Rick Rieder, BlackRock’s chief investment officer of global fixed income, told CNBC Wednesday that the investment giant has “started to dabble” in bitcoin—it’s the latest instance of a major financial player dipping its toes into digital assets.
Reider did not elaborate on BlackRock’s cryptocurrency strategy, but last month the investment giant filed documents with the Securities and Exchange Commission showing that it wants to include cash-settled Bitcoin futures as eligible investments for two of its funds.
BlackRock is the world’s largest asset manager—it managed some $8.7 trillion at the end of the fourth quarter.
Rieder told CNBC that he believes bitcoin’s recent rally is gaining momentum in part because of stronger regulations and better technology.
“My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up,” he said.
$51,000. That’s the new record price bitcoin hit early on Wednesday morning. The most popular cryptocurrency started the year with prices around $30,000.
A spate of major corporations and financial institutions including MicroStrategy, BNY Mellon, and MasterCard,and PayPal have announced cryptocurrency initiatives this month, and there are reports that a $150 billion investment division at Morgan Stanley is considering investing in bitcoin. A portion of bitcoin’s recent gains are likely attributable to a surprise announcement from Tesla that the electric car maker had invested $1.5 billion into the cryptocurrency and has plans to start accepting it as payment.
Credit card giant Visa today announced it is connecting its global payments network of 60 million merchants to the U.S. Dollar Coin (USDC) developed by Circle Internet Financial on the ethereum blockchain. The digital currency is now valued at $2.9 billion.
While Visa itself won’t custody the digital currency, effective immediately, the partnership will see Circle working with Visa to help select Visa credit card issuers start integrating the USDC software into their platforms and send and receive USDC payments. Circle itself is also going through the same Fast Track program. In turn, businesses will eventually be able to send international USDC payments to any business supported by Visa, and after those funds are converted to the national currency, spend them anywhere that accepts Visa.
After Circle itself graduates from Visa’s Fast Track program, likely sometime next year, Visa will issue a credit card that lets businesses send and receive USDC payments directly from any business using the card. “This will be the first corporate card that will allow businesses to be able to spend a balance of USDC,” says Visa head of crypto Cuy Sheffield. “And so we think that this will significantly increase the utility that USDC can have for Circle’s business clients.”
The partnership, in conjunction with an earlier $40 million investment Visa led in a cryptocurrency startup for holding similar assets issued on a blockchain, a recent blockchain patent application for minting traditional currency on a blockchain, and an increasing amount of work directly with central banks, is the latest evidence that the credit card giant sees the technology first popularized by bitcoin as a crucial part of the future of money.
“We continue to think of Visa as a network of networks,” says Sheffield, a five-year veteran of Visa, who took over as head of crypto last June. “Blockchain networks and stablecoins, like USDC, are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.”
Leading up to the partnership, Visa had already onboarded 25 cryptocurrency wallet providers as part of its Fast Track program—including Fold and Cred— each of which can now pilot the USDC integration. Going forward, other cryptocurrency wallet providers like BlockFi, which yesterday announced it will launch its bitcoin rewards Visa next year, will be able to use USDC in the first quarter of 2021.
Visa estimates that $120 trillion in payments annually are made using checks and instant wire transfers, costing as much as $50 each, regardless of the size of the transaction. Since USDC settles on the ethereum blockchain, transactions can close in a little a[s] 20 seconds and, importantly, can be done for nearly free, Visa believes its vast array of merchants could choose to use this nearly instant alternative form of payment. “We worked closely with digital currency wallets to issue Visa credentials,” says Sheffield. “And helping them receive USDC payouts can add additional value for them.”
Visa’s entrance into the digital dollars world is the culmination of two years of work at the credit card giant. At the core of Visa’s evolution is a new understanding of itself as a network of networks, according to Sheffield, some of which Visa owns, like Visa Net, and others it doesn’t, such as the Swift interbank payment network, local ACH networks and now USDC.
On the product side, Visa’s cryptocurrency work is largely focused on its Fast Track program for helping companies obtain credentials for issuing Visa credit cards. Most notably, in February 2020, Coinbase became the first cryptocurrency company to be granted principal membership status by Visa, meaning it can in turn issue cards to others. Relatively few of those companies are using crypto-assets like bitcoin, according to Visa’s global head of financial technology, Terry Angelos. While the majority of the crypto-plays consist of “tokenized versions of fiat,” similar to USDC, backed by traditional currency, issued on a blockchain and spendable via the card.
On the research side, Visa’s work in the area is largely focused on investing in startups and filing patents. Last year, Visa made its first public investment in blockchain by coleading a $40 million Series B in digital currency infrastructure provider Anchorage, which builds technology for storing assets issued on a blockchain. Angelos compares the investment to Visa’s 2015 backing of e-commerce infrastructure provider Stripe, which could go public this year at a $36 billion valuation. While Anchorage is a much earlier-stage startup, founded in 2017, the firm has already developed a number of technological breakthroughs, including privacy-preserving technology called Zether, which JPMorgan used in its own cryptocurrency project.
Especially relevant to today’s news, Sheffield describes Anchorage’s cryptocurrency custody technology as a possibly crucial component for central banks looking to issue digital currencies (CBDCs). While stablecoins like USDC are backed by currency issued by a central bank, a CBDC would be issued directly by the central bank and could lead to a reimagining of traditional finance. While former JPMorgan exec Daniel Masters argues CBDCs could make commercial banks unnecessary, Sheffield says they’ll still have a place in the future of currency issued on blockchains. “We are actively working with commercial banks to help them understand and navigate transitions to digital currency based products.”
On a related note in March 2020, Visa’s research team applied for a patent for technology that could be used by central banks to issue any fiat currency, of which dollars, yen and renminbi are an example. At the time, a spokesperson indicated that the technology was as likely to be used for the creation of a new product, as it was to “protect” its existing businesses. Sheffield further clarified: “We are continuously exploring and filing patents for innovative technologies like digital currency and CBDC.”
On their way to today’s announcement, both Visa and Circle have undergone a number of high-profile crypto-pivots. In October 2019, after making a huge bang by being a member of Facebook-founded Libra Association’s consortium of companies building a stablecoin backed by a basket of fiat currencies, Visa left the organization.
That same month, Circle, which has raised $271 million in venture capital, initiated a fire sale on two of its most valuable assets, starting with cryptocurrency exchange Poloniex, followed by Circle Invest in February 2020. Another product, Circle Pay, no longer lets customers buy or sell bitcoin or any other cryptocurrency and its once-vaunted OTC desk is closed.
As all this was happening, the firm, whose full name is, tellingly, Circle Internet Financial, rebranded its home page with a focus exclusively on stablecoins and central bank digital currencies. Circle founder Jeremy Allaire, whose last company, online video site Brightcove, went public in 2012 and is now valued at $659 million, envisioned the company as a payment rail for the internet.
While his focus was initially on bitcoin, then other cryptocurrencies, USDC is built on top of ethereum, meaning tiny amounts of the cryptocurrency ether are used as “gas” to pay for the transactions. While the drastic changes to the business are notable, the underlying mission appears to have remained the same.
USDC was first minted in September 2018. Unlike bitcoin, it is backed 1:1 by U.S. dollars, which are audited by accounting firm Grant Thornton to ensure the actual amount of the asset in circulation is at least equal to the dollars backing the assets. While exchanges and marketplaces that directly accept USDC as payments (without Visa or another card provider) are responsible for their own AML-KYC compliance, reserves are governed by the nonprofit Centre Consortium founded by Visa principal member Coinbase and Circle, with other members forthcoming.
To help manage all this and open up membership to other companies, the consortium yesterday announced its first CEO, David Puth, the former leader of CLS Bank International, a similarly structured foreign exchange settlement consortium owned by 70 financial institutions.
The first use-case for stablecoins was as an on-ramp and off-ramp for bitcoin investors who wanted to enter or exit positions faster than traditional banks could do with dollars. USDC’s market cap, representing the total amount of dollars in circulation, has been rising with the price of bitcoin since March 2020, when bitcoin started an eight-month, 271% ascension to $19,134, according to CoinGecko. Over the same period, USDC has grown 525% to almost $3 billion today. While the first stablecoin, Tether, is still king with a market capitalization of $18 billion, a number of others are now also competing, including DAI at $1 billion and Binance USD at $662 million.
Then, this March, Circle started offering services to let businesses accept USDC as payment, similar to those that run on FedWire, Swift and ACH rails, starting at about $200 a month. But instead of taking up to three days to close, transactions denominated in USDC and other stablecoins close almost instantly. So far about 1,000 businesses including institutional traders, banks, neobanks, on-demand delivery companies and gaming companies have opened accounts. Allaire says he’s in talks with a number of financial institutions exploring USDC as a possible upgrade to their corporate treasuries.
In June 2020 Circle announced it would start issuing USDC on the faster Algorand blockchain, which settles on average in four seconds, as part of what it describes as a “multichain framework.” In rapid-fire succession the firm then announced the Stellar and Solana blockchains would also be used to issue USDC. Algorand and Solana issuances are already live, with Stellar issuances scheduled to be minted in Q1 2021.
While onboarding to crypto trading markets was the first stablecoin-use case, things are evolving. In March 2020 USDC was approved as a form of collateral for loans issued using the MakerDAO protocol, the industry leader of a new financial category called DeFi, or “decentralized finance,” where services typically offered by banks, like lending, are offered via open-source software that allows individuals to directly connect. Of the $14.5 billion now locked in DeFi platforms according to data tracking site DeFi Pulse, nearly 20% are on Maker, with nearly half of that, or about $403 million worth, now in the form of USDC.
Long before DeFi was called DeFi, though, it went by a different, more illuminative name: DAO, short for “Distributed Autonomous Organization.” After some early high-profile failures the concept was rebranded with the focus on finance. Even the name MakerDAO hearkens back to this earlier, if occasionally overshadowed vision for the future of organizations. Allaire describes that future as a world where everything from contractual agreements to the payment of taxes are built into plumbing that directly connects individuals and enterprises in a wide range of new kinds of business relationships.
“Imagine a capital marketplace that is for anyone who needs capital, or anyone who needs to offer capital that has the same efficiency that Amazon has for e-commerce, the same efficiency that YouTube has for content, effectively, capital markets with the efficiency of the internet, which is essentially zero,” says Allaire. “And that will ultimately return trillions of dollars in value back to the economy, it will reduce costs for every business in the world, it will accelerate the way in which individuals can participate in commercial activity and commerce activity, in conducting their labor and interacting with businesses around the world.” 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 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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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.
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Based on collected data from our advanced forecast engine, the neural network is able to predict the exchange rate at an accuracy of 75% and higher. Which helps the trading bot improve its trading algorithm automatically, resulting in successful trades. Our automated trading bot is more reliable because it is online 24/7, continuously improving, and incapable of panic and greed.
Our trading bot is directly linked to over 25 crytocurrency exchanges (including Binance, Coinbase GDAX, Hit BTC, Bitthumb and Bitfinex ) via our telegram channels. Bot trading is effective because it is automatic, always online and incredibly consistent. With additional artificial intelligence (AI) technology, the trading bot automatically learns from trade data and improves its mathematical models and algorithm. Through careful backtesting, our trading bots are able to evaluate and fine-tune trading signals, and determine the system’s expectancy. Bot trading is immune to market panic attacks and emotionally-influenced errors that may result from over trading or lack of discipline.
The forecast engine was originally based on statistical analysis and scientific research of the cryptocurrency market data and trade patterns. Its has since been upgraded into a vast neural network sourced directly by crawlers monitoring over 200,000 media channels and over 30,000 indicators.
According to research, the cryptocurrency market has been directly influenced by trading behavior. Our forecast engine is able to make objective forecasts at remarkable accuracy and analyses them in a fraction of time it would take manually. The analysis is then sent to our AI trading bot, which executes them as automatic exchange.
BEV TRADERS Limited encountered the required incorporation procedure in 2020, in 160 Kemp House, City Road, London, United Kingdom, EC1V 2NX, in which the major crypto-currency mining farm and the company central office are located. The necessary registration data can be publicly accessed on the royal registrar companies house website
Trading takes place in the advanced neural network that comprises of our superior forecast engine and AI cryptocurrency trading bot. Both work hand-in-hand in the cloud-based neural network and play equally important roles in ensuring that the trades are both successful and validated at the exchange.
A watch-only wallet, as the name suggests it is just a Bitcoin wallet that is used for watching only. A watch only address doesn’t have private keys and you’ll not be able to spend any Bitcoins associated with that address. It is used only to view the balance and monitor the transaction activity of a particular wallet address.
That is called a ‘watch-only’ address in your wallet, meaning you can only watch it, but not spend the coins held by it. The Bitcoin blockchain is an open database, so anybody can watch any address they want to.
From this, it sounds like the scammer had access to your account in the past. If this is true, then your account is 100% compromised, there is no way to make it secure again. Make a new wallet, move all funds to it, and do no ever use that account again.
The reason you MUST abandon that wallet is that while logged in, the scammer likely copied down your wallet’s mnemonic seed phrase (a series of 12 or 24 words). With that seed phrase, they can recreate your wallet on a different device, or using different software.
The seed phrase is the current industry standard for making a wallet backup, it is used to derive your bitcoin private keys and addresses. The password/2FA are just used to unlock your ‘blockchain.info‘ account (which has used that seed phrase to create your wallet), so if you put the same seed phrase into a different device, it will recreate your wallet, without needing a password (since blockchain.info isn’t involved at all).
The only way, would be to find the person who does own that private key, and ask them for it (but they probably won’t give it to you). The scammer is likely trying to ‘sell you the private key’, or ‘unlock it’, or some other nonsense. That is the scam, so please beware and do not send any more BTC to them.
In the future, do NOT EVER give your wallet details, login, passphrase, seed phrase, 2FA, private keys, etc, to anyone that you do not trust 100%. If you ignore this warning, you are much more likely to have your bitcoins stolen.
Whichever wallet it is Paper wallet, core wallet or electrum wallet. Whenever you generate a new wallet address a private key is also generated along with it. If you find a watch only address in your wallet then you are the one who imported it. So you must first find out the private keys of that address. For electrum wallet read this guide and for core wallet read this to know how to export private keys. Once you have the private keys you can import them to your wallet and spend its funds.
This guide is not about watch only wallet but to show you the importance of your private keys. What you must remember is if you don’t own the private keys you don’t own the funds. So keep your keys safe and whenever you create a watch only wallet remember to back your original wallet because watch-only wallets don’t have access to private keys. One last thing: Do not provide your private keys to anyone and do not import them to any online service (Including blockchain.com). Once you expose the private keys your wallet security will get compromised.
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#bitcoinscammer#cryptoscams#bitcoinscams2020 Ever wonder how to spot a bitcoin scammer? Or a crypto scammer in 2020? Well here is a bitcoin scams list in 2020 of all scams you may encounter in blockchain space. Bitcoin and cryptocurrency scams have become too good so we are going to expose all these bitcoin scams that are seen in countries like Canada, South Africa, or Philippines even the US. Bitcoin news by 📀Bittruth.
The Ethereum Classic (ETC) blockchain is currently under a 51% attack.Coinbase says it has detected double spends that amount to 88,500 ETC, worth about $460,000. “On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend. In order to protect customer funds, we immediately paused movements of these funds on the ETC blockchain. Subsequent to this event, we detected 8 additional reorganizations that included double spends, totaling 88,500 ETC (~$460,000)”
Yesterday, we saw a solid support near the $144-146 zone for ETH price against the US Dollar. The ETH/USD pair recently failed to break the $150-151 zone and a bearish trend line. It resulted in a sharp bearish reaction and the price declined below the $146 and $144 supports. Sellers gained control and pushed the price below the $130 level. There was even a close below the $130 level and the 100 hourly simple moving average. A low was formed near $122 and later the price started consolidating losses
Chinese analysts expect the current bitcoin bear market to continue in 2019, contradicting the bullish projections of crypto bulls like Mike Novogratz, who predicts that the bitcoin price will hit record highs this year. “In 2018, bitcoin became an investment black hole,” according to the state-run Beijing News. “Entering 2019, bitcoin prices are still showing signs of decline, and there is no obvious rebound……
For bitcoin’s trend in the new year, pessimism is more dominant.
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