peer-to-peer electronic cash system. In 2009, Satoshi released the code for Bitcoin. Satoshi left the project in 2013 and vanished from the Bitcoin world, not to ever come back again. He handed over the project to a small group of developers.

It is believed Satoshi Nakamoto might have Hard-Forked the original Bitcoin code multiple times in the early years, after which multiple coders and developers joined and started working on the Bitcoin code.

 

Issues within Different Teams, welcome Bitcoin Cash

Right after Satoshi vanished, consensus issues started arising between different teams/developers who wanted to implement different upgrades in the current codes. There was no consensus mechanism that can help everyone to agree on an upgrade.

Fast forward to 2015-16-17, we have thousands of developers writing code for Bitcoin, divided into certain teams. Some people wanted “Bigger Blocks” and some people wanted “Lightening Network” for example. The fight between different “features” led to developers divide into teams. In 2017, the first major Bitcoin Hard Fork happened that led to “Bitcoin Cash” and the original blockchain started being referred to “Bitcoin Core” or just “Bitcoin”.

 

Forking the Fork

On November 15, the forked Bitcoin Cash is being forked again. Two teams being “BitcoinABC” and “BitcoinSV” or Bitcoin Satoshi Vision. the two groups of teams are updating the Bitcoin Cash in a certain way. Craig Wright or Faketoshi leads one team of BitcoinSV, others are on the side of the BitcoinABC side. This split is very similar to the 2017 Hard Fork of the original Bitcoin.

 

The Real cause for the Forks

It is presented to the public as a political drama and technical details for the fork, but the main cause of such forks is a lack of a formal governance process to help everyone agree on how to upgrade the software. A governance process can be a formal voting process where everyone can come to a common agreement. It can be similar to the elections. This governance process does not mean that we need a government involved in the process, but it means there has to be a process where everyone can agree on a decision based on a majority vote. This lack of a process for a “final decision” is the key cause of Hard Forks, which are usually portrayed as technical upgrades for normal people or investors, who do not care of all small technical issues.

 

Profit Opportunity during/after the Fork

In 2017 during the Bitcoin Fork, many investors bought BCH in the hype created and gradually lost their investments during the process. A “wait and see” approach can be the best way to profit during the Hard Fork. Small investors should stay safe and not “dump” their BCH for the hype created by media and the two teams. As an individual investor, I consider the second version of BCH as a “bonus“. What do you feel about my thinking process? Your comments are welcome below.

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#Bitcoin Cash Price Analysis

Bitcoin Cash BCH Price Analysis: Can BCH break $520 level?

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BCH price is still struggling to break the $530 and $540 levels. A significant resistance level between $515 and $520 could not be broken.
  • Hourly RSI is below the 50 level.

  • Hourly MACD is in the bearish zone for BCH/USD

  • Major Support Level: $500

  • Major resistance Level: $520

 

Key Points:

  • BCH price is still struggling to break the $530 and $540 levels.
  • A significant resistance level between $515 and $520 could not be broken.
  • BCH price is at risk to drop below $500 support level.

At press time, Bitcoin Cash price is trading at $514 against the US dollar.

 

Bitcoin Cash Price Analysis

BCH price is at risk to move below the $500 support level. BCH/USD pair has remained in the bearish zone, and although it tried to break the resistance level of $530, it failed. A low was formed yesterday at the level near $495, breaking the $500 level temporarily, but the price was soon pushed back to above $500.

 

 

If the price of BCH is successful in breaking the $525-$530, the price can move up, but it is unlikely. The 50% Fibonacci retracement level of the last fall from $560 to $494 has also prevented gains.
All in all, the bearish trend continues today as long as key resistance levels of $520, $530 are not broken.

Taking a look at the chart for BCH/USD, we can see a lot of pressure under the $510 level.

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