Connect with us

Bitcoin

Digital Currency Exchange BitTrade Purchased By Foreign Investor for $50 Million

Published

on

Bittrade

Digital Currency Exchange BitTrade Purchased By Foreign Investor for $50 Million

Asia One reported, Digital Currency Exchange Of Japan, BitTrade is purchased by a multi millionaire businessman for S$67 million (approximately $50 million).

Mr. Eric Cheng will acquire a 100% stake in BitTrade Co., Ltd, one of just 16 local digital currency exchanges to get a permit from Japan’s financial firm, the Financial Services Agency (FSA). Cheng is likewise getting hold of BitTrade’s associate organisation, FX Trade Financial Co. Ltd, one of Japan’s major forex trading firm.

According to the report of Asia One, the investment that he made, makes Cheng the primary foreign investor to have a 100% stake in a FSA authorised trading firm. Cheng stated:


“The cryptocurrency industry is growing exponentially. Against this backdrop, the key to capturing the rising demand is having a well-regulated and licensed outfit. With this Japanese FSA-licensed platform, I will work closely with the regulators to scale this platform globally.”


The teams of management of the two stages will allegedly work together to extensively scale and extend services of trading on the platforms, fortify cybersecurity measures and create more international user friendly interfaces.

Earlier, Bitrade had stated there is no strategy to change the essential business system under the new proprietorship and that services will continue to be provided.

Two of the prominent digital currency exchange scams, $532 million Coincheck hack which took place in January this year and the fall of Tokyo based Mt. Gox, have set off an undeniably strict regulatory atmosphere for digital currency in Japan. Prior this month, The FSA permit held by BitTrade as of now set forth strict rules with the financial firm presenting further prerequisites for digital currency.

For exchanges of Japan, a self regulatory body was assembled in April to give support to local operators, some of whom have clasped under the raising pressure from the FSA. However, the nation proceeds to indicate high digital currency adoption levels. Recently, a major Japanese fintech organisation reported it would release a digital currency asset exchange before this year ends.

#Bitcoin

Mt Gox: Final chance to claim, last 4 days

Published

on

Clients of the dead crypto exchange Mt. Gox must submit claims for caught funds by Oct. 22. Claim for your lost bitcoin within 4 days

Clients of the dead crypto exchange Mt. Gox must submit claims for caught funds by Oct. 22.

The exchange initially opened up the cases procedure in August, after an extended bankruptcy fight.

In June, candidates requesting their bitcoin back won a remarkable triumph, as the Japanese bankruptcy court regulating the procedures moved the case to one of civil rehabilitation, which means creditors could petition for their cryptocurrency property, as opposed to a fiat proportional dependent on cryptocurrency costs in 2014.

Bitcoin was worth under $600 at the time the exchange opted for non-payment, however, like this took off to around $20,000 in December 2017 and is about $6,552 at press time.

 

After the October due date goes, as set out in late June, Mt. Gox trustee Nobuaki Kobayashi will have a further three months to document an announcement of endorsement or dismissal.

While creditors can petition for bitcoin claims, they can’t yet guarantee continues from any of the bitcoin forks that happened since the funds were first solidified in 2014.

As per the announcement laying out the civil rehabilitation process:

 

“At this moment, we plan not to accept specific filing of cryptocurrencies other than bitcoins. Instead, we plan to deem bitcoin creditors who have filed a proof of claim for bitcoins have also filed a proof of claims for other cryptocurrencies proportionate to the number of bitcoins filed. We will post the further detailed information on this website.”

 

Both corporate and individual creditors have possessed the capacity to petition for cases starting a month ago.

Continue Reading

#Bitcoin

Latest: Bitcoin Mining Complete Analysis

Published

on

The bitter truth is that Bitcoin mining has a centralized business operation as few handfuls of Companies have taken over the Bitcoin mining industry.

Citing various possibilities of regaining decentralization in the Bitcoin mining industry.

Why do we need a Consensus?

Any particular system, for efficient functioning, must have a governance mechanism, in order to avoid exploitation of the resources. This can be related to the Cryptocurrencies, where for its smooth functioning the consensus algorithm is applied. The power of decision making is taken from an individual and distributed among the community itself, which is the inherent reason for the development of Crypto economy. Proof of Work, Proof of Stake, Delegated Proof of Stake, etc is some of the only algorithms applied. Specifically, the world’s most popular cryptocurrency, Bitcoin incorporates the Proof of Work algorithm which implies the bitcoin mining operations.   

 

Decrease in the block reward over time

Mining is very similar to the traditional Gold mining where the users utilize the computer resources in order to solve a particular puzzle generated by the algorithm. The algorithm is designed in such a way that, on solving a puzzle successfully, that particular node of the network receives something known as block reward, in the form of Bitcoins along with the total transaction fees of the transactions he or she verifies. Currently, the block reward is 12.5 Bitcoins and before that was 25 and 50 Bitcoins respectively. It is estimated that approximately, for every 4 years the block reward gets halved.

 

The dominance of Bitcoin mining pools of China

The bitter truth is that Bitcoin mining has a centralized business operation as few handfuls of Companies have taken over the Bitcoin mining industry through their extensive hardware pieces of equipment. Specifically, Bitcoin mining companies from China namely Bitmain, BTCC/BTC China, and discus fish/F2Pool. The algorithm is designed in such a way that if the number of nodes club together and solve a common problem, then the difficulty is not increased but if the same number of minors individually try to you solve it, then the difficulty of solving increases. Therefore, people in early day days preferred to join the mining pools rather than individual mining. As an uninvited consequence of which, has resulted in the centralization of the mining pools.

 

Individual mining from home is non-profitable

If you are thinking of setting up a Bitcoin mining facility at your home, then it would be an utter failure, as the returns from the operations would be negligible, compared to the expenditure for electricity and types of equipment. In fact, smaller mining pools have also been suffering greatly and a Swedish Bitcoin mining pool, KnCMiner had also filed for bankruptcy. Hence, joining major Bitcoin mining pools is only way out, but even that has its own consequence as it leads to centralization of the mining operations. In a nutshell, it is highly challenging for an individual to undertake the Bitcoin mining operations.

 

Environmental effects and cost of electricity due to Bitcoin mining

Bitcoin mining operations have become so rampant, that they are eating up electricity which can be utilized by an entire country for a year. As mining operations have skyrocketed, even the price of electricity in various countries have been increased, particularly in China as they dominate it. The electricity bill of China’s largest Bitcoin mining pool, Antminer (Bitmain) accounts for a staggering $39,000 per day. China accounts for almost two-thirds of the total computational power vested in the field of Bitcoin mining. As mining operations require lots of electricity and generate thermal energy, it has environmental hazards and creates an imbalance in nature.

 

Increased electricity costs

On citing the harmful effects of Bitcoin Mining, governments of various countries have taken a stance of regulating them. Therefore, as a precautionary measure, they have increased the prices of electricity in order to control the mining operations but this would indirectly affect the Crypto Economy, as the mining pools would be forced to reduce their operations which would indirectly have an adverse effect on the prices of Bitcoin as the transaction fees would be affected. The combined effect of all these consequences might also push the price of Bitcoin.

 

Nearly impossible to regain the sanity of Bitcoin Mining

Long story short, Bitcoin mining have slipped from the hands of people as major business corporations have dominated over the industry. Regaining back decentralization in Bitcoin Mining, as it used to be in the earlier days, is highly challenging and equally competitive.

Continue Reading

Adoption

Fortnite using Cryptocurrency: ERC20, ERC721 and more, good or bad?

Published

on

Incorporation of ERC20 and ERC721 tokens by Fortnite would effectively enable the players around the world, to utilize the cryptocurrency realistically.

Estimating the probability of introduction of cryptocurrencies within Fortnite.

Cryptocurrencies have become an integral part of the gaming industry

Cryptocurrencies have been quite popular and are actively being incorporated in almost all the domain, which entails some or the other kind of financial asset. Interestingly, the cryptocurrencies are also a crucial part of the gaming community where they are utilized by the users, to buy or sell the commodities in the virtual world. Although developed to revolutionize the real world economy of the world, the cryptocurrencies don’t stay back, when it comes to their popularity amongst the gaming community. Even Satoshi Nakamoto wouldn’t have imagined the way cryptocurrencies are being incorporated these days, apart from the economic perspective.

 

It all started with the Ethereum network

Notably, with the discovery of the Ethereum Protocol, Vitalik Buterin opened tons of gates for the Developers, Gamers, Investors, Entrepreneurs, and various other people to utilize the blockchain based template and, specifically enable the developers to develop their custom cryptocurrency project based on the Ethereum blockchain. The ERC20 protocol is effectively being used by various Decentralised applications which were designed to trade the virtual assets with real monetary value.  

 

Some favorite games using Crypto tokens

Currently, there are a lot of games which incorporate the use of cryptocurrencies within them, and the users can play games to earn cryptocurrencies. Some of the most popular ones in the list are Ever Dragon, Crypto baseball, Cropbytes, etc. However, the trend got escalated when Cryptokitties became popular, as it had blocked the entire Ethereum network. Followed by which, all the strategy and game building genre of games incorporated cryptocurrencies especially the Ethereum’s ERC20 based protocol tokens.

 

The Ethereum community is concentrated towards developing their protocols

Ethereum was a pioneer in developing non-fungible tokens which are predominantly used by the gaming community. The network has even focused upon the development of advanced versions of ERC20 protocol and hence improved the ERC721 tokens. However, much lesser known ERC1155 protocol has also been developed by the Ethereum team. The fungible tokens in games like Cryptokitties are used to buy or sell various in-game assets.

 

Should Fortnite use cryptocurrencies?

Take one of the most popular games of the current generation, Fortnite for instance. With millions of players playing Fortnite at any point in time throughout the world, they always seem to be dealing with the in-game assets due to the way they are designed. Traditionally, the users need to utilize the in-game currency known as V bucks to purchase things. But there are practical problems of liquidity, fungibility, and ownership which persist in the game, which can effectively be solved by cryptocurrencies.

 

ERC20 & ERC721 Protocols

Incorporation of ERC20 and ERC721 tokens by Fortnite would effectively enable the players around the world, to utilize the cryptocurrency realistically. Currently, the business model of Epic Games, which owns Fortnite, is concentrated towards its profit, as it controls the scarcity of the costumes, skins, cosmetics, etc. in the game. The data analysts at Epic, observe the demand and supply of various commodities within the game and respectively change them.

 

Reasons point towards a downward probability of such initiatives

Therefore, the incorporation of ERC20 or ERC721 tokens, in Fortnite might take quite a lot of time as the business model of the company is at stake. Epic might even ban the users who use the in-game assets in the secondary market. There are also various reasons pointing towards the inefficiencies, by incorporating cryptocurrencies in Fortnite. First of all, the tokens are well suited for decentralized applications such as Cryptokitties, Decentraland, etc. and as Fortnite was not predominantly developed within this genre, it would be quite challenging, to incentivize the entire game with blockchain based currencies in the upcoming updates.

 

Future of cryptocurrencies if Fortnite considers it

But, if the developers are serious about introducing the Cryptos, within Fortnite, then it would invariably take the crypto community by storm, as the vast customer base from Fortnite, would also be made available for the Crypto world. The cryptocurrencies would gain access to a broader market of the audience through this initiative and are better for the democratization of the global economy towards a bright future.

Continue Reading
Advertisement blockonix.com

Live Crypto Prices

  • BTC
  • USD
  • AUD
  • CAD
  • EUR
  • BTC
    Bitcoin(BTC) 6464.78263026
  • ETH
    Ethereum(ETH) 203.885526348
  • BCH
    Bitcoin Cash(BCH) 440.124187857
  • EOS
    EOS(EOS) 5.3573799899
  • LTC
    Litecoin(LTC) 52.9384254961
  • ADA
    Cardano(ADA) 0.0760089044
  • TRX
    TRON(TRX) 0.0240361367
  • DASH
    Dash(DASH) 154.502131606
  • XEM
    NEM(XEM) 0.0939590366

Trending