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Bitbay Plans To Move to Malta After Not Receiving Assistance From Banks In Poland

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Bitpay

Poland’s largest digital currency exchange, Bitbay, has planned to discontinue its operations in the nation as banks will not be of assistance to the organisation, the exchange reported recently. The trade will rather be directed by another provider in the Republic of Malta, where domestic laws are more cooperating towards digital currency.

According to Bitbay their business in Poland is dependent upon receiving services from national banks, however the last Polish bank which was ready to provide assistance to the exchange chose not to cooperate with the exchange.

Bitbay will end the client contract to give services, within a notice time of one month which ends on September 17. Clients will not be allowed to access their accounts in Polish złotys (PLN), but the other operations of the exchange will be active. After the notice period ends, clients will still allowed to draw out funds, while all trading activities with the exchange will be shut down in Poland.

As indicated by the official statement, clients will have the ability to make new accounts once BitBay continues their activities in Malta. The exchange will be led by another provider, yet will utilise the bitbay.net domain and trademark of BitBay.

Bitbay’s migration comes in the midst restrictions from the Polish government towards digital currencies. Despite the fact that Poland is officially identifies cryptocurrency mining and trading, the government’s take over digital currencies in the recent months has  become more disapproving.

This year in May, the Polish Financial Supervision Authority (KNF) submitted a tender of around $173,000 to plan and direct a web-based campaign concentrated on the threats related with digital currencies,  forex trading and pyramid schemes. Earlier in February, the Central bank of Poland paid around $25,000 to generate an anti-digital currency video in a joint effort with Polish YouTube network Gamellon, Facebook Ireland Limited and Google Ireland Limited.

#Gambling

Bitcoin Still Stays Strong: Gamblers Prove

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The latest research from 1xBit indicated that cryptocurrency gamblers are doing just fine in terms of the overall bearish cryptocurrency market.

Despite the cryptocurrency gambling is a relatively new sphere, it causes more and more interest among the cryptocurrency stakeholders. The latest research from cryptocurrency gambling platform 1xBit indicated that cryptocurrency gamblers are doing just fine in terms of the overall bearish cryptocurrency market.

According to 1xBit, Bitcoin remains the most popular and widely used cryptocurrency among the gamblers and digital asset traders, despite the market falling. 1xBit is a well-known Bitcoin sportsbook and casino platform that allows users to withdraw, deposit and place bets on a wide range of sports. It doesn’t deal with fiat money, only with cryptocurrencies.

 

Another Bitcoin Rivals

The 1xBit’s latest updates were connected with adding XRP and TRX to the platform, which gained great popularity due to their low transaction fees and fast transaction speed, making them a perfect payment solution for crypto-gamblers.

Ripple is a famous cryptocurrency platform, designed primarily for payment systems. XRP is using to deliver payments between countries, businesses, avoiding unnecessary financial, time and labor costs. But it is also a perfect payment method for gambling. The transaction confirmation time for XRP is around 4 seconds, that is particularly important for live betting, where nearly every second counts. Also, this cryptocurrency provides full anonymity – you don’t need to provide your personal data to top up your wallet. On 1xBit website players can register with no need to provide any personal information and all the payments are made in cryptocurrencies, that guarantees your anonymity.

The second newly-added cryptocurrency became Tron (TRX) – one of the largest and most valuable tokens on the cryptocurrency market at the moment. Tron, which is an open-source global digital entertainment protocol, was originally created as a solution to a specific problem. But in a short period of time, it attracted the attention of investors. One of the recent examples is BitTorrent, a pioneer peer-to-peer technology for sharing files on the internet, which announced that it is creating its own cryptocurrency, based on the TRON protocol.

Despite these recent innovations, Bitcoin still remains the most dominant cryptocurrency on 1xBit by the total number and volume of bets.

 

Bitcoin Doing Well

The statistics were collected by 1xBit from their user base to analyze the gambler’s behavior on the platform. It shows that during the recent Q4 crypto crash and market falling by over than $100 billion, gamblers continued to place bets normally as before, despite the collapsing value of all 21 cryptocurrencies available there. Moreover, in the last quarter of 2018 the number of bets placed on the 1xBit platform – in the US dollar equivalent – were almost the same. This data reveals that crypto users appear to be less concerned about high volatility and poor crypto asset performance, but much more concerned about how much of a return they could make in the equivalent fiat value. Based on this research it’s clear that the crypto-gambling sector will be strong despite the price action on the markets.

Interestingly, more detailed studies indicate that 53% of the website clients preferable use Bitcoin for betting rather than in Ethereum (26%) or other cryptocurrencies. It means that Bitcoin still remains in great request.

But what about other cryptocurrencies? They are used but much less in comparison with Bitcoin. For example, the volume of bets in Litecoin is only 8%, while bets in Altcoin amounts to 7% and in Dogecoin amounts to 6% of overall bets on 1xBit.

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#Scam

ICOs Keep Failing: How Not to Fall for a Scam

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There are, however, 5 good indicators showing whether or not an ICO is a scam, and if these raise alarm bells, it is probably best to find one that doesn’t.

If you have been trading in the cryptocurrency arena for the last few years, no doubt you have come across ICOs. For those of you who aren’t in the know, an ICO is initial coin offering made by new cryptocurrency projects. Typically, these offerings are made by way of crowdfunding as a means to draw investment to kickstart the currency effectively and provide traders and investors with the opportunity to pick up potentially valuable tokens at a discounted rate.

The tokens are sold on the premise of a successful launch with investors being able to cash in if the project is successful by selling their tokens in the future. So far so good, ICOs are providing a solid base for investment with the opportunity to make generous returns when the platform is live.

The problem is that ICOs are often scams. In fact, it was estimated by ICO advisory group Statis that 80% of all ICOs that went to market was in fact scams set up by fraudulent individuals looking to make a lot of money and disappear as quickly as they had emerged.

That does mean, though, that 20% of all ICOs are legitimate and profitable, but with 4 out of 5 being outright scams, how can you tell the good from the bad? And how can you make sure your investment is with an ICO that could yield lucratively in the future?

5 Ways to Identify an ICO Scam

To start, it is important to highlight that there is no fool-proof way in determining whether an ICO is a scam or not. In an ideal world, scammers would be easily identifiable, but the problems arise due to the sophistication employed by scammers to get investment. There are, however, 5 good indicators showing whether or not an ICO is a scam, and if these raise alarm bells, it is probably best to find one that doesn’t.

 

Tip #1 – Understanding the Development Team

This is critical and should be your first concern when considering whether an ICO is a scam. Development teams for these projects often have good track records that are independently verified through third-party sources. This is primarily because it is very rare that a grass-roots ICO project with no development history or credentials would be legitimate.

Familiarize yourself with the team behind the ICO, “google” their head office, check their educational and business history on LinkedIn. If a development team or individuals behind the project have already contributed productively to the crypto world then it might be a key indication that they are legitimate.

 

Tip #2 – Get to Grips with the Whitepaper

An ICO whitepaper is very much like a business plan. It should identify the key areas that the ICO is looking to address, how it intends to achieve its goals, and more importantly, it should outline any concerns that the developers have. This last point is something that scammers often overlook as they don’t wish to perpetuate any negative connotations attached to their offering. This is because they want as many people on board as possible.

A legitimate whitepaper will highlight areas that the developers are wary of as well as ways in which they intend to combat them. It will show careful planning and contingencies being put in place from the outset.

If the whitepaper seems too good to be true, it likely is!

 

Tip #3 – Examine the Token

The offering for an ICO will be made through either a token or some tangible currency system. If an ICO has been set up honestly, it will be relatively straightforward for investors to view the system and token performance. This information should be accessible so that you can discern how a token has performed over time as well as view current performance.

Marry this information up to the claims and projections in the whitepaper, is it feasible that the token can achieve results in the way that the developers are claiming it can?

If you can’t track token’s performance at all, it is a clear indicator that something is not right about the ICO and you should move on to the next one.

 

Tip #4 – Take Everything with a Pinch of Salt

Tying back in with the feasibility mentioned in the previous point, always err on the side of caution when evaluating the company’s claims. If an ICO looks very attractive, but after evaluation of its performance you have been discouraged by borderline or poor performance, it is best to steer clear rather than expect a turnaround.

Cryptocurrency, in general, is rife with exaggerated claims and hype, only legitimate platforms retain value regardless of this. So it is very important you trust your gut instincts when deciding if a particular project is for you. If something doesn’t look right or doesn’t ring true, don’t make excuses for why that might be and move on instead.

 

Tip #5 – Spread Your Risk

Even the most seasoned investors have fallen for ICO scams. This is because they often appear very real. It is worth mentioning that you should never put all of your capital into one ICO but rather look at other offerings and balance out investments to find a dynamic that not only works for you but protects you if one is a scam.

If you have been caught out by a scam, think carefully about the process you employed when selecting that ICO, establish where you went wrong or what can be done differently. If you can’t do that, it is perhaps best to steer clear of the ICO market and look to other fantastic opportunities in the crypto world.

Some ICOs have had incredible success, but the ICO market is currently littered with poor ICO options that are purely there to rob you. Always be inquisitive, ask questions and make sure you feel comfortable before investing.

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#Blockchain

Top 10 Friendly Countries for Blockchain Startups

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While some countries are allowing blockchain startups to set up legally, while some are in no mood. Here are the top 10 countries for blockchain startups.

Blockchain has been a revolution in the digital market for the last couple of years. It has occupied an important place in the digital currency revolution. The growth of technology has touched various fields such as smartphones, vehicles, shipping and a small sector in the sector of banking.

Although there is no country in the world which is not aware of this technology, there is a huge difference of opinion among countries regarding this revolution. There are various factors a blockchain startup has to look up before deciding it as a host country such as the jurisdiction regulations of the country, political views, tax system etc as these factors are going to affect the growth of any startup. While some countries are allowing blockchain startups to set up legally, while some are in no mood for any such beginning in the country and there are also some countries which are not sure about it.

 

Let us take a glance at the top 10 friendly countries for blockchain startups:

 

1. Malta:

This small Mediterranean country is on the verge of becoming the ‘island of blockchains’. The beginning of all these was when the biggest cryptocurrency exchange of world, Binance chose to inaugurate its office in this country. Also, they have informed all to set up a ‘crypto’ bank on this island.

Malta has been improving and enhancing new regulations that are friendly for blockchain startups. The country is so much dedicated to this technology that even the head of the country, the Prime Minister has predicted that the country will be the best place for this kind of startups throughout the world. The regulations are mainly focussed to evolve and encourage the investors to start this kind of projects in the country.

 

2. Switzerland:

The settling up of a crypto valley in one of its town, Zug, is sufficient to describe how much amiable this country to blockchain startups. It is one of the famous center of blockchain technology across the globe. Adding to the ice, they have imposed a tax-free regulation for the investors who want to invest in this kind of startups. Apart from it, their laws and regulations are very attractive and appreciated by investors as well as developers.

It has been the host of several blockchain projects including DFINITY, Xapo and of course, Ethereum. The privacy rules and protection of data are also appreciated by the blockchain startups.

 

3. Japan:

Japan is one of those countries which have approved cryptocurrency such as Bitcoin as a legal tender. It has been home of several blockchain traders, even some of the stores in the country have no problem in taking payments from users as Bitcoin currency. After six months of recognizance of cryptocurrency as legal, Japan is now accountable for more than half of total such trades.

Although there are various regulations regarding blockchain startups, they are friendly and easy to be acceptable and it’s not difficult to stary sich any startup in the country.

 

4. Singapore:

This country is a home of a huge number of triumphant startups in the field of blockchain technology. This country is nearer to two super giant technology rival countries Japan as well as China which makes it a more suitable center for startup of blockchains. The rules and regulations of this country are also very amiable and favorable bt the cryptocurrency. It has already a lot of exchanges of blockchain currency. So if a blockchain startup is willing to start and want to be in touch of both China and Japan clients and government, Singapore is the best country.

 

5. Belarus:

Two years back itself in 2017, this country made several rules and regulation affecting blockchain and crypto industry. As per these laws, they have made these digital currencies as the legal one in the country. The restrictions in the trade related to blockchain technologies are so friendly that the investors almost feel free to start any such startup or invest in this kind of organizations. Also, as per the rules, these kinds of trades are tax-free in the country until 2023. Due to the friendly rules and success, it is one of the preferable countries for blockchain startups.

 

6. Estonia:

Estonia is a developing country which has always tried to adopt new technologies in order for the benefits of the people and finance of the country. It has imposed several acts that attract the investors of the country as well as other countries to set up a blockchain startup in this country. It has declared itself to be a remarkable country in blockchain technology very soon. Also, they have established a new kind of citizenship known as e-residency which also attracts blockchain startups.

 

7. South Africa:

This country has depicted a tremendous interest in blockchain technology. They have made the crypto transactions as legalized one in the country. They have made several initiatives in order to attract the investors to start such startup in South Africa. The rules and regulation related to this crypto market in this country are also not so harsh, they always tend to welcome these industries. It is becoming as one of the most profitable countries for blockchain startups in Africa subcontinent.

 

8. Denmark:

Denmark has already announced a regulation stating complete relaxation in tax for any kind of blockchain trade. It is one of the most amiable countries for welcoming these types of startups in the country. The rules of the country are very friendly for the crypto industry making it one the interest for blockchain startups.

 

9. United States:

When it comes to adopting new technology in the market, this country is always in the front. The rules and regulations vary across different states of the country. Despite the oppose in some state, there are Bitcoin ATMs in the country. The friendly states of the county, Montana, Texas, etc. have very amiable regulations while welcoming the blockchain startups. Apart from it, no other country in the world can be better for any technology to start other than the US itself.

 

10. United Arab Emirates (UAE):

This Arabian country is also one of the most friendly nations. They have already used their own digital currency since 2016 and now welcoming global cryptocurrencies. The jurisdiction is very cooperative towards the blockchain and crypto industry. They are planning to be the first country in the world as a government powered by blockchain by next year. Due to these reasons, UAE is also one of the most preferable countries for blockchain startup.

 

The market conditions of countries continue changes. The expansion of crypto and interest in blockchain startups is so high that many countries are willing to accept it in their country. There are various factors to establish the startup in the country and initial requirement would be an amiable regulation and legalization. Apart from above-mentioned countries, UK, Sweden, China, South Korea etc. are also preferable.

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