27 Apr

The Indian Government is Planning to Legally Recognize Bitcoin

By Daniel Zo Bitcoin, India Read Comments

During the last couple of months, we’ve seen numerous governments open up to the idea of digital currency, which is absolutely great news for adoption throughout the world. Not long ago, reports stating that the Indian government plans to legally recognize Bitcoin came in.

With this in mind, it seems like a committee was constituted by the Reserve Bank, and put in charge to study digital currency, and decide whether bitcoin is fit to be recognized as an official, legal currency in the country. The recommendations from the committee will be given anywhere between the 15th to the 20th of May. Afterwards, the Government will get to decide whether the plans will proceed.

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24 Apr

Differentiating Bitcoin from Ethereum & Understanding Smart Contracts

By Daniel Zo Bitcoin, Ethereum Read Comments

If you’ve been following the recent digital currency news, then chances are that you’ve heard about Ethereum and all the buzz that it has been creating since its launch. As Ethereum is still quite new, many who are just hearing of it tend to ask themselves the following question: Why use Ethereum, when we already have Bitcoin, a much more popular digital currency?

This exact question represents the source to a lot of confusion surrounding the two projects. While they seem similar at first, their core purpose is extremely different. To put things better into perspective, Bitcoin is only meant as a digital currency, used to buy/sell products and services, whereas Ethereum is slightly more different. In fact, it represents a platform based on blockchain technology, used by people to develop decentralized applications, which work thanks to smart contracts, and are fuelled by Ether, the currency of Ethereum.

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18 Apr

Could We See Bitcoin Recognized as a Currency Under Trump’s Presidency?

By Daniel Zo Bitcoin, USA, Donald Trump Read Comments

During the last couple of months, we’ve seen governments from all around the world becoming more relaxed when it comes down to discussing bitcoin. In fact, on the 1st of April, the Japanese Government finally agreed to recognize Bitcoin as an actual currency, which can be stored, but also used to purchase and sell products and services.

After Donald Trump was officially inaugurated as the President of the United States in January 2017, the digital currency’s price peaked, and hence managed to reach a new high. Two months later, the price of bitcoin reached $1,268, thus surpassing the value of gold for the first time. Not only this, but bitcoin almost tripled in value during a year, and between December and March of this year, its value has grown by around 30%, which is massive growth, even for bitcoin. During its volatility periods, it has been determined that the value of the digital currency can easily react to world and political events, especially in influential countries such as the United States, Russia, China, Japan and more.

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12 Apr

Why Bitcoin Investments Shouldn’t Be Rejected

By Daniel Zo Bitcoin, Investment Read Comments

If you’ve been following the recent news from the digital currency industry, then chances are that you’ve heard once the Securities Exchange Commission SEC decided to reject the Winklevoss-backed Bitcoin ETF project, which would’ve made bitcoin-based investments easier and more accessible to people throughout the world. The SEC is reportedly mostly concerned about the fraud potential that bitcoin poses, alongside with its high volatility and possibilities of price manipulation, which are due to the continuous lack of regulation, and reportedly, transparency, although this isn’t really the case.

Because of this, a possible channel of bitcoin investments remains unopened, but those who are interested can still invest in the digital currency through the numerous bitcoin exchanges and bitcoin investment trusts. However, is there an attractiveness to bitcoin investments? We’ll attempt to tackle some of the most compelling reasons on why you may want to invest some of your capital in digital currencies.

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11 Apr

The Future of Blockchain and Bitcoin Regulation

By Daniel Zo Bitcoin, Blockchain, Regulations Read Comments

​During the last couple of months, the popularity of both bitcoin and its underlying system, the blockchain, has grown considerably. With bitcoin prices rising above $1,100, and numerous financial institutions and companies showcasing their interest in blockchain technology, we’re without a doubt, about to experience a financial revolution.

However, regardless of whether you view bitcoin as the key to a free, but also utopian-type of economy, and blockchain technology as the key to achieving trust in the digital era, and online security, both systems are not outside the reach of government regulators throughout the world. Because of this aspect, it is always important to keep a close eye on the opinions of regulators.

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05 Apr

Gold vs. Bitcoin: the Better Long-term Investment

By Daniel Zo Bitcoin, Gold, Investment Read Comments

Long before Bitcoin reached the price of gold, the two commodities have been compared, and analysed side by side, in order to determine which would make a better long-term investment for anyone with enough capital to risk.

As the two commodities are currently situated at approximately the same price, determining the right choice is an interesting mind exercise. If we were to put aside bitcoin’s well-known scalability debate, alongside with its volatility, which would make up a better choice in the long run? There are clearly advantages and disadvantages to both, as while bitcoin is the newer, and more utile choice, especially since we’re living in the digital era, gold on the other side of the spectrum, has, what can be named, an indisputable track record, and has been used as a means of measuring value by humans for thousands of years.

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04 Apr

Bitcoin is Now Recognized as an Official Currency in Japan

By Daniel Zo Bitcoin, Japan Read Comments

While most countries are tolerant of bitcoin and other digital currencies, not many recognize it as a means of payment, or actual currency, from a legal standpoint. According to recent reports, Bitcoin has just managed to get the recognition associated with mainstream currencies just like fiat, over in Japan, thanks to a recently-implemented law that categorizes bitcoin as a legal payment option.

The law, which has come into effect on the 1st of April, has both advantages and disadvantages. With this in mind, bitcoin exchanges operating in the Nippon country will face regulatory scrutiny, and the application of all laws that currently govern financial institutions and banks in Japan. Based on this aspect, all exchanges operating inside the country will need to comply with the already-strict anti-money laundering regulations, alongside with the Know Your Customers (KYC) laws. This will mean that bitcoin exchange users will face less privacy, as annual audits will be conducted as well. Luckily, numerous cyber security requirements have also been implemented, therefore further securing the private data of exchange users, alongside with their funds. This is great news considering the fact that one of the world’s biggest exchange hacks (The Mt. Gox event) took place in Japan a few years ago.

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26 Mar

The Block Size Debate Causes Bitcoin Price Fall

By Daniel Zo Bitcoin, Blocksize Read Comments

Chances are that you may have noticed Bitcoin’s recent value drop this week, which may be fuelled by the currency’s power struggle that has been going on for a while.

To put things better into perspective, the recent value drop is directly related to the block size debate, which has been going on for more than two years. With this in mind, the main players in the digital currency industry are debating the right way to scale the network, in order to help it accommodate more transactions, as bitcoin continues to grow, and be adopted by many more people and companies. At this moment in tie, the block data cap is of 1 MB, roughly every 10 minutes. Some people want to raise this limit, under what has been referred to as Bitcoin Unlimited, to a flexible cap that would allow more transactions to be carried out for each block in particular. At the other side of the spectrum, we have the developers behind Bitcoin Core, who want to go ahead and keep the 1 MB limit, yet attempt to make the system a bit more efficient, hence also processing more transactions per each block. While the scope behind each end of the debate seems noble, the side effects for both decisions can be quite dangerous, as they both can transform bitcoin to either digital gold, or electronic cash, as mentioned by Adam White.

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22 Mar

How The Blockchain Network Can Ensure Banking Security

By Daniel Zo Bitcoin, Blockchain, Banks Read Comments

During the last couple of months, banks and financial institutions have continuously showed their interest in bitcoin, for various purposes, such as digitally signing contracts, helping with monetary transfers and more.

Perhaps one of today’s biggest monetary challenges is the presence of hackers. While they cannot crash the entire world economy by ‘deleting’ money, they can cause a great deal of damage to banks and financial institutions by changing what computers think is real and true. This represents the main reason why banks are seeking a system that would guarantee the authenticity of data, by thoroughly analysing it, and keeping records on a ledger. Blockchain technology, which is quickly picking pace, can do exactly this.

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17 Mar

Why The Bitcoin ETF Project Failed

By Daniel Zo Bitcoin, ETF, USA, SEC Read Comments

If you’ve been following recent digital currency news, then chances are that you already know that the Winklevoss-backed ETF Bitcoin securities project was blocked by the US corporate regulator, known by the name of the Securities and Exchange Commission.

This is quite understandable, considering the fact that economic analysts did mention that the chances for approval were fairly low, but thoroughly understanding the reasons is essential to make sure that the project doesn’t fail next time. To put things better into context, the following question should be asked: would you be tempted to invest into an asset that may be illegal now, or sometime in the future?

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