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Rumor: Unocoin is launching Crypto ATMs in India

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Unocoin, one of India's cryptocurrency exchanges, leaked shows that the company might be on the verge of launching Cryptocurrency and Bitcoin ATMs in India.

Is Unocoin India launching Cryptocurrency & Bitcoin ATMs in India?

Some images and videos of Unocoin, one of India’s cryptocurrency exchanges, leaked shows that the company might be on the verge of launching Cryptocurrency and Bitcoin ATMs in India. The leaked photo of the ATM shows that Bitcoin, Ripple, Ethereum, Bitcoin Cash and Litecoin can be transacted through the ATM.

One such video is:

 

Unocoin’s main competitor, Zebpay shut down in September

Zebpay, which was a major player in India’s cryptocurrency space, announced on September 28, about its shutdown.

 

Privacy and anonymity (Bitcoin ATMs)

Genesis Coin along with General Bytes are some of the leading Bitcoin ATM manufacturers around the world. Bitcoin ATMs are preferred over LocalBitcoins because they provide higher anonymity to the users as they don’t have to meet someone and interacts only with a machine. They even provide privacy to the users as they do not have to deal with huge cryptocurrency exchanges for their conversions. Any problems that arise due to the technical faults of the ATM can be reported to the respective ATM providers in order to reimburse the loss. Hence it is highly secure.

 

Bitcoin ATMs are here, for our rescue. Buying the future cryptocurrency has been made very simple and fast due to the Bitcoin ATMs

Bitcoin ATMs are here, for our rescue. Buying the future cryptocurrency has been made very simple and fast due to the Bitcoin ATMs

 

Bitcoin ATMs are available only during the business hours, unlike the cryptocurrency exchanges which are available 24/7. However, they are still preferred because almost 40% of the world population doesn’t own a bank account which is a prerequisite in order to transact cryptocurrencies on an exchange.

 

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Can Cryptocurrencies be the solution for the 2020 predicted US Recession?

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JPMorgan Chase has predicted a 60 percent chance for the next US recession to happen by 2020. Can crypto be a viable solution to existing stores of value?

JPMorgan Chase has predicted a 60 percent chance for the next US recession to happen by 2020. In a global market crash, can crypto be a viable solution to existing stores of value?

“The probability of a U.S. recession inside one year is right around 28 percent, and rises to more than 60 percent over the next two years, researchers wrote in a note this week. Over the next three years, the odds are higher than 80 percent, as indicated by the note,” Bloomberg reported.

 

Why Do Experts predict a Recession?

As indicated by the Federal Reserve Bank of New York, there exists a mere 14.5 percent chance of a recession happening before the end of 2019.

Stephen Stanley, the chief economist at Amherst Pierpont, suggested that 2020 could be considered as a premature period for the next US recession to happen yet he echoed a comparative sentiment to JPMorgan in that while the US economy remains solid with low unemployment rate and a bull market, the danger of a recession in the years to come exists.

Generally, the larger part of economists in the US forecast a recession to happen in the next a few years. David Altig, Federal Reserve Bank of Atlanta research director and NABE’s survey chair, disclosed that 66% of business economists in the US expect the market to crash before the end of 2020, for the most part, due to trade issues.

“Trade issues are clearly influencing panelists’ views,” Altig stated, expressing that trade issues and high-interest rates imposed by the Fed leave US markets vulnerable to a mid-term crash.

 

Is Crypto the solution?

Amid a period in which numerous economists forecast a market crash and a noteworthy recession in the next two years, the demand for crypto has increased quickly.

While not portrayed by the prices of significant cryptocurrencies, financial institutions, for example, Fidelity, Goldman Sachs, and Citigroup have established the infrastructure to target institutional investors intending to invest in the advanced asset market.

Banks and investment firms have prevented from establishing businesses in the cryptocurrency sector due to the absence of regulatory certainty in the market. Experts have stated that the suddenly emerging trend of major financial institutions entering the crypto market suggests the demand for crypto from investors in the traditional finance sector has increased quickly in the previous several months.

As Jim Hamel, portfolio manager at Craftsman Global Opportunities Fund explained, the computerized payments industry has experienced exponential development in recent years, which could normally lead investors to cryptocurrencies.

“There are a number of tailwinds adding to this trend. In the first place, we’re seeing fast development in e-commerce, which requires that customers be able to make secure advanced payments. The development in cross-border transactions and the general effect of an increasingly globalized marketplace are helping accelerate this trend.”

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Bitcoin Core Client Controvercy, BitMEX vs Bitcoin Core Client

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The Bitcoin Core client has always been in the news for its controversies or bottlenecks. Therefore, it is a fantastic step taken by Bitmex.

Why do we need updates concerning Bitcoin clients?

Bitcoin has many controversies revolving around it, and so does Bitcoin Core Client. However, history has been evident that the one which is the most valuable is also the most controversial one. To keep up with the changing times, many upgradations have been done to the Bitcoin skeleton. Many updates regarding the Bitcoin transactions. size of the Bitcoin blocks etc, to keep the Bitcoin network viable enough to be used.

 

What is Bitcoin Core client?

A Bitcoin client is a node which is required by every user who wishes to join the Bitcoin network. He or she is enabled to initiate transactions on the network as the client provides a Bitcoin wallet. There are various versions of Bitcoin clients which have been developed until now, and Bitcoin Core is the third in the list. Initially designed by Wladimir van der Laan, it requires the availability of the entire Bitcoin ledger to use its services which approximately accounts to 155 GB. However, this particular Bitcoin client has been under constant controversies for various reasons, since its inception.

 

Hardships faced by the Bitcoin Core client

Bitcoin core client was initially known as just Bitcoin. To avoid confusion, its developer decided to rename it as Bitcoin Core, but he faced a lot of criticism as people believed that this was against the idea of decentralization. Nevertheless, many Bitcoin enthusiasts supported the idea. Although Bitcoin Core governs the consensus rules of the Bitcoin network, it is not as powerful as it seems. One can very quickly shift to other Bitcoin repositories if the client becomes inefficient. This was evident when many Bitcoin enthusiasts, slipped from Bitcoin Core to Bitcoin UASF, in 2017 during the block size war.

 

Bitcoin Bitmex Research to dethrone Bitcoin core client

Bitmex has come up with a unique idea of initiating a dedicated Bitcoin client to compete with the Bitcoin Core. In their official blog post, the company also explicitly mentioned that it was solely doing it to eradicate the belief from the minds of people that Bitcoin Core controls the Bitcoin network. Specifically, it is a soft fork of the Bitcoin Core implementation. Therefore, the users need not worry about, the Bitcoin Core getting tampered, as subsequent improvements can be initiated with the new Bitcoin Bitmex research. Bitcoin Core client was considered as an excellent influencing authority which controls the market price of Bitcoin, but it is the end users to manage the Bitcoin network as designed by Satoshi Nakamoto.  

 

Lethargic attitude of developers of the Bitcoin Core client

The Bitcoin Core client is highly inefficient as the network requires the synchronization of the entire blockchain, which is enormous. Therefore, many users have been complaining in this particular regard, as it took some of them, days together to complete the process. More recently in September 2018, the Bitcoin Core client was once again in the LimeLight for it’s a critical bug which was discovered two years back, in November 2016. The problem was so delicate that would have led to a complete crash of a particular node if left unchanged. The developers took the matter seriously only now, and have updated the version by fixing the bug, from versions 0.14 to 0.16.3.

 

Bitcoin Bitmex research would be there to serve people

The Bitcoin Core client has always been in the news for its controversies or bottlenecks. Therefore, it is a fantastic step taken by Bitmex which has recently announced to release a dedicated client, Bitcoin Bitmex Research. This would be a great sigh of relief, as the customers would be less vulnerable to illicit activities that happen in the Crypto space leading to the losses of funds. Therefore, for the people who are looking forward to the Bitcoin Bitmex research client, some amount of patience is inevitable, as developers are still in the process of developing it.  

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Bitcoin: Long Term Trading Signals 22 Oct

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Bitcoin is in consolidation and trading between $6700 in the upper supply area and at $6250 in the lower demand area of the range.

LONG-TERM Trading Signals for BTC/USD

Bias for Bitcoin (BTC) – Ranging

Resistance Levels- $6800, $6900, $7000

Support Level-$6100, $6000. $5900

 

Bitcoin is still in a range-bound market on the long-term outlook. The struggle for the market control between the bulls and bears remains obvious. The bulls progressive movement that started on 12th October after the spinning top saw BTCUSD at $7788 in the supply area on 15th October. This led to the break of the upper resistance area and the 200-EMA.  

The bears’ pressure forced the candle to close at $6742 within the range and below the 200-EMA. BTCUSD was down to $6511 in the support area on 20th October due to the sustained bearish pressure.

 

BTCUSD chart

BTCUSD chart

 

The formation of a bullish railroad on 20th October indicates the bulls gradual return.  Should the daily candle of 21st October close bullish, it will suggest the bullish pressure within the range will be stronger as price sits above the 34 EMA

Bitcoin is in consolidation and trading between $6700 in the upper supply area and at $6250 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area is imperative. To flow with the trend, traders should be patient to allow this to take place before taking a position.

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