Have you heard that a city in North Dakota, which is in the US state, is now accepting payments made via cryptocurrency to pay utility bills? The finance director of this city said they are the first municipality in North Dakota and the third city in the nation to offer the service of accepting cryptocurrency payments.
The name of the city that has started to accept cryptocurrency as a means of payment is Williston, the state of North Dakota. This city announced that they will accept all the payments made by the cryptocurrency for paying the utility bills on Thursdays.
Hercules Cummings, the finance director of the city, has explained that Williston has partnered with Bitpay to accept cryptocurrency payments. This announcement makes many things clear, which includes that, at present, the utility bills are the only bills that are eligible for getting paid through cryptocurrency. There are many things that are going to happen before migrating the other bills, like the landfill bills, permits, and the additional licenses into this stage. You will be stunned to know that the volume will be evaluated first, and then the quality assessments will be taken.
Bitpay is the platform supporting the payments made in the form of bitcoin, bitcoin cash, Ethereum, Dogecoin, wrapped bitcoin, BUSD, PAX, DAI GUSD, and USDC, according to the details mentioned on the website of the company. These are the cryptocurrencies that the Williston city will accept along with the other conventional form of payments, which includes the fee made by cash, checks, debit cards, credit card, and the automatic payments plans.
The announcement made by Williston city also included that the cost is also saved when you pay the payment of these bills via cryptocurrency. This is because Bitpay is the platform that charges only one percent of the fee for paying online. If we compare it to the price set by google pay, apple pay, and PayPal, it is very cost-efficient because they charge three percent of the fee.
Recently, two more cities in the US have started working on some of the initiatives related to bitcoins. You will be glad to know that the Miami and Florida are the two cities which have passed their resolution in which they will allow the employee to get their payments in the form of bitcoins, residents of the towns to pay for the fees via the bitcoin system and the city is also going to have bitcoin on the balance sheet also.
When it comes to investing money and becoming rich, the concept is widely termed as wealth creation. Renowned investors consider this phenomenon as one of the safest ways to reach the heights in minimum time. For this, there are several ways which exist in the marketplace. These can be stock and capital markets. They can also be banking instruments like fixed deposit and recurring deposits. These are the options that are very much helpful in gaining a great outcome and return. However, their rate of return is not that attractive. Even if we term this as attractive, there cannot be many other variants which might be that safe and without the possibility of incurring risk.
Nowadays, technology has emerged to such an extent that there are money-making options available online as well. It has emerged in the form of bitcoin. Bitcoin is an artificial form of currency that exists in the form of tokens that are capable of recording data in them. The trading of bitcoins has resulted in ensuring that the rate of same has been touching skies in all this time. Therefore, at such times, there is a need to list down the importance of trading in bitcoin and at the same time understand the characteristics of this element. The same has been summarised as follows:
- Bitcoin comes in the form of a distributed ledger.
- It is in the form of tokens which is capable of recording the transactions.
- They make the use of online regulation which ensures that they are traded without attracting any form of fraud.
- Bitcoins have other variants as well. They can be etherums as well.
- Bitcoins make the use of ledger technology which is able to record the information in batches.
Bitcoin transactions make the use of various kinds of steps. These steps have been summarised as follows:
The blockchain is a decentralized public directory that is used by the whole Bitcoin network. The blockchain contains all verified transactions. It helps Bitcoin wallets to estimate their balance of money such that it is possible to check new transfers to ensure that they are in reality the property of the expender. Cryptography enforces the completeness and chronological order of the blockchain.
A transaction is a value transfer from the Bitcoin wallet to the blockchain. A hidden item of information called a private key or seed that is used for signature of operations which is stored in the Bitcoin wallet, supplying cryptographic confirmation that it comes from the wallet’s owner. The signature also prohibits anyone from changing the transaction after it is released. Both transactions are sent to the network and are normally checked in 10-20 minutes using a mining process.
Analysis of Distributed Ledger Technology:
One of the foremost steps is the selection of the distributed ledger technology. It helps to have ease of operation with safety.
Buying and Selling of Bitcoins:
The next step in line is to ensure that trading in this format happens between the registered users.
Finalization of the Transaction:
The last process in line is to ensure that the transaction gets finalized in the minimum possible time. The settlement of the accounts takes place which ensures that the required bitcoin value is entered into different platforms.
This last few months, Bitcoin made history. In one year, the firm shattered its historical record, flirted with a 10x ROI, even hit ATH and became the highest performing asset of the decade. However, is it overall a decent investment? All depends on your crystal. For example, Gerald Moser, the Barclays Private Bank’s chief market strategist, does not believe this.
The swings in the price of Bitcoin and other cryptocurrencies are so serious for Moser that investing in them is not a positive thing. While the projected return for Bitcoin is hardly possible to estimate, its volatility renders the commodity virtually ‘uninvestable.’
The comments from Moser indicate that, regardless of how profitable, traditional Walls Street investors do not have very risky assets relaxed. Moser states that along with equities or oil shares he positions Bitcoin in a high-risk grouping. But many will probably cast the cryptocurrency in any portfolio, also under that thought.
Moser not only claims that Bitcoin is a poor investment but also a poor diversifier of risks. He clarified that since 2016, weekly return correlations indicate that Bitcoin is unrelated to any commodity. In fact, his estimate reveals that over the last three corrections from 2015 Bitcoin underperformed shares.
However, since Bitcoin is so bad, what is the reason why Bitcoin has catapulted its price up to new heights? The explanation for Mose is simple: it is some sort of “meh” news which is carried to the extreme. Institutional investment is not as relevant as many think. The cryptocurrency success was powered mostly by individual investors entering an apparent unsustainable rally rather than long-term institutional investment
This view is held by Adam Grimsley, founder of the UK’s first crypto fund. He thinks that institutions serve a small market share and are not champions because Bitcoin is not examined in typical categories of investing. This cynical mindset, however, does not always share. MicroStrategy is one of the companies with over 70 kB of Bitcoin purchased in 2020, that wanted to bring much skin into the game.
Its chief executive officer Michael Saylor has been a leading Bitcoin evangelist, providing everything from free lessons on Bitcoin awareness to outrageous comments such as suggesting that BTC may have been designed by Heaven.
Other relevant foreign institutions and banks have lauded Bitcoin, saying it is a more developed currency that can be extended. For starters, the CEO of PayPal at the Web Summit said it was “very bullish on all kinds of digital currencies.”
Many big banks around the world are now beginning to provide crypto-related services, change their opinions, prize Bitcoin, and use the blockchain to function internally.
In the current situation, with many demands of the internet-based voting system, various groups are going against this progressive set of using a blockchain-based voting system. The groups are no ordinary people. They are a “group of researchers” working on this process. So, what’s stopping them from accepting the new voting system? Let’s begin; the Massachusetts-Institute-of-Technology, department of computer science and artificial intelligence, has been working on the blockchain voting system’s pros and cons. After quite a long research, they found that the idea might be a progressive one but is not safe. There will be millions of chances when the data could be hacked, and there can be a compromised result. That is exactly why a section of people do not agree to get the voting system online.
The prominent researchers Neha Narula, Ronald N. Rivest, Michael Spector, Sunoo park, concluded that the online voting system is risky in comparison to the old voting system. According, to researchers, walk-in’s very safe because there is a lesser chance of tampering in the votes. There will also be a lack of audit, even if there will be a contested race. As this is a very new system and has not been implemented yet, no one is sure about the assumptions. Hence, the researchers admit that the system might be a faulty one, but no one has proof of the fact, and hence, these are all assumptions only.
Like in every internet-based transactions or authorized working of organizations and companies, they have a fault a damaged cotton option, but, for a vote, there will be no damage control. Once the system is hacked, there will be a national emergency and chaos. Hence, to avoid frauds and emergencies, the group of researchers does not agree to move their voting system online.
If the hackers hack the blockchain, the election authorities will not be able to declare the results properly, and that will bring chaos all over the country, and that is bound to affect the world economy, one way or another.
After research and Markus debates, the authorities have concluded that, yes, blockchain voting can cause serious hazards to the country’s ruling system, although they are ready to try out the “new process” for online voting but slowly. Small developments in the blockchain system will eventually provide a clear picture of what will happen if the entire system changes. Researcher Michael sector, who is from a different MIT team, released a new report which states there are various vulnerabilities in the blockchain system.
Who likes to be tracked? The digital currency has set a new level of expectations from people, and that is resulting in the opposition or dissatisfaction on the matter of getting a centralized digital currency bank. Most of the Americans are opposing this particular proposal as found by a study done by Genesis Mining. The study is valuable because it was done with 400 participants, where 50% of the respondents were against this particular step of centralizing the digital currency and confining it into a Bank. One can argue that the no of respondents is less in number and that this survey is not apt, but this survey does reveal that a higher percentage of citizens don’t want a digital dollar!
Already CBDC found opponents of the proposal, it miraculously doubled in 12 months. From 50 to a majority of the respondents now are opposing this particular proposal. Only 13% of the respondents gave their permission. To do the said. There is a tricky belief here; the opposing respondents agree on this particular decision just because they think cryptocurrency is associated with criminal activities. As stated by CBDC, this specific section of the people gave this concept because of their insufficient knowledge about cryptocurrency and how it works. There is a mixed response from American citizens that is generated due to an inadequate understanding of digital currency.
One instance of the particular statement is that Americans have inadequate knowledge about currency and the digital currency or monetary dealing of America. About 38% of the respondents believe that the American currency is being backed up by gold and liquid gold. The other percentage of people doesn’t even know anything about monetary transactions and digital currency. Inflation was spotted as a “critical issue” by 88% of the respondents despite their disinterest in the “monetary policy”.
The outcome of the study by genesis
The study provides concrete proof that most Americans are not aware of the monetary dealings or transaction benefits or system in the US. Hence, genesis thinks this is an excellent opportunity for the American authorities to make fair use of these citizens and make them literate in these processes. How the monetary system works, where the money comes from, where the money goes, how bitcoin works, the benefits of bitcoins, what is a cryptocurrency and why should it become a medium of transaction, how cryptocurrency can elevate the advance the usage of money in the economy to boost it, etc.
One of the most critical decisions in this process is to decide whether the private sector should be included or not included at all. This can have severe consequences and issues while working in the economy. The “Federal Reserve” came to the rescue and stated that private enterprises and banks should be kept out of it and that the state should have full control over it.
A small study in Canada found that citizens are highly in disapproval of the cryptocurrencies and are walking out its issues but are poorly educated about the benefits of cryptocurrencies. The officials and financials think this is due to poor education about finance in the common mass and that this can harm the economic growth in a country!
Mirror Trading International is known for using bots for trading on behalf of its clients. Texas State Securities Board took action against MTI by immediately stopping its illegal crypto trading. The action has been taken in response to the complicated and illegal trading platform of MTI.
According to some brokers, the MTI platform asks for Bitcoins from its customers in return for trading services and profits. This trading service is performed by automated trading through artificial intelligence.
Following the path of the Texas State Securities Board, now South Africa’s Financial Services Conduct Authority (FSCA) is also alert to investigate MTI’s illegal activities. FSCA has claimed that MTI should have a mandatory license of the financial service provider to run its business and it doesn’t have one.
Another loophole in the business model of MTI is its 10% return claim. The FSCA is concerned that this claim seems to be unrealistic. MTI has appointed unregistered salespeople to dupe wealthy investors and business persons to invest in its platform. The bogus trading platform then lures them to give high gains.
MTI claims that it holds 2.9 billion South African Rand in trading accounts. Since there are many other speculations, this claim also seems to be made up. FSCA has now warned MTI’s users to not use the platform for any trading activities. It is also advised that the trading funds should also be withdrawn as soon as possible.
Amidst the other doubts about MTI, its platform broker FX Choice also denied the claim of trading in millions. The broker also denies the legitimacy of the platform. To which, the regulator is yet to do its investigation.
The South African regulator will also involve the police once all the blames is confirmed by the authorities. MTI is accused of not working according to the regulatory standards and doesn’t have a financial service license. The regulatory has also imposed charges of providing misleading information on MTI.
Bots are dealing with the hard-earned money of the investors and everyone is lured by multi-level marketing methods into the platform. The MTI platform is being promoted as a get-rich-quick scheme. This is not supposed to happen at all.
If anyone is having trading funds with MTI, he or she should immediately withdraw the money into their respective accounts. Until any legal action is taken against MTI, its users are free to withdraw their funds safely without any further delay.
It is estimated that $274 million or 23,100 wrapped bitcoin is in circulation in the market recently. Wrapped Bitcoin or WBTC has seen very high growth from last few weeks. According to a registered digital-asset data provider, almost half of the wrapped bitcoin was mounted a few weeks in the past itself which resulted in the growth of the decentralized finance sector.
Wrapped bitcoin allows the users to seamlessly bitcoin to the ethereum network which helps to interact with smart networks. WBTC is actually a token that stabilizes the price of bitcoin which was launched in 2019. The growth in decentralized finance is basically pointing at the fact that people are always searching for high yield options to hold bitcoin. The growth in WBTC has also been inflated by the yield farming phenomena because above the half of the WBTC is kicked in the Defi landing protocol compound.
High Privacy Values of yield farmers
The most valued and popular ethereum for bitcoins in recent times is the WBTC. As it is one of the easiest, although it comes with a very vulnerable policy that includes “know your customer” procedure and a third party custodian service. This raises concerns among many users about privacy and censorship. As the interest in Defi is growing around varied institutions by central banks, many individuals are preferring to stay anonymous when using wrapped bitcoin.
19% of the new addresses brought using the WBTC on August are through renBTC. So, what is renBTC? It is something similar to WBTC but it actually features trustless storage for bitcoin. This is because renBTC allows all users to stay anonymous while they can own their assets, completely. The percentage points out that privacy is a genuine drive factor in the growth of the Defi sector.
Will ethereum be able to support the growth? Although Defi looks promising
Many of the Defi protocols have already been subjected to the issues of security and malfunction. The yield farming might have different consequences with the tokens involved in each platform. Let us explain it with an example, 50% or more of the DAI is already locked in the compound which might end up disrupting the peg with the dollar. The compound of WBTC is also locked in the compound as well. This will eventually bring liquidity issues in the market for tokens in hand. One of the disturbing facts is that the ethereum network is bogged down due to tremendous network congestion and high fees surrounding it. The future is bright for DeFi, but the question is, will ethereum be able to face the coming challenges?
The global pandemic has plunged the world into uncertain times, especially in all regimes’ economic avenues. The economy has suffered, but cryptocurrencies have come out better than before with investor confidence high and a surge in valuations expected. There has even been a forecast of a bull run in the likes of the one in 2017, which had made the whole world mad about Bitcoin. The most noteworthy thing though is the slowly growing tie-up between cryptocurrencies and conventional financial resources. This means that those who previously were unwilling to deal with bitcoins due to its exclusivity now may find it appealing with greater accessibility about fiat and other asset forms.
Advice from Industry Experts:
Two pro-traders revered in the crypto community for their wisdom regarding digital assets will be conducting a lively new session on their weekly video channel on the relationship of Bitcoin with other forms of assets and how to handle them the transition. The video will be interactive, where watchers can ask any queries they deem necessary and find the answers they are looking for life as the video ensues.
The video will cover Bitcoin’s basics, such as its glorious history and the mysterious origins of the anonymous Satoshi Nakamoto. The recently predicted Bull Run and the necessary precaution it will require will also be discussed with emphasis on trading with caution and paying heed to advise from conservative experts instead of the running head-long as everyone did back in 2017. But as promised, the main topic would be about the burgeoning popularity of Bitcoin among the common masses and what its recently developing association with traditional forms of assets will mean for the finance world.
The world has been catapulted into chaos, and Bitcoin seems to be the only thing that has come out of it thriving. This is in the character of its volatile nature, and investors seem greedy to jump into its fertile waters. While the market does seem to be burgeoning with brighter horizons up ahead, one must remain cautious and refrain from investing all of their life’s earnings into its tumultuous tides. This is a fun new trading opportunity where one should only focus on learning the patterns and trading with the money that they have to spare. Please do not go into it as a last-ditch effort to solve your financial problems but rather as a side hobby with a potential benefit of maybe making you rich.
This piece elucidates facts about the report that says that the servers of 2gether were under attack by some anonymous hackers who also robbed more than 1.39 million USD from accounts of cryptocurrency investments.
2gether is a European crypto trading organization. It was very unfortunate for them to face a massive problem as it became the target for a bunch of hackers. They stole over more than 1.183 million Euros which is equivalent to 1.36 million USD. The CEO of 2gether named Ramon Ferraz Estrada revealed this terrible news through a Twitter post series.
He also mentioned in his posts that the Euro wallets and accounts are still completely safe. To cope up with the major loss, the company came up with the offer to its clients to sell its classic 2GT token with the cost of 5 cents (each) only. The team of 2gether also made a decision to grant an extra fund for covering any further losses they might have faced through this event.
More Details on this Occurring
This particular crypto trading institution made some other statements to the public. The team stated that the application software of 2gether will get rebuilt once again as quickly as possible along with the availability of all security facilities. The customers will get a new benefit of asking about any sort of problem they might face with this application through an Ask Me Anything or AMA session that will be organized on Reddit.
Similar Incident with Cashaa
Cashaa, a United Kingdom-based cryptocurrency trading company, made a report that a little more than 336 bitcoins were stolen by a bunch of hackers just like the event happened with 2gether. Both the happenings were very much similar to each other and causing a heavy suspicion that they might be connected together.
Right after this awful incident happened with Cashaa, it stopped all the transactions linked with cryptocurrencies. With this sudden cease, the clients did not go through any issues to be specific as per the reports say.
The Whale Alert Twitter Update
On the 27th and 28th of July, Whale Alert posted a Twitter series that signified that wallet addresses linked with the current hack of Bitfinex exchange moved 3503 Bitcoins that have approximately held a value of 38.7 million USD, more than 12 transactions.
Obtaining Bitcoin is not as simple as purchasing fiat currency. There are several things you need to know to secure such a purchase. The first thing you need to know becomes where to store the Bitcoin you buy. Since it is a digital currency, you need a digital storage area, known as a wallet in the cryptocurrency world. The wallet essentially stores private keys you use to access your funds when you need to spend them. The keys are like your ATM card pin, without which you cannot access your money.
You can then go ahead to buy your digital currency once you have your wallet in place. There are currently six secure places where you can purchase Bitcoin.
Automated teller machines designated for Bitcoin dispensing are a completely new concept. They offer the most private purchasing experience and will quickly gain ground across the world. You get charged a 3-8 percent commission on your purchase above standard exchange price. And all you have to do is feed the machine funds then scan your wallet’s QR code to get the digital currency deposited. You can optionally get the systems in paper form with directions on how to collect the BTC. These ATMs can never get found in countries that have outlawed Bitcoin or digital currencies.
Gift cards often get purchased by Bitcoin, and the reverse is also true. You can buy Bitcoin using gift cards as several Bitcoin exchanges have sellers who deal in this particular exchange type. You purchase a gift card from a retail store and log into a Bitcoin exchange service. You may need to send an image of the gift card’s code plus the receipt of purchase or send an e-code. The difference depends on the seller with whom you connect. Gift cards tend to save you money as you can purchase them at even 60 percent of their actual value, making them one of the most affordable ways to buy Bitcoin.
Exchanges offer the most open platform for traders to purchase cryptocurrency. They get regulated by the country’s government and require that their clients give their details before engaging in trade. They also need clients to connect active bank accounts to their exchange accounts before they can begin transactions.
Giving details can be a deterring factor to some individuals as it takes away anonymity from Bitcoin trading. The advantage exchanges bring to provide a variety of options to traders and allow fair competition among sellers.
Exchanges also offer Bitcoin storage facilities. The downside to that is they are prone to hackers or even shutting down suddenly, making them unfavorable for cryptocurrency storage. Such incidents have happened before with traders undergoing irreversible losses.
Peer to peer involves buying Bitcoin from an individual seller. The advantage of this kind of purchase is you can keep the transaction anonymous. You have the option of meeting face to face, meeting in a group setting, or transacting online. The most secure of this becomes the group setting, with several buyers and sellers coming together for mutual benefit. You get to learn a lot from those who have gone before you and gain exposure from different approaches to Bitcoin trading.
Take utmost precaution while transacting online or face to face with a seller as many have been duped this way by fraudsters. Always have a witness with you if meeting physically with a seller. Meet in an open and public space where you can raise the alarm if something goes wrong. For online deals, try to get trusted sellers who have a proven track record in the trade. Referrals work better in such transactions where you are referred to a seller by a friend.
Bitcoin Investment Trust
This investment body is one-of-a-kind. You get to invest in Bitcoin without purchasing any cryptocurrency. You save your money in the trust, which pools the funds sent by investors and funds on your behalf. It currently has an investment pool of $1.8 billion with an appreciation of 1,600 percent from its inception.
The ingenuity of this approach ensures you never have to buy Bitcoin yourself. You also learn about cryptocurrency without the fear of undergoing losses or being duped in a deal.
While Bitcoin has been around since 2009, it is still evolving. Because of this, some governments are still wary of it. Sellers prefer hard cash or direct deposit from the bank to sell you the digital currency, so they don’t get the transaction reversed after transferring Bitcoin. Bitcoin currently has no reverse option in its system.
Remember also to be cautious when buying the cryptocurrency as there are many fraudsters out there. Use trusted sellers as much as possible. The digital currency world is a continually evolving space, and there will be other avenues created for accessing Bitcoin in the future. Security measures will get better and digital currency will continue to get embraced globally.