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Crypto Investment App Abra to Restrict Service for US Users Over Regulatory Uncertainty

Cryptocurrency investment app Abra has revealed it’s set to restrict services for users in the United States over continued regulatory uncertainty.

According to a blog post the company published. It’ll adjust its offering in the country in an effort to “continue to be compliant and cooperative with US regulations as they currently exist.” This means Abra users in the US will see the firm restrict its services.

The blog post reads:

As a part of this effort we are migrating any synthetic assets to a native hosted wallet solution. On Abra, these are defined as anything other than Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

As such, users in the US will no longer be able to hold QTUM, bitcoin gold (BTG), Status (SNT) and OmiseGO (OMG) on the platform after August 29. Those who have positions in these cryptocurrencies are advised to withdraw their funds before said date, as any remaining balances will be automatically converted to BTC.

Those in New York will be more affected than others, as they will no longer to able to use wire transfers, bank Automated Clearing House (ACH), Or American Express cards to deposit and withdraw funds from Abra’s app.

Users outside of the country will reportedly not be affected by the changes. The move comes months after Abra launched a service that allows users to gain exposure to some of the most popular stocks and exchange-traded funds (ETFs) in the world using bitcoin.

The service also allows users to gain exposure to indexes like the S&P 500 and the Russell 2000. This won’t, however, give them ownership of the assets themselves, meaning those who use the app to invest won’t, for example, receive dividends from stocks.

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Super Crypto Investment Banking

It became the first decentralized peer-to-peer payment network for using without any central authority or middlemen. In a nutshell, bitcoin is the money for Internet. Its original purpose is providing all people with universal currency for different operations. Bitcoin can also be described as the most prominent triple entry bookkeeping system in existence. Bitcoin has already changed people’s understanding of currency, payment and monetary system in whole. Its crucial feature is that there is no need in third party actions as people make peer-to-peer (P2P) payments just in 10 minutes, unlike credit cards which can take up to weeks to process payment.

Calculation and selection of financial planning

Example $10,000 annual return on investment

1.Firt small plan 0.88% HOURLY For 120 Hours–ROI(Return On Investment)–0.88%x120hours=105.6% per 5 days =133.6% per(30days) month =503.2% per 12 months
So $10000 invest in First small plan will total return $50,320

2.Second Plan 1.83% HOURLY For 60 hours–ROI (Return On Investment)–1.83%x60hours=109.8% per 2.5 days =217.6% per(30days) month =1511.2% per 12 months
So $10000 invest in Second plan will total return $151,120

3.Daily Plan 66% DAILY For 2 Days–ROI (Return On Investment)–66%x2 days=132% per 2 days =580% per(30days) month =5760% per 12 months
So $10000 invest in 66% daily plan will total return $576,000

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Source: http://supercrypto.biz

Can Bitcoin’s Lightning Network Power Payments in a Japanese Bar?

A bar in Japan is teaming up with a locally-based lightning startup to let customers pay for sparkling wine and soft drinks using the experimental payments network.

For the month of June, the Japan-based lightning startup Nayuta will be partnering with Awabar Fukouka to trial the payment system in what they’re calling a “field test.”

The Lightning Network is seen by its supporters as the best way to scale bitcoin so that more people can use the payment system at once, but the technology is still rather experimental and even risky to use. To that end, Nayuta sees this project as an way to further analyze how the technology works in the real world and to find out what still needs to be done to make it easier to use.

Though Awabar said their role is “small,” as the bar did not design the technology (Nayuta did), they’re “delighted” to participate, offering a place for the experimental technology to be tested in a brick-and-mortar context.

The company said in a statement:

“We hope it helps familiarize the community with the lightning network payment system.”

The following video shows how the point of sale app (created by Nayuta and run on the open source payment processor BTCPay) will look for customers purchasing their drinks:

Nayuta is known for helping to draw up specifications for the lightning network and recently launched its own implementation of the budding payment layer geared specifically for connected devices or the Internet of Things (IoT).

The idea is that as the tech components grow less expensive, more devices such as refrigerators and TVs will connect to the internet for data collection.

Source: Pivot – Blockchain Community

Why You Should Store Your Recovery Phrase and Private Keys With CRYPTOTAG

In 2018 alone more than $1 Billion of crypto was stolen. Most people’s funds were stolen in hacks and scams. Others could not reach their crypto, because they lost their private keys or recovery phrases.

One thing all the cases have in common is poor private key management.

What are private keys and recovery phrases? And how should you protect yourself from losing your funds? Bear with us while we try to explain it in a simple way.

What Is a Private Key?

A private key is the most important information in crypto. Without your private key, you cannot access your crypto. You can compare it with the PIN of your debit card.

If you have forgotten your PIN or if you have lost your bank card, you can call your bank. Then they will send you a new PIN or a new bank card, and you will regain access to your money.

The big difference in the crypto world is that there is no bank or other central organization that can help you recover your funds.

So if you lose your private key, there is no one that can help you to regain access to your funds. If you lose your private key, you cannot call anyone for help, and you will lose your coins forever.

What Is a Recovery Phrase or Recovery Seed?

A recovery phrase is used by crypto wallets like Ledger Nano and Trezor. These phrases or seeds usually contain between 12-24 words.

Compared to a private key a recovery phrase is easier to read for humans. But more importantly, is that the use of recovery phrases enables crypto wallets to store multiple private keys with one recovery phrase.

For example, you have a Ledger Wallet with Bitcoin, Bitcoin Cash and Ethereum on it. Each coin has its own private key. You do not have to save all those private keys because by making a backup of your Ledger Wallet, you make a backup of all private keys on the Ledger Wallet.

Ways to store your crypto:

Exchanges

This is the riskiest way to store your crypto because your funds are in the hands of a third party. The exchange or custodian is holding your crypto in their wallets. So they control your private keys or recovery phrases of these wallets.

There are countless stories about exchanges being hacked and losing funds of their clients. It is ok to have some of your funds on an exchange for trading purposes. Longtime holdings should never be stored on an exchange because you are not the owner of your keys.

Software Wallets

These wallets like Jaxx, Electrum, and Exodus can be downloaded for free. They enable their users to receive, send and store different types of cryptocurrencies.

Software wallets generate private keys. And you can easily make a backup of a software wallet by saving the recovery phrase offline. This means that with a software wallet you are the owner of your (private) keys.

A software wallet does have the risk that malware or viruses can cause your software wallet to be hacked.

Hardware Wallets

The risks associated with software wallets are solved by hardware wallets like the Trezor and Ledger. The big advantage is that these wallets are secure stand-alone devices that are not connected to the internet.

Recovery phrases are used to back up the private keys stored on the devices. Owning a hardware wallet is a great step in securing your crypto because you are storing your private keys offline. The big risk here is the loss of the recovery phase.

So you did all the right things. You went online, did your research, ordered a hardware wallet, and you are ready to set it up. After a while, you are done, and you are left with a surprise.

You realize that the device itself is not the most important thing. No! The most important thing right now is the piece of paper with your recovery phrase written on it.

All this effort and eventually your early retirement is dependent on a piece of paper? No way!

The CRYPTOTAG

CRYPTOTAG closes the last line of defense with its premium backup system that enables people around the world to truly be their own bank by immortalizing their recovery phrases in titanium.

The CRYPTOTAG handles extreme circumstances like no other. Temperatures up to 3050 °F / 1.668 °C, corrosion and extreme pressure are no problem. Extreme tests have been carried out on the product, and the 6mm thick Titanium is literally bulletproof.

The Amsterdam based team has been testing different engraving methods and have developed a full backup system. During the development, they have been influenced by goldsmiths, metal workers, the aviation industry and old engraving techniques.

These influences are visible in the components included such as the hammer, punching letters, anvil and the use of titanium.

Source: Why You Should Store Your Recovery Phrase and Private Keys With CRYPTOTAG

Bank of England: Cryptoassets Still ‘Too Volatile,’ Not a Good Store of Value By Omar Faridi

David Ramsden, the Deputy Governor of Markets and Banking at the Bank of England (BoE), has argued that cryptocurrencies are “too volatile” to be considered a reliable store-of-value (SoV).

In a brief interview with CNBC on April 30th, 2019, Ramsden said that BoE’s officials have been keeping track of the “emerging developments and then thinking about what they mean” or how they’re relevant to our current economic system.

The Deputy Governor noted that “just over a year ago, the financial policy committee looked at cryptoassets in some detail” – as “supported by” and within the context of the latest developments in FinTech and modern banking services. He confirmed that England’s central bank still believes blockchain-based digital assets are highly volatile, based on their recent price movements.

Cryptoassets Not An Effective SoV Or MoE

Cryptoassets are also not a reliable medium-of-exchange (MoE) because the “cost of transactions” remains quite high, Ramsden claims. Because of these issues, the BoE’s management thinks cryptocurrencies don’t satisfy the basic “principles of being a currency.”

Ramsden also pointed out that “this is why” the BoE considers them to be cryptoassets, and not cryptocurrencies. Ramsden further noted that cryptoassets “did not pose a risk” to the overall stability of the much larger traditional financial system. This, as the current market capitalization of the crypto market, which presently stands at over $174 billion, is relatively small compared to the multi-trillion dollar global financial market.

BoE Continues To Monitor Crypto Markets

Despite not being able to negatively affect the traditional financial system, Ramsden said that the BoE continues to monitor cryptoassets. He revealed that the UK’s Treasury Department, the Financial Conduct Authority (FCA), and the Cryptoassets Task Force carefully examined the crypto industry.

According to the regulators, cryptoassets that “fall within” the current regulatory framework must comply with the European nation’s existing financial policies. However, Ramsden said that UK’s financial regulators “also had to be very mindful of [digital] assets and exchanges that [may be operating] in or outside” the UK’s regulatory guidelines.

“Very Positive” About DLT

Ramsden added that the BoE and other regulatory bodies in the UK “remained very vigilant about cryptoassets.” He continued to note that the BoE is “very positive” about the distributed ledger technology (DLT) that “underlies” cryptoassets. He also noted that part of his role “in embracing FinTech across the BoE” involves looking closely at the potential benefits of blockchain tech.

He also mentioned:

We are looking at the potential of DLT … for example, in the payments space, we’re making sure that our real-time gross settlement system can interface and be interoperable with blockchain/DLT technology.

Source: CryptoGlobe

IBM Signs 6 Banks to Issue Stablecoins and Use Stellar’s XLM Cryptocurrency

Announced Monday, six international banks have signed letters of intent to issue stablecoins, or tokens backed by fiat currency, on World Wire, an IBM payment network that uses the Stellar public blockchain. The network promises to let regulated institutions move value across borders — remittances or foreign exchange — more quickly and cheaply than the legacy correspondent banking system. So far three of the banks have been identified — Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea — the rest, which are soon to be named, will offer digital versions of euros and Indonesian rupiah, “pending regulatory approvals and other reviews,” IBM said. The network went live Monday, although while the banks await their regulators’ blessings, the one stablecoin running on World Wire at the moment is a previously announced U.S. dollar-backed token created by Stronghold, a startup based in San Francisco.

Source: IBM Signs 6 Banks to Issue Stablecoins and Use Stellar’s XLM Cryptocurrency

Komodo to Soon Release Atomic Swap-Enabled Trading App, CTO Reveals

Cryptocurrency exchanges have been under fire so far this year, as hackers have kept on targeting them and other events hurt the confidence users have in certain platforms. Atomic swap technology is set to revolutionize the way we trade cryptocurrencies and more. As CryptoGlobe covered, a Chainalysis report has found that 60% of cryptocurrency exchange hacks were the work of two major players, dubbed “Alpha” and “Beta.” Alpha was described as a “giant, tightly controlled organization partly driven by non-monetary goals” that appeared eager to “create havoc as to maximize profits.”

Source: Komodo to Soon Release Atomic Swap-Enabled Trading App, CTO Reveals

Cryptopia In Crisis: Joe Lubin’s Ethereum Experiment Is A Mess. How Long Will He Prop It Up?

year ago, Joe Lubin seemed like one of the most prescient people on the planet. Cryptocurrencies like ether were in the midst of a hockey-stick ascent, and Lubin, a cofounder of the Ethereum blockchain and one of its most articulate pitchmen, was scheduled to speak at events from Davos to SXSW. At his firm’s “Ethereal Summits,” it was standing room only, with crowds hanging onto his every utterance, no matter how bizarre…………….

Source: Cryptopia In Crisis: Joe Lubin’s Ethereum Experiment Is A Mess. How Long Will He Prop It Up?

Yahoo Co-founder: Blockchain & Crypto Platforms Need to Establish ‘Trust’ to Succeed

Yahoo co-founder Jerry Yang recently said that digital currencies and their underlying blockchain technology can only survive in the long-term if the crypto community builds a solid foundation of trust around them. Yang’s comments about cryptoassets and distributed ledger technology (DLT) came during a speech he delivered at the recent Nikkei Innovation Asia Forum, held in Singapore……..

Source: CryptoGlobe

Diar Report: 2018 Sees ‘Record Transacting Volumes’ on Crypto Exchanges

Cryptocurrency exchanges have closed 2018 with “record transacting volumes,” according to a report by research firm Diar published Jan. 14.In its report, Diar notes that both the number of trades and the trade volume have increased on major crypto exchanges in 2018, compared to 2017 figures. The firm predicts that 2019 will see lower figures for spot markets than in 2017, despite the likely increase in the variety of traded cryptocurrencies………..

Source: Diar Report: 2018 Sees ‘Record Transacting Volumes’ on Crypto Exchanges

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