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Crypto News Today #51

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This week people are reminded why Blockchain and cryptocurrencies are needed.  An expose by Buzzfeed reviewed the FinCEN files to show that major financial institutions have been assisting and facilitating illicit affairs to earn their fees.

$2 Trillion scandal shows why we need blockchain now

Standard Chartered, HSBC, Bank of America and many of the world’s biggest financial institutions have been secretly mining money in the form of fees for the world’s most dangerous individuals and entities.  “A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins,” reports Buzzfeed which ran an expose on the whole matter.  This reminds us one more time that the number one choice of criminals is not bitcoin or cryptocurrency which remain quite traceable.  Criminals use cash and also major bank accounts in broad daylight for their illicit affairs.

OCC issues clarification for banks regarding stablecoins

Office of Comptroller of the Currency issued clarification about banks holding cryptocurrencies, specifically, stablecoins.  Essentially, OCC gave greenlight for banks to hold stablecoins as long as they have 1:1 reserve.  “A bank providing services in support of a stablecoin project must comply with all applicable laws and regulations and ensure that it has instituted appropriate controls and conducted sufficient due diligence commensurate with the risks associated with maintaining a relationship with a stablecoin issuer. The due diligence process should facilitate an understanding of the risks of cryptocurrency and include a review for compliance with applicable laws and regulations, including those related to the Bank Secrecy Act (BSA) and anti-money laundering,” OCC letter clarified.

Cryptos are part of Visa’s future strategy

Digital assets and blockchain technology are going to be important parts of Visa’s future,” was the conclusion of an exclusive Forbes interview with Terry Angelos, SVP global head of fintech at Visa and Cuy Sheffield, senior director, head of crypto at Visa. “We are seeing significant interest in demand from crypto companies that want to work with Visa and connect their clients to our network of 60-plus million merchants,” Terry mentioned during the interview. Visa expects to be part of broader cryptocurrency adoption and also work closely with the world’s major banks in the CBDC adoption.

EU announces plan to regulate cryptocurrencies

European Commission is working on introducing a framework to regulate cryptocurrencies.  It could potentially take a year or more for these regulations to come out.  Investor protection and enabling innovation will be cornerstones of these proposed plans.  The new plan will mean that crypto-asset companies authorized by one of the 27 EU countries will be able to provide its services across all the other member states, according to the CNBC.

Gemini is expanding into United Kingdom

Winklevoss brothers brainchild, Gemini, is expanding into the UK as it received the electronic money license from the Financial Conduct Authority (FCA).  This move will allow residents of the UK to buy bitcoin using a debit card on the Gemini platform.  According to the article in Bloomberg, Gemini is looking to expand into Singapore next.  

Fun Fact: Norway, Blackrock and Vanguard hold Bitcoin, indirectly

The Norwegian Government Pension Fund, which owns 1.5% of MicroStrategy, effectively owns roughly 577 bitcoins. Blackrock and Vanguard also own shares in Microstrategy which in turn makes them indirect holders of Bitcoin. Source: Forbes.

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

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Stay safe and healthy!

Top 5 Cryptocurrencies 2020

 

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Crypto News

Crypto News Today #53

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breaking crypto news

A rather slow week in the crypto space.  

Bitcoin on track to $100,000 by 2025

A Bloomberg report titled “Bitcoin Trend, Adding Zeroes” predicts that $100,000 by 2025 is on track.  “Bitcoin could continue doing what it has for most of its nascent existence, appreciating in price on the back of increasing adoption, but at a slower pace as we see it. The first-born crypto has had a tendency to add zeros to its price from around $10 in 2011. It took about four years to go from $1,000 to $10,000 in 2017, so doubling that time frame for maturation could get the price toward $100,000 in about five more years. Or the new technology could fail, but our demand indicators are positive. With the exception of stable coins, the rest of the crypto market is subject to excess supply and competition,” report read.

Another company joins the $100 Million Bitcoin club

Stone Ridge created a subsidiary called New York Digital Investment Group (NYDIG) to act as the custodian of its own customers bitcoin.  The move was prompted by the growing demand from customers who were willingly investing 1% to 5% of their portfolio in Bitcoin.  Forbes reported that “Stone Ridge Holdings Group revealed NYDIG is acting as custodian of 10,000 of the parent company’s bitcoin, valued at $115 million at today’s price.” “The two largest funds currently managed by NYDIG are the $190 million Institutional Bitcoin Fund LP, disclosed in regulatory documents in June and the $140 million Bitcoin Yield Enhancement Fund LP disclosed in May,” the article revealed.

Coinbase lost 5% of its workforce, got over 1000 requests from FBI

coinbase best exchangeAbout 5% of the workforce left Coinbase due to its ‘no politics at work’ stance. At the same time, it has allegedly received more than 1000 requests from agencies, mainly FBI, regarding crypto transactions. While these news are unrelated – Reddit and other social media channels are flaring up with anarchists rhetoric calling crypto users to move away from the capitalists Coinbase. We are indifferent on the matter.

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

 

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

 

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Crypto News

Crypto News Today #52

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On ramps are being built to pave the world’s businesses to the blockchain. Latest in this trajectory is EY, one of the world’s big 4 accounting firms, who has built a solution to onboard businesses onto blockchain.

EY launches Ethereum Solution ONP

OpsChain Network Procurement (ONP) which is expected to help convert the procurement contracts into digital smart contracts and automate volume discounts/rebates has been launched by Ernst & Young (EY) on Ethereum Blockchain. EY is one of the Big 4 accounting firms in the world that has been eyeing to be at the forefront of blockchain technology and this ONP is a great addition to its forte. “EY OpsChain Network Procurement supports network-level business processes by moving those business processes outside of any single ERP system and into a shared blockchain-based smart contract. It builds upon EY experience with other procurement activities, such as software royalty calculations, where shifting to blockchain-based contracts has compressed cycle times by more than 90% and cut costs by 40%,” according to the press release.

KuCoin hack hauls $130 Million, creates a stir re: decentralization

KuCoin got hacked during the week for 100s of millions of dollars.  However, according to the KuCoin CEO Johnny Lyu substantial part of those stolen funds have been recovered. Over $200 Million in stolen funds have been recovered. While many crypto maximalists were furious at the fact that KuCoin and the projects supporting KuCoin were able to freeze the funds in the suspected accounts, some argued that the key tenet of blockchain and cryptocurrencies is the ability to be not shut down by an external force. Say what may – this recovery of funds has been welcomed by those who use KuCoin. In a clear twist of the plot, KuCoin was able to turn these things around and instill confidence in the exchange. The latest in this hack thriller is that KuCoin claims to have located the hackers and are now working with the authorities to take the legal action.

The man who called banking system a scam buys his first Bitcoin

The UK politician whose speech against the banking scam has been referred to by crypto communities, Godfrey Bloom,  has tweeted that he made his first purchase of Bitcoin. 

 

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

Consider subscribing to our newsletters to receive these news updates in ONE neat email per week along with other freebies that we give away once-in-a-while.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

 

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Crypto News

Become UNSTOPPABLE: Why You Should Consider Getting a .Crypto Domain

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Unstoppable Domains Review

What is your domain address?

What is your cryptocurrency wallet address?

What is your email address?

How cool would it be to say that all of those addresses are one and the same?  

Talk about creating a brand.  

Now, this is all possible with Unstoppable Domains which lets you buy a domain for one-time payment (yes, no renewal fees to keep your domain name) and use it as your cryptocurrency address, your domain and also link your email.

Today, we are going to look at this revolutionary future made possible by Unstoppable Domains:

Humanly readable crypto addresses to receive 70+ cryptos

You no longer have to send multiple 32 character addresses for multiple cryptocurrencies.  You can ask someone to send you money at YourName.crypto and you simply receive it in your wallet.

Here is how you set up your Unstoppable Domain to receive cryptocurrencies.

Visit: Unstoppable Domains

-Sign up

Unstoppable Domains Signup

Once you sign up, search for your desired domain name.

Unstoppable Domains Search for the Domain

Select your desired domain and click checkout. You will be provided with 4 payment options:

– By Card

– By paypal

– By Crypto

– Crypto.com app

Unstoppable Domains payment options

Below are the list of cryptocurrencies that are accepted:

Unstoppable Domains Pay by Crypto

This window will appear once you complete the payment

Unstoppable Domains Order Completion

 

Go to Account settings and click add wallet.

 

Unstoppable Domains Add Wallet

Unstoppable Domains Wallets

Click on web3 to connect to the wallet, here we are connecting to the available metamask wallet

Unstoppable Domains Metamask

You will be prompted to confirm with the code that is sent to your registered email

Unstoppable Domains Email Confirmation Code

Unstoppable Domains Wallet Added Successfully

The wallet address will be added to your domain. Next, you need to claim your domain.

Unstoppable Domains Claim Domains

Click to claim the domain. Confirm the code that is sent to your registered email once again.

Unstoppable Domains Claim Domains 01

Unstoppable Domains Claim Domains

A sign in prompt pops up on metamask wallet to verify.

Unstoppable Domains View Domains

Unstoppable Domains Pending Claim

Once done, you can see your domain with Manage settings enabled.

Unstoppable Domains Manage

Adding Receiving addresses

Click on manage to add the crypto you like to receive. Unstoppable domains have been continuously adding many tokens everyday.

You can check the list of tokens that are accepted here:

Unstoppable Domains Adding Addresses

Simply add the addresses in the above fields and click save. You will be asked to sign the same on your wallet prompt to confirm.

That’s it, you will be now able to accept various cryptocurrencies, with just one humanly readable domain name.

The best part of using Unstoppable Domains address is that you can use one single address to receive payments in 70 different cryptos (and this list keeps growing as the team adds new crypto).

This feature will help unite the crypto space into ‘easy’ integration into the real business world.

Send and receive emails via Unstoppable Domains

The team has added another feature that allows owners of the domain to send and receive the email to the domain address.  

It couldn’t have been any simpler.  All you have to do is:

  • Go to My Apps
  • Sign in with your wallet
  • Send and receive emails!

Here is a quick tutorial that shows how easy it is to set this up.

How to launch your own UNCENSORABLE website?

Launching your own uncensorable website with Unstoppable Domains is quite easy once you get a hang of it.

Here is a quick 1 minute video on how to launch your own website.

At this time, you can only use the following methods to access unstoppable domains.

  • Unstoppable Browser
  • Opera Browser
  • Chrome Extension

We do expect that once more and more websites start launching on Unstoppable Domains it will be easy to access on other popular browsers and be searchable on search engines.

Why do we like Unstoppable Domains?

Traditional vs. Unstoppable Domains

Traditional websites can be shut down by a government order.  You can be kicked out from accessing your own website if your content is not ‘acceptable’.

With Unstoppable Domains, you pretty much own your own website through your wallet and it cannot be shut down just because your political bent or views are different (as long as not illegal).

You can say bye bye to bully/excessive censorship using the new domains.

Being your own bank, with your own name

Right now, you could get a crypto address with your name. For instance, we own the address called rkreddy.crypto and anyone can send crypto to this address.

Using just this one address, you can send about 70 different cryptos.

This is like a new-age bank but only better.

No bank in the world will let you receive multiple currencies instantly.  However, Unstoppable Domains address will let you do just that but with multiple cryptos from anywhere in the world.

What we don’t like about Unstoppable Domains?

What happens if some anti-social elements launch offensive or unacceptable content on Unstoppable Domains?  Will it jeopardize the entire project?

Will government(s) be able to take down Unstoppable Domains if anti-social elements use it to propagate hatred and to collect funds illegally?

We have raised the above questions with the team and we will update this section once we hear from them.

At this time you can only open your Unstoppable Domains using limited options (listed earlier) and your website is not going to be searchable on sites like Google.

However, we expect this to be a temporary state before these domains go mainstream.

Coinbase wallet and more

Unstoppable domains is supported by some of the most established crypto wallets including Coinbase Wallet. 

Here’s a short clip of the Coinbase Wallet announcement.

At the time of this writing, following wallets and applications support Unstoppable Domains to receive money directly.

Wallets Supported by Unstoppable Domains

A lot accomplished and a lot more to go

Here is what Unstoppable Domains has accomplished in the last one year since they began their journey.

  • 300K+ domains registered
  • 24 supported wallets
  • Opera browser
  • 70 Cryptocurrencies
  • dBlog
  • dChat
  • dWeb Search Engines
  • 20k+ Websites

We can only speculate that there will be amazing things coming to this platform which simplifies accepting crypto.

Conclusion

With only 300,000 domains registered at the time of this writing, there is a lot of potential to find a name that fancies your interest (including your name) and in a future that will include Crypto, this could be such an awesome thing to own.

If for nothing, we personally like Unstoppable Domains for the fancy of owning a .crypto address, however, the utility goes beyond our fancy and we will use our .crypto address to receive crypto directly.

If you are looking to own your .crypto or .zil address, we appreciate you using our referral link, it is an easy way to support us at no additional cost to you.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

best Crypto Tax Software

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

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