Tag: Cryptocurrencies

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Crypto Markets News

Bitcoin (BTC) Involved In A Money Laundering Scandal In India

India’s National Congress Party, chaired by Rahul Gandhi, asked the Supreme Court to investigate the leadership of the Indian People’s Party (Bharatiya Janata Party, BJP) for the alleged involvement of the opposition party in a nearly $1 billion “mega scam,” covered with Bitcoin (BTC).

According to the Indian daily HindustanTimes, the National Congress Party’s (INC) accusation against the BJP is to use the bank accounts of various party members to launder money through the use of Bitcoin (BTC). INC spokesman Shaktinh Gohil said the Bitcoins were used to clean up 5,000 crores, a unit equivalent to ten million rupees.

That’s approximately $727 million. However, other members of the party came up with figures reaching 88,000 crores.

Gohil established that the illegal activities involving Bitcoin (BTC) occurred in the western state of Gujurat

He added that “the leadership of BPJ” participated in the conversion of “black money” using an account at the Ahmedabad District Banking Cooperative, headed by BJP chief Amit Shah. The bank office would’ve received an initial share of the money, which then was diverted to 11 accounts belonging to party leaders as well.

It is not clear from Gohil’s statements how they obtained the alleged funds from the alleged scam. However, he clarifies that the Bitcoin (BTC) was the mechanism they implemented to clean up their dirty funds and turn them into legal assets. He also argued that India’s largest party, the INC, is appealing to public justice to make “the truth come out.”

In this regard, India’s People’s Party denied the accusations, claiming that they are “dirty tricks” of the Congress Party, which are trying to spread confusion among the citizens of India.

India’s crypto regulatory bodies conflict with cryptocurrencies market and cryptocurrency exchanges

This accusation comes after a period of tensions between the cryptocurrencies market and the crypto regulatory authorities in India, which have had conflicting positions with cryptocurrency exchanges crypto-related businesses.

It should be recalled that since last April, the Indian Banking Authority, the Reserve Bank of India (RBI) explicitly prohibited all companies regulated under banking and financial standards from providing services to the cryptocurrencies market. A decision that came after multiple warnings to citizens by the authorities, as well as cases of fraud linked to cryptocurrency.

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Crypto News

Cryptocurrencies Graveyard – More Than 800 Cryptos Are Dead

Since the creation of Bitcoin (BTC) in 2009, more than 800 cryptocurrencies have disappeared for various reasons. Thar is assured by the Dead Coins portal where you can consult the lists of these crypto coins, their status and the causes of their disappearance.

The 2018 cryptocurrencies market drop and lose of trust in cryptos caused many digital assets to vanish

The growth of dead or retired cryptocurrencies has increased in recent months due to the sharp fall of Bitcoin (BTC) and other significant cryptocurrencies. BTC entered in 2018 with a valuation of nearly $20,000 per unit and is now only valued at about 35% of that figure in the most conservative markets.

The reason for the loss of trust in this type of currency also increased due to the numerous hacking or scams that have been carried out against the cryptocurrency exchange platforms or newcomers, respectively. That generated fear in the people who owned these digital assets, forcing them to sell their cryptos before their money was utterly diluted, but also in those people who wanted to invest in this market for the first time.

Dead Coins list includes all kind of crypto coins, from hacked one to those that were never established

Several financial analysts have determined that this instability of cryptocurrencies is very similar to what happened in the 2000s when the “.com” bubbles burst and fear increases the crypto coins’ credibility. But other people are taking advantage of this fall to buy and invest in companies that launch this type of currency to finance their projects and then claim the cash when the momentum is gained.

The Dead Coins list comprises 12 hacked coins, 55 of which were jokes, 125 were scams and 635 were not established.

Also, the figures above indicate that ICOs (initial coin offerings), even though they are very frequent in the cryptocurrencies market, they are not as successful as expected. While between all the 760 ICOs on the Dead Coins list only 125 were scams, 635 were trustworthy ICOs but which didn’t reach maturity, stuck somewhere in the process.

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Crypto News

This Is Why Central Banks Are Afraid Of Bitcoin (BTC)

Central banks have no love for Bitcoin (BTC) and other cryptocurrencies. While some good deeds are taking place, the general sentiment is presumably negative. The applicability of cryptocurrencies and the decentralized technologies that characterize them are questioned, mainly by banks. Central banks feel the need to control the Bitcoin (BTC) and even proposed several times a central body to put a real value on this cryptocurrency.

Bitcoin (BTC) Value Measurement

A lot of people and organizations are fighting to establish the real value of Bitcoin (BTC). A decentralized type of currency that is not issued or controlled by any central body presents many and varied challenges, but it also poses the dilemma of whether this type of currency can ever hold any real value.

For central banks, the fluctuation of the Bitcoin (BTC) price indicates its huge volatility, at least when compared to gold or other mainstream commodities.

Also, it’s obvious that gold is attracting more investors than BTC, but the crypto is still valuable, even more than gold, of course, against the USD.

The necessity for a central body to control the Bitcoin (BTC)

The lack of centralization of the Bitcoin (BTC) world is a frequent topic of discussion. More precisely, there is no central developer, firm, bank or governmental entity in charge of holding the leading digital currency in the world, at the moment.

But cryptocurrencies represent a very distinct and modern view of money. While central banks rely on people’s money to function and people rely on central banks to hold their cash, Bitcoin (BTC) and other cryptocurrencies don’t work that way, as there is no central body to control the holdings, the transactions. There is no central body to function on cryptocurrencies.

That is the first reason why central banks are afraid of BTC and cryptocurrencies.

Even more, some specialists go as far as stating that Bitcoin (BTC) is a real threat to traditional banking because it offers an alternative characterized by decentralization and freedom. But, unfortunately, blockchain technologies on which the cryptos rely must mature more before becoming a viable alternative to traditional banking.

However, in the end, keep in mind that another reason why central banks fear Bitcoin (BTC) and cryptocurrencies is that these digital assets are going on the right track to becoming viable alternatives to the traditional banking system.

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Crypto News

Bank For International Settlements (BIS) Thinks Cryptocurrency Payments Will Collapse Everything From Mobiles To The Internet

The Bank for International Settlements (BIS) believes that cryptocurrencies are not yet ready to come to the forefront for logistical reasons because they do not yet have the characteristics to be a reliable means of payment. If cryptocurrencies were used with the same intensity as fiat money as a means of payment, mobile phones, computers and even the Internet could collapse.

In a large article within its annual economic report, the BIS states that Bitcoin and other such cryptocurrencies suffer from “a number of shortcomings” that would prevent the crypto coins from meeting the ambitious expectations they have generated. However, the BIS recognizes that there is a strong interest in these digital assets, the capitalization of which has soared in percentage terms in recent years.

The Bank for International Settlements (BIS) is an 88-year-old institution based in Basel, Switzerland, which serves as a central bank for other central banks. This prestigious institution believes that cryptocurrencies are too unstable, consumes too much electricity and are subject to too much speculation to ever serve as a reliable means of payment in the global economy.

Also, BIS has identified the decentralized nature of cryptocurrencies as a fundamental disadvantage and not as a key strength, because this type of operation would create logistical problems if crypto coins were to be extended as a method of payment.

Cryptocurrencies will be an environmental problem, Bank for International Settlements thinks

The BIS has analyzed what would happen to the blockchain software if it were to reach the size that traditional payment systems in each country currently handle. Accordingly, Bank for International Settlements believes the cryptos would eventually overwhelm everything from smartphones to servers.

But the problem goes far beyond storage capacity, and extends to processing capacity, as only supercomputers could keep up with the verification of incoming transactions.

The researchers say that the competition between the so-called crypto miners already consumes approximately the same amount of electricity as Switzerland.

“In short, the search for decentralization has quickly turned into an environmental disaster,” economists from the Bank for International Settlements said.

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Crypto News

Buy Diamonds With Cryptocurrencies – A Jewelry Shop In Antwerp Accepts Bitcoin & Altcoin Payments

The cryptocurrencies market has become very popular in the last couple of years, and more and more businesses are accepting Bitcoin payments for purchasing goods and services. Now, you can buy diamonds with online with Bitcoin, and view each certified loose diamond available for purchase in 3D view. Maybe you’re looking for an exclusive gift for a beloved one or the perfect diamond engagement ring, regardless of what you’re looking for, you can now use your BTC wallet and also other cryptocurrencies to pay for it.

Bitcoin payments are becoming increasingly popular among online stores, and now this method of payment reached the diamonds and jewelry universe. More specifically, a family-owned diamonds and jewelry shop based in Antwerp, Belgium, with 3 generations of expertise now accepts payments with cryptocurrencies for online purchases.

Advantages of Bitcoin payments

As it is well-known already, Bitcoin is a decentralized peer-to-peer network that permits users to conduct transactions, globally. Therefore, the first advantage of Bitcoin payments would be that they are internationally available. On the other hand, as these transactions operate on a private network, they are more secure than traditional payments methods.

Another advantage would be that payments with Bitcoin are faster and cheaper than transactions conducted in fiat currencies.

Buy diamonds with Bitcoin from Antwerp Or

While cryptocurrency was already accepted on a whole bunch of online stores, primarily in IT field of activity, these payments were late to be adopted for quite an extended period of time in other sectors.

Recently, the diamonds and jewelry shop mentioned above, Antwerp Or, started accepting cryptocurrency payments trying to maintain itself over the competition.

Until now, the shop was accepting only PayPal, VISA/MasterCard, and bank transfer as payment methods. Now, however, you can buy diamonds with Bitcoin on Antwerp Or, as well as other jewelry and custom-made engagement rings.

The company argues its decision to accept Bitcoin saying that they want to provide fast, reliable, secure, and low-cost transactions. Also, they offer worldwide free insured shipment. Therefore, wherever you are, now you know from where to buy diamonds online if you wish to pay with cryptocurrencies.

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