By Harold Vandelay on Feb 12, 2019 08:29 pm
London-based global information provider IHS Markit have estimated that the finance industry blockchain market is set to reach USD 462 billion by 2030. The value of blockchain in the financial sector reached USD 1.9 billion in 2017, according to IHS Markit’s figures but this total is set to swell significantly given the expected launch of numerous projects over the next few years. The London info provider’s chief analyst Don Tait sees his 2030 projections as entirely feasible, adding, that a positive international regulatory stance will impact the industry over time: “The Securities and Exchange Commission in the United States, the Financial Conduct Authority in the UK, the Hong Kong Monetary Authority and other regulatory bodies are reacting positively towards blockchain technology within the financial sector.” IHS Markit indicated many ways in which the blockchain industry will be called upon in the years ahead, including cross-border payments, share trading, and syndicated lending. Tait sees the global financial market as becoming the technology’s most prominent user, including insurance and fintech. He cites the derivatives market, currently worth around USD 544 trillion a year, as having huge blockchain potential, commenting: “By applying blockchain to the clearing and settlement of cash securities – specifically, equities – investment companies could save up to USD 12 billion in fees.” The possible applications for blockchain technology have not gone unnoticed by stock exchanges either, with recent with Switzerland’s SIX exchange and Germany’s Deutsche Börse either actively, or at the stage of, integrating blockchain technology into current systems. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post Blockchain Could Be Set for $462 Billion Finance Industry Stake by 2030 appeared first on BitcoinNews.com.
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By Manuel on Feb 12, 2019 06:28 pm
According to a report by data resource firm Diar, Bitcoin transaction fees are at their 2014 lows again. “Bitcoin transactions hit a one-year high last month nearing levels seen in the 2017 ramp up to the price boom,” says the report. Moreover, as at press time yesterday, the report finds that Bitcoin median fees had dropped to 2014 levels of USD 0.1 equivalents. According to the report, these new fee levels have not been seen since 2015 despite on-chain monthly Bitcoin activities that have superseded those of 2018 in total, although the median transaction value in Bitcoins are lower compared to previous months and comparatively with those of 2015. The report also highlighted transaction counts hitting a one-year high since the last bull-run of 2017. In another post referencing transactionfee.io, Bitcoin’s network throughput may have improved hence the positive outlook on transaction fees. To that effect, cryptocurrency exchanges have been seeing increased transaction performances, with Coinbase reportedly seeing 21% of transactions in 2018 compared to 2017 and others like Kraken and Bitfinex as high as 192% and 50% respectively. Nevertheless, Bitcoins moved on-chain in January 2018 are still higher than those of 2019. Earlier this year, Bitcoin News reported on Bitcoin transaction performance, referencing Jameson Lopp who said Bitcoin transaction volumes had dropped from a peak of USD 38 billion earlier in 2018 to a low of USD 3 billion (a staggering 92% drop). Bitcoin transaction volumes and fees among other metrics are important markers to determine the state of the network. During the hype drive of 2017 bull-run, while transaction volumes skyrocketed, fees went up as well; this made it hard for micro Bitcoin transactions to make it through the network on time, which ended up creating a backlog. However, since then so much has improved on the network, coupled with the introduction of the Lightning network (LN), moving forward so much is expected in terms of higher throughput should another peak in market activity occur. The overall assessment of the Diar’s report was that Bitcoin transactions are healthy thus far, considering the on-chain activities maintained a 3-month higher average than the better half of 2018. Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post Report Shows Healthy Bitcoin Transactions as Fees Find 2014 Lows appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 12, 2019 04:27 pm
IBM’s platform built on Hyperledger Fabric has launched its blockchain main net at its Melbourne-based data center in Australia. Hyperledger is an umbrella project of open source blockchains and related tools, started in December 2015 by the Linux Foundation and supported by big industry players like IBM, Intel, and SAP to support the collaborative development of blockchain-based distributed ledgers. The launch allows IBM customers to run their applications on the company’s cloud. A second Australian center is also planned for the end of March in Sydney. IBM Australia’s Head of Blockchain, Rupert Colchester, said that a second center would make the technology more widely available, adding, “Customers who are deploying blockchain applications have reached a maturity of projects that requires the data to be stored in Australia.” Colchester highlighted the degree to which blockchain technology was now being used across all industries in Australia with many IBM clients now “trying to understand how best they can apply it to the business problems they have”. An example of the growing use of blockchain at the corporate level in the country saw Australian real estate company Vicinity adding blockchain to its business operation in tandem with Australian energy tech company Power Ledger as part of a USD 75 million solar program, late last year. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post IBM Launches Australian Blockchain Cloud Service, Second to Follow appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 12, 2019 02:26 pm
With reported instances of the latest ploy for hackers to access user funds, photo scamming is further proof that cryptocurrency cold storage is by far the safest way to keep digital assets secure. Doctored images are now for sale on dark web forums according to research by Hold Security and warnings from Bank Info Security, and can be purchased for as little as USD 50. A recent example published by the latter showed an anonymous individual holding up a passport and note showing the words “Reset 2FA” along with the date. Hold Security, LLC is an information security company helping businesses of all sizes to stay secure. Its Chief Information Security Officer, Alex Holden, says that some exchanges’ security is far too lax, not requiring photographic ID at initial registration. He commented: “Some companies have no ability to assert what their client looks like… It’s not like hackers publish success rates,…But because we know that [hackers who] we are monitoring are actually making money off of it.” Most larger exchanges have far better security, which makes the success rate of such hacks uncommon, limited to smaller exchanges without rigid security procedures. Most exchanges require new clients to verify their identity with a passport or drivers license before trading on the platform, although with exchanges unwilling to talk about photo scamming events, it could be that even the larger exchanges have seen attempted security breaches through this method. Hold Security has reported that the dark web is awash with some 10,000 doctored photos which are used as fake verification purposes. The idea is to convince the exchange that a request to reset the often-mandatory two-factor authentication security process required to gain access to accounts is a legitimate one and is coming from the owner of the account. Cryptocurrency exchange giant Binance admitted that they had seen some attempts to breach their security in this way, commenting: “Unfortunately, we’re no stranger to these types of malicious attempts to gain access… Given the measures we currently have in place, I don’t believe this threat is something for Binance to be particularly worried about at the present time.” Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post Fake Photo Scams Largely Ineffective but Illustrate Need for Cold Storage appeared first on BitcoinNews.com.
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By Peter on Feb 12, 2019 12:24 pm
The standard model of price movement continues to operate on the market. After each active movement, the market stops for several days and is traded in consolidation. That’s what happened this time. After a one-day growth from 8 February, the price stopped and traded within a USD 50 range. Buyers stopped their movement in front of the price zone of USD 3,770-3,800. In this price zone, there is the upper trend line of the falling channel in which the price moves from 24 December: Of course, predicting where the price will come from this consolidation is anyone’s guess thing, but we will express our opinion. At this time, it seems to us that in this consolidation, buyers are trying to redeem the whole offer of sellers so that sellers did not interfere with them while continuing the growth and did not stop moving upwards because of their sales. Consolidation takes place in lowered volumes. That is, sellers do not take the initiative into their own hands. Also, yet we have not seen attempts by buyers to break through the price zone of USD 3,770-3,800 at large volumes. When this price zone is approached, sellers begin to be active: Therefore, we expect the continuation of the consolidation to and at least an attempt from buyers to break through this price zone to see their potential. And at the moment, consolidation continues and we will further talk about the mood of the market participants. The fear/greed index is growing and now its value is 46. The last time such a high rate was observed was on 4 January, after which in a few days the price began to sharply fall. Therefore, if a good mood and a belief in growth are not maintained by volumes and aggressive green candles in the near future, we think that the hopes of all buyers will be destroyed again. The marginal buyer positions are seeking to increase but the higher the price, the more uncertain the buyers are: Sellers also behave unconvincingly and do not show their clear mood: In our opinion, the whole problem is in volumes. Even if we analyze the growth from 8 February, then even though the volumes look exaggerated relative to neighboring volumes, in general, this is not the liquidity that is needed for the growth phase after the prolonged phase of the fall: That is why we need confirmation of the intentions of the buyers — namely the breakdown of the upper trend line and the price zone of USD 3,770-3,800. This is the first local target that will show the seriousness of the intentions of buyers. If sellers break through the current consolidation, then the critical point for buyers will be USD 3,500. If buyers do not keep this price, then their attack failed, and then we expect a continuation of the fall. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. About the Author: Peter Oleshchuk is a trader and technical analyst. He has spent two years studying and analyzing the crypto market. Image Courtesy: Bitcoin News The post BitcoinNews.com Bitcoin Market Analysis 12th February 2019 appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 12, 2019 10:23 am
Blockchain enthusiasts are starting young, as proved by the third-placed team at a blockchain interoperability hackathon at the Barclays Rise fintech hub in London. The hackathon was hosted by London-based blockchain startup Clearmatics. The prize was awarded to a team of high school students from Bedford, who was up against challenging senior competition. Not only did the students take away the third prize; their entry wasn’t planned ahead, with only two days to organize their project, according to Dr David Wild, head of computer science at Bedford School. His team knew almost nothing about blockchain tech just 48 hours prior to the contest. Dr Wild guided his students through the process of designing a smart contract to share exam results between schools, exam boards, and university admissions by using the Ion framework. The teacher explained that the students’ lack of prior knowledge actually worked in their favor: “If you are writing a piece of software say, you want somebody who is naive to use it because they tend to use it in the ways that you wouldn’t imagine.” The team of high school students who had not even sat their A-Level exams yet was pitted against blockchain experts from Santander and Barclays and other UK bank representations, as well as seasoned startups such as Web3j and Adhara. One of the students commented on collecting their prize that it was truly a last-minute learning curve, pointing out: “We learned quite a lot about Solidity and smart contracts on the train.” Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post Starting Young: UK High School Wins 3rd Place in Barclays Blockchain Comp appeared first on BitcoinNews.com.
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By Manuel on Feb 12, 2019 08:22 am
Crypto adoption in the Philippines continues to take form with the Union Bank of the Philippines (UnionBank) launching a two-way cryptocurrency ATM under its sandbox program. In a statement to local media outlet The Philippine Star, the bank said: “The bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa.” The initiative is said to serve the purpose of allowing crypto users to buy and sell crypto for fiat, hopefully, increasing the adoption of crypto usage in the country. The Philippines has been making strides towards becoming a crypto inclusive economy, as it pushes for crypto adoption on many fronts. Last week, the country’s regulatory body, the Cagayan Economic Zone Authority (CEZA) announced the provision of a set of rules that will provide clearer rules and guidelines for crypto innovation in the country. More so, in a show of good faith, it gave 19 exchanges the permission to commence operation under the new regulatory framework. The central bank had also been actively involved with crypto-related activities since last year. It had given permission to two of its commercial banks to transact cryptocurrencies, allowing them to exchange from cryptocurrency to Philippine peso. The rise of ATM installations around the world has grown and continues to prove that crypto adoption is increasing despite the conditions of the market. Last month, Bitcoin News reported how the installation of ATMs had gained traction in 2018 just as in 2017. With over 4,000 ATMs currently installed globally, sadly, only one had been listed in the Philippines before this latest one, according to data from Coin ATM Radar. Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post UnionBank in Philippines Launches Crypto ATMs appeared first on BitcoinNews.com.
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By Talha Dar on Feb 12, 2019 06:21 am
Banco de Espana, the central bank of Spain, has warned Spanish citizens of the risks associated with investment in cryptocurrencies according to a post published on its official blog. The bank believes that “unregulated cryptocurrencies” pose a grave threat to investors due to their volatility, anonymity and lack of regulations. This conventional institutionalized response from the bank despite government assurances of sensible regulations show the lack of trust in the regulatory setup towards the new asset class. The central bank states that cryptocurrencies like Bitcoin do not have the Deposit Guarantee Fund, which is a common practice enforced by banking regulator for the benefit of investors and depositors. It also points to the age-old argument that cryptocurrencies are not a legal tender and thus cannot be redeemed by investors at any point, thus posing risk and uncertainty. The bank claims that in the event of buying goods or services with cryptocurrencies, it would seemingly be an impossible mission for the buyer to redeem or ask for a replacement if the goods or services are not as described in the advertisement or description. Coming directly from governor Pablo Hernandez de Cos, the public cautioning goes one step further and describes the regulatory challenges posed by cryptocurrencies. The definition of cryptocurrencies, while evolving, is still not unanimous even within the European Union. All in all, the document warns citizens regarding crypto because of high volatility, cybersecurity risks, and weak consumer rights. While the ruling Partido Popular party is reportedly working on a bill to have cryptocurrency and blockchain regulation in the country, the move will definitely collide with the ultra-conservative behavior shown by Spain’s banking regulators. While blockchain is being implemented at a rigorous pace at the institutional level with the example of the Spanish bank BBVA announcing a blockchain-recorded syndicated loan, the regulatory clarity presents several challenges. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post Spain Central Bank of Spain Warns Citizens Against Using Bitcoin appeared first on BitcoinNews.com.
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By Talha Dar on Feb 12, 2019 04:20 am
In response to a lawsuit, Israeli crypto entrepreneur Moshe Hogeg has denied allegations of misappropriating investor funds, insisting that white paper claims are not legally binding. In addition to being the CEO of Sirin Labs, Hogeg was behind the blockchain firm known as Stox (STX) on which the case is based. The news was reported by the Times of Israel on 9 February 2019. In January, it was reported by media outlets that Stox was being sued for USD 4.6 million by Zhewen Hu, a Chinese investor. An investment of Ether (ETH) worth around USD 3.8 million was done by Hu in an open source platform, which was supposed to be a prediction market platform based on Ethereum. It was predicted by Hu that the value of the native STX token would boost after the successful implementation of Stox’s prediction market platform, stated the lawsuit. Nevertheless, Hu believes that out of the total USD 34 million raised for the said platform, only USD 5 million were used for funding Stox, contrary to white paper plans. Furthermore, Hu accused Hogeg of using the rest of the funds for investment in other initial coin offerings. He maintained that those funds were utilized in Telegram’s offering. Responding to the lawsuit, Hogeg’s lawyers stated that a white paper is only used for describing the project, it is not supposed to be a legally binding document. Furthermore, Hogeg’s attorneys concluded with remarks that no obligatory program was presented in the document. Hence, it imposes no legal responsibility on the issuers. Hogeg told the Times of Israel that he has not violated any law and lawsuit is just an “extortion attempt”, adding that the STX token is not a security. Therefore, no ownership rights in the company are granted. He also believed that Israel is not the proper jurisdiction to proceed with the lawsuit as the company is Gibraltar-based. According to reports, in the past few months, Hogeg has invested several million dollars in various startups. In late August, Hogeg purchased Israeli soccer club Beitar Jerusalem for USD 7.2 million. He also donated USD 1.9 million to establish the Hogeg Institute for Blockchain Applications at Tel Aviv University. This is not the first scandal faced by Stox. Professional boxer Floyd Mayweather Jr was seen promoting Stox during its token offering. Floyd is facing charges from the US Securities and Exchange Commission for unlawful promotional activities related to startup Centra Tech’s sale. He has reportedly agreed to pay USD 300,000 as penalty along with USD 300,000 in disgorgement. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post White Paper Confers No Legal Responsibility, says Sirin Labs CEO appeared first on BitcoinNews.com.
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By Talha Dar on Feb 12, 2019 02:14 am
Convincing other people to believe one is Satoshi Nakamoto may appear to be one aim of Bitcoin Cash forks in recent history. First, it was Craig Wright of Bitcoin SV who declared himself as the legendary Bitcoin creator and now, one developer of Bitcoin Cash ABC (the other fork of Bitcoin Cash) is purporting to be the pseudonymous creator of Bitcoin: enter Amaury Sechet. In a series of Tweets, Sechet tried to lay claim to the Satoshi crown by using a similar technique used by Craig Wright, before the latter’s bluff was called. Sechet wrote some pre-existing signatures of the Bitcoin Network along with pointed instructions to verify them. While Sechet may be pulling a fast one, when it comes to the identity of Satoshi Nakamoto, there is never a shortage of pretenders hoping to mislead newer members of the Bitcoin community. And when it comes to Bitcoin forkers, abandoning the world’s most popular cryptocurrency doesn’t seem to have lessened their desire to declare themselves its creator. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: bitcoinnews.com The post Another Altcoin Developer Makes Satoshi Nakamoto Claim appeared first on BitcoinNews.com.
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Recap - Day in Crypto - BitcoinNews.com for 02/12/2019