Huobi Enter Political Sphere In China

The popular Singapore-based cryptocurrency exchange, Huobi has created a Communist Party Committee, making it the first blockchain based company to do so in China.
The committee was created through a Huobi subsidiary called Beijing Lianhuo information service, which was recently registered as a business earlier this year. The subsidiary is owned by the founder of Huobi Li Lin who praised the launch of the committees, referring to it as a milestone for the firm, hailing the communists party for its friendly policies towards the blockchain industry, where Huobi has several businesses operating out of mainland China.
The founder of Huobi stated:

“Under the cordial care of the Party Working Committee of Haidian, the party branch of the Beijing Lianhuo Information Service Ltd. was gloriously established.”

One of the officials from the same place where Huobi’s blockchain organisation is based, Cao Zhou made a warning on the new branches roles.

“We must enhance the party’s political leadership, and carry out the party’s principles and policies in private enterprises.”

The laws of the communist party make it a necessity for an organisation with at least three communist party members as employees to set up a branch of the party – this especially applies for state-owned firms. While this directive doesn’t extend to private companies, a couple of privately owned firms have started to launch communist party committees in recent times as they look for ways to make stronger ties with the government.
As reported by CCN:

“The Chinese government has been friendly to blockchain while holding an anti-crypto stance. The Communist party had put a blanket ban on crypto earlier last year, leading to an exodus of cryptocurrency exchanges to neighbouring Asian countries.”

Huobi Group’s digital asset platform was one of the organisations which fled away from China before making a home in Singapore where it now operates. The Communist Party has also sent out a warning to relaxation sports in China and private venues not to take on any events that were related to cryptocurrency.
Earlier in the year, Alipay and WeChat were given a state order which forced them to close their accounts of cryptocurrency based merchants.
What are your thoughts? Let us know what you think down in the comments below!
Source: Crypto Daily

Overview Of Stellar XLM

Stellar is a platform that connects banks, payments systems and people. By Implementing money to be moved quicker, safer and at close to no cost, Stellar is used by millions. Even though the project is often seen as an alternative to Ripple, it has other uses such as the decentralised exchange which will likely determine if Stellar succeeds or fails in the long-term.
When it comes to the team behind the project, Stellar has a troubled past which raises a few questions regarding its leadership. There are also worries about the centralisation and governance of the network.
Nevertheless, the fast pace of development and adoption, make it one of the leading runners in the blockchain infrastructure race. In addition, to a high level of awareness and community support within the crypto space.
With this in mind, Stellar needs to do more in the dApp area of things in order to keep in the competitive race with other comprehensive solution projects. Its low level of use case integration enables competitors to harden their network effect.
The potential of Stellar means it could disrupt numerous markets. With it being a payment solution, it can make an impact in the virtual global remittance space, which is expected to grow over $8.5 billion by 2025, and the contactless payment space too which is expected to grow to $801.4 billion in value during that same year. With more than 60% of the world’s population have a bank account, capturing a segment of this space shows a substantial chance for an increase.
There is also a possibility that a solution for the $1.7 billion unbanked people across the globe, even though its partnerships with popular remittance services such as Tempo and Coins.ph.
Stellar’s decentralised exchange solution makes the network a player in the crypto trading space too.
As reported by CryptoBriefing:

“With the use of gateways and token creation, Stellar could also penetrate traditional asset markets. This would be a much larger playground, as the total value of the global stock market alone was valued at over $77 trillion in 2017. Just in the US, an average of 18.7% of taxpayers across the country directly own stocks.”

It’s worth noting that we are not financial advisors and this is not financial advice. Investing in cryptocurrency is very risky, so only invest based on your own research and invest with money you can afford to lose, always remember to trade safe!
What are your thoughts? Let us know what you think down below in the comments
Source: Crypto Daily

Bitcoin Patterns Continue To Impact Other Industries Too

Through this week, the markets have taken a slight downturn and the general feeling towards cryptocurrency is a negative one. Thankfully, this is something many of us can forget about as we all know that the markets will shoot upwards (we hope, at least).
What we have to remember however, is that when the markets fall, or remain stagnant (as they have done this year) other industries suffer too, namely the mining industry. Simply put, the falling value of Bitcoin means that Bitcoin mining is no longer a profitable activity, this is because the amount of Bitcoin you extract from mining does not hold a significant enough value to be worthwhile. Moreover, rising energy costs means that actually, mining isn’t just pointless in some cases, it could actually put miners out of pocket too.
Over the year, companies such as Nvidia have seen a fall in their profits and their shares as a result of tumbling Bitcoin prices. Less people are buying and using their products, so therefore less money is rolling it to Nvidia’s pockets.
According to E&T:

“Nvidia has forecast poor sales for its graphics cards over the holiday quarter which has been partly blamed on declining demand following a weakening of the cryptocurrency boom. Shares in the company plunged 17 per cent after it announced its sales forecast. It pinned the blame on unsold chips piling up with distributors and retailers after the cryptocurrency mining boom evaporated.”

Within their latest forecast, Nvidia expect to make very little money, which in turn obviously worries those investing in the company, as a result of this, shares have fallen 17% and don’t look to be turning round anytime soon either.
Jensen Huang, the CEO of Nvidia has commented:

“Our near-term results reflect excess channel inventory post the crypto-currency boom, which will be corrected. Our market position and growth opportunities are stronger than ever. During the quarter, we launched new platforms to extend our architecture into new growth markets – RAPIDS for machine learning, RTX Server for film rendering, and the T4 Cloud GPU for hyperscale and cloud.”

Furthermore:

“Our introduction of Turing GPUs is a giant leap for computer graphics and AI, bringing the magic of real-time ray tracing to games and the biggest generational performance improvements we have ever delivered.”

As we can see from Huang’s comments, Nvidia are still bullish in the sense that they do believe the cryptocurrency markets will recover and will start to climb again. Once the price of Bitcoin starts to surpass the energy costs associated with Bitcoin mining, then mining will become profitable once again. It seems that Nvidia are preparing for this development and believe they have the technology to really make the most of the next Bitcoin surge, whenever that might be.
Source: Crypto Daily

Bitcoin continues to lead the markets direction

After falling around 15 percent this week, Bitcoin has passed two resistance levels after it has been relatively stable over the past few weeks.
Bitcoin fell by over 10 percent following its plunge past a key resistance level after a period of relative smoothness.
Those who back Bitcoin are all asking the question of how low will it go? From this level, it just seems to be dropping even further after its biggest one day drop in under a year.
At the current time of writing, Bitcoin is priced at $5,527 but earlier in the day it did fall below the $5,500 level. As with the rest of the market, Bitcoin is in the red by 10.70 percent and no one knows what is next for the world’s leading cryptocurrency.
The coin actually fell by to the $5,220 region after it fell past the key resistance level earlier in the week following a period of decent stability. This trend continues across the markets as the majority of cryptocurrencies continue to slide.
As everything seemed to calm down a bit after Bloomberg’s Galaxy Crypto Index dropped by around 15 percent. Speculation has accumulated following this which claim that it includes the debut of the new version of Bitcoin Cash. investors are debating whether the coin is just persuading miners and traders away from the largest crypto after it broke itself off from the original Bitcoin last year.
As reported by Vancouver Sun:

“The plunge disrupted a trend of lower daily spikes and sell-offs for cryptocurrencies, often criticized in financial markets as being too unstable for use as in investment or as a currency. Only a week ago, Bitcoin’s 30-day volatility had dropped to 21.2, below that of the Standard & Poor’s 500 index for the first time in two years, according to prices compiled by Bitstamp.”

The head of trading for the Asia Pacific as Oanda Corp, Stephen Innes wrote about the matter in a note and said, “the Bitcoin Cash hard fork is proving far more destabilizing than initially thought as numerous competing factions muddy the landscape.”
In addition to this Innes also said that the disruption over the new Bitcoin Cash fork has created to much commotion and that it has triggered an escape plan for most people. He said that an eventual break below $5,000 for Bitcoin “opens the door to a test of US$2,500 as Bitcoin retail traders move from buying on dip to full-out panic mode.”
What are your thoughts? Let us know what you think down below in the comments!
Source: Crypto Daily

Bear Market Hasn't Impacted Daily Bitcoin Transaction Volume

The daily transactions of Bitcoin have recently reached their highest level since the middle of January this year. The biggest digital currency based on market cap continues to be trodding through a bear market with some prolonged periods of sideways trading.
According to recent reports, the current Bitcoin average daily transactions stands at around the 300,000 region. This figure represents a ten-month high and a continuous increase over the last seven months.
Following its peak at the end of last December’s bull run when Bitcoin touched the $20,000 mark there were about half a million transactions on a daily basis. The onset of the bear market brought levels down to 135,000 in April this year. Since this time, the daily transactions were getting ready to increase and almost double to its current level.
For a comparison, the current average daily transaction level of Bitcoin is only nine thousand lower than was a year ago. If this trend is anything to go off then more transactions are very well on the table.
A lot of this has to do with the emergence of off-chain and SegWit protocol such as Lightning. During the highs of daily transactions of last, the fees also saw highs with $50 being its peak and many asking the question that the ability of the network could ever handle a large scale transaction volume.
Despite this, with new protocols like the Lightning network and SegWit, a big climb in transactions isn’t adding up with the increase in fees.
With all this in mind, the bear market for Bitcoin is still continuing. Even though the leading cryptocurrency briefly jumped up to $7,300 at the start of September, the top-ranked digital currency has stayed below the $6,500 range and is currently priced at $6,237 at the current time of writing.
As reported by Live Bitcoin News:
“With prolonged tight range-bound trading, BTC’s volatility dropped to its lowest level since 2016. Commentators like Arthur Hayes, the BitMEX CEO, say that the current bear market will persist for the next 12 to 18 months.”
The continuous sideways trading has seen some people putting their bullish predictions on the shelf whereas others seem to be unaffected by the news and still have hope that the leading crypto to surge once more.
What do you think the daily transactions will mean for the future of Bitcoin? Let us know what you think in the comments down below!
Source: Crypto Daily

New Innovations In Bitcoin Mining Malware

Bitcoin mining malware is a big problem. By hijacking the blockchain to illicitly mine Bitcoin, hackers are able to carry out a number of exploits on the blockchain that can in turn damage assets held by investors all over the world. Annoyingly, as the security of the blockchain develops and as we create more innovative ways of protecting the blockchain, hackers also get more clever, as does the malware they produce.
According to new research, it seems that the latest fad in malicious crypto mining comes in the form of legitimate windows installation packages, making the malware hard to detect for both the user, and their machines antivirus software.
According to The Next Web:
“Researchers say the malicious software, more commonly known as Coinminer, was specifically designed to fly under the radar. What makes the attack particularly difficult to detect is that it uses a series of obfuscation methods. The discovery comes from security firm Trend Micro, which has since documented the attack vector at more length.”
My masking as a legitimate windows installation file, users of windows machines won’t question the legitimacy of what seems to be a new update, or a windows download. Because of this, the chances of the malware being installed are increased, just as the chances of antivirus software has of detecting the malware decreases. Overall, it’s a hackers perfect recipe.
According to The Next Web, the report by Trend Micro states:
“The malware arrives on the victim’s machine as a Windows Installer MSI file, which is notable because Windows Installer is a legitimate application used to install software. Using a real Windows component makes it look less suspicious and potentially allows it to bypass certain security filters.”
Now of course, there’s a little more to this. Once the file has been installed, hackers have realised that visible parts of the file still need to appear as useful windows files, in order for the malware to remain on the machine in order to extract hashing power and mine Bitcoin maliciously. According to The Next Web:
“The hackers’ trickery doesn’t stop there though. The researchers note that, once installed, the malware directory contains various files acting as decoy. Among other things, the installer comes with a script that counteracts any anti-malware processes running on your machine, as well as the actual cryptocurrency mining module.”
And, most concerningly, according to the Trend Micro report:
“To make detection and analysis even more difficult, the malware also comes with a self-destruct mechanism. It deletes every file under its installation directory and removes any trace of installation in the system.”
How can I protect myself from this?
Illicit Bitcoin and cryptocurrency mining is a problem, one that has a very negative impact on the industry and interferes with many aspects of the industry, including coin circulation and of course, value. In order to protect yourself, you simply just need to be careful when you are online. Never download content from untrusted sources and always ensure you have an up to date antivirus software running.
Think twice before downloading anything off the internet, ensure that all websites you are using are secure and practice good safety measures when browsing the web. It’s not hard to protect yourself, so long as you are careful.

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Source: Crypto Daily

One Possible Solution To Banking Bitcoin

An article was written by an independent analyst, Aubrey Hansen for FX Street asks the simple question of ‘why is it so hard to bank crypto?’
Hansen describes herself as a ‘digital nomad’ and is constantly travelling between countries all over the world, but having access to cash and banking services is always a concern. Looking at modern banking, which has jumped forward in advancements, traveller’s cheques are a thing of the past and as Hansen says, she has to organise her foreign currency before she travels anywhere. Nevertheless, fees for banking just get in the way in today’s world and adds up over time to become a significant drain on the finances.
Moreover, the issue of taxes shows a completely new issue which continues to confuse ‘digital nomads’ all around the world.
“If you bank in a certain country but don’t live there, do you pay tax there? If you don’t live in any country but get paid by businesses in various countries, where do you pay your tax? It’s a difficult question that more people ask daily as the digital nomad community grows.”
With banking services which are based on the blockchain, they might be able to provide solutions for a multiple of these issues by showing a whole new different online service which isn’t tied to a specific country like the Dominican Republic or the Cayman Islands, these banks can reduce taxes which aren’t necessary for their customers.
Hensen then goes onto talk about withdrawing cash and that your card is charged at certain services which can be made available to clients through the issuance of MasterCard or Visa debit cards which, in theory, should bring lower fees than those associated with traditional “brick and mortar banks”.
Systems based on blockchain can also be implemented with crypto services which would provide a much-needed service in for the number of clients which is ever growing that are now paid in Bitcoin or similar digital assets.
“EQIBank is one example of such a system. The new digital bank is the world’s first licensed and fully regulated offshore bank of it’s kind, providing both private and corporate banking services as well as a cryptocurrency exchange and loan service”
Hansen finishes off by saying that EQIBank is something that should be a no-brainer for travellers. Reduced fees and simple taxes could save them time and money.
What are your thoughts? Let us know down below!

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Source: Crypto Daily

The Impact Of Institutional Investors On The Market

Institutional investors have come into the crypto space and with that in mind, large buyers such as endowments and hedge funds have been consistently purchasing over $100,000,000 worth of cryptocurrency through private transactions.
Now, miners have started to schedule over the counter coin sales. Some have even set up their own liquidity desks and operations to accommodate the estimated $250 million to $30 billion in trades alone.
Before this, big investors have steered clear from the crypto investing space because of the lack of stability for the bigger currencies. With prices of Bitcoin and Ethereum have reached a certain balance in this, more and more traditional financial institutions have started diversifying their portfolios with crypto assets.
For individual investors, this active interest from big players presents a range of new opportunities as well.
As Forbes mentioned, considering the current demand, large investment companies are saying close to the launch of dedicated crypto-investment products for much longer. The Goldman Sachs Group has become the very first bank to offer a Bitcoin trading product to its customers. At the start of this month, the company began to bring on a few customers to test their crypto trading desks which will allow trading Bitcoin non-deliverable forward contracts.
The owner of the New York Stock Exchange, Intercontinental Exchange has planned the launch of their Bitcoin futures for later next month. The contracts will be backed by Bitcoin reserves held in ICE’s virtual asset ‘warehouse’. This means that Bitcoins will change hands once the contract expires. All futures contract will also be validated through ICE Clear US.
CEO of the G8C token-issuing GanaEight Coin Ltd, a Ganapati Group company, Hayato Terai has said:
“Legislative changes regarding financial products are bringing in more transparency and legitimacy to the crypto-trading space. The ICO space will soon undergo similar changes as well. With better regulations and security mechanisms such as tokenized securities and stablecoins already being introduced, we should expect more interest and participation from institutional investors.”
Earlier in the year, Goldman Sach’s Principal Strategic Investments Group invested in BitGoo’s product along with Galaxy Digital Ventures LLC. The product is a new generation custodian purpose built wallet for storing digital assets, designed for specifically for institutional.
What are your thoughts? Let us know what you think down below in the comments!

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Source: Crypto Daily

Are Bitcoin Exchanges ‘Immature’?

An old-school technology company which was founded ten years before the Bitcoin white paper was released it now looking to help today’s cryptocurrency trading platforms mature.
Based in the capital of Sweden, Cinnober mainly provides tech solutions to traditional stock and commodity exchanges around the world. However, this year it has seen a few deals with crypto startup. The most recent one is the Bitstamp exchange which announced this week that it will be the first in the space to use the vendors TRADExpress platform, alongside the likes of the London Metal Exchange.
It’s likely that this won’t be the last crypto exchange to do so. Cinnober says that it’s looking for other potential partners in the market and sees about twelve that would be perfect fits.
The leader of Cinnobers cryptocurrency and blockchain division, Eric Wall stated in a recent interview that:
“The most suitable ones are those who are looking to participate in the transformation that the industry is going through. We can serve retail-only focused cryptocurrency exchanges, but the ideal customer for us is the one that is looking to cater more heavily to institutional investors.”
Getting institutional traders as clients will be a vital part for cryptocurrency exchanges to carry on. Wall thinks that this will require significant adjustments saying:
“Cryptocurrency exchanges currently are extremely immature from the traditional financial markets perspective. Many of them lack basic knowledge of how to operate robust and reliable financial markets.”
Especially looking at attracting more investors, crypto exchanges should provide the same functionality as traditional stock and commodity exchanges do. As Wall says, adding in trade compression, netting and clearing mean that cryptocurrencies can be traded like a typical financial asset.
With crypto exchanges, they are typically operated on a pre-funded basis, only allowing users to trade as much as they have on their accounts, while traditional financial exchanges use cleared trades when customers maintain collateral deposited with a clearinghouse.
Wall continued to say:
“Right now the cryptocurrency exchange market is very inefficient as there are no clearing technologies and clearing houses in place. We can help a cryptocurrency exchange become a real exchange that has a clearing module, so trading is more efficient for institutional investors.”
What are your thoughts? Let us know what you think down below in the comments!

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Source: Crypto Daily

Captain Kirk Stands Up For Ethereum

Captain Kirk AKA Willaim Shatner has been a long time fan of cryptocurrency and now it the 87-year-old actor and producer from Canada has made some strange tweets in regards to supporting the co-founder of Ethereum, Vitalik Buterin.
Shatner is known for his role in Star Trek as the main character Captain Kirk. In the early hours of today, Shatner put a thumbs up to Buterin which quickly turned into a discussion in the replies of the tweet.
Shatner got several responses from different enthusiasts and one coder even said that Buterin is a literal scammer whilst adding that it isn’t possible to develop decentralised technology on Ethereum.
In this, Shatner responded whilst defending the blockchain network saying:
“Then as a coder – go develop your own blockchain technology where you can be 1000% sure of decentralization. Or shove money in a mattress. I hear that’s only overseen by the bed bug community.”
Later on in the thread, the coder went onto say that the co-founder is dangerous with Shatner responding:
“His viewpoints don’t take into account the fact that the code has to be audited by an auditing firm and approved by consortium or it doesn’t get accepted. He thinks it exists in a bubble. That’s why we have ERC-20, ERC-721… ERC-1701”
As mentioned by CoinDesk, some other comments on the thread appeared to be largely impressed by Shatner’s understanding of the crypto world and that his views were being put out there. Some users tweeted showing that they were surprised by his ERC standard “in order to school a crypto troll.”
Shatner has spoken out about blockchain and cryptocurrency in the past and on Twitter. Earlier in the week, we saw Shatner tweet about Ethereum and Buterin saying:

@BobSummerwill the Enterprise Ethereum Alliance?   Are we absolutely sure @VitalikButerin isn’t a Star Wars fan? I’ve heard rumors…some started by myself!
— William Shatner (@WilliamShatner) November 4, 2018

The crypto world initially beamed up Shatner last year when he endorsed token sales publicly. Then, in June this year, the actor announced that he was representing Solar Alliance, an alternate energy develop aiming to create a Bitcoin mining facility in Illinois which was completely solar powered.
What are your thoughts? Let us know what you think down below!

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Source: Crypto Daily

Why Bitcoin Cash Saw A Flash Increase

Since the first of November, Bitcoin Cash has seen a 45% rally as Binance and Coinbase, two leading digital currency exchanges, announced their support to their upcoming Bitcoin Cash fork due on the 15th November.
On its website, Coinbase announced that ‘in the unlikely event that several viable chains continue following the fork, Coinbase will make sure that customers will have access to their funds on each chain.
As a hard fork occurs, holders of the forked digital currency are eligible to get both coins. But if the crypto holdings are deposited on an exchange then the exchange will have to adopt both protocols to let users migrate both coins.
For those of you that don’t know:
“A hard fork is a technology update. It doesn’t necessarily mean that a new coin will be created. But because the upgrade is irreversible, the majority of miners should agree to migrate to the new protocol for the chain to remain intact. If however, this is not the case, then the hard fork could result in two separate coins.”
As said by FX Street:
“Holders could, of course, manage their cryptocurrency holdings independently from an exchange, by keeping them on a separate wallet and make sure that they could claim both coins after a hard fork.”
However, the biggest cryptocurrency exchanges support is a key step for facilitating adoption for a new coin by investors and removes a part of the restrictions and worries that surround the hard fork.
Even so, with this in mind, the event risk is still prominent before the Bitcoin Cash’s November fork.
If we look forward, the continuous uncertainties and the increased price volatility could weigh on Bitcoin Cash / USDT, which has increased too and above the 600 region which encourages a downside correction toward the major 38.2% retracement on the rally during November. This level should be able to tell the difference between the development of a stronger positive trend and a short-term bearish consolidation.
So what’s so important about the fork in November?
Bitcoin cash has been under some selling pressure over the past few months, nothing too serious but decent. A part of the price unwind was because of the negative momentum throughout the industry, however, another factor was thanks to the controversies regarding the digital currencies planned hard fork in November.
It’s worth noting that Bitcoin Cash forks two times a year in order to protocol updates. The idea of this is to improve the speed, scalability and issues regarding security.
What are your thoughts? Let us know down below!

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Source: Crypto Daily

Germany Starting To Adopt Bitcoin

Two states in Germany, Saxony and Hesse recently conducted a survey to over a thousand people to find out their opinion on Bitcoin.
The findings in the survey might not surprise anyone as younger people were quite open to the idea of cryptocurrency and Bitcoin. Around 28% of people aged from 18-29 said that purchasing them is a conceivable idea.
The risks are still there
Despite the survey not targeting a specific group of people such as people who are into technology which would have left the results to bias towards to crypto.
Respondents overall rightly found crypto investing to be a risky venture and people who were aged from 30-39 believes cryptocurrency dangerous more than half of the time.
The head of marketing at Lisk, Thomas Schouten said in the survey:
“[The] survey shows a growing interest in crypto, with more than a quarter of young Germans saying they are willing to invest in cryptocurrency. This positive sentiment is evidence that global leaders and innovators of the future are aware of the potential the space has to offer. It is not surprising that a demographic whose lives have been characterised by smartphones, internet, and social media, see the attractive functionality cryptocurrency provides as an instant and decentralised means of transferring value.”
He continues to say:
“Again, however, the survey highlights continued ambiguity in public perception of cryptocurrency and the utility of blockchain technology. Older demographics continue to perceive crypto investment as too “risky”, with just over 50 percent of people aged 30 to 39 averse to any investment. Meanwhile, profitability is still a driving incentive for young people looking to become involved in cryptocurrency, as cited by about a quarter of those interested in investing. I think it’s clear we, as a community, need to work harder to educate people of the massive potential blockchain technology offers – cryptocurrency in itself is only the tip of the iceberg!”
The results of this survey show us similar results to a survey conducted three years ago but on a global scale, in which it was found that the majority of Bitcoin enthusiasts were young and had been involved in cryptos for less than two years.
As said by CCN, during this time, this was understood to illustrate the space to be a growing entity and now we can conclude from later findings that more mature groups of people still don’t fully understand the concept of cryptocurrency and therefore wish to stay well away from it.
What are your thoughts? Let us know what you think down below in the comments!

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What Could Trigger The Next Bitcoin Boom?

In recent weeks, the crypto markets have been tame, to say the least. Aside from XRP experiencing a 17% increase over the past few days, the total market cap has been stable and has moved within the $200 to $220 billion regions since the end of September this year.
Not everyone is happy with this though. Those who invested in cryptocurrencies before the crash back in January are going to be praying on their knees for the highly anticipated rally as it is the only way they are going to be able to recoup their investments and maybe even make a profit out of their digital holdings. At this point in time, the market needs something to push it in the right direction to get the ball rolling and that thing could be the US Securities and Exchange Commission.
Will the SEC approve the BTC ETF?
Crypto experts have been predicting that a crypto market rally is inevitable and just is going to happen at some point. More than likely at the turn of the year but who knows. However, saying that, the rally might not happen so soon and might happen in a few years time. So those who lost out after investing in December might be waiting a while until they see some sort of profit.
One blockchain investor, Oliver Isaacs has said that the rally could happen sooner as long as the US Securities and Exchange Commission approved a Bitcoin exchange-traded fund.
The blockchain investor believes that the approval of Bitcoin’s ETF could be the thing that pushes the market in the right direction:
“The approval of a Bitcoin ETF will open the floodgates for new investors to pour billions of dollars into cryptocurrencies with the same ease in which they invest in stocks and all other mainstream asset classes.”
As said by blokt, if the SEC allows the Bitcoin ETF to go through then it could launch the biggest cryptocurrency by market cap to new heights. Isaacs said that the situation is now similar to what happened to the price of gold back in 2003.
Isaacs said:
“The precious metal increased more than 300% in its price in the aftermath of the first ETF approval back in March 2003.”
The SEC’s approval of a Bitcoin ETF could have a similar effect on the market. The blockchain investor predicts that if it happens, the leading digital currency could end up climbing to heights of over $22,000.
What are your thoughts? Let us know down below!

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Elon Musk Scam Pays Off For Hackers

Several hackers have been using compromised verified Twitter accounts in order to promote a fake Bitcoin giveaway by Elon Musk.
Be aware that this is a scam and you should not by any means send Bitcoin to an address that claims to be owned by Elon Musk.
The tweets have been saying that Tesla Founder is giving away 10,000 Bitcoins to the community and all you have to do is send Musk between 0.1 to 2 Bitcoins to confirm your account.
If you have a look at one of the Bitcoin addresses suggested for payment you see that over 390 transactions have been processed and they have currently received 28 Bitcoin to date. This sums up to over $135,000 at the current Bitcoin prices.

You can see the block explorer here but please, DO NOT donate! This is a scam!
However, there are still people that are donating to the scammers.
The main reason that people are falling for this scam is due to the fake accounts used to promote it have blue ticks next to their Twitter name, hooking in the gullible.
There are several well-known company Twitter accounts which have been caught up and used in the scam such as Pantheon Books and the French film company Pathe.
There are other verified accounts which have been used by the hackers which have commented under the original ‘Elon Musk’ tweet but with different names leading Twitter users to believe that this is legitimate.
One of the accounts was the Swansea City AFC Ladies account who commented saying that they had received back coins under different posts.
Whereas the hackers can change the name on accounts they can’t change the Twitter handle which is a good way to determine which ones are fake. Another indicator is that there are a few spelling mistakes within the tweet which suggests a compromised account.
Accounts which have big followers, the scammers have paid for a Twitter advertisement to promote the tweet, resulting in Twitter showing the scam tweets as promoted posts.
As stated by CBR Online:
“On accounts that have large followers such as Pathé, the scammers have paid for a Twitter advertisement to promoted the tweet, resulting in Twitter showing the scam tweets as promoted posts. Posting the scam on a hacked verified account, combined with positive replies from other compromised blue ticked accounts, shows a decent degree of organisation.”
What are your thoughts? Let us know what you think down below!

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Source: Crypto Daily

Is EOS Lacking?

This is a simple question and your answer will depend on where you’re sitting, however, a research firm has claimed that EOS lacks the necessary composition of a blockchain system and that it instead works more of a centralised cloud service instead.
An experiment conducted on EOS by the blockchain testing firm Whiteblock has turned up many red flags which suggest that the blockchain protocol that managed to raise $4 billion in May this year might not actually be a blockchain at all. The research claims that EOS lacks several key attributes of blockchains including immutability and is essentially a cloud service built with a centralised design.
The blockchain testing firm helps blockchain protocols and decentralised apps with testing that includes measuring transactional throughput and analysing ‘fault tolerance’.
The research on EOS was commissioned by ConsenSys, which is an entity purely focused on the growth of the Ethereum based decentralized ecosystem.
In the published research it states:
“Through practical testing and experiments in a controlled laboratory setting, this research provides a thorough and objective model of [EOS’] design, performance, and economics in order to present a reference for the blockchain community.”
The Bitcoin and Ethereum blockchains are different from EOS in the transactions side of things. Unlike the two leading cryptos, which use a proof-of-work consensus mechanism, EOS follows a delegated proof of stake method.
With EOS, token holders vote for and select block producers who are responsible for looking over the transactions and validating them.
The blockchain protocol testing firm created a test environment which replicates the EOS network. The chief technology officer, Zak Cole stated:
“It runs the exact same software. The block producers within the Whiteblock environment perform the same functions a block producer would perform in the main net.”
As stated by Live Bitcoin News, over two months, the company came to the conclusion that EOS behaves as a network resource which provides computational power for users to access. It further argues that the network is built on a centralised architecture.
The company said:
“EOS is not a blockchain. Rather a distributed homogeneous database management system, a clear distinction in that their transactions are not cryptographically validated. EOS block producers are highly centralized, and users can only access the network using block producers as intermediaries. Block producers are a single point of failure for the entire system.”
What are your thoughts? Let us know what you think down below in the comments!

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Source: Crypto Daily