Bright future of cryptocurrencies

Crypto market is going up after a mid-week correction along with tax cuts, BTC banknotes and initiative by Goldman Sachs.

France is lowering its tax rate for trading cryptocurrencies from its current 45% to 19

France’s decision to reduce the tax rate on the trade of cryptocurrencies could become the trigger for other countries to follow suit. The French Minister of the Economy, Bruno Le Maire, urged the European Union to implement strict regulatory measures on the crypto market in the past, but has recently begun to speak in favor of its ingenuity.

During the March 2018 G20 financial summit in Buenos Aires, Le Maire emphasized that France intends to become one of the first states to propose regulatory measures on ICO companies.

France tries to remain competitive in the active cryptomarket as their neighbor Germany also takes steps to attract crypto investments. At the beginning of March, the German Ministry of Finance stated that Germany will not tax the use of cryptocurrency as a form of payment.

Goldman Sachs is set to begin its bitcoin trading desk in Q2 of 2018

The bank would not trade ‘actual’ bitcoins, but rather deal in bitcoin ‘contracts’, offered by the likes of CBOE global market and the crypto-exchange BitMEX.

Many think of this news as something extremely positive, some even say that ‘Goldman invests in bitcoin and it is necessary for us!’, but that is absolutely wrong.

By starting with Bitcoin futures, Goldman Sachs will gain income from commission charges which will be paid by traders and investors. In fact it is only one more lines in revenues of bank. Beginning trading these futures is not caused by a ‘belief in bright future of cryptocurrencies’, but by the fact that their management has seen an opportunity to fill up bank's coffers.

Cryptocurrency hardware wallet manufacturer Tangem is planning to issue Bitcoin banknotes

The first market they’re aiming at is Singapore, known for its encouraging regulatory stance on both cryptocurrency and blockchain technology. The notes will be available in denominations of 0.01 and 0.05 BTC ($92 and $463 respectively).

Bitcoin notes aren’t made of paper, but are rather hardware wallets shaped like a card with an integrated Samsung S3D350A chip inside. However, they do have something in common with traditional banknotes: every bitcoin note contains a fixed face value in bitcoin and can physically be transferred as payment.

According to developers, the technology which is utilized in these banknotes is completely protected from external intervention. Among other advantages, these banknotes can be used for instant payments and are not subject to commissions. Bitcoin banknotes do have the disadvantages of potentially being at risk of theft and have a rather limited range of transfer.

Bitcoin

BTC
Price
3,669 USD -0.00%
Volume, 24h
993,075,360 USD
-15.84%
Marketcap
63,913,570,845 USD
52%
Emission
83%

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Bitcoin (BTC) Darknet Transactions Doubled In 2018: Why This Is Bullish

Crypto Darknet Transactions Boomed In 2018 Since Bitcoin (BTC) burst onto the global stage in 2009, the cryptocurrency, known for its decentralized, immutable, censorship-resistant, pseudonymous, and borderless nature, has become a medium for transactions of all shapes and size. And just like U.S. dollars and other government-issued currencies, BTC has found use cases in illicit transactions. Whether it be purchasing questionable goods or otherwise, the flagship cryptocurrency has found a place. Per a recent report by the way of Reuters, which cited data gathered by Chainalysis, a leading blockchain data analytics consortium, Bitcoin-related transactions on darknet markets, which offer fake IDs, over-the-counter drugs (recreational), among other articles of contraband, have risen dramatically since January 2018. This rally in darknet-related transactions comes as BTC fell from an all-time high of $20,000 to a yearly low of $3,150 in late-December. It isn’t clear how the analytics group, which is often employed by governmental agencies to weed out bad actors, discerned ‘normal’ transactions from those questionable, but Chainalysis revealed that $2 million per day worth of BTC were routed through the darknet’s peer-to-peer marketplaces. Overall, $600 million was spent on darknet markets throughout 2018, compared to $700 million in 2017. While the decline in transaction value could be seen in a negative light, considering BTC fell by over 70% within the same time period, a 14.3% drop is relatively mere. Kim Grauer, a senior economist at Chainalysis, chalked the slight decline in darknet transactions to the closure of AlphaBay and Hansa, two “major markets,” in mid-2017, which purportedly stunted flows into early-2018.  Grauer added: The reason for that drop is more law enforcement activity… It would be misleading to think that this year it (the volume) will go down. Why This Stat Is Bullish For Bitcoin So you may be gandering at the title and thinking, why is this non-innocuous statistics an optimistic sign for BTC and the broader cryptocurrency market/sector? Well, let me explain. Although I do not agree with (much of) what goes on via the darknet, the rise in ‘illicit’ transactions underscores a forward-thinking, bullish Bitcoin trend. More specifically, the monumental growth of Bitcoin’s underlying multi-faceted fundamentals throughout 2018. So make no mistake, while the collapse in price is harrowing, people are still using BTC in transactions, not just pure speculation. Per previous reports from Ethereum World News, data compiled by Jameson Lopp, the chief technology officer of Casa, accentuated that from a fundamental perspective, 2018 was Bitcoin’s best year yet. Hashrate doubled, while a cumulative $410 billion in value was transacted on the “world’s most secure transactional settlement layer.” Bitcoin’s scaling solutions also saw notable levels of adoption. SegWit, a short-term, ‘bandaid-esque’ solution that squeezes more transactions into blocks, saw use swell from 10% to 40% over 2018. The Lightning Network, a long-term scaling solution that takes advantage of off-chain ledgers to facilitate effectively free, low cost, scalable, immutable, and private transactions, swelled to 500+ BTC capacity. And while 2019-specific statistics are scant and hard to come by, preliminary data indicates that the following 12 months will continue to see the flagship cryptocurrency & blockchain network continue to gain traction. This isn’t baseless speculation. Per our previous reports, Coinstar, a North American kiosk provider with tens of thousands of offerings across the U.S. & Canada, recently joined hands with Coinme, a Bitcoin ATM upstart, to implement their services into Coinstar’s terminals. Now, over 20,000 kiosks can buy BTC with their spare change. Title Image Courtesy of Noah Silliman Via Unsplash The post Bitcoin (BTC) Darknet Transactions Doubled In 2018: Why This Is Bullish appeared first on Ethereum World News.
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Gov’t Shutdown Freezes SEC Activity, But Bitcoin ETF Date Unaffected

The US Securities and Exchange Commission (SEC) has frozen all pending administrative proceedings due to the government shutdown. According to a legal expert, however, the Commission is not allowed, by law, to delay the decision on VanEck/SolidX Bitcoin ETF past its current deadline.  No More Delays Despite Government Shutdown The SEC has issued an order on January 16th, putting all pending administrative proceedings on hold because it has “experienced a lapse in appropriations.” According to the documents, all proceedings which have to face a hearing before the Commission or an administrative law judge, are currently frozen. Jake Chervinsky Legal expert Jake Chervinsky said that even though the SEC has been shut down before that order, administrative proceedings were still in motion, hence deadlines were unaffected. Now that the SEC has stayed all administrative proceedings, interested parties may file a motion to dismiss the stay if their proceedings are an exception of the activities stated in the order. Bitcoinist reported that the SEC needs to come up with a decision on the approval of the CBOE-backed VanEck/SolidX Bitcoin ETF by February 27, 2019. Irrespective of the newest order, the SEC isn’t allowed to further delay its decision, the legal expert holds: This does not change anything about the ETF deadline, which is imposed by the statute and cannot be delayed further. This does not change anything about the ETF deadline, which is imposed by statute and cannot be delayed further. I stand by the following:https://t.co/1EpAv1B0Nm — Jake Chervinsky (@jchervinsky) January 17, 2019 The commission has already delayed its decision multiple times, with the last one happening in December. SEC’s shutdown saw mounting rumors that the Bitcoin ETF might get automatically approved if the commission misses the deadline. While this is true in theory, Chervinsky recently dismissed the possibility, saying that “in reality, it would never happen.” It’s true that a proposed rule change is auto-approved if the SEC doesn’t make a decision by the deadline, but in reality it would never happen. The SEC has enough staff to put out a decision, even if it’s a one-pager saying ‘denied for reasons to be explained later. Chervinsky, who’s also a frequent commentator on cryptocurrency-related matters, has previously said that the chances of a Bitcoin ETF approval are down to 10%. What do you think about the chances of a Bitcoin ETF approval? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock, Twitter@jchervinsky   The post Gov’t Shutdown Freezes SEC Activity, But Bitcoin ETF Date Unaffected appeared first on Bitcoinist.com.
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