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Why Bitcoin is a revolution in terms of financial system?

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The bitcoin network came into existence on January 3, 2009, when the creator Satoshi Nakamoto mined the genesis block of bitcoin. The value of one bitcoin was worth less than a dollar when it was created, which later peaked at around $20,000 in 2017. But it is not just the value of bitcoin why it is hailed as a revolutionary financial system.

 

Separating money from the state

The current financial system in the world is inseparable from the state and requires each person to trust institutions like banks with their hard-earned money. Bitcoin being truly decentralized, bitcoin gives the control of money back from the state to people. Alone this feature makes bitcoin a revolution in terms of the financial system. The technology that allows bitcoin to be decentralized is blockchain, a digital ledger where each transaction is recorded permanently, and anyone can access that ledger. Platforms like the bitcoin revolution app can play a key role in bringing more people on board for bitcoin. 

 

Bitcoin: An alternate financial system

Bitcoin, in itself, is a financial system that can act as an alternative to the current financial system. Bitcoin allows each person to act as his own bank and not depend on financial institutions that are under governments. However, for bitcoin to reach its full potential majority of the people need to use bitcoin as a currency. Some experts believe that the mass adoption of bitcoin is inevitable. 

Note: Bitcoin transactions are pseudo-anonymous.

 

Why Bitcoin is better than fiat currency

Bitcoin is better than the fiat currency in several ways. The central banks all around the world have the power to print an unlimited amount of notes, which lowers the value of money over time. Bitcoin, on the other hand, is limited, and only 21 million coins can exist. This feature of bitcoin would allow the value of bitcoins to not decrease over time like fiat currency. 

Note: the last bitcoin is expected to be mined in the year 2140. 

 

Why bitcoin revolution is inevitable

The financial system has evolved with technology over the centuries as we have gone from the age of barter system to adopting money because it was more convenient and useful. In the age of the internet, a currency that relies on the internet and gives control back to the people from the hand of states can potentially be seen as the next step in the evolution of the financial system. 

 

Conclusion

Bitcoin is not just an alternate currency or beneficial store of value. Bitcoin represents an ideology that seeks financial independence from the established institutes. Governments have tried to restrict bitcoin, as it is decentralized in nature, no one has the power to censor it. 

Read full post Why Bitcoin is a revolution in terms of financial system? on Chaintimes.com.

Source: https://chaintimes.com/why-bitcoin-is-a-revolution-in-terms-of-financial-system/

Blockchain

New Zealand’s IRD requests customer details to ‘better understand’ crypto-assets

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The Inland Revenue Department of New Zealand has re-ignited its interest in crypto-assets and its investors after it asked companies dealing with them to hand over customer details. The guidelines in question present a set of requirements which include the customer’s personal details, as well as info on the type of crypto-assets they are holding.

Understandably, the development wasn’t exactly welcomed the entities based in the country. Janine Grainger, CEO of New Zealand-based Easy Crypto, was one of them. Claiming that she was disappointed, but not surprised, she said,

“I guess [IRD] is just widening its net of the tax base and crypto assets are something that is definitely growing in popularity and we’re seeing a huge increase in New Zealanders getting involved.”

According to the exec, the requirement of handing over customer’s personal information is ‘heartbreaking’ as the tenets of cryptocurrency are freedom, autonomy, and privacy.

The new guidance comes on the back of guidelines issued a few weeks ago, guidelines that themselves seemed to have quite a few issues. In fact, according to Campbell Pentney, special counsel at the law firm Bell Gully,

“It doesn’t deal with some of the more pressing questions, for example, in blockchains, you have what are called forks, a fork is when a chain splits in two and then you have two different coins and then the question is if you sell both are you taxed in the same way for both of those coins?

Such developments are very interesting to see, and a parallel can easily be drawn with developments elsewhere. The IRS too was unclear about the treatment of crypto-assets earned as a result of hard forks, until the new Cryptocurrency Tax Laws 2020 stated that a plain hard fork would not result in taxable income, since the hard fork did not result in a taxable event.

Ergo, at face value it would seem that the IRD is unable to keep up with the pace at which crypto-technology is evolving. In a space where technology is constantly evolving, hard and fast tax rules are less applicable and more susceptible to loopholes. Hence, it seems like from a regulatory standpoint, oversight may be an inevitable by-product of growing crypto-adoption.

It doesn’t help that there is little to no standardization with respect to a governing legal entity’s definition of ‘crypto-assets.’ In New Zealand, for instance, crypto-assets are treated like property, just like in the U.S. In the U.K, however, it is treated as foreign currency while in Germany, it is treated as private money.

Countries like Singapore and Malaysia currently do not tax long-term capital gains, and as such, holders of cryptocurrencies are exempt from paying tax on their crypto-assets altogether. These vastly different tax regulations may as well result in individuals and crypto-companies moving their funds out of their countries and into countries where they are taxed more favorably.

Source: https://eng.ambcrypto.com/new-zealands-ird-requests-customer-details-to-better-understand-crypto-assets

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ETH Got Rejected At High Timeframe Resistance, Eyeing $280

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ETH got rejected at a higher timeframe resistance as the price was closely tracking the one of Bitcoin over the past few days and weeks as we reported in the latest Ethereum news.

Ethereum’s bulls and bears reached an impasse as both sides have been unable to spark sustainable trends. Where will the market trend next depends on BTC as the cryptocurrency is now trading at two critical levels. One analyst noted that ETH got rejected at a high timeframe resistance level a day ago and this rejection could cause the asset to see more downsides in the upcoming days and weeks ahead. He also believes that ETH could drop as low as $280 before it is able to garner any strong support.

eth chart
Image Courtesy of Pentoshi. Chart via TradingView.

Both Ethereum and Bitcoin and the rest of the crypto market were struggling to find strong momentum in either direction over the past few weeks and days. Both buyers and sellers attempted to take control of the near-term trend but their relative lack of strength led to the formation of a wide trading range for most of the cryptocurrencies. ETH could be poised for an extension in the bearish trendline seen over the past few days and weeks. Overnight it faced a strong rejection at the high time frame resistance which opened the gates for more downsides with one trader noting that a move towards the bedrock support at $280 will be imminent.

eth price
Ethereum price trades above $350. Source TradingView.com

At the time of writing, Ethereum is trading down marginally at a price of $355 while overnight the cryptocurrency hit highs of $365 before facing a rejection. The level does mark a key near-term resistance as the bulls were able to defend against a drop beneath $250 but they are signaling that they still have power which could boost the cryptocurrency higher in the near-term. One trader even believes that ETH is poised to drop towards $280 in the near-term as he explained that this will mark a long-term bottom. He said, unless ETH manages to rebound and goes over $360 resistance level, there’s a strong chance that a downside will happen:

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 “ETH at HTF resistance and trying to close today above DTL. Still personally am hoping market gives $280 for final buys of the year.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ethereum-news/eth-got-rejected-at-high-timeframe-resistance-eyeing-280/

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Review: T1Markets, a Popular Trading Platform for All Your CFD Needs

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T1Markets is a Cyprus based regulated online CFD trading platform operated by General Capital Brokers Ltd. The three-year-old platform operating since 2017 with CySEC license (No. 333/17) offers more than 300 CFD products in forex, cryptocurrencies, commodities, stocks, indices and precious metals.

The T1Markets online CFDs trading platform is designed to be user-friendly and packs a lot of features for the convenience of its trading community. Available for both new as well as seasoned traders, the platform makes traders feel at home by providing MetaTrader 4 based WebTrader interface which is accompanied by mobile trading applications for Android and iOS-powered mobile devices.

While experienced traders do not need an introduction to the T1Markets WebTrader, new users will find it intuitive and flexible. It comes with a highly customizable dashboard and sophisticated, yet user-friendly trading charts and analytical tools that help traders make the right trading decisions and place orders with just a single click.

Some of the noteworthy features of the T1Markets platform include multiple chart windows, real-time balance levels, trade updates, in-platform price alerts, one tap account switching, multiple trade execution methods and more. Like most of the other MetaTrader 4 based platforms, the exhaustive list of trading tools includes more than 30 technical indicators including lines, channels, bars, geometric shapes, Gann, Fibonacci and Elliott tools over 9 time frames (MN, W1, D1, H4(H1), M1, M5, M15 and M30(H1). Traders can choose to keep themselves constantly in touch with the markets by receiving news updates, trading signals, order status, etc. as notifications.

Start Trading

T1Markets has three different account types SILVER, GOLD and PLATINUM designed to cater to the needs of traders having different levels of experience. The process of creating an account on T1Markets is simple, with users required to provide their personal information including name, email, and phone number, followed by the completion of a questionnaire regarding their trading experience. After finishing the initial sign up process, they will also have to complete the KYC requirements and make a deposit using any of the available payment methods. With these formalities off the way and the account approved, users can start trading any of the available CFD products.

Account Types and Benefits

Account Type

SILVER GOLD

PLATINUM

Deposit Commission

0% 0% 0%

Spreads

Variable Variable

Variable

Leverage

Retail 1:30

Professional 1:200

Retail 1:30

Professional 1:400

Retail 1:30

Professional 1:500

Withdrawal Process

5 days 5 days

5 days

News Alert

Yes Yes

Yes

Free VPS

No Yes

Yes

Dedicated Account Manager

Yes Yes

Yes

Webinar & Videos

Yes Yes

Yes

Islamic Accounts

Yes Yes

Yes

24/5 Support

Yes Yes

Yes

5th Decimal

Yes Yes

Yes

Hedging

Yes Yes

Yes

Swap Discount None 25%

50%

CFD Products

T1Markets has more than 300 CFD products on offer, which includes:

  • Over 45 various currency pairs with leverage of up to 1:500
  • More than 30 cryptocurrency CFDs for portfolio diversification
  • 20+ commodity assets including metals, energies, livestock, agri products at up to 1:125 leverage
  • Major world indices including ASX100, DAX 30, DOW 30, FTSE 100, NASDAQ 100 with up to 125X leverage
  • Stocks and Equities belonging to leading global companies like Apple, Microsoft, Google, British Petroleum etc.
  • Precious metal CFDs like Gold, Silver, Palladium and more

Payment Methods

The T1Markets CFD platform supports multiple payment methods for deposits and withdrawals. Some of the popular payment options include MasterCard and Visa Credit Cards, Wire Transfer, Skrill, Neteller, Safe Charge, Wirecard, OrangePay, PayVision and more.

All deposits are processed within a few hours without any additional commissions charged by the platform. However, withdrawals are not as quick as making deposits as T1Markets has a timeline of 5 days to process them.

Providing a Hassle-free Trading Experience

With a knowledgeable and well-trading team in place, T1Markets support desk ensures that all the platform or trading related queries are quickly resolved. The customer support team is available 7 days a week from 10:00 AM GMT to 20:00 PM GMT and can be either reached through the platform’s live chat, over email or through a phone call.

In addition to customer support, the availability of educational resources like articles, videos, VOD, ebooks, tutorials and courses allows users to learn more about the platform, the best trading strategies and more. All these learnings can be put to practice by using the T1Markets demo account at zero risk.

The state-of-the-art security features further reduce users’ risk by ensuring the safety of all the information as well as funds on the platform. These security features include SSL software, firewalls, Level 1 PCI compliance assistance moderation standards, SAS70 certified server centers, and data encryption across multiple levels.

T1Markets also offers Shariah-compliant Islamic trading accounts for those who prefer it for religious reasons.

Yes or No?

T1Markets is a regulated, online CFD trading platform that offers some of the best features in the industry. It is secure, easy to use and is suitable for the needs of both novice and expert traders alike. By taking all these factors into account, one can say that T1Markets is definitely a platform worth exploring.

Sign up on T1Markets at – https://www.t1markets.com/onboarding/personal-details-register

Source: https://www.livebitcoinnews.com/review-t1markets-a-popular-trading-platform-for-all-your-cfd-needs/

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