Phemex Is Empowering Everyone To Trade Simply and Manage Risk Efficiently

Led by 8 former Morgan Stanley Executives, Phemex’s goal is to build the worlds most trustworthy cryptocurrency derivatives trading platform. Its leverage a “User-Oriented” approach to develop far more powerful features than any existing exchange.

Above all, they place customers first. All of the features and tools are designed with this philosophy in mind. This is why their development team is directly available and constantly gathering feedback, comments, and requests from our community on social media.

Back in 2017, as experienced professional Wall Street traders and investors, Jack Tao and other founding members of Phemex identified a lack of professionalism, trustworthiness, and customer support within the crypto industry. In the following two years, the number of users engaging in cryptocurrency trading increased significantly.

Nevertheless, existing exchanges showed little to no improvement. Realizing the seriousness of the problem, the team left Wall Street and founded Phemex in the summer of 2019. They then dedicated themselves to building a simple, efficient, but most importantly, a trusted cryptocurrency trading platform. Then, on November 25th, 2019, the Phemex platform officially went live.

Pheme (Fama) is the personification of fame and of the public’s voice in Greek mythology. While MEX stands for mercantile exchange. This name was chosen to highlight our vision and their dedication to stand as the most trustworthy trading platform.

From day one, their mission was and will always continue to be the empowerment of individuals. They want everyone in this world to have access to the right set of tools that will allow them to manage risk efficiently and trade simply. They sincerely believe this to be a fundamental right that all traders should enjoy.

For its crypto derivatives products, Phemex allows you to trade with leverage. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without actually holding the necessary amount of assets. You do this by “leveraging” your trade. In simple terms, this means that you borrow from the exchange to bet more. You can get as much as 100x leverage on this platform.

Leveraged trades are risky though. For instance, let’s say that you have 100 USD in your trading account and you bet this amount on BTC going long (i.e., going up in value). If BTC then increases in value with 10%, you would have earned 10 USD. If you had used 100x leverage, your initial 100 USD position becomes a 10,000 USD position so you instead earn an extra 1,000 USD (990 USD more than if you had not leveraged your deal).

As we mentioned above, in terms of Spot Trading, Phemex has adopted a zero trading fee model. Instead they just charge for monthly Premium Memberships (prices are $9.99 for 30 Days, $19.99 for 90 Days and $69.99 USDT for 365 Days). Becoming a premium member will also allow you to set conditional spot orders, you will enjoy hourly withdrawals with no limits, and will be able to gift trial premium memberships to friends.

With respect to contract trading, Phemex separates between “takers” and “makers”. Let’s describe these terms real quick. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. We call makers for “makers” as their orders make the liquidity in a market. Takers are the ones who “take” this liquidity by matching makers’ orders with their own..

Phemex previously didn’t accept any other deposit method than cryptos, so new investors were restricted from trading here. Starting 18 June 2020, however, they partnered with a company called Banxa which is a payment gateway that accepts credit and debit card purchases of crypto.

Since then, Phemex has also partnered with Koinal, Coinify, MoonPay, and Mercuryo. You have a variety of payment options (ranging from bank transfers to Apple Pay) and rates to fit your needs.

To our understanding, Phemex does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.

Generally speaking, to only have to pay the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals.

Source: https://phemex.com

Genesis Mining Technologies Currently Butte Energy Announces Go-Public Transaction For Entire Cryptocurrency Mining IP Asset Portfolio and Growth Pipeline of Global Leader

Highlights:

  • Entire portfolio of Genesis Mining Group’s cryptocurrency-related intellectual property to be taken public, together with more than 200MW pipeline of contracted, green-powered cryptocurrency data centre construction and expansion projects in Europe and North America
  • Resulting issuer will bring to market turnkey financing and technology solutions for cryptocurrency data centre operators around the world, leveraging Genesis Mining Group’s pioneering proprietary software platforms Hexa, Janus, and Block Explorer, and supply-chain relationships built over nearly a decade in the industry
  • Genesis Mining Group Founder and CEO, Marco Streng, to be appointed as Chairman
  • C$20 million private placement financing

VANCOUVER, BC and BIRKIRKARA, Malta, Feb. 12, 2021 /CNW/ – Butte Energy Inc. (TSXV: BEN.H) (the “Company” or “Genesis Mining Technologies“) (being renamed Genesis Mining Technologies Corp.) has entered into an arms-length, legally binding letter of intent dated February 12, 2021 with Genesis Group Limited (“Genesis Mining Group“) to acquire (the “Transaction“):

    1. all of Genesis Mining Group’s intellectual property relating to cryptocurrency mining operations, including its proprietary (i) datacentre construction, layout, and cooling system known as “AC/DC”; (ii) datacentre monitoring and optimization software platform known as “Hexa”; (iii) blockchain data analysis tool known as “Block Explorer”; and (iv) cryptocurrency market forecasting software platform known as “Janus”; and
    2. all rights to Genesis Mining Group’s more than 200MW pipeline of contracted cryptocurrency mining data centre construction and expansion projects in Europe and North America.

The Company

Leveraging its pioneering, proprietary software platforms and supply-chain relationships built over nearly a decade in the industry, Genesis Mining Technologies intends to bring flexible, turnkey financing and technology solutions to cryptocurrency data centre operators around the world. Genesis Mining has serviced over 2,000,000 customers since its founding in 2013 and has established a broad network of partner data centre operators globally.

“This go-public transaction marks a pivotal next step in Genesis Mining Group’s history and will be a gamechanger for the cryptocurrency mining industry,” commented Marco Streng, Founder and CEO of Genesis Mining Group and incoming Chairman of the Company. “We believe that cryptocurrencies will be at the centre of the future of global commerce.

However, the integrity of this system requires computing infrastructure that is decentralized, optimally architected, and powered sustainably with green energy. With Genesis Mining Technologies’ turnkey solutions, existing operators and new entrants with access to cheap, green power can obtain the financing, procurement, and operational ingredients to compete with the world’s leading miners, in one stop.”

The Company will constitute Genesis Mining Group’s core business going forward, with all future mining operations and financing transactions to be structured such that economics will accrue to the Company solely, with Genesis Mining Group’s exposure being through its shareholdings in the Company.

Concurrent with closing of the Transaction (“Closing“), Genesis Mining Group (or its affiliates and principals) will be issued such number of shares of the Company as will constitute approximately 80% of the issued and outstanding common shares following completion of the equity financing and consolidation (described below). Closing is subject to receipt of TSXV approval, completion of definitive documentation, any requisite shareholder approvals, and completion of the consolidation and equity financing.

The Business Model and Pipeline

With the global market capitalization of cryptocurrencies recently topping US$1 trillion1, and Bitcoin (BTC) and Ethereum (ETH) hitting all-time-highs, Genesis Mining Technologies intends to provide investors with de-risked exposure to a diversified portfolio of cryptocurrency mining assets and financing and technology licensing structures with third party partners. The Company will provide investors with direct exposure to cryptocurrency price performance, focusing its business model on driving free cashflow.

The Company’s current pipeline consists of five anticipated deals in Europe and North America, with a more than 200MW supply of cheap, green power already under contract. The Company will use these internally generated opportunities to develop and pilot its financing and technology solutions. These initial projects may take a variety of ownership and financing forms, but the Company intends to focus its efforts on rolling out its solutions at scale by partnering with other established miners and new entrants to the market.

The Company’s solutions will be focused on operators of green powered cryptocurrency infrastructure projects around the world to provide (i) flexible financing solutions for new buildouts and expansions, (ii) procurement of the right mining hardware for the project, benefitting from Genesis Mining Group’s know-how and supply chain relationships built over years of being one of the top miners globally, and (iii) optimization of operations through access to the Company’s technologies, including its AC/DC, Hexa, Block Explorer, and cryptocurrency market forecasting platform.

Management and Board

The Company will appoint an experienced management team and board of directors on Closing consisting of principals from the Company and Genesis Mining Group, including incoming Chairman Marco Streng.

Marco Streng is a crypto mining industry pioneer and Founder and CEO of Genesis Mining Group. In 2013, he co-founded and launched Genesis Mining, bootstrapping the organization into becoming one of the largest crypto mining companies in the world serving over 2,000,000 customers.

Tillmann Korb will be appointed as the Company’s Chief Executive Officer. Mr. Korb holds a Master’s degree in mechanical engineering. He studied at the Technical University of Munich and École Central Paris. His professional career started in strategy and management consulting, with a focus on the German automotive industry. He has been a cryptocurrency and blockchain enthusiast since the early days. Motivated by the urge to turn his private enthusiasm into a professional career, he started his engagement for Genesis Mining Group as Regional Manager for North America, developing cryptocurrency data centers and business relations. He was key in pivoting Genesis Mining Group’s business model to providing mining technologies and financial resources to its established partner network.

Consolidation and Financing

On or before Closing, a consolidation of the Company’s issued and outstanding share capital on the basis of one new common share for every four outstanding common shares will be completed. No fractional shares will be issued under the consolidation and any fraction will be rounded to the nearest whole number.

In connection with the Transaction, the Company will complete a private placement financing of subscription receipts (“Subscription Receipts“) at a price of C$1.00 per Subscription Receipt for aggregate proceeds of C$20,000,000, subject to the approval of the TSX Venture Exchange (the “Exchange“). Each Subscription Receipt will convert into one post-consolidation common share of the Company immediately prior to the completion of the Transaction. Proceeds from the financing will be used to commence initial deployments of capital into Genesis Mining Technologies’ existing pipeline and for general working capital.

Trading in the common shares of the Company has been halted in accordance with the policies of the Exchange and will remain halted until such time as all required documentation has been filed with and accepted by the Exchange and permission to resume trading has been obtained from the Exchange. Since the common shares of the Company are listed on the NEX market of the Exchange, and the Transaction does not constitute a Related Party Transaction under the policies of the Exchange, the Company is not required to seek shareholder approval for the Transaction.

For corporate updates, please register to our mailing list at genesis.tech.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

ON BEHALF OF Butte Energy Inc.
(to be renamed GENESIS MINING TECHNOLOGIES CORP.)

“Geir Liland”

CEO and Director

For further information: Geir Liland, Tel: (604) 609-6110

Source: Genesis Mining Technologies (currently Butte Energy) Announces Go-Public Transaction for Entire Cryptocurrency Mining IP Asset Portfolio and Growth Pipeline of Global Leader, Genesis Mining Group

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In 2013 The Man Accidentally Threw His Hard Drive In The Trash That Had 7,500 Bitcoins

An inhabitant of the British city of Newport has approached the local authorities, with the aim of conducting an important search for a hard drive that he accidentally threw in 2013 in a municipal landfill, said device had bitcoins, whose current value is it would approximate 210 million pounds, that is, an average of 288 million dollars.

How did this tragic situation happen?

The 35-year-old computer engineer, James Howells, in 2013 carried out the cleaning of his home, later he realized that he had thrown his hard drive with 7,500 bitcoins in the trash instead of another that was empty.

After his previous application was rejected, Howells makes an offer of 25 percent, or $ 72 million , to the council in the event that he recovers his losses.

“I would like the opportunity to sit down with the decision makers and present an action plan to them,” Howells told South Wales Argus, indicating that he is supported by a hedge fund, prepared to provide funding for the initiative.

What would be the programmer’s strategy to recover his hard drive?

The computer scientist assures that in 2013 a garbage container obtained a serial number when it was filled, this before being transferred to a grave and buried. Also, a grid reference was required.

“So I could access the landfill log, identify the week I dumped the hard drive, identify the container’s serial number, and then the grid landmark,” the developer said, according to the source.

Despite eight years since the incident, Howells remains optimistic about recovering the information within the device. “The box could be rusty, but it is possible that the disk inside where the data is stored still works,” said the engineer.

It is worth mentioning that, with the passage of time, this possibility decreases, according to the programmer, who gave the suggestion that in case his search had a successful end, the funds would be transferred in the form of help to patients with coronavirus of his city.

However, the Newport City Council has indicated that digging, storing and treating all the waste could cost millions of pounds, and there is no solid guarantee that the hard drive will be found or will continue to serve.

Likewise, the institution emphasizes that, in the event of extraction, the activity is impossible due to the requirements of the current licenses and that carrying out this could lead to a serious and negative environmental impact of the place, the same reasons for which they do not guarantee assistance.

In case you are interested: “Reactivate without risking”, the new plan launched by CDMX

By: Entrepreneur en Español Entrepreneur Staff

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BBC News

Subscribe to BBC News http://www.youtube.com/bbcnews If someone told you you just threw away over $6 million worth of bitcoins, well you wouldn’t be too happy. You can imagine how James Howells from Wales felt when he discovered that he had thrown away his hardrive containing over 7,000 bitcoins. The value of Bitcoins has reached an all time high so now Mr Howells is frantically searching his local tip in the hope of retrieving his fortune Subscribe http://www.youtube.com/bbcnews Check out our website: http://www.bbc.com/news Facebook: http://www.facebook.com/bbcworldnews Twitter: http://www.twitter.com/bbcworld Instagram: http://instagram.com/bbcnews

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SEC Charges Ripple With Selling $1.3 Billion In Unregistered Securities, XRP Loses $2 Billion In Market Value

The Securities and Exchange Commission has charged cryptocurrency pioneer Ripple Labs, the firm that owns a majority of the world’s third-largest cryptocurrency, for allegedly raising $1.3 billion in an offering of unregistered “digital asset securities”–a huge sign U.S. regulators could ramp up oversight of the cryptocurrency space as the market surges to new highs.

According to the SEC’s complaint, Ripple, its cofounder Christian Larsen and CEO Bradley Garlinghouse raised capital to finance the firm’s business through an unregistered public offering of XRP tokens beginning in 2013.

The complaint, filed in Manhattan’s federal district court, also alleges that Larsen and Garlinghouse carried out personal unregistered sales of XRP totaling roughly $600 million.

As of 3 p.m. EST, the value of the XRP token had plunged roughly 12% over the last 24 hours, according to crypto data firm CoinMarketCap, wiping out more than $2 billion from the cryptocurrency’s market cap.

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“It’s not just Grinch-worthy, it’s shocking,” Garlinghouse told Fortune when he warned of the impending lawsuit on Monday evening, later tweeting that Ripple, a San Francisco-based firm last valued at $10 billion in 2019, “is ready to fight” the suit. “It’s an attack on the entire crypto industry and American innovation.”

The SEC has largely cracked down on crowdfunded token sales, commonly referred to as initial coin offerings, but XRP is easily the largest cryptocurrency targeted by the SEC as a security; officials in 2018 declared ether and bitcoin were currencies and not securities because of their decentralized nature.

Crucial Quote

“We allege that Ripple, Larsen and Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business and other important long-standing protections that are fundamental to our robust public market system,” said Stephanie Avakian, director of the SEC’s enforcement division on Tuesday.

Big Number

$653 billion. That’s the current market value of all the cryptocurrencies across the world, more than tripling this year alone, according to CoinMarketCap. At its peak in January 2018, the market was valued at more than $800 billion. XRP’s current market cap of $21.6 billion is bested only by ether ($71 billion) and bitcoin ($435 billion).

Key Background

Heightened regulatory scrutiny from nations such as South Korea triggered a near-85% crash in cryptocurrency prices in 2018, but the United States has been slow to issue broad-based regulation. Among the most vocal U.S. regulatory agencies when it comes to cryptocurrency, the SEC spent months drafting guidance it released in April 2019 about when and how cryptocurrencies may be classified as securities, but it’s been relatively quiet on the front ever since.

The suit against Ripple, however, could mean that’s set to change as the cryptocurrency market soars toward new highs during the pandemic. “There is more and more interest from a wide spectrum of people, both inside the crypto space as well as inside the traditional financial institutions who are asking us for guidance,” an SEC Commissioner told CoinDesk in October. “I think we’re going to be forced to confront that more and more in the coming years.”

What To Watch For

Competition–from the government. Though it has not committed to the idea, the Federal Reserve is exploring the possibility of debuting its own central bank digital currency, Goldman Sachs said in a Sunday note. Officials have warmed up to the idea of a central bank token “largely out of concern that wide adoption of alternative digital currencies could endanger financial stability, U.S. financial intermediaries and the Fed’s ability to influence financial conditions,” Goldman analysts led by Jan Hatzius said.

Tangent

During the pandemic many investors have flocked to cryptocurrency–and namely bitcoin–as a hedge against longer-term inflation concerns, which have escalated in the face of increased government spending for coronavirus relief measures. In a report released Monday, digital asset management firm CoinShares said cumulative investments into cryptocurrency funds have totaled about $5 billion so far this year, eclipsing the approximately $1.4 billion plowed into the space through the end of last year.

Chief Critic

“Other major branches of the U.S. government, including the Justice Department and the Treasury Department’s FinCen, have already determined that XRP is a currency,” Ripple Counsel Michael Kellogg said in a statement to Forbes, arguing that the currency designation means XRP transactions fall outside the scope of federal securities laws. “This is not the first time the SEC has tried to go beyond its statutory authority. The courts have corrected it before and will do so again,” he added.

Further Reading

Ripple says it will be sued by the SEC, in what the company calls a parting shot at the crypto industry (Fortune)

Ripple’s Trillion-Dollar Man (Forbes)

As Bitcoin Surges 15%, Here’s What Wall Street’s Saying About The Cryptocurrency’s Meteoric Resurgence (Forbes)

U.S. Government Voids Public Comments On Newly Proposed Crypto Wallet Rule (Forbes) Follow me on Twitter. Send me a secure tip.

Jonathan Ponciano

 Jonathan Ponciano

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com.

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CNBC Television

Ripple CEO Brad Garlinghouse addresses the Securities and Exchange Commission’s lawsuit over the XRP cryptocurrency.

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Cryptobitfortune From $500 Tiny Investment To $2500 In a Week Legit & Real

Cryptobitfortune Limited a company which is a developer and producer of ASIC Bitcoin miners. The company has been studying and mining this cryptocurrency for many years. Not so long ago we have developed a new-generation Bitcoin miner, which exponentially outweighs its competitiors based on the equipment price and power ratio.

Cryptobitfortune has power ratings of 50 TH/s, while the price doesn’t exceed the value of standard miners. This allows us to be the world leaders and opens the way for further development and market expansion.

Cryptobitfortune Mining is here to bring cryptocurrency mining to the investment world. We believe bitcoin has a long and significant role in the new monetary system that is forming. Our goal is to raise capital and scale our mining business; we are currently in operation and already delivering returns to our investors. With Cryptobitfortune, investors become our partners and share in the realization of profits, while assuring themselves a stable and passive income.

Because of our efficiencies, we are able to operate on lower costs and thereby pass those savings on to our investors. We guarantee the technical serviceability and continuous work of equipment which you purchase from us. Stop investing in suspicious companies which shut down every day more often! Invest in Cryptobitfortune! Cryptobitfortune company is a reliable and safe investment in the best mining equipment.

How much can I invest here? Each of your deposits can be for any amount from 0.002 BTC to 5 BTC. The number of such deposits is unlimited.

When will I get my first profits? Profit is generated on a daily basis, the first accrual will be after 1 day (24 hours).

Do you also work on weekends? Yes, profits are also accrued on Saturdays and Sundays.

How secure is your website and my account data? We have a wide range of security measures to protect your account. Our website is protected against DDoS attacks, all transferred data are SSL-encrypted. We use a licensed script for transactions together with online security certificates, you are able to see full list on our main page. Our website is located on a one of the best dedicated server.

What I need to do to become an investor? To become an Investor of cryptobitfortune.co you need to open an account. Registering is completely free and will take only a few minutes. After this you can officially become a member and will be able to execute your investment strategies. Please note that by agreeing to the Terms and Conditions of Use during the registration you automatically confirm that you are of legal age in your country of residence and that by using our platform you don`t violate any laws of your country of residence.

Worldwide web servers protected by OVH, one of most experienced , professional and trusted DDoS Protection and mitigation provider.EV SSL(Extended Validation SSL) encryption and has green address bar that confirms that the presented content is the genuine and legitimate.

Every withdrawal requests processes are instantly to your eCurrency account. You can make as many request as you want everyday.We understand how important having reliable support service is to you. Please don’t hesitate to contact us should you have any questions and we will get back…

Source: https://crypto-bitfortune.com

Iceland’s Giant Mining Farm Beats The Crypto World

Working around the clock, seven days a week, the computers were part of the largest concentration of Bitcoin mining power in the world. By solving and packaging complex “blocks” of encrypted data, the machines helped secure and expand the worldwide network of digital currency. And in return for their work, they generated vast fortunes for their owners. The Genesis Mining, operated by Iceland’s largest IT provider, pulled in what’s estimated to be millions a year.

Enigma is one of the largest cryptocurrency mining facilities in the world. First built to exclusively mine Ethereum, the facility is being continuously upgraded for mining state-of-the-art Blockchain technology. Enigma’s computational performance is achieved with specifically designed mining rigs that efficiently mine hashing algorithms for various cryptocurrencies such as Zcash, Dash, Monero and others. The Enigma facility is powered by geothermal energy, and resides in the capital of Iceland.

 Some see cryptocurrency as an answer to the volatility of unbacked, non-scarce paper currency. Cryptocurrency is scarce by design, meaning that it is not subject to the dilution caused by expanding the supply of money supply—that is, cryptocurrency is not subject to inflation as we understand it. For this reason, many are turning to cryptocurrency as a hedge against increasingly volatile fiat currencies including the U.S. dollar.

When we launched Genesis Mining over six years ago, we set out to build the largest and most trusted crypto mining company in the industry.

Today we proudly serve over 2,000,000 customers, employ hundreds of people, and manage  over a dozen large-scale data centers across our three core divisions — hosted mining which makes up 20% of our business, farm management for institutional clients, and our self-mining facilities, the biggest part of the business.

While these numbers are validating, our team is driven by far more than revenue metrics and customer growth. We are driven by our strong belief that the need for decentralization has never been greater than it is today and that blockchain has the power to solve many of the problems caused by centralization.

Over the past few years, we’ve seen organizations of all sizes announce initiatives that promote corporate social responsibility and aim to make the world a better place. Seeing these initiatives inspired us to begin exploring different opportunities that would allow us to give back. 

As the industry leader in institutional crypto mining, we view it as our moral and ethical responsibility to push the industry forward and proactively look for ways to support research and causes that we believe will make the world a better place. 

While there are many clear use cases for how our computing power can be leveraged, we’re open to hearing from any and all researchers, governments, and organizations who could benefit from what we have and would like to explore partnering together in ways that will move the world forward. 

Bitcoin is beautifully transparent in how it operates. It depends upon a mathematically controlled scarcity mechanism called “blockhalving” in order to sustain its value into the future. Blockhalving reduces the reward for mining new BTC by 50% every 210,000 blocks. Current production is at 1,800 BTC per day right now, and will stay that way until the next blockhalving in May 2020. Knowing everything we know right now, we can determine that it will take until the year 2140 for miners to actually mine the last Bitcoin.

Yes, we’ve mined 85 percent of the world’s most popular cryptocurrency. But it’s still going to take more than a hundred years to reach 100 percent, and even after this point of no return, miners will still have opportunities to generate revenue. They’ll simply move from solving complicated math problems that create new BTC to instead solving complicated math problems that confirm transactions on the network, collecting rewards in the form of transaction fees for their role in supporting the network. At such a time when Bitcoin reaches full maturity with 21 million BTC in the wild, there’s bound to be a lot of transactions to process.

It won’t be the end, it will be a new beginning in which cryptocurrency is far more ordinary and mainstream. With that in mind, here are three actionable takeaways for the crypto enthusiasts wondering what to do in response to this 85 percent news item.

Mine while you still can.

As described above, the Bitcoin mining is going to continue for quite some time and can’t accurately be described as done. With 15 percent of the total supply remaining, the crypto community still stands to generate some 3,150,000 BTC before this game is truly over. With BTC price lately holding around $10,000, there’s more than $31 billion up for grabs at today’s market prices. There’s no telling how this value will change going forward. Grab some while you still can!

Bitcoin mining is a much different game with 15 percent of the supply remaining versus when there was still 100 percent remaining. You nowadays need high-powered hardware in order to compete against the centralized commercial mining operations that benefit from economies of scale. These pay less for the electricity that powers their mining rigs, and they run lots of them at once. You might consider getting an ASIC mining device in order to stand a chance of successfully earning some Bitcoin for yourself, or you can rent access to supercharged offsite hardware by engaging a cloud mining company.

Source: Genesis Mining Corp.

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Cypherpunk Zooko Wilcox Aims To Bring Anonymous Zcash To Law-Abiding Masses

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The day before Zooko Wilcox formally joined with a band of cryptographers to build a new anonymous cryptocurrency, he asked his then wife to leave her cell-phone behind—lest anyone listen in—and join him at a rocky outcropping overlooking Boulder, Colorado, where they lived. There, he shared his plans to help build a cryptocurrency that would be truly anonymous; unlike bitcoin, it would shield not only the names of users, but also the amounts spent, and other information that might later be used to identify them.

Wilcox believed this new cryptocurrency, which came to be known as zcash, would be a boon to citizens of oppressive and intrusive regimes such as those in China, North Korea and Syria. But he understood it might also prove attractive to hitmen, drug dealers and child pornographers looking to evade detection. The cost of making anonymity available to upstanding members of the public was making it available to the less savory as well, he figured.

“I told her, ‘I’ve decided to do this,’” recalls Wilcox, now 45. “‘It’s scary. I might end up in jail. I might get murdered or extorted. I might go broke. I might be sort of crushed by it somehow. But it’s way too important not to do.’”

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Three years later, on October 28, 2016, Wilcox and a team of cryptographers, followed a series of steps to mine the genesis block and bring zcash to life. Several hand-selected participants were trusted to hold a separate part of the creation key. Afterwards, to obscure the origins of the cryptocurrency and prevent counterfeits, each obliterated their part of the key. One even donned a gas mask and set fire to his computer.

While destroying their keys, the founders retained something valuable: every time zcash was mined a residual was paid to for-profit Electric Coin Company, with Wilcox as its well-paid CEO. For a time, their crypto-creation thrived. By January 2018 zcash was valued as high as $750, with an average of $50 million worth of the crypto trading a day.

That month however, zcash took a double hit. A bubble in the global cryptocurrency market started to pop and Japanese cryptocurrency exchange CoinCheck was hacked, losing $500 million of a cryptocurrency called XEM.  No, zcash didn’t have anything to do directly with the hack. But earlier that month, cryptocurrency investigation firm Chainalysis had identified a rise in zcash use for criminal activity, and rumors began to spread that if the CoinCheck thieves wanted to spend their booty, they’d have to launder it using zcash or another privacy-protecting cryptocurrency. By June, citing regulatory pressure, CoinCheck delisted zcash (ZEC) monero (XMR), augur (REP), and dash (DASH), prompting other big Japanese and South Korean cryptocurrency exchanges to delist the currencies.

Unable to shake the rumors, last year Wilcox did something that might seem out of character for a self-described cypherpunk: he hired the Rand Corporation, the storied non-profit consulting firm and think tank that last year did $374 million of work for state and federal agencies, most prominently the Department of Defense. Wilcox asked Rand to investigate how widely cryptocurrencies generally, and zcash specifically, were being used for criminal activities.

As part of the deal, Electric Coin stipulated that Rand’s full report would be made public, no matter what it turned up. Today, Rand published all 65 pages of its unredacted findings, concluding that “while privacy coins may intuitively appear likely to be preferred by malicious actors due to their purported anonymity-preserving features, there is little evidence to substantiate this claim.”

The research firm started by consulting what the report calls “informant interviewees,” including Antoine Martin, senior vice-president of the Federal Reserve Bank of New York and David Jeans, CEO of CipherTrace to get a high level understanding of where to look and what to look for.  Guided in part by those interviews, it then used proprietary software called the Rand Dark Web Observatory (DWO) to scan the eight largest dark markets and through a process known as scraping, gathered information on the kinds of goods being sold, the currencies being accepted and the kinds of conversations taking place in public chat rooms.

The DWO found less than 1% of the illegal and illicit offerings that mentioned cryptocurrency even accepted zcash. By contrast, 59% accepted bitcoin, 27% accepted monero, 12% accepted ether, and 1% accepted litecoin. Moreover, nearly half of all dark market zcash mentions were from a single vendor called The Shop, which mentioned the cryptocurrency 161 times.

“We didn’t find any significant evidence that the zcash was used for illicit activities, but also as we know, that doesn’t mean that zcash isn’t at all used for illicit activity,” says senior Rand Europe analyst, Erik Silfversten. “We have to look at technology as a neutral, that it could be used for a wide variety of applications, and then we have to look at the actual evidence.”

Wilcox believes the Rand report demonstrates anonymous transactions aren’t the same as illicit ones and that ordinary, upstanding people value privacy.  “It sets a bad precedent if we fail and everyone takes the lesson that the governments of the world won’t tolerate privacy and freedom and diversity and decentralization,”  he says. “That would set a bad precedent that would deter other important innovations that humanity needs to combat all of the threats to our whole civilization.”

How did the zcash co-founder come to believe in both anonymous cryptocurrency and Rand? Born Bryce Wilcox in Phoenix, Arizona in May 1974, he moved to Texas at five when his engineer father was hired by Texas Instruments to help develop the TI 99/4, one of the first home computers. Ron Wilcox brought home one of these rudimentary machines for Bryce and his younger brother, Nathan, to play with, set it up in a closet and turned them loose.

At first, all the brothers did was type nonsense in Beginners All-purpose Symbolic Instruction Code (BASIC), the default language on the computer. Then he started to learn Logo—a program that was part computer language, part painting program and designed specifically for kids. “You could make colorful shapes and then you could script them to fly around the screen and change and animate and bounce off of each other,’’ he recalls. Back then, home computers were rare. Having one, and more importantly, knowing how to use it, became a huge part of Wilcox’ self-image. “To me, it was magic,’’ he says.

Before Wilcox turned nine, his father moved to TI’s defense business in Colorado Springs. With a father in the defense industry, and cold-war tensions between the U.S. and the U.S.S.R in the news, Wilcox grew up believing  “we would probably all die in an Armageddon-like nuclear war with the evil empire,’’ he says. Yet he also started exploring a more-hopeful world, as he discovered bulletin board services, which allowed geeks to communicate via their computers before the first web-browser.

So when the Berlin Wall fell in 1989, it made a big impression on the then-teenaged Wilcox. “I thought, like actually a lot of better-informed people also thought during those years, that the fall of the wall heralded the end of history, the end of war, and of national borders serving as walls trapping people,” he says. “And it was with that mindset that when I discovered the internet a couple of years later, I was extremely excited that I thought this was part of the pattern, that the internet was the end of national borders serving as walls preventing people from communicating.”

This naturally led Wilcox into the nascent cypherpunk movement, where, in the spirit of privacy prevalent in the community, he adopted a pseudonym, Zooko, and engaged with people from all over the world who like him, didn’t quite fit in where they came from, but were at home with ones and zeros. “I felt like I was coming home to my people for the first time,” he says. He also learned that pseudonyms like Zooko stick.

The cypherpunks’ focus on privacy was growing. In 1992, cryptographer David Chaum shared his ideas for an “untraceable electronic cash” with the Cypherpunk Mailing List—a hodge-podge of thinkers Wilcox compares to a debate club.  A year later mathematician Eric Hughes published the Cypherpunk’s Manifesto, connecting privacy to concern over government surveillance, and famously declared that “Cypherpunks write code,” meaning they did more than just think about privacy.

That same year, Wilcox joined the mailing list. There he met Tim May, author of the Crypto-Anarchist Manifesto and Wei Dai, an inventor of an early cryptocurrency called b-money. He also started reading the contributions of WikiLeaks creator Julian Assange. These ideas, combined with the fall of the Berlin Wall made him believe for the first time that technology could further break-down borders. “I was inspired to imagine technological developments having social impact,” he says. “That technology would change how whole human communities interacted with each other.”

By 1996, Wilcox had dropped out of college at the University of Colorado at Boulder and taken his first job in cryptocurrency—as a shopping cart maintainer for DigiCash, Chaum’s early creation. DigiCash was centralized, meaning Chaum’s company had control over the minting process, and it never really took off. Wilcox concluded from that experience that if he could figure out how to make electronic cash that didn’t require a middle-man, he could crack the code to build a private economy without borders. (Wilcox earned his computer science degree in 1998.)

In 1999, at the Financial Cryptography conference in Anguilla, Wilcox met Amber O’Hearn. The following year, they were married, taking on the “Wilcox-O’Hearn” hyphenate for their last name. “Life and romance were intimately connected to our passions about math and cryptography and engineering and about economics and social influences,” says O’Hearn.

Meanwhile, Wilcox was becoming an entrepreneur. In 2000, he launched Mojo Nation, a progenitor to BitTorrent, which lets users share files without a central authority. While Mojo Nation closed after just a few years, it incorporated features that would later show up in bitcoin, including “tokenization”  or the digital representation of unique objects.

Then, on October 31, 2008, someone or some group of people using the pseudonym Satoshi Nakamoto published a paper describing bitcoin as a “peer-to-peer electronic cash system” on the same Cryptography Mailing List Wilcox had joined. “I tried to invent some way to make a decentralized version of DigiCash and I couldn’t figure out how to do it. So I’d almost given up and almost started to think the laws of computer science had, for some reason, made it impossible to have decentralized money. And then I found out that bitcoin was working,” he says.

In those early days, Nakamoto was still working on the code, and Wilcox threw in his two-cents, finding a bug early on that would have let hackers create copies, or forks, of the bitcoin blockchain. Wilcox bought his first bitcoin in early 2011 and by September seemed to be a true believer, tweeting that he’d like some Nobel economics prize winners to tell him why bitcoin, at $4.50, was a bad investment. That same year he founded Least Authority, a security audit firm designed to help clients ensure they aren’t leaking private information into the public.

By then, Wilcox’s reputation in the cryptography community was so strong that Andrew Miller, a grad student studying virtual reality at the University of Central Florida, suspected he might really be Satoshi Nakamoto.  Miller joined a chat group for Least Authority intending to surreptitiously prove that Wilcox was bitcoin’s creator and ended up exchanging cryptographic lessons with him instead. Importantly, Wilcox credits Miller for introducing him to zk-snarks, an implementation of zero-knowledge proofs that allow a person to prove they know something without needing to reveal the details about what they know or how they got there.

Now an assistant professor of computer science at the University of Illinois, Urbana-Champaign Miller compares the idea, which is crucial to how zcash operates, to punching a pinhole into a piece of black paper and placing the hole over Waldo in a Where’s Waldo puzzle, proving you know where the beanie-capped character is without revealing anything else about his context.

“I don’t think of myself as a pioneer, like Satoshi,” says Wilcox. “I think of myself as somewhat more of a conduit for other people’s inventions, including Satoshi’s.” Begrudgingly, Miller reached the same conclusion.

Wilcox’s relationship with Miller did, however, prove consequential, setting him on his path to zcash. In 2013, cryptographer Ian Miers presented a paper at the Bitcoin Conference in San Jose with the idea for zerocoin, an upgrade to bitcoin that would erase the trail of publicly available addresses, making the cryptocurrency truly anonymous. But bitcoin core developer Peter Todd stood up from the audience and said, “Zerocoin isn’t coming anytime soon to bitcoin.”

So Miers and his coauthors approached Wilcox to jointly build the anonymous currency.  At first, Wilcox turned them down, preferring to focus on building Least Authority. But Miller, who knew about the work of Miers’ team, convinced Wilcox to reconsider, saying he himself would quit his PhD studies to join the project if both Wilcox and Miers’ collaborator Matthew Green got involved. “It was at that moment that I finally made up my mind that I was gonna do it,” says Wilcox.

That’s when Wilcox took O’Hearn, sans cell phone, to that cliff overlooking Boulder, to discuss what he was about to become involved in.  “I don’t think he was asking my permission,” says O’Hearn, who has three children with Wilcox. “But he wanted me to know that he was taking on something that could be considered dangerous politically and could have consequences that could take him away from me and the family.” While the pair divorced in 2015, she says she supported, and still supports, that decision.

Matthew Green describes the birth of the zcash team this way: “I remember thinking `Zooko’s the only person I know who’s crazy enough to take this project on.’” Slowly, the zerocoin whitepaper started to evolve into a protocol for minting a new kind of cryptocurrency called the zerocash protocol, then just zcash. While zcash was initially conceived as a more private sidechain to bitcoin, the team, now formally operating as the Electric Coin Company, opted for an entirely separate currency.

At the time it was becoming increasingly popular to do what is called a “pre-mine” where the cryptocurrency is created all at once and either sold (the way Ripple sold its eponymous cryptocurrency) or “air-dropped” with people who already own a cryptocurrency given the same amount of another cryptocurrency (as happened when bitcoin cash was created).  But pre-mines run the risk of being branded unlicensed securities offerings and air-drops reward those who are already crypto-rich.

“Why don’t you just give some zcash to all U.S. dollar holders?” Wilcox recalls Miller asking. “And I was like, ‘What? I don’t wanna reward the rich owners of U.S. dollars with more zcash.’” To which Miller replied: “Yeah, and I don’t respect the money of the bitcoiners anymore than I respect the money of the U.S. dollars holders.” Electric Coin opted for a third way, where 20% of the zcash mined went to support the developers of the technology, including Wilcox.

In July 2018 Wilcox disclosed—to some backlash from  the crypto community—that he had received 2,033 zcash per month, then worth about $300,000 or $3.6 million annually. (At today’s price of about $45, that would be worth about $1 million.)

The ECC now employs 30 people, not counting the non-profit Zcash Foundation that also helps oversee the development of the code. And in November, a new revenue sharing model kicks in;  miners will still receive 80% of zcash mined, but 8% will go to a pool for grants to third parties other than ECC or the Zcash Foundation.  ECC will receive 7% and the Zcash Foundation will receive 5%. At today’s zcash price, that’s about $390,000 per month for grants, $345,000 per month to ECC and $246,000 per month to the foundation. The zcash outstanding is now collectively valued at just $400 million.

In spite of being delisted on several of the largest exchanges, zcash is still available on dozens of exchanges, including Coinbase and Gemini, two U.S. exchanges that pride themselves in being compliant with government regulations. Today, while zcash can be used on markets like Toffee.com to buy software that makes it look like a computer is in a different jurisdiction, it can also be used on Andreessen Horowitz-backed Haven, to buy prosaic stuff like clothing, cars, books and computers. Payments apps Flexa and Gemini added zcash last year, allowing users to spend the cryptocurrency at Barnes & Noble, Bed Bath & Beyond and Whole Foods.

Still, the image of zcash as a haven for those concerned with privacy remains. The Human Rights Foundation and the Electronic Frontier Foundation have both received zcash donations. And a Syrian refugee in England tells Forbes he uses zcash to surreptitiously pay an employee in Syria. Over the first quarter of 2020 the zcash market value increased by 27%, according to a CoinMarketCap report, making it the fifth fastest growing cryptocurrency, behind dash, another privacy preserving technology.

And Wilcox hasn’t given up on restoring zcash’s place on the big Japanese exchanges. He says the self-regulatory Japan Virtual Currency Exchange Association agreed in advance that  Rand would be considered a suitable third-party investigator. Zcash gave the Rand report to the association in April and an Electric Coin rep characterizes its response as “very positive,” although Forbes has yet to receive confirmation of that from the Japanese association.

The Rand report raises a big question, however. Why aren’t criminals making more use of zcash given its privacy protecting properties? Rand says it doesn’t know but did offer a number of possible explanations. Perhaps zcash has been successfully branded as a way for law-abiding citizens to transact anonymously online or maybe would-be criminals don’t trust or understand its encryption technology. One possible irony: by drawing increased attention to the use of zcash for anonymous transactions, could the report actually entice more criminals to use it?

Follow me on Twitter or LinkedIn. Send me a secure tip.

I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies such as Bitcoin, Ethereum and Ripple, and extends to non-cryptocurrency applications of blockchain in finance, supply chain management, digital identity and a number of other use cases. Previously, I was a staff reporter at blockchain news site, CoinDesk, where I covered the increasing willingness of enterprises to explore how blockchain could make their work more efficient and in some cases, unnecessary. I have been covering blockchain since 2011, been published in the New Yorker, and been nationally syndicated by American City Business Journals. My work has been published in Blockchain in Financial Markets and Beyond by Risk Books and I am regularly cited in industry research reports. Since 2009 I’ve run Literary Manhattan, a 501 (c) (3) non-profit organization dedicated to showing Manhattan’s rich literary heritage.

 

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This episode of Crypto Bites features Abra founder and CEO Bill Barhydt in conversation with the creator and CEO of Zcash, Zooko Wilcox. The conversation focuses on privacy both on the internet and in crypto more specifically. At one point the conversation turns to crypto in Venezuela and a crypto donation project. More info about that project can be found at https://airdropvenezuela.org/. Read the full post about this episode on the Abra blog: https://www.abra.com/blog/crypto-bite.

Binance Spinoff Aims To Be Bitcoin-Powered Venmo Of Africa

Yele Bademosi is passionate about helping his home continent of Africa. Born into a missionary home in Ibadan, Nigeria, Bademosi’s mother and father used to deliver medical services and bibles to the Yoruba tribes-people in the forests surrounding his home-town, often going from hut to hut. When he and his sisters were old enough, they helped. “That is my earliest memory in terms of thinking about how to give back,” he says, “But as I grew older, I changed my views to thinking about, how do you actually help people at scale?”

Last year, Bademosi became a director at the venture capital arm of the world’s largest cryptocurrency exchange Binance, which trades $1.5 billion in crypto assets each day. And today he is excited because he’s launching Bundle, one of six African startups the Malta-based crypto exchange is now funding, and the first it launched. The startup is being run by Africans in an effort to get people on the continent to use cryptocurrency, not as an investment vehicle, but as a global means of exchange. Bundle is essentially a social payments app, similar to Venmo or Square’s Cash App.

The new app lets users send, receive and spend bitcoin, ether, and Nigerian naira with little more than the recipient’s phone number. Unlike Square though, Bundle will also let users spend Binance coin (BNB), the exchange’s native cryptocurrency, which has been doled out to loyal and active traders using its crypto exchange. In the near future they’ll be able to spend and (more importantly) save Binance U.S. dollars (BUSD), stablecoins backed by U.S. dollars and regulated in the United States.

Bundle joins numerous tech giants working on ventures in Africa. Facebook intends to co-launch a cryptocurrency targeting the unbanked and Square’s founder Jack Dorsey recently announced plans to immigrate to the continent. “Regardless of your geography, you should have access to the best financial services. And unfortunately, your geography today defines the quality of financial services that you have,” says Bademosi, who is also Bundle’s CEO. “The same way the internet created freedom of information, I think blockchains create freedom of quality of financial services.”

Born in 1991, the only boy among five sisters, Bademosi always knew entrepreneurship was in his future. Perhaps rebelling from his bossy sisters, he knew he didn’t want to work for others. Unlike the typical Silicon Valley success story, Bademosi’s first experience with a computer was at an internet cafe. As a child, he’d walk up a flight of stairs to the second floor of his local shopping center, push open a sliding door and frantically scan for cheat codes to his favorite computer games in 30-minute chunks, before his money ran out.

It wasn’t until 2007, when Bademosi was 16-years-old, that he finally got his first computer, an Acer Aspire One Series his parents got for him when he started classes at Lansdowne College, a preparatory school for University, similar to a high-school, in Westminster, England. For the first time, he had unlimited online access and an outlet to focus his burgeoning interests. By the time he graduated two years later, the 6’ 6” Bademosi had not only competed on the school’s football and basketball teams, but studied biology, chemistry, psychology and mathematics. “There’s a huge difference between what you learn in college in a structured environment and what you can learn online,” he says. “It felt like what I imagined the Enlightenment period felt like for people who lived when the printing press was first available.”

Growing up in Nigeria, he says, meant that students who did well in school were pushed into the sciences. When his youngest sister decided to go into economics, or what he called “liberal-type accounting,” he was in shock. In spite of his entrepreneurial aspirations, he knew he would be expected to either to become a medical doctor like his father, an engineer or an architect. He hated physics though, so passed on engineering, and architecture was out because as he put it, “I couldn’t draw straight lines.” His father convinced him that even if he didn’t end up practicing medicine, the University of London’s accelerated three-year program meant he’d have extra time afterwards to find a path of his own, and he enrolled in 2009.

In his first year of medical school his father died of kidney-failure. His father’s death gave him the courage to rebel. He had always found that he was more interested in computers than medicine so he dropped out of medical school with plans to build apps for Apple’s OS. After a few unsuccessful months building a social media app Bademosi flew back to Nigeria.

There he got a job as manager of Starta, devoted to helping African companies get off the ground by providing education, tools, and networking opportunities. After developing a taste for helping startups get off the ground, Bademosi founded his own angel investing firm called Mircotraction. His venture had well connected backers: Nigerian energy and real estate tycoon, Tunde Folawiyo; the CEO of Y-Combinator, Michael Siebel, and Google’s head of ecosystem for sub-Saharan Africa, Andy Volk.

Lagos-based Microtraction is now among the most active investors in Western Africa, having funded 15 companies, including 54gene, an African genomics research startup that recently attracted $15 million from Adjuvant Capital, Y-Combinator and others.

Bademosi had learned about bitcoin in college but it wasn’t until 2017 after he read a book called Master Switch by Columbia professor Tim Wu, that he began to see blockchain as a way to let networks of individuals compete against the likes of Facebook, Amazon, Google, and Apple using a shared technology infrastructure. “We’re not there yet,” he says. ‘But I believe that blockchain and decentralized technologies can open up the internet again, and create a new playing field that new entrants could play on.”

How Blockchain Went From Bitcoin To Big Business| 37:20

While the jump from medicine to blockchain may seem big , Bademosi sees them as strongly related. “The similarity really is the fact that you have individual organisms, whether that’s a cell or a human or a computer, acting in their own best interests towards what’s still a common goal, and there are a bunch of rules they all have to obey.”

Just a few months after founding Microtraction in August 2017, Bademosi bought his first bitcoin and as its price fluctuated wildly he became hooked on crypto asset investing. That led him to Binance, which was founded in China, and is now doing business from Malta. In November 2018, Binance published a ten-point thesis on why it was dedicated to the continent and launched a subsidiary in Uganda. Number four on Binance’s list was Bademosi’s childhood mantra: scalability.

“For me, blockchains are as big as the internet,” says Bademosi. “And can you imagine Bill Gates or Larry Page or, Mark, Zuckerberg coming to Africa less than one year after the company was started?” He was impressed. So much so, that by January 2019, he had pitched his vision for what Binance should be doing in Africa and instead of taking him up on his advice, the company hired him, making him the first director at Binance Labs focused on investing in Africa-based blockchain startups and leading the Africa chapter of the organization’s incubation program.

So far Binance Labs has invested in five African startups, one from South Africa, one from Kenya, one from Ghana and three from Nigeria, all serving different aspects of the continent’s growing crypto economy. Notably, Lagos-based Yellow Card is a way to buy bitcoin even without a bank via local agents, and Flutterwave is the same fiat-to-crypto bridge that lets Binance customers buy cryptocurrency with naira.

Binance and its new Bundle have Western competitors in Africa. Facebook’s Libra has its sights set on banking the unbanked. Another potential competitor using cryptocurrency to serve the unbanked is Akon, the Senegalese-American musician whose Akoin project announced recently that it would be the exclusive currency of the Mwale Medical Technology City in Kenya. “Our goal is for akoin to be the official currency of the continent,” says Akon.

To give an idea of the total market up for grabs here, even if the average account holder might only own a fraction of what Western banks require to open an account, the World Bank estimates that 1.7 billion adults around the world are without such access. Fifty-seven percent of adults in sub-Saharan African, or about 350 million people, don’t have bank accounts, according to the World Bank. To help close that gap nearly $700 million was invested in fintech in Africa last year, according to media firm WeeTracker. Of the 1.2 billion people living in Africa, Bademosi estimates only 1.4 million are already using crypto.

In two weeks Bundle expects to add BUSD, a stablecoin pegged to the U.S. dollar, created by blockchain startup Paxos, regulated by the New York Department of Financial Services, and spendable anywhere in the world. One possible financial product that could eventually be offered using this technology would be what amounts to a savings account denominated in U.S. dollars for people living in Nigeria, and eventually other African nations. Instead of Nigerians losing 12% to inflation at current rates by keeping their cash in a savings account, they could be paid interest denominated in U.S. dollars for funds held in custody elsewhere. “Being able to save in stablecoins and earn interest per annum is huge,” says Bademosi. “And we can offer that up to anyone anywhere.”

Users will also be able to cash in and cash out using local fiat currencies. Longer term plans include a physical debit card and the ability to purchase U.S. stocks, Nigerian mutual funds and agriculture debt, and unspecified incentive programs designed to jumpstart the cryptocurrency economy in Africa, according to internal documents provided to Forbes. The documents compare Bundle to Mosaic, the internet browser invented by Marc Andreessen, and credited for weaving together the previously esoteric processes required to use the internet into a single, intuitive browser.

In September 2019, Bundle quietly raised $450,000 from Binance, Pave Investments and other African investors. “We believe Bundle can become one of the key projects that will support Binance’s mission of scaling the adoption of crypto on the continent,” says Binance CEO Changpeng Zhao (CZ). To help do that, Bundle will be free at launch, with plans to eventually charge 0.5% to 2% per transaction on all short term trades and 3% of assets under management on yearly gains, for longer-term investing. While the finer details of how that works have yet to be announced, we can look to Binance for some intriguing clues.

After creating BNB in July 2017, the asset has grown to a total market value of $2.2 billion, making it the eighth largest crypto-asset according to CoinMarketCap.com, the widely used cryptocurrency markets site Binance recently acquired for a reported $400 million. But it’s the way Binance uses that asset, which users acquire in exchange for making transactions on-site, that Bundle perhaps has the most to learn from.

Binance’s users are allowed to pay their fees on the site using the same BNB cryptocurrency they are rewarded for being regular users, and a new platform, called LaunchPad, lets users raise capital via initial coin offerings (ICOs) also payable in BNB, establishing what cryptocurrency news site CoinDesk called “a virtuous cycle by which its users were incentivized to stay within its platform.” Bademosi, it would seem, has learned his lessons well, a promising sign for the future. “Bundle does an excellent job of putting fiat and crypto side by side,” he says. “And then nudging the user to use some of these digital currencies or assets in innovative ways.”

Follow me on Twitter or LinkedIn. Send me a secure tip.

I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community. My coverage includes the use of cryptocurrencies such as Bitcoin, Ethereum and Ripple, and extends to non-cryptocurrency applications of blockchain in finance, supply chain management, digital identity and a number of other use cases. Previously, I was a staff reporter at blockchain news site, CoinDesk, where I covered the increasing willingness of enterprises to explore how blockchain could make their work more efficient and in some cases, unnecessary. I have been covering blockchain since 2011, been published in the New Yorker, and been nationally syndicated by American City Business Journals. My work has been published in Blockchain in Financial Markets and Beyond by Risk Books and I am regularly cited in industry research reports. Since 2009 I’ve run Literary Manhattan, a 501 (c) (3) non-profit organization dedicated to showing Manhattan’s rich literary heritage.

Today In: Crypto & Blockchain

Source: Binance Spinoff Aims To Be Bitcoin-Powered Venmo Of Africa

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We sat down with Yele Bademosi, Binance Director, Africa, to discuss his early beginnings in the African Blockchain space and Ecosystem, funding tech startups across Africa, and his recent visit to Kenya. Read more about the blockchain and crypto space in Africa on http://www.bitcoinke.io

How Paxful Places The Best Bitcoin Buying & Selling System Platform In the Crypto World

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Doing 24/7 phone support for newbies taught us that sending bitcoin is even harder than buying it for most people. We fix that.

Earn on each sale

If your users need an easy way to buy bitcoins they can buy right off the button. You are getting 10x more than the current best affiliate program.

Simple integration

Just paste a single line of html and you’re up and running. Advanced merchants can also do secure integration.

Gift cards

Amazon, OneVanilla, Target, Walmart and other major brands.

Cash

Western Union, Moneygram, Bank of America and cash deposits to other banks.

Online wallets

Paypal, Skrill, Neteller, Serve to Serve transfer and other major online wallets.

Debit/credit cards

Any debit/credit cards are used by our vendors own payment processors.Your buyers have the option of paying anyway they can without the risk of a bank card. Win!Paxful vendors convert all forms of payment to bitcoin. They charge a margin for this service and also provide live chat support. Win! You, the merchant can now accept every form of payment on earth and get paid with zero chargeback risk. Win!

Paxful is primarily an online bitcoin marketplace, but it offers businesses the option of adding a “Pay with Paxful” button to their e-shops. With this option, customers from all around the world can make purchases using the bitcoin in their e-wallets, rather than exchanging currency through a more traditional option.

You can become a Paxful Partner by adding a Virtual Bitcoin Kiosk to your blog, website, app or social media page. As a Paxful Partner, you can earn 2% of your sale through your Virtual Bitcoin Kiosk.

Source: https://paxful.com

 

 

Grayscale To Move Billions In Bitcoin, Ripple’s XRP, Ethereum, And Litecoin To Coinbase In One Of The Largest Ever Crypto Transfers

Bitcoin and cryptocurrency asset manager Grayscale Investments is today planning to move billions of dollars worth of holdings to U.S. crypto wallet provider and trading platform Coinbase in what could be one of the largest single day transfers of bitcoin and crypto assets ever.

Grayscale, which claims to be the world’s largest bitcoin and digital currency asset manager, is today announcing Coinbase Custody will serve as custodian of the underlying assets for its products, and is expected to transfer nearly $3 billion of assets in fewer than 12 hours to Coinbase.

Coinbase Custody, which is operated as a standalone, independently-capitalized business to Coinbase, will now will oversee Grayscale’s cryptocurrency holdings, including bitcoin, bitcoin cash, ethereum, litecoin, and Ripple’s XRP, among other major tokens, as well as Grayscale’s publicly quoted cryptocurrency trusts and its Grayscale Digital Large Cap Fund, which provides exposure to bitcoin and crypto through a market cap-weighted portfolio.

“Grayscale and Coinbase have led the way in providing safe, secure, trustworthy, and regulated access to digital assets. Grayscale is an established, trusted, and valuable partner to its clients and its service providers should be the same,” said Sam McIngvale, Coinbase Custody chief executive.

“As a NY State-chartered trust company, Coinbase Custody is held to the same fiduciary standards as national banks. We also offer some of the broadest and deepest insurance coverage in the crypto industry.”

The move comes as bitcoin and cryptocurrency investors nervously look for signs of how global regulators will react to Facebook’s plans to launch its own cryptocurrency sometime next year, dubbed libra.

Expectations that some of Silicon Valley’s biggest companies, including iPhone-maker Apple and micro-blogging platform Twitter, are increasingly looking to bitcoin and cryptocurrencies as a potential source of revenue has been largely responsible for the rise in the bitcoin price so far this year.

Earlier this month, the New York-based Grayscale reported assets under management of $2.7 billion, an all-time high for the company and up three-fold on the previous quarter.

Last month, Coinbase, the largest U.S. cryptocurrency exchange and wallet service, boasted it has signed up 30 million users since launching in 2012, with eight million new users added over the last 12 months.

Meanwhile, Grayscale last week found that more than a third (36%) of U.S. investors would consider buying bitcoin, representing a potential market of more than 21 million investors.

“Since its introduction in 2009, bitcoin has steadily grown in popularity and today has expanded its reach to a broad mainstream audience,” Grayscale reported.

“Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Grayscale To Move Billions In Bitcoin, Ripple’s XRP, Ethereum, And Litecoin To Coinbase In One Of The Largest Ever Crypto Transfers

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