“The Australian approach treats exchanges more or less as money services business, in-line with many other jurisdictions in the world. Cryptocurrency exchanges, like fiat currency exchanges, are deputized to help law enforcement identify money launderers. They have a risk-based approach for transaction reports under the standard $10k threshold, and automatic reports for transactions above $10k. So, standard practice for most currency exchanges. The aspect that is important to monitor going forward will be the performance of the agency the cryptocurrency exchanges report to, AUSTRAC. This agency will now have even more information and data to track, store, and secure. Agencies like them around the world — FinCEN in America for example — already have poor track records when it comes to prosecutions based on the data they gather. With the cryptographic sophistication and global, borderless infrastructure around cryptocurrency trading, we’ll have to wait and see if this is just more agencies gathering more data that serves no purpose other than to provide a talking point that they are ‘doing something’ to fight terrorism financing and money laundering.”
Here’s where blockchain comes into play. In the past we have focused on data in a particular server or database that needs to be secure. This remains true today no matter what. However what about data that is on a sensor? What if competitors can get access to sensitive data about machinery and confidential processes information? That could create havoc in business.
Many are now seeing blockchain as a viable means to secure the Internet of Things (IoT). This could be a marriage made in data heaven.
Bitcoin Cash price failed to gain enough momentum to propel it above $720 but instead embarked on a downside movement only to find support at $680 level. BCH/USD is currently gaining traction towards $700 level; however, there is a growing resistance at $695 zone.
In other news related to Bitcoin Cash, there is an ongoing P2P electronic cash-to-food system in Venezuela dubbed “eat BCH” that is revolutionizing charity and feeding the needy. The program is organized by a group of like-minded individuals and has been getting a lot of BCH to go towards feeding the citizens and their children.
Ripple is somewhat undervalued from the longer-term perspective as the cryptocurrency lost over 70% since the beginning of the year without clear fundamental reasons for the massive sell-off. This may lead to a more pronounced rebound, once the cryptocurrency market starts recovering from recent lows.
Ripple Network boasts about numerous partnership deals with payment operators, big banks, and financial institutions especially in the emerging markets, but the crypto players mostly don’t care. The market is driven by global catalysts and closely correlated to Bitcoin movements. It means that Ripple has good upside potential, but it won’t have a chance to realize it until the global sentiment shift takes place.
The Republic of Korea Fair Trade Commission (KFTC), the country’s regulatory authority for economic competition, “ordered 12 cryptocurrency exchanges to revise their adhesion contracts, which largely fail to provide adequate protection for consumers,” according to Yonhap.
So what happens if your employees start asking to be paid in Bitcoin instead of your country’s national currency? While you’re unlikely to have a critical mass of employees begging for Bitcoins yet, it’s already starting to happen and you want to consider the norms of tomorrow. Here’s what you need to know, so that when the future comes, it won’t take you by surprise.
A Blockchain messaging platform that’s unstoppable
A talk about encryption and other security methods that are supposed to be keeping our data safe. Through blockchain, security has seen a dramatic increase in the protection of personal data, although having it’s own downsides.
Today’s instant messaging is about to get a violent shove forward by way of encryption, and Blockchain. Almost all messaging platforms rely on client to server communication, where a unique ID is given to a thread, and stored in a centralized database somewhere. But it’s always been volatile to censorship, network blocking, or any other form of controlled policing.
Unblock-able instant communication used to sound like a pipe dream, that is, until Blockchain technology came along. Imagine having a network that is unstoppable by any government, unbreakable to spy on, and just about impossible to breach.
Crypviser is a decentralized platform that does just this. The platform has no servers, no information on users. Neither email address nor mobile number is needed to use the service. All authentication is done Via Blockchain which completely eliminates the possibility for a Man In The Middle attack.
According to a recent survey by independent financial service organization deVere Group, six out of 10 people with currently no investment in cryptocurrencies would consider doing do.
Moreover, the reports says that seven out of 10 people who do hold cryptocurrencies are planning to increase their exposure in the next 12 months.
Currently, there are up to 50 million people worldwide (only 0.5% of the world’s population) who have exposure to this sector, but one of the biggest challenges to widespread adoption is the perception that potential involvement is insecure.
Over the course of the last year, investors have become increasingly fascinated with the emergence of both cryptocurrencies and the underlying blockchain technology that enables the exchange of digital dollars. The ability to securely record transactions has the potential to revolutionize any number of existing industries, and is being explored by a number of big tech companies.
While estimates vary, the market for blockchain technology could produce compound annual growth of 42.8%, reaching $14 billion by 2022, according to data provided by Netscribes. Some forecasts are even more enthusiastic, estimating that the market will grow from $708 million last year to $60.7 billion by 2024, according to a report by Wintergreen Research.
As Bitcoin becomes more famous, and as more people begin to invest in it, many are asking the question, what’s the difference between a cryptocurrency and a normal (terrestrial) currency?