• China shut down digital currency trade in September
• The ban caused much harm than good to China
• Countries like Japan and South Korea took advantage over this
• Chinese government resume cryptocurrency trading by licensing Bitcoin exchange
Bitcoin has always been into controversies ever since its launch in 2009. From it been a victim of appraisal, hacker’s attack, flash crash to been wounded by China’s ban. Last month, the Chinese government, The People’s Bank of China (PBoC) and local regulators imposed a nationwide ban on the digital currency. under regulatory pressure. But for a few cryptocurrencyplayers out there, China have found a new way to get back into the game.
China will likely to resume cryptocurrency trading by licensing Bitcoin exchange. China will likely to resume cryptocurrency trading by licensing Bitcoin exchange. China’s sudden announcement on forcefully shut down of some of the major cryptocurrency exchange created a turmoil over digital currency trading. With this step Bitcoin’s surprising success in China appeared to its end. The whole episode caused the price of Bitcoin moved back to $3,841, following heavy loses sparked by news that Chinese exchange BTCC and rivals will cease trading at the end of September. BTCC is one among the largest exchanges in China.
Bitcoin had been in trouble in China since February, when the Central Bank aiming to rule capital flow, commanded exchanges to halt digital currency withdrawals until they could identify its customers. The outcome of the whole situation resulted in decline of China’s share of global Bitcoin- trade from more than 90% to just about 10%.
This was the time when the trading focus dragged towards other cousin cryptocurrencies and crypto- tokens. These are issued in Initial Coin Offerings (ICOs) which allow startups to raise money. But on September 4th Chinese regulators banned ICOs accusing them a form of illegal fundraising. China then announced an even harsher step to shut down all virtual currency exchanges by end of the month.
WHY CHINA FORCED TO PUT A BAN?
The whole episode started when China’s biggest, government- owned bank announced a ‘comprehensive ban’ on any exchanges that allow buying and selling of cryptocurrencies in China. Some big names, like BTC China or ViaBTC were asked to windup their set- up by end of September 2017. From number of children allowed to born to dominating internet accessibility, Chinese government is prone to excessive control and interference over its citizens. Not surprisingly, they even have habit of peeking into every aspect of its civilian’s rights and life. With these many curtailments of civilian life a ban on a decentralized and anonymous Bitcoin comes with no shock. It is been realized that because of decentralized nature of digital currency, China is afraid to potentially weaken official grip of its money supply.
China is seen as a lucrative destination for private investors. Recent trends calculated that this investment is heavily indulged into cryptocurrencies than Yuan. Which of course caused a concern within Chinese powers.
CONSEQUENCES BAN SUFFERED
The foremost effect was seen on bitcoin losing its value when just a few days before the ban its value reached skyrocketing to over $4000. In doom of doubt many investors sold their assets, shaking the structural market.
Within a few days the news floated all over, cryptocurrency market of China dropped down by 20% in value. With this ban while some countries be wondering to follow China’s path of banning digital currency, other than the one developed by their own, other countries planned to cunningly take an advantage of what China lost.
WHY BAN WAS NOT BENEFICIAL?
Since the ban was imposed, global cryptocurrency exchange market has came to halt as the majority of trading volume from China moved to neighboring markets such as Japan and South Korea. In the wave of this ban, Japanese government officially authorized 11 cryptocurrency exchanges the very same month providing an efficient ecosystem for Chinese traders.
The ban however, did not stop Chinese investors from purchasing and still very much playing the crypto game.
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The US Commodity Features Trading Commission (CFTC) investigate CoinBase Ethereum flash crash.
The digital currency Ethereum experienced a “flash crash”
CFTC is investigating the June21 Ethereum price flash crash occurred on GDAX
Huge monetary loss levied on many traders
Cryptocurrency later rebounded
The popular cryptocurrency exchange Coinbase is asked to provide information regarding “much- hyped” June21 flash crash. The incident has caused a swoop and fall in Ethereum price from $317.81 to 10 cents in matter of second on GDAX cryptocurrency exchange
Ethereum is a digital currency used as an alternative to Bitcoin. As quickly the price continued to fall, another 800 stop loss orders and margin funding liquidations caused Ethereum to trade as low as 10 cents.
Margin Funding is vital and necessary for trading with borrowed funds. Liquidation on the other hand is when these positions are closed automatically in order to prevent further loses. The knock- on selling effect caused the “flash crash” on GDAX. CFTC is a watchdog in the US for currency features. This event made to criticize on various social media platforms accusing GDAX for not taking actions while some illegal activities suspected of taking place. The crash was susceptive to cause damage to other traders who later were ensured with compensation by Coinbase. The CTFC fact- finding into the Ethereum price flash crash happened on GDAX past June is yet another sign of increased focus US Regulators are placing on cryptocurrency market. Coinbase allows traders to borrow money, called leveraging, in order to make huge wagers than would otherwise been possible. The whole crash caused the price collapse on the very next day of the incident.
CTFC is looking and investigating into all possible factors that might cause the plunge. A letter has been sent to Coinbase with a list of questions and queries about margin trading that still remained unanswered.
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Dragonchain is a blockchain technology originally built by Disney
Initiated by Disney’s tech- focused Seattle office in 2014 and made open- source in 2016
Ensures data privacy, the developers are making it as a commercial header.
Dragonchain is a blockchain protocol first developed at Disney's tech- focused Seattle office making it open source in 2016 by a team of blockchain technology advocates.
Unlike Bitcoin and Ethereum it is more private and Secure. Dragonchain is a platform attempts to simplify integration of real business applications onto a blockchain. On the lines of this, some developers are making efforts to make it easy for less technology oriented business to get involved commercially.
It was 2014 when Disney's tech- focused Seattle office initiated to build Dragonchain which focused on more data privacy. The idea was to develop a secure Asset Management System to be used internally. However, in 2016 Disney decided to make it open source. Joe Roets now CEO of Dragonchain was prominent engineer behind original project at Disney. Dragonchain serves the purpose of easy integration, protection of business data, currency agnosticism and interoperability. Apart from this, it is built on a much simpler architecture. After this move it seems as if Disney want to pave the way to future of blockchain called Dragonchain.Inc by looking it as a commercial business venture.
In their announcement, they describe blockchain as a distributed crypto ledger Framework protocol that makes it easy to create cost effective business network. Disney originally developed the project under the name ‘Disney Private Blockchain platform’ and opened its Public Initial Coin Offering (ICO) started on October 2, 2017. An ICO is basically a way and a kickstarter campaign for blockchain startups to raise money using blockchain based ‘tokens’ and collect funds unlike the traditional VC world.
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Update: Image changed
Fujitsu is a Japan based multinational information technology and services company with its headquarters located in Tokyo and was world’s fourth- largest IT services provider only after IBM, HP and Accenture as measured by IT services revenue in 2015. In this new pact, Fujitsu will provide a new blockchain platform built on the open-source Hyperledger Fabric code base that individual banks within the JBA's ranks can then use to test various business use cases.
JBA is the elite financial institutions’ umbrella organization that comprises of bank holding companies, banks and other banker association throughout Japan. In addition to providing guidance to banks on various issues, it gauges the efficiency of payment systems.
Member banks of JBA will start flourishing their own applications for the platform, testing new ideas to determine the existence of blockchain in real- world, all with affect from next month.
In recent news, SBI Ripple Asia will reportedly begin testing fund- transfer system applying Digital Ledger Technology between Japanese and South Korean banks. The company is a joint venture between Tokyo- based financial services firm SBI and DLT payments startup Ripple.
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The era of split-second international retail bank transfers, mechanized by blockchain technology is becoming a reality. Falcon Bank, a private Swiss bank, has recently announced the expansion to its Blockchain Asset Management Services to include Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) starting today, August 22, 2017.
Falcon Group became the first Swiss Private Bank providing blockchain asset management solutions for its clients doing business with Bitcoin Suisse AG, also sanctioned by Swiss Financial Market Supervisory Authority (FINMA) reported in a media release by the bank on July 12, 2017. Falcon clients can easily barter and hold Bitcoin, Ether, Litecoin and Bitcoin Cash using their cash holdings. They are located in Abu Dhabi, Dubai, London and Luxembourg.
Bitcoin Suisse AG is a standardized crypto financial broker, asset manager and service provider founded in 2013 stationed at Zug, Switzerland. Directed and headed by CEO and Co- founder Niklas Nikolajsen, the company deals in Bitcoin, Ether and ERC- 20 tokens.
“It has been pleasure assisting Falcon in realizing this new product, which is nothing less than a historic milestone for the entire crypto space” said Niklas with an expanding view.
With this step of adding Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) in association with its partner Bitcoin Suisse, Falcon Private Bank’s clients will enjoy -
possibility of broader portfolio diversification,
easy access to blockchain assets,
convenient offline storage within the bank
Bitcoin ATM installed in the lobby of the bank’s headquarter in Zurich which is also available even during business hours.
“Bitcoin Suisse is proud to continue to support Falcon Private Banks product offering in the field of crypto-assets,” said Niklas Nikolajsen, CEO of Bitcoin Suisse.
Their decision to look into Ether and crypto-assets suitably titles them the “go- to” private bank for crypto- asset holders and investors.
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If you are a cryptocurrency fan, an Ethereum lover and in Canada, there is a good news for you. You can now purchase Ethereum (ETH) directly from LocalCoin ATM.
LocalCoin ATM announces its first Ethereum ATM in Canada on August 14, 2017. With their branches already located in Etobicoke, Bramoton, Vaughan, Markham and New York, they’ve added support for Ethereum (ETH) on all Bitcoin ATMs in Toronto and the GTA.
LocalCoin ATM is first to bring Ethereum (ETH) ATM in Toronto. It allows user with ethereum wallet to purchase ETH directly from their machine. They previously added Litecoin (LTC) and a new ATM which is located in New York. In upcoming phase they will be setting up their next ATM in Mississauga, Niagara falls and Hamilton.
Ethereum is a revolutionary technology which provides an open source blockchain platform. With hope to replace conventional services such as escrow and crowdfunding,
How It Works?
One who wants to purchase Ethereum can visit any of LocalCoin ATM location and operate by selecting "BUY altcoins". Once the screen is visible, choose Ethereum(ETH) symbol and begin by scanning wallet QR code.
Please ensure you have an Ethereum wallet, the Bitcoin wallet will not work for Ethereum purchase.
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