Tag : Bitcoin

BV Prime

Video Application That Will Reward Users With Cryptocurrencies


There is a new token-based application that will incentivize users. It is planning to accelerate mainstream awareness and adoption throughout the cryptocurrency world.
Powering Crypto Economy Participation
A new social media app centered on video content has been released recently. Cheez has teamed up with Contentos, a blockchain project, in a bid to enable users to earn Ethereum and Bitcoin. All they have to do to earn cryptocurrency tokens is create, view, and share the content within the application.
Live.me is the mastermind behind Cheez—video-sharing app. The mobile developer has created the app which is known for the 17 second, user generated video content. There are plenty of live filters on the application—music, voice changers, and stickers.
While a lot of applications contain similar features, none of them provide the incentive that Cheez does. It allows the users to earn Bitcoin and Ethereum tokens by just doing what they already will be doing while using the application. Consumers can complete 15 different tasks daily. These tasks are anything from sharing videos to viewing and liking videos. The tasks also include uploading content to the application. For doing all of this, they will be given one of the two cryptocurrency tokens. That cryptocurrency will be the one they prefer.
The best part? There is also the “Wheel of Fortune” game. It is a daily game, based on chance, which will allow users to win additional cryptocurrency every day.
The new features on the application will not need users to go to an exchange or even bother to set up digital wallets. This means more and more users can adopt the blockchain technology integration without any problems.
The CEO and founder of Live.me, Yuki He, has said that partnering with Contentos will help the platform reward its users. They are already contributing to the Cheez community and it is only fair to give them an incentive for it. This will also introduce a lot of people to the world of blockchain technology and cryptocurrencies.
Beyond Ethereum and Bitcoin
The platform is not limiting the incentive in the form of Ethereum and Bitcoin. The users on Cheez will also have an option to choose COS tokens for their contribution to the community. The COS token is the native cryptocurrency token of the Contentos blockchain project. People can obtain these tokens for all the activities they perform as users of the platform.
They can also win these tokens while playing the “Wheel of Fortune” game on Cheez.
The platform is obviously going to encourage users to opt for the COS tokens. They will do that by allowing the COS token to be used to unlock additional features in the app. For instance, they can use the COS tokens to unlock the option of posting longer videos. They can even use them to gain more exposure to attract viewers. The aspect of direct messaging on the app can also be utilized through the token. This will create a revenue generation stream for the creators of the platform. The details on that part have not yet been released but it is something that is being worked on.
The founder and creator of Contentos, Mick Tsai, said that they are thrilled to partner with the Cheez. It allows them to introduce the cryptocurrency economy to an already thriving community of users. It is going to create a new ecosystem where creators and fans are all going to be rewarded for their role in garnering a growing community.
The goal that Contentos has is to help the creators of the platform and the fans to grow the connections on a global scale. Blockchain technology has a lot of potential, and it can be used to build stronger worldwide connections.
Contentos is partnering with Cheez to make things better for the average person. It will be an opportunity for the creators and fans to enjoy the real-world incentives of the disruptive new technology.

BV Prime

Swiss Online Bank Reaching Soaring Heights Since Crypto Investment Offer


Swissquote is one of the major online banking service providers in the country. It has seen a massive surge in profits, going north of 40 percent. This uplift is being attributed to the cryptocurrency boom that the world is still reeling from.

The bank was considered to be the first major European online bank to launch Bitcoin trading accounts for their customers. There have been other Swiss banks trying to claim their so-called firsts in the cryptocurrency industry as well now.

The sudden growth for Swissquote in the first quarter of the year began with the rising demand for cryptocurrency-based products.

The online bank’s Swiss Quote Group reported that they made a massive profit. At around $23 million CHF within the first half of the year, this is over 40 percent of the profits that they made by this time last year. The number of accounts at the Swissquote online bank has also seen a significant rise. It is not just the number of accounts. The amount of activity with the existing and the new accounts has also seen a sharp rise. All of this has led to increasing profits for the online banking service provider based in Switzerland.

This 44 percent increase also marks the second time that the online banking service provider has seen its profits exceed all expectations. There are several thousand new applicants looking to make an account at the bank ever since it has offered Bitcoin trading services.

The overall rise in the quantity of client assets during this time has increased by 20 percent of its original value and it’s only the middle of the year! The flagship offering of Bitcoin has diversified the cryptocurrency investment products portfolio at the Swiss online banking service.

Cryptocurrencies are making a big impact on the global economic affairs now. There are more Swiss banks making headway into the cryptoverse.

Hypothekarbank Lenzburg became the first Swiss bank to provide business accounts to blockchain-based companies in June.

BV Prime

Coinbase Disproves Insider Trading Allegations


San Francisco based cryptocurrency exchange giant has cleared its name from any insider trading allegations. Coinbase launched an independent inquiry at the end of last year to refute allegations made against it. They have successfully cleared their name and proven that there was no such activity.

Bitcoin Cash Trading Allegations

There were concerns about the exchange’s employees conducting insider trading through Bitcoin Cash. July 24th saw the cryptocurrency exchange conclude the investigation into this allegation. The investigation showed nothing of the sort.

The December of 2017 saw Coinbase announce that it will list Bitcoin Cash. This was a hardfork from the first cryptocurrency Bitcoin and they added it to their limited portfolio.

Their addition of Bitcoin Cash resulted in a huge market surge. People started buying Bitcoin Cash like there is no tomorrow. The hardforked cryptocurrency saw a 64% rise in a few hours. For a small time, it was even trading at $9,400. This was a result of the announcement of Bitcoin Cash trading on the exchange.

The sudden surge saw them pause all the trading on the platform. This caused the unnatural price increases to correct itself.

Whenever a new cryptocurrency is listed on a major cryptocurrency exchange, the price increased. This is also known as the Coinbase Effect because of their prominence in the cryptoverse.

Surge Before Announcement

Because the price hike came before the announcement industry observers made the allegations. They believed that the employees at Coinbase had insider knowledge of the matter. That is why they purchased the Bitcoin Cash before other investors.

These allegations led to Coinbase starting the 6 month long investigation. They employed services of two well known law firms to do so. The law firms shared their findings with the company over the course of a week of meetings.

A spokesperson from Coinbase said that the company wouldn’t think twice about firing employees if their policies see violation.

They reported that the voluntary investigation has concluded. There needs to be no action taken against any employees.

After the allegations were made, the CEO of the company released the company’s quality control and trading policy. All the employees are under strict regulation. They know they will face dire consequences if they engage in insider trading. The company will not just terminate the contract but pursue further legal action.

Final Thoughts

The ground reality of the matter is that the company just didn’t handle the announcement of a new listing properly. When the hardfork initially happened, the company said it wouldn’t support the new cryptocurrency. When they launched the BCH on their exchange, it was completely unexpected.

While the internal investigation has cleared the company employees, Coinbase isn’t in the clear yet. disgruntled Coinbase customers have filed a class-action lawsuit against them. They are seeking damages from the company for violating consumer protection laws. There is still a long way to go for the cryptocurrency giant to get out of this situation as the CFTC is reportedly also investigating the cryptocurrency exchange company over the Bitcoin Cash trading allegations.

BV Prime

Bitcoin Futures Being Swapped for Physical Bitcoin Units


With the current rally gaining momentum, there’s rising institutional interest in Bitcoin. The last week of July is seeing Wall Street traders complete their first ever swap of Bitcoin futures for actual Bitcoin units.

Two institutional investors completed the first ever exchange of the CME Bitcoin futures for actual Bitcoin units. This counts as a major step towards mainstream adoption for Bitcoin.

E D & F Man Capital Markets and itBit cryptocurrency exchange made the transaction possible. They facilitated two traders so they could swap CME Bitcoin futures for the actual Bitcoin with the same value.

Also known as Exchange for Physical transactions, this sort of transaction allows investors to hedge the commodity and futures. It will allow them to have a diverse portfolio exposure for several kinds of assets. This provides many firms with liquidity, capital, or tax benefits. The EFPs get discussed and decided privately. When the settlement is made, they are reported to the exchange.

EFPs are nothing new. They have existed as a financial instrument for the futures and commodities market for a while now. It is just that this is the first time they have been used to process a futures swap with the underlying asset being a cryptocurrency, namely Bitcoin.

A representative of E D & F Man Capital Markets Inc has commented on this trade.

“Every day we facilitate EFPs for our clients in physical assets such as soybeans, wheat, and treasuries. EFPs on CME Bitcoin futures mark an important step forward in the maturity of the regulated derivatives market for digital currencies.”

With increasing interest by institutional investors, things are changing. Investment firms and hedge funds are going to wait for a shorter period of time when it comes to a regulated market for cryptocurrencies.

Until now, The US Commodity Futures only approved Bitcoin futures being traded for cash once the futures contracts expire. A cryptocurrency-enabled EFP will streamline the transition between digital assets and the mainstream market.

There has been a significant rise in Bitcoin futures trading since the CME group started offering Bitcoin futures trading in December of 2017.

Coinbase, a San Francisco based cryptocurrency trading platform secured a $20 million hedge fund. It plans to use the funds to allow institutional investors to have more options when it comes to their financial services.

The cryptocurrency world is bound to see more institutional capital flowing into the industry if the Bitcoin ETF proposal sees approval. This will also make Bitcoin the second digital asset to be listed on the public markets.

BV Prime

Cryptocurrency Mining Operation has Been Halted in Chinese Region


Keeping in compliance with the Chinese government’s plan to eradicate Bitcoin mining operations in the country by the end of this month, a small Chinese province has shut down an illegal cryptocurrency mining operation in the region.
The regional news, Jinse, reported that Xinjiang Uyghur in the northwestern part of China has identified what is an illegal mining operation taking place in the region. The small province is an ideal location to carry out the mining operation due to the naturally cold climate in the region, which significantly reduces the need for cooling systems for the heavy mining computers they had set up within their mining operation.
The region has been subject to the agriculture industry’s attention mainly, until the point that cryptocurrency mining operations began in the country. Since then, there have been a number of ventures in the region looking to utilize the cryptocurrency mining friendly environment to carry out operations. While the government has been pushing the larger metropolitan cities like Shanghai and Beijing to help boost the economy of the Xinjiang region, it is obvious that they are not going to allow that to happen through the prospect of cryptocurrency mining.
According to a notice issued by the Economic and Information Commission of Xinjiang, any entity which is not formally registered with the Chinese government and is utilizing electricity without the necessary permits is considered to be an operator of illegal mining. The government notice also demanded the shutting down of any such companies by the local utility suppliers.
Utility Firms Delegated With Crackdown
The EIC has essentially tasked the local utility suppliers to crackdown on all the illegal mining operations according to their discretion. The departments have not been given a very long time to follow through on the directives of the government. Their deadline to shut down all the illegal mining operations within their respective regions has to be done and dealt with by the August of 2018.
In the case that one of the local suppliers of utilities is not able to shut down the illegal mining operations in the given time, they will be held accountable and face the consequences of incompetency.
This decision follows the efforts which began at the start of 2018 with the authorities in the Xinjiang province calling for regular reporting being done on Bitcoin mining operations within the different areas of the province. Initially, they wanted to create the sort of regulatory framework to phase these illegal Bitcoin mining operations out in a diplomatic manner but the latest turn of events clearly shows that diplomacy has gone out the window.

BV Prime

Stellar Becomes 6th Largest Cryptocurrency by Market Cap


We are seeing a resurgence of the world’s largest cryptocurrency, Bitcoin with a sense of vigor we saw back in its hay day. With the price at the time of writing at almost $7800 per Bitcoin unit, it seems well poised to break the $8000 mark soon. It is not good news for just Bitcoin however with Stellar performing well to see a surge of almost 30 percent in its value over the past seven days.
This move by Stellar, reputedly the younger brother of Ripple, see itself move past Litecoin as the 6th largest cryptocurrency in the world based on the market cap. Stellar now enjoys a solid place on the sixth spot among the cryptocurrencies with a market capitalization worth $5.4 billion which is comparatively much larger than Litecoin’s $4.8 billion.
There are no bitter feelings on behalf of Litecoin for Stellar as the creator of Litecoin took to twitter to congratulate Stellar on surpassing Litecoin’s market capitalization. That being said, he did continue to say that it does not make sense trying to compare the market caps of Litecoin and Stellar because of the inflated market cap of Stellar.
He believes that the metrics to decide the ranks of different cryptocurrencies is not exactly accurate. It does not reflect on decentralization nor how the market capitalization came about. He feels that cryptocurrencies of the likes of Ripple and Stellar should not even be categorized in the same rankings as mineable and proof of work cryptocurrencies like Bitcoin and Litecoin.
In the alternative rankings that Lee posted for the mineable proof of work cryptocurrencies, Bitcoin retains a top position, Ethereum comes in second, Bitcoin Cash comes in at third and according to the figures that he posted, Litecoin comes in at the fourth position.
Of course, the market capitalization metrics have always been a fickle thing in the world of cryptocurrencies. The rankings by Coinmarketcap.com is based on the same market capitalization metrics and not on any other factor by default.
When you look at the history of cryptocurrencies, there was one that shot up really fast among the rankings only to crash and burn after it was revealed to be little more than a pyramid scheme. We’re talking about Bitconnect Coin.
That being said, Stellar cannot be considered the same as Bitconnect Coin as it has been making major moves in recent times. The likes of receiving certification for its platform and for the native cryptocurrency units Lumens (XLM) from the Shariyah Review Bureau are proving that Stellar is definitely something that’s here to stay.

BV Prime

Conference in Stockholm Will See DLT for Different Uses be Discussed


September 11th of this year will see the Smile Expo take place in Stockholm which will conduct one of the world’s largest blockchain technology based conferences, the Blockchain & Bitcoin Conference Stockholm for the second time. The conference is going to see experts in the field from all over the world come together in the capital city of Sweden and talk about the use of Distributed Ledger Technology in varying range of sectors.
Here is What Attendees Should Expect
Within the Blockchain & Bitcoin Conference Stockholm, the attendees should expect to see 16 well known speakers about blockchain and cryptocurrencies come together from all over the world. There will be a feature of over twenty different blockchain based companies and startups in the demozone. There will be a sharing of all the innovative ideas and products by these participants for the cryptoverse.
The conference will see 2 panel discussions taking place which the attendees can visit. These panel discussions are going to see the panelists clarify the involvement of blockchain technology within the energy sector and the blockchain technology’s use in various sectors in this new blockchain era.
Main Points of Discourse
There will be a lot of discussion about general topics in the cryptocurrency world right now and the experts are going to elaborate on a few topics surrounding Distributed Ledger Technology with a particular attention to the use cases.
The main points of discussion will be the analysis of Distributed Ledger Technology and its implementation within different industries, the real use cases of cryptocurrencies and their regulation across the globe, the potential that Distributed Ledger Technology has for entrepreneurs and a discussion about how to prepare for and launch an Initial Coin Offering.
What Makes The Conference Different?
You see the Blockchain & Bitcoin Conference Stockholm this time will be different because it will not only be focusing on the most popular uses of Distributed Ledger Technology but also all the implications the innovations of it can have on the world. The specialists coming together will exchange their points of views on the blockchain technology uses in the energy sector and its potential impact on global warming and climate change.
There will also be a discourse on blockchain technology’s “encroachment” in the real estate sector, the opportunities it presents for the transport industry, the impact it will have on logistics industries and healthcare.
Other than that there will be a discussion on integration of blockchain technology within the industry of journalism. Smile Expo has been hosting a series of Blockchain & Bitcoin Conferences all over the world.

BV Prime

Yet Another $50,000 Prediction for Bitcoin – Abra CEO


After the prediction about Bitcoin reaching the $50k mark when 2019 starts by crypto hedge fund manager known as Spook, another prediction about Bitcoin hitting that figure has come forth.. The Chief Executive Officer of the cryptocurrency services app Abra, Bill Barhydt, has said that the market could very well see Bitcoin test the $50,000 price over the long term.
The news came in as Inverse, an American tech news source, reported the CEO of Abra saying that Bitcoin will see the value of $50,000 over the long term. Now unlike most of the other predictions that have been coming forth about the price of Bitcoin and where it will be, the CEO of Abra has not specified a timeframe. Barhydt’s lack of including a timeframe in his prediction makes the expert’s opinion a little less feasible for a lot of people relying on the words of the expert but nonetheless he did add more to his words. The Abra CEO made note of the fact that the rationale while investing back in the December of 2017 was a tad bit ambitious. That means that everybody who had a stake in the world of cryptocurrencies and Bitcoin got ahead of themselves and that managed to bring about the decline we are seeing right now.
Of course, being the expert that he is, Barhydt did not make these predictions without giving any value to them. Abra has become one of the leading cryptocurrency based services for mobile devices. The cryptocurrency services firm is hoping that a more mobile friendly approach to their services is going to help increase the adoption of their firm. Other than the fact that they have prioritized mobile first initiatives, they offer easy to use cryptocurrency to cryptocurrency trading as well as fiat to fiat along with fiat to crypto and vice versa. Using the prospect of smart contracts hosted by the distributed ledger technology, they can make this possible with comparative ease through the platform they provide.
This was not the first and certainly not the last time that a prediction about the world’s largest cryptocurrency. The CEO of BitMEX, Arthur Hayes claimed that Bitcoin will hit the fabled $50,000 mark by the year’s end. While a lot of people are skeptical about predictions like Hayes’ there are more believable predictions being made about the valuation of Bitcoin by year’s end. The head researcher at Fundstrat Global Advisors, Tom Lee, has said that Bitcoin might very well surpass its all time high and possibly even hit $25,000 by the end of the year.
While it is not very clear that all these predictions about the price of Bitcoin will come to pass, it is a certain fact that things will become more interesting considering the historic patterns of the highly volatile cryptocurrency.

BV Prime

A $40 Million Theft Which Never Happened


2018 is a year that will forever be remembered as one with the most thefts in the world of cryptocurrencies. With a few months in the year still left to go, at least $1,000,000,000 of damage has been done in the form of thefts, with numerous cases of digital assets being stolen throughout the first half of the year. For anybody who has been keeping up with the news from the cryptocurrency world, this valuation of the amount of money stolen throughout 2018 seems to be a very conservative number. From the $530 million worth of NEM tokens being stolen from Coincheck, the huge cryptocurrency exchange based in Japan, to the $152,000 theft at Myetherwallet.com, there have been a plethora of cybercrime incidents involving cryptocurrency tokens.
The $40,000,000 That Was Never Stolen
2018 gets even more interesting when it comes to the alarming rise in cryptocurrency thefts. With news of cryptocurrencies being stolen left right and center, there was one particular incident of Bitcoin theft that has really caught the attention of the world.
32 year old Ted Price, resident of Hatfield County in Pennsylvania was arrested earlier this year for allegedly having stolen an insane $40 million worth of Bitcoin. The ‘who’ was pretty clear in the matter but questions related to the ‘when’ and ‘where’ were not a matter of concern for the prosecutors when they sentenced him for such a huge heist.
The interrogation which went for hours at length saw Price confess to having developed the kind of malware which diverted bits and pieces of Bitcoin being mined into his own account. It was also during the interrogation where he ‘confessed’ to having developed software that would hack digital assets for foreign governments. That should have been enough for the prosecutors to understand that he was not mentally sound, and had more to say. He apparently also said that he kept multiple fake passports and private planes on standby in case he needed to make a quick exit. The prosecutors believed every word. He was charged by the district court immediately for the $40 million theft and that’s something they would soon regret.
Ramblings of a Madman
Further investigation after the fact revealed that the 32 year old man lived in his parent’s basement, he had previously spent time in mental institutions and that he was on Oxycodone throughout the interrogation.
The mentally unstable man knew a bit about technical jargons, which he used to baffle the authorities. They believed every word that he said without thoroughly checking for the facts just because they couldn’t really comprehend the same level of technical understanding that he looked like he had.
Price was released after three months of time served. There was no money stolen. The only theft he actually did pull off was the theft of his girlfriend’s father’s credit card which he used to make a $150 purchase for his own dad. Nothing more.