Archives 2020

Traditional Crypto Custodians Ramp Up Security To Accommodate Institutional Demand

Cryptocurrency is simply an asset in digital form, which is used as a medium of exchange where every coin or asset’s ownership records are stored in an existing ledger in the form of a computerized database with a robust encryption mechanism. Traditional crypto uses blockchain technology for keeping records of each asset and its transaction history. One can easily use their asset from anywhere in the world using the internet.

Many companies and industries playing close attention to digital assets because of their rising demand to record-breaking levels. Many institutional investors are interested in purchasing securities and properties and asserting an interest in traditional crypto.

Recent news of Bitcoin (BTC) raising the valuation of $24,000 for the first time in history brought many new potential investors for traditional crypto. Institutional investors are people who use the money to purchase real properties, securities, and investment assets or loan originations. Usually, such investors include banks’ insurance companies’ pension funds, hedge funds, investment advisors, and mutual funds.

Security of traditional crypto

People usually pay interest in those things which give benefits. Potential investors for cryptocurrency are increasing day by day because of its development. And during investment, security plays a crucial role as safety is essential for assets. Usually, cryptocurrency users’ digital wallets and encryption techniques are used to verify transactions between wallets and public ledgers.

The primary purpose of using encryption is to provide security and safety. Potential benefits for users provided by cryptocurrency include security. A strong cryptography mechanism is used to secure and verify transaction records and control the creation of additional coins. Generally, coins don’t exist in physical form and are not issued by the country’s central authority but use decentralized control.

Blockchain technology is used during cryptocurrency development where blockchain describes how the transaction has a record in the form of blocks with a timestamp and connected through the chain.

That means it is a digital ledger that contains the transaction records of cryptocurrency, which is hard tampered with by any other person. According to the survey conducted recently during early December by Bank of America-Merrill Lynch, Bitcoin to the third most filled the trade behind with occupying 15% of a fund managed with $534 billion under management on technology shares.

Developers play a crucial role in developing digital currency as they are responsible for developing and optimizing protocols and smart contracts related to cryptocurrency. Due to the increase in demand, developers of cryptocurrency tried their best to level up crypto assets’ security to accommodate institutional investors’ requests.

Even though there are some security protocols to secure cryptocurrency, it doesn’t mean it is un-hackable. There are some cases where several high dollars are hacked and cost cryptocurrency start-ups heavily. Investments are always risky, and cryptocurrency investment is the riskiest investment to choose. But custodians of such traditions increasing the level of security so that it can accommodate such assets. People will willingly invest in something when there is security to their investment. With the increase in security levels, many institutional investors become potential investors of cryptocurrency. Technology is developing day by day, making it possible to increase the strength of online transactions’ security, and many encryption techniques are developed, which helps improve the security levels of cryptocurrency. Investments will increase when there is security for the invested asset.

The valuation of cryptocurrency is rising day by day, which is attracting more investors. According to a recent fertility survey, 36% of respondents or institutional investors own crypto assets.

Owning cryptocurrency has become common because of its benefits provided to the users and ease of operation. Cryptocurrency doesn’t need third-party or authority involvement during the transactions, making it easily processable. It doesn’t need to depend on another person for transaction verification because smart contracts play authentication.

Conclusion

People always search for a place where there is a guarantee for their investment—custody of cryptocurrency remains in the hands of third-party providers of storage and security services for cryptocurrency. Security levels of cryptocurrency are increased to attract institutional investors who can hold a large number of cryptocurrencies.

For the development, people need customers or users, which can be increased if the services provided are of the best quality. Keep this in mind. Cryptocurrency custodians do invest in improving cryptocurrency security, which plays an essential role in its development. With the increase in security, it is safe to invest in it, which increases the potential investors.

Institutional investors usually like investments in securities, real properties, and other assets or originate loans where large transactions are involved and profit at the end. Development can lead to growth in the crypto industry because it can provide safe transactions to customers. With the increase in demand and the rise in cryptocurrency rate, it has become popular in almost all countries.

The End Days For Crypto Criminals Are Not Far Away, And Good Riddance

John McAfee’s current detention that took place in Spain finished off to achieve a few weeks where the news feeds on cryptocurrency have been brushed off with reports on regulator enforcement works and bans, an exchange breach, and arrests.

Let’s Get into Details

News on the cryptocurrency has not been like this for a while now. The land of the cryptocurrency sector has been ruined, and the cowboys and scams have been entirely responsible for it. However, post-Grayscale crypto landscape, the post-blockFi is altogether a different beast.

Now a few questions arise: Does this new crime series stories recommend that the segment is being finished off for better future days? Are monitors only now gaining on? Or, is it recommending that it is not at all the case that how much it does get matured, money about cryptocurrency will always be proving enticing for bad actors?

The Hacks, Bans, Arrests and Enforcement Actions Return

The UK’s “Financial Conduct Authority” discovered crypto derivative products not to be suitable for retail customers because of the harm they pose, after one year of deliberations. The trade of crypto-derivatives and ETNs to retail investors from the United Kingdom will be stopped, and it will start early in the next year.

The Detention of John McAfee and Other Events

The announcement actually was made on Tuesday, and that was the same day John McAffee was detained at an airport in Spain. Now, he has to wait for deportation to the USA to experience charges that include a sentence of 30-year imprisonment.

It was about a few days ago when the “Commodity Futures Trading Commission” had filed a “civil enforcement action” in the US District-Court for the “Southern District of New York” against the current owners of BitMEX and the firm itself. The action claimed the trading platform that was not registered disobeyed a lot of CFTC monitors, and it was inclusive of failure to apply Anti-Money Laundering procedures.

Are the Regulators Gaining On?

It has been a while since the cryptocurrency was hit hard by the news of legal action, exchange hacks, and bans. It is possible that what we are seeing is law enforcement and administrative agencies bringing the ICO era to the last cry.

The denouement of the licit drama around the sale of Kik’s Kin token came the exact day as Salt Lending assented to an agreement with the SEC over its very own 47 million USD sale in 2017.

The Concluding Statement Regarding the Update

So, what did you understand from past events? There actually is a big lesson teaching us that cryptocurrency is not the one to live sustainably outside the hands of the law. The rules might be broken, but they will definitely be changing as time passes by. And, along with the change in time, cryptocurrency will also change. And, the days of the crimes would soon be seeing better days.

The Power Of Blockchain And Ai Technology For Sports Industry

The latest technologies around the world have brought about some major changes in our lives. The revolution in digital technology has led to the introduction of many new innovations such as virtual reality, connected devices, and even data analytics. At the heart of this technological revolution are Blockchain and Artificial Intelligence. Their huge potential has led to them being used in many different industries like security, supply chain, travel, automobiles, healthcare, and more. Even though not many people understand this, but even the sports industry is not far behind. It has been redesigning its infrastructure and also implemented new technologies as per the trend. It is among the most valuable industries in the world and is expected to reach a total value of more than $600 by the year 2020. Ai and Blockchain are both being embedded in sports in many different ways and can help improve the entire sports industry and sports itself. 

Blockchain and AI in Fans Engagement

Irrespective of the sports, fans form the most important asset for any team or player. More strategies are being implemented to increase fan’s engagement and even playing an important role in important decisions in the sports industry. Take the example of some of the top soccer clubs such as AS Roma, Paris Saint-Germain, Atletico Madrid, and many others that have formed a partnership with the Socios.com platform. The fans of these clubs can purchase tokens that give them the power to select the club’s jersey, charity selections, and others. Many sports online stores are also accepting payments in cryptocurrency for tickets.

 Blockchain and AI Helps Prevent Injury

 AI today is being used to monitor and capture every single detail of the players. There are multiple sensors and technology to analyze the players’ and teams’ data to provide insight into the player’s performances to help improve them. These data are also used to predict many scenarios even before the match actually takes place. Another important use of technology is the prevention of injury. Injuries in sports can be a huge issue for the players and the teams. If a player gets injured, there are insurance companies and lawyers that get involved, and all this can be quite expensive. 

AI and Blockchain for Advancement in eSports

eSports is the future of sports, and the global audience has everything within reach of their hands. There has been a booming relationship between the blockchain and AI technology and the eSports. There has been a huge investment of crypto assets into eSports, and there is no way it is going to stop any time soon. Gamers are more open to accepting new technology, and it is pushing the demand for cryptocurrency. 

The sports industry is growing at a fast rate. There is more competition and teams have much better players than ever before. Using the right technology and tools, it is possible to enhance the entire ecosystem. In all, these AI and Blockchain have a very important role to play. It is why many AI and blockchain companies enter the sports industry and create their presence in all major areas of their framework. Since these technologies are still new, they pose a number of questions, risks, and uncertainties. Besides, many areas of the sports industry are still untouched by technology, and there are many opportunities to be explored here. It would be interesting to see the many developments and trends that would enter the sports industry in the future.  

Why Interoperability Is the Key to Future Innovation and Adoption?

Tribalism has been the bone of contention in the blockchain industry for many years now. Many developers are seen defending various technologies for specific protocols, even when they are clearly aware of its limitations. It is these divisions that are limiting the growth of the blockchain technology as well as proving to be a major stumbling block in the way of innovation. The enterprise market has slowly realized the potential of blockchain technology. Still, it is not possible to reap its benefits comprehensively until the blockchains can grow, communicate, and cooperate with each other. 

The blockchain technology has the power to offer innovative incentive models, security, transparency, and data ownership to the fore during the time when the world desperately needs it. The ongoing Covid-19 pandemic has clearly showcased how brittle and disorganized the world’s major supply chains are and how difficult it would be for the industry to act quickly based on the incentives it gets during such crisis time. The World Economic Forum recently noted that the problem is not only the technology but also governance, business models, and data ownership. 

These challenges can be easily solved by blockchain as it is scalable, measurable, reliable, transparent, and auditable. More than 11 years have passed since the Bitcoin white papers are published, but its potential is yet to be fully realized. Why do you think it is? It is because there are many artificial barriers that are placed on the way, such as tribalism and application lock-in. Such issues caused unwanted friction to the movement and made it difficult for the blockchain movement to gain the momentum or attention it deserved. 

If there is one thing that the year 2020 teaches us is that the world needs to work together, forgetting personal differences and goals. Working towards common goals would help solve the issues faster and ensure that the common enemy is beaten much sooner. Even though certain blockchain-powered solutions have surfaced during this pandemic, can we say that its full potential is being used? Absolutely not! 

The world needs to talk about the interoperability of blockchain soon to realize its full potential because we can be sure that the world would face severe crisis again in the future. Rather than worrying about the solutions tomorrow, we should better prepare ourselves today to face whatever problems we come across. Interoperability is defined as the ability of many different blockchains to work closely together and communicate with each other seamlessly. The developers would be able to feed data to one blockchain while causing an effect on the other. Even though blockchain technology is still evolving and developing, it is important for the leading blockchain companies and developers to work together to develop platforms and solutions that transform the world. 

Instant Crypto Exchange Launches Pro Platform as Market ‘Matures’

On-the-spot Crypto exchange is witnessing the inception and hopefully eventual rise of a new program that offers easier processing, cheaper rates, and all-day customer care. This new venture has its eyes set on the race as it ensures quality service regarding the transmission and connectivity between low-risk investing and into-the-ocean spontaneous trading. It has been on the radar of reviewers since the last four or five years after its parent company initiation. It has been growing since then diligently and actively, and now boasts of operating with hundreds of recorded crypto-currencies.

Development and Progress:

The company and project started with humble roots dedicating their services to help out newly inducted investors in cryptocurrency get into the game at a slower pace, where the investor would take advantage of the characteristic fluctuations of the crypto-currency values and increase their returns over short periods of time. But as the company continued to higher ground and developed its strategies along with the inclinations and developments of the market tendencies itself, it decided to widen its entrepreneurial scope, dive into the intrepid waters, and start carving a name out for themselves among the bigwigs of the industry.

Reliable Co-operations and Inspiring Collaboration:

This newbie project and its curators value collaboration and cooperation with an established crypto-currency corporation that can give their venture a necessary boost onto the trading floor. One such enterprising partnership had been their association with a known and respected crypto-wallet platform through which they were able to minimize their exchange time-period significantly no matter how busy the traffic got. Another similar association helped them establish a direct conversion mechanism in which users could convert their assets into altcoins quickly and easily over just a few easy-to-follow methods.

This is not to say that the company can’t hold its own. In fact, it had been continually making it easier and more comfortable for new crypto-users to deftly navigate the ways of the trade by ingenious innovations and ideas. They had become industry pioneers with their revolutionary program under which a user would only need their bank-issued debit and credit cards to get some altcoins online.

With all such curated experience, profitable collaborations, and blockchain expertise under their hat, the company aims to reach great heights while making the crypto experience smoother for the consumer.

Brazilian Jiu-Jitsu Champion Says He Lost Bitcoin Bought in 2015

Among the latest happenings from the world of cryptocurrencies, the former international Brazilian Jiu-Jitsu Federation World No-Gi Champion, Craig Jones, revealed he lost the Bitcoin he bought in the year 2015. Craig Jones has also won Combat Club Trials in Abu Dhabi twice. At the time of his Bitcoin purchase in 2015, it was priced in the range of $200 to $400. Craig Jones said that he bought Bitcoin along with a couple of friends in 2015 and forgot about the purchase immediately afterward. 

However, when the price of Bitcoin skyrocketed around the year 2017, he and his friends tried hard to locate where the password of their accounts but couldn’t retrieve it. Craig Jones has even won Crypto-assets as a prize once where he was paid $1,000 in BTC or Bitcoin Cash for a match held in the United Kingdom. In 2017, when Craig Jones wanted to retrieve his Bitcoins to sell, the price of the Bitcoin was at its peak of more than $20,000. Coinjar is a crypto exchange based our of Melbourne, and it recently announced that it has decided to sponsor Craig Jones through his crypto exchange account. 

Craig Jones is not the only one from the world of fighters to jump onto the crypto bandwagon. Many popular names from the fighting organizations from across the globe have been turning their attention to digital currencies and cryptocurrencies. In 2015, popular name from the world of Ultimate Fighting Championship or UFC in short, Jon Fitch was amongst the first MMA fighter that has been paid through Bitcoin Cash. In April, another popular UFC fighter named Ben Askren promoted the use of Bitcoin for giving rewards through his official Twitter account. 

Craig Jones is popular in the fighting world for knocking down his opponents using his famous leg locks. Many global organizations, including banking and financial organizations as well as governments, have been trying to find ways to regulate the use of cryptocurrencies. The attempt by the various organizations in the field of MMA and similar space is an addition to the continuing interest in cryptocurrencies and how it can be used to replace the conventional monetary systems in use for long. 

Craig Jones, after losing his Bitcoins, did attempt to contact the experts to find a way to retrieve it. However, the meticulous security and complex nature of the cryptocurrency world, especially Bitcoin, makes it almost impossible to trace the lost account, Bitcoin, or its address. However, this incident has only fueled his interest further in the crypto world, and the lesson learned has ensured that he takes necessary precautions the next time he is treading in cryptocurrencies. 

10 Ways You Can Spend Bitcoin

Although there are several cryptocurrencies in the digital market, Bitcoin stands to be the best in real-world adoption. Even after eleven years of successful trading and application, there is a lot of confusion about how to use the currency. Here is a list of 10 broad domains where one can spend their Bitcoins.

Buying Coffee or food

In 2018, the coffee giant, Starbucks, announced a partnership with Microsoft on the new Bakkt app. Therefore, anyone can enjoy their favorite latte or cappuccino by paying through bitcoin using the Bakkt app. There are many such mobile applications available to help in payments through bitcoins in various restaurants around the world.

Travel

Bitcoin Revolution can make traveling to favorite destinations possible. The holder can book hotels on Expedia, fly with CheapAir, or take a cruise with Ships & Trips Travel. They accept over one cryptocurrency to make things more convenient.

Home Décor

Buying a fancy dining table or fresh bedding sets is now possible with the online platform called Overstock. It sells everything from kid’s toys to smart home decor systems. This online retailer started accepting Bitcoins in 2014 and is now accepting over 60 cryptocurrencies after its partnership with ShapeShift exchange.

Gift Cards

Dealing in over 250 kinds of brands, eGifter.com accepts multiple cryptocurrencies, including Bitcoin. Some of these brands are Best Buy, Macy’s, iTunes, Dunkin Donuts, and Uber. Hence it is the best way to use Bitcoin in products where the brands don’t accept crypto payments directly.

Cars

Many auctions and car-makers accept Bitcoins for selling vehicles. There have been several examples like a car dealership in Canada sold a brand new Tesla S P85 to a customer for 5,447 LTC. Today these coins are worth more than $400,000. The world’s first Bitcoin-only automobile car boutique is famous known as Bitcars. The boutique provides unique oldtimer classic cars and premium supercars to the crypto community.

Luxury Goods

Platforms like The White Company purchase tickets to a VIP Event, rare paintings, expensive watches, and other luxury items easy. It accepts payments in Bitcoins, Litecoins, and Bitcoin Cash for all its items.

VPN Subscriptions

Since the priority of VPNs is privacy, many providers accept payments in Bitcoin along with other cryptocurrencies. Some examples are VikingVPN, AirVPN, TorGuard, and Cloak VPN. Determining VPN quality is very difficult, but if they accept cryptocurrencies, things become easier.

Charitable Donations

Several charities accept Bitcoins and other cryptocurrencies. One of them, Sean’s Outpost, is one of the biggest meal-providers to the homeless in Florida and a renowned homeless outreach charity to accept cryptocurrency.

Windows and Xbox Content

Microsoft started accepting Bitcoins in 2014 and is accepting many cryptocurrencies at large. Some transactions stopped during the crash of 2018, but they are back in action again. Therefore, buying movies, games, apps, etc. in the Windows and Xbox stores is possible.

Cloud Mining Contracts

Cloud mining has become a trendy technique that is getting along with cryptocurrency. Now, they also don’t need cash or bank transfers. Bitcoins can also help the purchase of high-end hardware.

Criminal extradited from Cyprus for allegedly stealing Bitcoin

With the change of currency from physical to virtual, there are also cases of fraud and forgery reported by people who use virtual currency. One such case has recently come into light in the USA who is charged for stealing virtual currency bitcoin. According to reports from the Department of Justice, a criminal named Joshua Polloso Epifaniou was extradited from Cyprus on charges of stealing Bitcoins. It is alleged that the person stole thousands of Bitcoins from unsuspecting victims after their account details were hacked from several sources. He is wanted for various cyber intrusion crimes in Georgia and Arizona. Apart from that, even extortion charges have been pressed against the accused.

Charges against Cyprus national

Joshua Polloso is accused of committing several frauds with regards to wire transfer and computer fraud by stealing identity. He is also accused of conspiracy to commit wire fraud and conspiracy to commit cyber fraud along with extortion charges. Along with other conspirators, the accused managed to steal personal data of victims from a New York-based hardware company and a Virginia based online employment portal. Apart from that, they also hacked into the systems of online game publishers and managed to get personal information of users in California. After successfully getting access into the systems, the team had managed to steal over $50000 in Bitcoin.

Charges of extortion

Apart from cyber fraud charges, the accused is also facing charges of extortion as he had held the database of a company and asked for a ransom of $90000. The accused managed to organize a brute force attack on the systems and captured the access to the server. Even though such cases are not new, this is good news for the cybersecurity industry as the accused is arrested and action has been taken by the authorities.

Lebanon national arrested for money laundering

Another person was also extradited on charges of money laundering and unlicensed transmission of currency. The accused Ghassan Diab belongs to Lebanon, and he had transferred currency to the tune of nearly $100000 to various people. Apart from that, he is also an alleged member of Hezbollah as indicated by the DOJ authorities. Such attacks have become regular these days, and DOJ also indicated that a cyber hacker had recently managed to sell access to various networks and gathered large sums of money. In this situation, it is essential to protect the personal information of cryptocurrency users.

Venezuelan Authorities Take Hold Of More Than 300 Bitcoin Mining Machines

Here’s all the tea about the sudden snatch of over 300 bitcoin (BTC) machines by Venezuelan Authorities. Before we come to the main issue here, here is a little note on Bitcoin mining. It is a very meticulous, highly expensive, and occasionally quite a rewarding procedure.

However, mining has an attractive enticement for a lot of investors who are interested in cryptocurrency. This is because miners get rewards for the work they do with crypto tokens. The most probable reason behind this is that entrepreneurial types see mining as a very unexpected financial benefit, like California gold prospectors in 1849.

How does Bitcoin Mining Function?

Bitcoin mining is carried out by highly advanced and highly powered computer devices. Those devices can solve way too complicated mathematical problems. The luck and function such a device requires in order to sort out those problems are the digital equivalents of a miner hitting on gold under the ground while digging a sandbox.

But, discussions on that part would be done later. The primary matter is seizing hold of more than 300 bitcoin mining machines by Venezuelan Authorities. So, let’s not waste more time, getting straight into the news on the very new cryptocurrency issue.

Details on Venezuelan Authorities Seizing 300 Bitcoin Mining Machines

Puerto Ordaz, the National Guard of Venezuela, grabbed hold of more than 300, Bitmain developed Bitcoin mining tools. To be quite specific, the count of the bitcoin mining tools/machines seized by the Venezuelan authorities was 315.

Regarding this issue, the ones who owned these mining appliances were told that they didn’t have the permission in order to possess and run those machines there. This was the time when they were also not sanctioned to transport the machines. This is because of the deadly coronavirus outbreak causing COVID-19, leading to a halt in transport with a global lockdown.

Based on the very recent law enactment, the people who are actually from Venezuela and who are showing quite a bit of a keen interest in running mining tasks connected with cryptocurrency must be getting the proper allowances from an office of the Govt. The National-Superintendence-of-Crypto-Actives is the government office mentioned here.

The ones to own these machines, which are specifically not successful in getting those documents of permits from the office, are fined. Not only being fined, but all of their machines are also taken over. This is all about the sudden seizing of 315 bitcoin (BTC) mining pieces of equipment.

The Bottom Line

That was all the information regarding this muddle. However, bitcoin mining is not a task that runs with complete smoothness. It carries a lot of negative points, too, like complexities, overuse of electrical energy, hardware cost, and even various scams. Also, there is a big chance of losing a big sum. Hopefully, you got every bit of info you required regarding this subject.

Widespread Hacking On Australia

Some state-based cyber hackers are continuously targeting the government of Australia and many other institutions in the country, announced by Australia’s Prime Minister Scott Morrison. He said that the attacks are quite widespread. It spread across all levels of government, along with the crucial services and businesses.

He brushed aside the identification of a specific state actor and said no prominent personal data violation had been made. The attacks have already happened for months and are still increasing day by day.

The Major Targets

Morrison was not specific about the hacking cases. However, he mentioned that the government, industry, political organizations, education, health, essential service providers, and operators of other critical infrastructures are under cyber attacks. He did not say anything more about this.

Who is Behind the Attacks?

Mr. Morrison recognized this several cyberattacks to be a state hack for the scale and nature of the targeting and the tradecraft used. Cyber intelligence masters have long linked several hackings in Australia to China. They have spoken out.

They have to say that here China is one of the few nations besides Russia, Iran, along with North Korea. These nations keep the potential to carry out these cyberattacks, and they are not united with Australia. For all that, they also pointed out that cyber-surveillance among nations and even allies is common.

Here is what expert Joshua Kennedy-White reported on the BBC: “There is always raging tensions between Russia and China so really it comes down to those being the key nations Australia would be referring to.”

Based on the report by The Reuters, intelligence agencies doubt China of carrying out the parliament hack in 2019. However, Canberra refused to make any sort of comment on this particular thing.

Steps Morrison Desires

Morrison said businesses, to be specific, health infrastructure and service providers must raise their quality in technical defense mechanisms. Numerous agencies of cyber defense had baffled a lot of hacking initiations. In spite of that, protection needed constant persistence and application, on the basis of his words.

Morrison also added that they came up with this muddle now not for raising concerns in the mind of the citizens but to make the mind of each and every people in the country very much aware. We know what’s happening, we are on it, but it is a day to day task, he further added.

The Untold Part: China

The heading made it very clear that numerous political, educational, and health organizations have been aimed by a state-based cyber actor with certain powers, but a lot about Mr. Morrison’s press conference was rated too low.

For instance, why this announcement was made at this particular moment was not understandable, provided these hacks are continuing for some time now. The relation between the countries worsened in recent years.

However, it significantly became tenser when Australia echoed the US in calling for an inquiry into the origins of the coronavirus, which was first found in China in late 2019. Since then, China stopped beef imports, put tariffs on Australian barley, and warned Chinese citizens about the “risks” of visiting Australia for racist incidents.

Concluding

No one can be 100% sure that China will be the one. But the Australian leadership has chosen a moment when it comes to its relationship with its powerful business partner. It is really risky to publicly declare that it is under cyber attack from a powerful state.