Bitcoin Has Power to Break People Out of Poverty, Current System Broken

Can Bitcoin help people break out of poverty? What if we could build a financial system with Bitcoin that would lead to a more equitable and fairer society?

Bitcoin has been around for nearly a decade now and it has survived many doomsday predictions regarding its demise. It has grown to become an accepted medium of transferring money, it has also been recognized as a currency in some countries like Japan.

Why is the existing system broken?

The present financial system is supported by large-scale financial institutions that provide financial services. This means banks, insurance companies, credit card companies, housing finance companies, money transfer companies etc.

The problem is that while these businesses have existed for a long time, accessibility has always been an issue. According to the world bank, two bln people still do not have access to a bank account. Yet this present financial institution based payment system is stuck in an archaic era.

People are expected to use cash by withdrawing it from a bank account, they are supposed to deposit money physically at a bank teller or a machine and there are costs attached to just using and maintaining the system.

Digital is the answer

Digitalization and using modern technology like smartphones has many benefits. The World Bank Working Paper titled - The Global Findex Database 2014, Measuring Financial Inclusion around the World says:

“Moving from cash-based to digital payments has many potential benefits, for both senders and receivers. It can improve the efficiency of making payments by increasing the speed of payments and by lowering the cost of disbursing and receiving them.”

The report points out further that digital payments increase transparency of payments reduce leakages and provide a first entry point to a formal financial system.

The currency is the financial system

Bitcoin and other cryptocurrencies that have emerged have several advantages. Firstly they are digital. There is no cash to handle. You do not need vaults, armored cars or any of the other infrastructure that makes handling cash expensive.

Secondly, some cryptocurrencies have features like smart contracts built in, which can be used by people to conduct transactions securely with each other without the need for intermediaries institutional or otherwise.

As MIT Technology Review recently quoted Joi Ito, Director of MIT Media Lab as saying about Bitcoin:

“Whether you’re an individual trying to get access or you’re a pensioner with lots of money tied up in the market, you’re going through these intermediaries that don’t represent you very well. [Bitcoin] creates a much more level playing field, and hopefully, it will reduce the complexity of the financial system.”

The poor need to be unshackled

Regulatory hurdles need to be surmounted before digital currency can truly go mainstream, however, there is hope for the future as countries are getting around to the idea of Bitcoins becoming a part of the system.

There are advantages as well. Digital currencies are transparent and some currencies like Bitcoin offer a transaction ledger that is public. These currencies can help the poor gain freedom from cash which is money that offers anonymity to drug dealers, corrupt officials and others preying on them. Digital currencies also takes out the need for people living in remote areas to go to centers of population for making transactions.

Conversely, it also frees up financial institutions from having to put up infrastructure and staff in remote locations. Whichever way you look at it, the poor gain significant freedom from the advent and use of digital currencies.

Source: Cointelegraph 

Ethtrade Offers Promising Returns On Investment

Ethtrade, an investment, trading and asset management company based on Ethereum and Blockchain promises up to 25% per month returns.

Ethtrade is one of the emerging companies, offering investment opportunities using Ethereum platform and Blockchain. They said to have an ambitious team of high level professionals, dedicatedly performing trading operations to grow investments.

They claim to offer 15% to 25% returns per month on the size of the investment by users. Ethtrade team performs trading operations on pairs like ETH/USD and ETH/BTC, which is the main source of generating returns. The company implements a wide range of trading strategies to generate consistent profits. Once a user opens an account, make an investment, all data and detailed financial reports are made available.

In an annual trade report published on their website dated 08/09/2016, the company traders made around 177.5% net profit during From May to August 2016. They reported overall trading volume of 2242 BTC during the stated period considering ETH and Altcoins.

When we look at the weekly reports, then for the days of September 05 to September 09 there was about 4% net return for investors. Ethtrade believes that there are a few Ethereum projects in the pipeline, which can increase the demand of Ethers. Their traders are keeping a close watch on all happenings and news from the ETH team. Such weekly reports increase the confidence in investors and sends a strong statement to critics.

Currently, there is no withdrawal fee and feedback from users suggest a processing window from 3 to 5 working days. There is a minimum withdrawal limit of $10 and they have a fee in place if users plan to make an early withdrawal of funds.

What’s in for Investors and Partners

Investors can start with as little as $10. After opening an account, you need to transfer funds in trust to company’s traders. Moreover, if you are a newbie, there is a training module providing the basics of successful and profitable trading.

There is also an affiliate program in which anyone can participate without the need of making an investment. If you are a blogger or a trader, you can join hands with Ethtrade and make money online. They have several interesting programs, which can be viewed on their website.

Until this date, Ethtrade has over 15,000 members registered all over the world.

Source: www.forexminute.com

Bitcoin & Other Cryptocurrencies Shaping Future Economy, Capitalism Morphing

Money has shaped our modern economy. We have gone from using grain and cattle and even salt as currency to using metal tokens (coins) and paper.

However, paper has the habit of sticking and it has been around ever since the Chinese introduced it during the Tang dynasty. We have grown comfortable using paper currency and no one can deny that it has had its usefulness.

Now we are approaching another era in which bits are playing the same role that paper did. Digital currencies are no longer something that will happen way into the future, they are here.

How will the advent of digital currencies like Bitcoin, Monero, Ethereum and etc affect the future shape of the economy?

Is it the end of Capitalism?

Ed Finn wrote an article in the Guardian asking, “Do digital currencies spell the end of Capitalism?” Finn’s article covered the DAO issue and how Ethereum community dealt with the hack. He examines the very nature of digital currency and ponders the questions surrounding ‘programmable money.’...

Source: http://cointelegraph.com

White Hacker Group to Claim $4.4 Million in Controversial DAO Refund

More controversy surrounds the infamous Ethereum-based Decentralized Autonomous Organization (DAO) project which raised US$150 million last year. It seems victims of last summer’s DAO hack have until April 15 to withdraw DAO-to-Ethereum Classic (ETC) refunds, and there is still $4.4 million worth of tokens left at the address in question. The issue some have contention with, is that the remaining funds held in the contract will be donated to the White Hat Group (WHG).

The White Hat Group Could Receive $4.4 Million Next Week

In June of 2016, a vast majority of cryptocurrency enthusiasts watched the highest funded online crowdfund in history, the DAO Hub, fall victim to a serious exploit. An individual or team of hackers managed to drain the decentralized organization of 3.53 million ether, causing one of the most controversial forks in the cryptocurrency space and the birth of ETC. After the DAO debacle, a ‘White Hat’ draining of the stolen DAO funds took place on June 21. Members of the WHG at the time were heralded as heroes, and the Ethereum network prepared for a hard fork....

Source: news.bitcoin.com

Bitcoin Price Growth, Global Adoption Depend on Japan’s Confidence in Bitcoin

As long as Japan does not fail in what seems to be an effort that is making Bitcoin bigger, the world's top digital currency would always be a success. One latest example is the adoption of the AML/KYC rules for Bitcoin exchanges in the country

Like China, Japan is now impacting meaningfully on the Bitcoin market whenever the third largest economy in the world comes out with a move that causes a change.

Bitcoin price affected

With the recent development in which Japan recognized Bitcoin as a legal method of payment starting Saturday, April 1, the Bitcoin price has seen a steady climb over the $1100 range by the start of Monday.

The recovery from the dip where the Bitcoin price had been over a week ago when the deadlock over the scalability issue had heightened has been attributed to a growth in Bitcoin demand from Japanese consumers after the government passed a law which basically says officially that Bitcoin users will not be taxed directly.

Rather, it brings up the issue of AML/KYC which caused a heated debate. Some users are in favor of it preferring exchanges operating legally so that they can be law-abiding, pay taxes on behalf of users and guarantee some form of protection for users’ money.

New law

Japan’s new law has been on debate for months following the collapse of the Mt. Gox Bitcoin exchange.

The law’s passing brings Bitcoin exchanges under Anti-Money Laundering/Know Your Customer rules as it is the case in China. The exercise in verification will expectedly increase trust in Bitcoin and probably forestall a recurrence of the Mt. Gox case.

Coincheck's Kagayaki Kawabata told Cointelegraph:

"While market cap and usage of cryptocurrency is scaling significantly in past few years, Bitcoin and cryptocurrencies are something that can't be ignored. The Mt. Gox incident took place in Tokyo. This experience I think has made Japan decided to regulate them in order to protect the customers. I think other countries will follow Japan if this new regulation works out."

Tax issues

The AML/KYC process will also serve as a link between the government and Bitcoin which is what many people believe is still missing for the ecosystem to grow into a regulated market.

For Bitsquare's Ken Shishido, the development is a result of years of industry effort in lobbying policy makers and not necessarily the government taking a proactive approach nor wanting to make Bitcoin bigger and better.

Tax implication is not finalized yet but it is a huge deal that consumption tax is now officially exempted, he adds.

From China to Japan and other countries, it is now clearer that governments are on the way of recognizing Bitcoin as a financial instrument. But to make the digital currency go mainstream everyday users need to support it as a common practice.

Why Japan Matters

Japan does not seem at all worried by the general attitude of some countries to digital currencies like Bitcoin. The country’s level of confidence in Bitcoin is overwhelming despite the negative history it has had with the digital currency.

Based on this level of trust and interest in the currency, the success of the ongoing experimentation will help show how possible legislations can work with Bitcoin.

It will go a very long way to draw other countries that are still skeptical about Bitcoin into the fold as well be a good form of advertisement to the wider global community - especially governments. The legality of the state is always a boost for the justification of Bitcoin.

For a big economy like Japan to trust Bitcoin as a payment method speaks volumes. It is a sign that it could be a significant tool that could bring advantages over sentiments that point to negativity.

Shishido says:

“Not sure other developed countries will follow suite anytime soon but maybe countries like Singapore, Hong Kong, Estonia, Switzerland and etc. If some countries do recognize it as a legal tender, it will be a game changer. Japan’s legal status is “currency-like property with consumption tax exemption. If one country recognizes it as a legal tender, all United Nations country will need to acknowledge, too.”

One other factor to note about Japan's impact on the Bitcoin price is that when it happens, the price increase tends to be usually real - it would correct at some point but not to its initial take-off point.

Relatedly, one of the countries picking up on a similar move is Mexico which is working on the first draft of a fintech law that will make its central bank define the regulation that will apply to digital assets such as Bitcoin based on two criteria: widespread adoption of the public and the protocols, rules and mechanisms that allow their generation, identification, division and control.

Bitcoin Exchange Paybis Adds Credit Card Purchases To Take On UK Market

UK-based cryptocurrency exchange Paybis has added a rare facility for users to purchase Bitcoin with a credit card.

Paybis, which also operates from Latvia and the US, developed the “Bitcoin with Credit Card” feature specifically to allow instant purchase, coins being released as soon as the transaction is processed.

Verified users can purchase up to $5,000 of BTC at once, subject to a $20,000 monthly limit.

While exchanges serving the UK market have traditionally been seen as somewhat poorer value due to banking regulations, charging around £10 for fiat withdrawal or deposit, Paybis looks set to circumvent the issue.

In doing so, it takes on the lively alternative market in the country, consisting of peer-to-peer marketplaces such as LocalBitcoins.

In March, the exchange reduced fees for purchasing Bitcoin with credit cards, now charging five percent, is beating services such as Bitcoin ATMs by around two to three percent.

Paybis’ segment of the exchange market remains modest, having existed since 2014 and focusing on service rather than rapid expansion.

“The main differences we have from our competition (other online digital currency exchanges and classical BTC exchanges) is that we offer fully managed and guided services to our customers,” CEO Konstantin Vasilenko told Cointelegraph in an interview at the end of 2015.

“Similar to a peer-to-peer marketplace, we help and guide our customers when purchasing Bitcoin using the most convenient payment method available in their country.”

Source: Cointelegraph; https://goo.gl/kWCVq8

A Word From Mark Zukerberg

I'm so excited about our Oculus announcement today. Here's a photo of me playing with a virtual bow and arrow before we unveiled the new Touch controllers to the world.

Soprano Jacqueline Echols shined in her role as the evil stepsister

Clorinda in Washington National Opera’s production of Rossini’s “Cinderella.” (Photo by Scott Suchman. The production of Rossini’s “Cinderella” by Washington National Opera, seemed to be a cross between the enchantment that we knew as children and the sophisticated spectacle of the theater.

Filmmaker’s ‘Wild’ Confession

Author of “Confessions of a Wildlife Filmmaker”, When I first got into television in the early 1980s, I brought home a film on bears my colleagues and I had just completed to show my wife, Gail. She loved it. She particularly liked the shot of a grizzly bear stepping through a stream. The sun was dappling on its back and water could be heard dripping off its paws.
Gail asked me how we got the shot and I told her we used a powerful telescopic lens. Then she asked how we got the sound. I had to admit that my talented sound guy had filled a basin full of water, ruffled it with his hand and elbow, recorded the splashes he made, and matched those sounds to the footage.
Gail was shocked. “You’re a big fake” she said. I’d made a documentary and she expected authenticity and truth.

THE HEART

   

The most likely attitude(s) that comes from people is already embedded withing the "soul". I may not be aged to a greater extent, i might not have lived multiple decades to say, but life has taught me simplicity to see bigger things in a wider range and as such always make me to conclude a simple life therein. If everybody could grow a heart that make peace, life could have been just like a slow moving waters with no harsh tide, but as gentle and wise like a dove. Even, if you cant forget, yet still forgive and let go. When you lighten your heart, you will even be able to find peace within your own soul through the heart.













(c) 2015  Akinola Ogunyemi