Category Archives: Crypto

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Survey: Retirees, Younger Investors Should Consider Long-Term Crypto

Survey_ Retirees, Younger Investors Should Consider Long-Term Crypto

One truth all too well hard to dispel is the fact that the older generations will always remember the impact of the last financial crisis, as well as the fear of it happening again. And while Bitcoin and the Blockchain may be making waves in their own ways, most American retirees can hardly picture themselves owning a Bitcoin without being reminded that if it’s too good to be true, it probably is.

This probably summarizes the survey carried out by precious-metal resource website Gold IRA Guide, as it discovered that more than half of its respondents said they know about Bitcoin but aren’t interested in investing. The source blames it on proper education on Bitcoin, its technology and its function as a currency. However, it’s truly hard not to be cautious, especially when Bitcoin’s volatility is nothing like anyone on Wall Streets have experienced even with the most volatile of stocks. And so as an investment, it probably doesn’t signal much safety. Okay, granted maybe gold may have been a little crazy too at some point.

Bitcoin volatility vs other assets

If history has taught anything, it is that not having a radical investment in one’s diversified portfolio can make growth rather slow, but even that is a double-edged sword. Still, a recommended 1% investment of an entire hedge funds capital into Bitcoin seems like a logical bet. And while it appears small, the nature of Bitcoin’s volatility can make a hugely positive impact when the price goes up and minimal when it goes down – after all, it’s just 1 percent of the entire portfolio.

But it appears even those retirees willing to invest in bitcoin do not know how. Perhaps a proper education is long overdue here.

Recently, a crypto enthusiast and host of financial podcast Evolvement, Michael Nye, expressed his excitement when his father paid off a golf bet he lost to a 70-years old neighbor using Bitcoin.

My Dad recently lost a golf bet to his 70 year old neighbor.

Instead of asking for fiat, my Dad’s friend asked for $BTC.

So my Dad set up a @Coinbase, bought some Bitcoin, figured out how to use a public key, and set $300 in #Bitcoin to his friend.

I’m so fuckin’ proud. ☺

— Nye (@MrMichaelNye) April 20, 2019

Extrapolating the findings of the survey, the 70-years old neighbor may as well belong to the “smallest group of respondents, a mere 2.7 percent, claim that they own at least some Bitcoin.”

The survey concluded suggesting “retirees and younger investors alike should seriously consider long-term investing in cryptocurrencies,” as well as an argument for Bitcoin :


“It’s a government hedge. Their worth has little to do with the constantly shifting fiat environment. This is why many analyst observers and investors view the digital currencies as contrarian assets like gold.”


“It offers another form of retirement asset diversification. As the digital assets keep increasing their adoption and rising higher in value over time, this will represent a once in a lifetime opportunity for investors wishing to substantially increase the value of their retirement savings.”

Remember? A radical investment within a portfolio.


“It provides massive longer-term growth potential. This is why Bitcoin is ideally suited for retirement planning, as this future planning is built entirely on the longer term.”

Yes, risky as it may appear, still having a little of it as a means of diversification only makes sense even for the most risk-averse.

A recent assessment done by Morgan Creek warns of high-risk exposure of pension funds. Gladly, the millennial generation is more dynamic and shifting focus away from proven traditional investment tactics into cryptocurrency aided retirement plans. Testing new verticals and expanding investment horizons is just what the digital asset ecosystem is about.


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What is Ripple?

What is Ripple ?

Ripple is a cryptocurrency as well as a platform for enabling cheap and fast financial transactions all over the globe. Its platform’s payment settlement technology has been adopted by banks and other payment networks.

It claims to be an open source platform and offers a more transactional, functional and decentralized peer-to-peer network compared to Bitcoin and Ethereum, although there have been many detractors, particularly to its claim of decentralization.

Ripple allows the exchange for any kind of value (with XRP as its underlying token) between two or more parties almost instantaneously. However, due to its validating servers and mechanism which requires an agreement between those validating servers, Ripple is often misunderstood as a blockchain-based system.


The participants of the Ripple network (RippleNet) are categorized into two different groups, namely, Network Users (corporates, small- and medium-scale enterprises, banks and payment providers) who direct payments and Network Members (banks, payment providers) who process payments. This is incorporated through xCurrent, xRapid and xVia.

How does Ripple work?

The consensus mechanism and the validating servers make people think that Ripple is a blockchain-based system, when in reality, it is not. Ripple uses a HashTree to encapsulate the data into a single value which is paralleled by the validating servers to provide consensus. Ripple does not rely on the computing of rigorous proof-of-work protocol like Bitcoin. It is not possible to mine XRP and the only persons who can generate XRP are the ones who actually created it — one of the centralized features of Ripple.


XRP is the underlying token of Ripple. Its mining is not possible due to the following reasons:

  • It is a regular currency controlled by the US Ripple company which has produced an official static figure of 100 billion units of which 39 billion units are in the market.
  • Investors in XRP are betting on the inclination of banks towards buying huge amounts of this currency in order to improvise their services, rather than selling them and providing them to their customers, as it doesn’t come to replace currencies.


Currently, customers face real hardships in making real-time, low-cost and fully traceable payments. This is mainly because the current payment system is a blend of centralized networks. Ripple seeks to break through these pain points, offering an efficient network of banks and payment providers to achieve the above said. Moreover, it allows making payments in any currency and has a very small internal transaction fee of $0.00001. It appears to suit enterprise usage which is its main focus. The network’s ability to transfer assets around the world and shift money between the various foreign currencies makes it stand out.


  • The biggest problem that hinders any cryptocurrency’s growth in general is its real-world utilization. The real victory for Ripple would be when banks will approve payments in XRP. This could be quite challenging for now as it requires a better infrastructure, technology, liquefaction against any mode of transaction and of course, more acceptance.
  • Previously, there were many lawsuits filed against Ripple Lab, the inventors, alleging them of manipulating the market. Although they won many of these lawsuits, claims persist that Ripple is not decentralized, thereby hindering its progress and acceptance.

The future of Ripple

Ripple has come a long way to make its position in the market. In a discussion with Modern Wall Street, legal practitioner Douglas Borthwick said:

“There are some cryptos that are working with regulators. Ripple would be an example. I can imagine in the next five years instead of doing sterling against the dollar or sterling against the yen, I can see these transfer transactions with sterling versus Ripple… I think Ripple has a great future because right now it is supported by all the banks and all the regulators.”


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Bitcoin’s 292,000 Daily Wikipedia Hits Shows Huge Public Interest

Bitcoin's 292,000 Daily Wikipedia Hits Shows Huge Public Interest

Cryptocurrency page views on popular web-based encyclopedia Wikipedia have been eclipsed by the flagship cryptocurrency Bitcoin over the past month with the page being visited more than 292,000 times a day.

The interest in cryptocurrencies on Wikipedia bears no correlation to the position of different coins global market cap position with Brave’s Basic Attention token (BAT) receiving the third number of views after Ethereum which registered 46,000 hits a day between 24 December 2018 and 24 January 2019.

Behind Ethereum, Ripple was viewed 21,500 times a day over this period followed by Bitcoin Cash with 19,700, and Monero with 17,200. Dogecoin and Litecoin registered 15,900 and 11,400 respectively.

The order of page views differs from that of cryptocurrencies ranked in terms of their market cap. Software company DataLIght commented that the figures suggested that readers of Wikipedia were likely to be more interested in “rather old and well-known coins”, which would explain the lack of correlation to the coin market cap placings.

Wikipedia’s figures highlight the continued interest in Bitcoin above other cryptocurrencies. Compared to a year ago, the computing power dedicated to the Bitcoin network has more than doubled. Investment is receiving more interest from traditional investors as security has tightened and the SEC is considering exchange-traded funds applications, which if accepted, will encourage institutional growth, inviting larger companies to utilize Bitcoin products with greater confidence.

Banks are increasingly turning to blockchain products to increase the speed of cross-border payments due to increased efficiency, cost and speed.


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Indiana Proposes Bill for Tax Payment in Crypto

Indiana Proposes Bill for Tax Payment in Crypto

The State of Indiana in the US has introduced a bill that will allow it to accept tax payments with cryptocurrency if passed.

The bill tagged House Bill No. 1683 is targeted at amending the Indiana Code concerning taxation. It was introduced to the house on 24 January and is expected to be effective by 1 July 2019 and 1 January 2020. The synopsis of the bill reads that if passed, it “allows a person to pay taxes using an approved virtual cryptocurrency.”

The range of application of the amended bill will include taxes, special assessments, penalties, interest, costs or any other liability included in the article. A single or multiple cryptocurrencies may be agreed upon as the accepted currency used for payment.

The article also included that the treasurer is to accept the cryptocurrency in the equivalent of the US dollar at the time of transaction corresponding to an applicable exchange of choice by the local government’s department of finance and the department of state revenue.

The status of cryptocurrency is gradually gaining credence in some US jurisdictions. Other states have also been talking about using crypto for tax payments, while some others are trying to figure out how to tax crypto earnings.

Last year, the state of Ohio announced that it was the first to consider cryptocurrency for tax payment. Earlier this year, Overstock said that it will be the first US company to pay some of its Commercial Activities Tax (CAT) to the Ohio State in Bitcoin.

Apparently, the subject of cryptocurrency remains an important subject to different governments and has become an integral part of some traditional economies. The mass adoption of cryptocurrency is evidently occurring at a slow but steady pace and if it proves to be better and more efficient alternative to currently accepted payment options, there may be more rapid development in crypto adoption.

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Romanian Crypto Nest Eggs Decimated by New 10% Tax

Romanian Crypto Nest Eggs Decimated by New 10% Tax

Romania, Europe’s third-poorest nation (GDP per capita), has amended its taxation rules in order to accommodate those taxpayers with cryptocurrency earnings, now setting the rate at 10%.

Income for cryptocurrencies is now regarded by the taxation authorities in Romania as “income from other sources” and are therefore taxable. It is a move very much in line with many other countries across Europe who have been re-examining their tax laws as they apply to cryptocurrency earnings.

According to a local daily Ziarul Financiar, who quoted tax consultant Adrian Benta, this means that only gains will be taxed as opposed to revenues. Gains from transactions below RON 200 (Romanian ron worth USD 50) won’t be taxable under the new laws, but any earnings above RON 600 (USD 150) per annum will be liable for the 10% tariff. Benta suggested that the new rate was fair:

“Before this, we had a more cumbersome procedure in which one had to register as freelancer if he was trading repeatedly. It is now treated as an extraordinary income from other sources.”

Under EU leadership, cryptocurrencies are still closely monitored by the Romanian authorities as all jurisdictions in Europe continue to regulate the industry. In the hope to further encourage cryptocurrency adoption throughout Romania, the country’s top exchange Coinflux added Ripple to its trading platform last year by popular demand from clients.

Coinflux facilitates users in trading across cryptocurrencies and also with fiat currencies like Leu or RON.


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Ghana Mulls Positive Crypto Legislation

Ghana Mulls Positive Crypto Legislation

There are indications in some cryptocurrency circles in Ghana that its Securities and Exchange Commission (SEC) may be prepared to release its stranglehold on the space, which currently doesn’t allow trading.

This would represent a major turnaround though, given that currently all businesses are banned from conducting cryptocurrency transactions in the African nation. This despite Paxful, the world’s leading cryptocurrency-marketplace, claiming that business is currently booming.

A Paxful report just last month indicated that both Nigeria and Ghana are propping up African transactions which are currently generating USD 64.3 million per month, putting the two countries alongside the world’s top 10 markets, such as the US and the UK.

The hope is that the SEC lifts the ban and creates an environment where legitimate companies are able to thrive without going underground. However, the regulators’ deputy director general Paul Abadio argues against the SEC’s case but hints at change:

“When you choose to go there, you are on your own. We have adopted a wide range of changes on it and we are still doing our research and gathering information, and we welcome any input that people might have to help us formulate a view on how we should deal with it in Ghana.”

A fact that the SEC is still formulating a view has given rise to local crypto analysts beginning to think a positive change for the industry in Ghana could be on the way. 2018 was very much a headache year for the Ghanaian SEC who claimed that many crypto-related businesses chose to “play around” with clients money having no intention of registering their services.

With many investigations still underway into companies who may have infringed Ghana’s financial regulations, it seems very much a “wish and hope” situation at present. However, other countries on the African continent are coming at cryptocurrency from a complete direction, such as Cameroon’s independent movement boosted by an ICO and its own cryptocurrency, the AmbaCoin.


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IG of Police in India Wary About Crypto Investments

IG of Police in India Wary About Crypto Investments

The news outlet Business Standard reported yesterday that Jammu and Kashmir police in India have issued a public warning with regard to investing in cryptocurrencies, noting the associated heightened risks.

The Inspector General of the police crime branch issued the warning in a statement saying: “The general public is informed not to make any type of investment in cryptocurrencies, virtual currencies such as bitcoin because there is a real and heightened risk associated with them,” citing the instability of the market values of the digital asset class.

His concerns were especially directed towards retailers who were at risk of losing their “hard earned money” as a result of exposure to “sudden and prolonged crash.” He further cautioned the citizens of the state to be wary of such investments as they are not backed as a “legal tender” and not under the control of any “central financial institution.”

India has been careful on deciding a suitable regulatory oversight of digital assets and has in the recent months been more focused on the blockchain and AI technology aspects than yielding to the acceptance of cryptocurrency within its walls.

The final draft for a crypto-bill which was expected last month is yet to be released meanwhile a rather strange development ensued. Just a few days back, the Central Bank of India pulled back from its state-issued cryptocurrency project. This was rather puzzling as few days before the project was shelved, a local English news outlet reported on the possibility of legalizing digital currencies, according to an unnamed official.

However, recent stats from its population reveal that those currently involved with bitcoin stands at an amazing 2.5 million. One could say that an approximate 5% of the total population of India into cryptocurrency isn’t a fact to ignore.

On the bright side, it would seem that some within the government are optimistic about the distributed ledger technology and the fight is only against bitcoin, altcoin, and cryptocurrencies in general – since it has decided to stop its own “crypto-rupee” indefinitely.


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Pro-Crypto Bill Proposed by South Korean Lawmaker

Pro-Crypto Bill Proposed by South Korean Lawmaker

A South Korean bill promoting cryptocurrency trading has been introduced in a bid to establish a robust digital asset ecosystem.


According to local media sources cited by BusinessTelegraph, South Korean lawmaker and National Assembly Political Committee member, Kim Sun-dong, announced the initiation of what he called the ‘Digital Asset Trading Promotion Act’. Elaborating on the intentions of the bill, Kim said in a press statement:

“‘The Digital Asset Trading Promotion Act’, includes a comprehensive plan for establishing a guideline for promoting the development of virtual currency exchanges and blockchain technology, tax reduction and exemption, measures against hacking damage, and prevention of market disturbances.”

Kim echoed the concerns that many have with regard to domestic crypto businesses leaving South Korea due to unaccommodating laws and regulations for digital assets. More specifically, Kim referred to the recent sale of cryptocurrency exchange giant Bithumb to a Singapore-based consortium. He acknowledged that domestic cryptocurrency transactions made up a significant percentage of domestic stock market trades at the beginning of this year, highlighting the negative economic impacts such moves can have.

Referring to the stifling impacts of over-regulation, Kim said:

“The government is focusing only on the risk of virtual currency and concentrating only on the crackdown of illegal activities… In order to lead the global trend of blockchain technology development, it is necessary to prepare laws and regulations as soon as possible.”


Due to the significant hacks that South Korean exchanges suffered earlier this year, regulators have sought to remedy the situation by increasing security and compliance measures. Though the move seemed positive at the time, it has eventually lead to exchanges being denied tax perks and financial incentives that are typically offered to venture capital firms as well as domestic small and medium-sized enterprises (SMEs). This has proven extremely unpopular among South Korea’s blockchain lobbyist groups and entrepreneurs.

Notably, the bill outlines that exchanges will be required to assume liability for customers crypto losses in the event of a hack.

As per the bill, “virtual content with an apparent value such as online money, points, game items and virtual currencies as digital assets”. It goes on to define exchange operators as digital asset trading companies, adding:

“Those who want to operate a digital asset trading business should have more than KRW 3 billion won [USD 2.66 million] in capital, enough manpower, computerized systems, and physical equipment to be approved by the Financial Services Commission [FSC].”

Blockchain nation

South Korea has been pressing tirelessly to establish laws and regulations that not only provide domestic startups with the grounding they need to thrive, but also establish whether or not initial coin offerings (ICOs) will be a part of the domestic blockchain ecosystem.

That said, South Korea is extraordinarily in favor of adopting blockchain technologies into public sector projects, voting systems, and energy grids. Should cryptocurrencies and ICOs fail to find the legitimacy they seek, the domestic blockchain industry should thrive as a whole, tokenized or not.


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Italy Flexes Regulatory Muscle with Non-Compliant Crypto Exchanges

Italian regulators, the Commissione Nazionale per le Società e la Borsa (CONSOB), is tightening its grip on cryptocurrency firms who don’t comply with the commission’s regulations.

Three companies have been cited in a CONSOB statement as receiving suspensions from operating their services, two companies receiving three-month suspensions and one banned from operating for an indefinite period spanning months.

Richmond Investing was the first to come under the regulator’s microscope, principally for failing to meet Italian laws regarding the operation of cryptocurrency online trading platforms. Richmond failed to register to as a mediator offering finance-related services contravening the principal Consolidated Law on Finance (TUF).

Another company, Crypton Limited, was penalized for contravening another law applying to cryptocurrency trading, accused of making inappropriate promotions and advertisements. Crypton was hit with a 3-month operating suspension, as was Eagle Bit Trade for apparently offering wildcat trading packages to Italian investors.

Cease and desist actions are not uncommon as a global repositioning is underway regarding cryptocurrency regulation with most countries now re-examining how they plan to regulate the space for both the protection of the public. Also, there is a growing need to offer greater clarity to exchanges and fintech companies regarding operating protocols across jurisdictions.

Italy is also in this position as it continues to work towards establishing a formal framework for cryptocurrency exchanges to work within, including, like many other nations, addressing digital currency tax laws as they apply to the public.

Italy recently announced that it was about to enter the European Blockchain Partnership, an organization formed to promote blockchain technology between member states.

In doing so, Italy became the 27th nation to sign the agreement since its conception earlier this year in April. The partnership has grown from 22 nations since its launch. Initially, the EU had launched an EU Blockchain Observatory and Forum, subsequently investing more than EUR 80 million in blockchain projects. A further EUR 300 million has been allocated over the next four years.


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Japanese Committee Fights to Simplify Crypto Tax

One Japanese political committee has taken it upon itself to fight for a simplified cryptocurrency tax plan.

The Government Taxation Investigation Committee (GTIC), which serves as an advisory body to the Prime Minister, began discussions on Wednesday to propose a simplified cryptocurrency tax payment plan, which they say is currently unnecessarily complex in Japan.

The committee argues that because there are many kinds of cryptocurrency profits that require taxation alongside capital gains. Taxpayers are failing to declare the correct total in their tax returns as the process is simply too complex.

The profit obtained by selling cryptocurrency is currently accounted for as miscellaneous income, with crypto earnings over JPY 200,000 (USD 1,783) subject to income tax.

However, cryptocurrency is taxed not only on the gains from the disparity between the acquisition price and the selling price but also on the profit obtained by its exchange with other virtual currency or conversion to fiat. Even if a product is purchased using the digital currency which then accrues an unexpected financial appreciation, it remains subject to taxation.

Another issue arises as the method of storing the transaction history data necessary for the profit calculation is different with each cryptocurrency exchange company, meaning it is particularly challenging for Japanese taxpayers to configure the correct totals.

Offering a solution

GTIC says that a whole new system is required that can accurately reflect the income and profit in an accessible way.

Local news outlet Sankei reports that officials from GTIC shared in a press conference: “Since it is necessary to take into consideration the framework other than the taxation system and business practices as well, we will hold a small expert meeting and outside opinions. I will deepen the discussion while listening. ”

The future system would be required to “grasp the asset price appropriately.”

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