Kvě 29

China’s Biggest Exchanges to Add Ethereum, Other Altcoins as Demand Surges

· May 29, 2017 · 7:00 am

As altcoins continue to gain popularity throughout the world, Bitcoin exchanges in China are also getting in on the action and listing alternative cryptocurrencies.


Huobi to Support Altcoins

As the moratorium on cryptocurrency withdrawals is expected to soon end in China, exchanges in the country seem to be turning their attention to alternative cryptocurrencies. Two days ago, one of the big three exchanges in China, Huobi, announced it will launch Ethereum trading on May 31.

The announcement reads:

We are excited to announce the CNY/ETH will be listed on our exchanges. Trading will start at 12:00 May 31st (GMT +8). ETH deposit and withdrawal is available from now on.

Today, Huobi released a list of altcoins that are to be added in the future according to the rank of the coin in said list. According to Huboi’s underlying model, Ethereum, Litecoin and Ripple are the highest ranking coins following Bitcoin, followed by Dash, Zcash and Dogecoin.

Online news service cnLedger tweeted:

The list was ranked using a model created by Huobi which factors in the coin’s strategy, marketing, activity, risk and technology to calculate the relevance of the coin.

The list and underlying model can be seen in Huobi’s official announcement.

BTCC to Get In On the Action as Well

Huobi isn’t the only Bitcoin exchange in China that is to list alternative cryptocurrencies.

After a two-week poll, in which over 190k votes by the cryptocurrency community were counted, Ethereum Classic will be listed in the BTCC exchange. Bobby Lee, CEO of BTCC tweeted:

Although the exchanges employed a completely different method in which Huobi used a model to rank cryptocurrencies and BTCC used a community poll, both exchanges are interested in opening the doors for the Chinese community to invest in  alternative cryptocurrencies.

Huobi and BTCC, however, are not the first exchanges in the country to list alternative cryptocurrencies. The China-based Yunbi exchange allows users to buy and sell cryptocurrencies like Etherem, Ethereum Classic, Zcash, QTUM, Bitshares, and others. BTC38 also offers a multitude of cryptocurrencies to be bought and sold for CNY. Lastly, CHBTC also lists Ethereum, Ethereum Classic, and Litecoin.

Crypto in Asia

Although less-known exchanges in the country offer altcoin trading, most Chinese users are only familiar with Bitcoin and Litecoin, given that most cryptocurrency investors use one of the big three exchanges in the country, BTCC, OKCoin and Huobi.

China plays a big part in the Bitcoin world, ranking in the top 3 countries by daily trading volume but other countries in the continent are becoming increasingly interested in cryptocurrencies and it’s not just Bitcoin and Litecoin.

Take Japan, for example, where the recent Bitcoin law has created an accentuated demand for cryptocurrencies, making the JPY the biggest Bitcoin pair in the world by trading volume and that’s not all. Other cryptocurrencies are also gaining traction in the country.

Co-Founder of IndieSquare and Community Director at the Counterparty Foundation, stated in a recent blog post:

First, one of the unique characteristics of the Japanese crypto space is that altcoins are very popular as a means of investment and some of them have very strong and dedicated communities; some even more active than the Bitcoin community itself in a way. Among them, two of the most popular altcoins in Japan are XRP(Ripple) and XEM(NEM).

In South Korea, Ethereum and Ethereum Classic are also extremely popular, even more so than Bitcoin whose daily trading volume is smaller than that of ETH or ETC.

With China adhering to the altcoin craze, could Asia become the capital for alternative cryptocurrencies?


Images courtesy of Shutterstock.com, Twitter 

Show comments

Share
Úno 03

BTCC CEO: Chinese Bitcoin Capital Flight ‘Simply Not The Case’

· February 3, 2017 · 8:30 am

BTCC exchange CEO Bobby Lee has become the latest Bitcoin figure to refute claims the cryptocurrency is being used for Chinese capital flight.


Lee: Bitcoin Capital Flight ‘Simply Not The Case’

In a post published Wednesday, Lee said that “from everything I’ve seen on the ground here, running one of the largest Bitcoin exchanges in China, this is simply not the case.”

His comments follow those made late last year by Bitquoints CEO Joseph Wang, who described Bitcoin as “useless” for moving money out of China.

bobby_lee_bitcoinist

“The talking point is that many Chinese people are now using Bitcoin as a means to transfer large amounts of their RMB abroad, into other foreign currencies,” Lee wrote.

Yes, many people have been talking about this idea, to use Bitcoin to circumvent China’s capital controls on the RMB. But that’s just media stories feeding the frenzy!

Raft Of Hurdles Face Would-Be BTC Exports

Lee was likely referring to stories such as that which appeared in Singapore publication Straits Times, which interviewed a Chinese businessman allegedly using Bitcoin for the purposes of circumventing capital controls and the declining yuan.

yuan

He continued that the hurdles facing those who wish to use Bitcoin for such purposes require certain skills. In addition, while Bitcoin’s price has broadly steadied as investors shake off worries about a restrictive move by the People’s Bank of China, exchange rate remains a major sticking point for potential Bitcoin-based RMB transfers.

“The biggest problem today with using Bitcoin to evade Chinese capital controls is that there’s just no good guarantee on the eventual effective exchange rate,” Lee said.

For those who have a lot of RMB to move offshore, advanced guarantee of the exchange rate is very important to them. Otherwise, they will prefer another channel, even if the guaranteed rate of exchange is worse than the official rate.

Bitcoin To Mature With Yuan Internationalization

Speculating about the future status quo, Lee considered that reduced controls on the RMB will coincide with Bitcoin being “mature enough” to handle large-volume transfers without the aforementioned risks.

Until then, the arena of transferring Bitcoins around the world remains an area for the professionals, the players who arbitrage prices between Bitcoin exchanges worldwide,” he concluded.

2017

Bitcoin today meanwhile continues to hover around the $1,000 barrier, with mixed opinions as to whether it will stay there. Analysts variously report shifts in either direction being likely, with the corresponding 7,000 RMB mark in China being equally important psychologically. Chinese trading volumes declined sharply by as much as 92% in January after exchanges imposed trading fees to curb volatility.

Do you agree with Lee that Bitcoin in not a major capital flight tool? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

Show comments

Share
Led 05

A New Bitcoin Bull-Run is Here, Google Trends Show

· January 5, 2017 · 5:00 am

As Bitcoin nears parity with gold, Google trends indicators are showing that this may only be the start of another major run-up in value on the way to higher highs.


Bitcoin Uptick in Global Trends

Bitcoin performed amazingly well throughout 2016, increasing over 120% in value, reaching its all-time high market cap, breaking the $,1000 mark on the first day of 2017.

Although the $1000 surge was expected by many, the continuous rise of Bitcoin continues to amaze the public at large. Driven by political and economic factors throughout the world, global interest in Bitcoin is once again surging in Google search trends:

1231231

China is a well-known driving force in the Bitcoin price, a super-power in both mining and trading of the cryptocurrency. Although interest in Bitcoin was high at the time of the first $1,000 surge in 2013, the Chinese population is becoming more interested in Bitcoin.

Bitcoin’s popularity in China is strongly connected to the devaluation of the Chinese Yuan and the tightening of capital flight restrictions. In fact, both the price of Bitcoin and the devaluation of the CNY seem to be correlated, as noted by J. Scigala of Vaultoro:

As a larger portion of China’s enormous population enters the cryptocurrency scene, Bitcoin may continue to increase in value exponentially.

Regional Interest

While the price phenomenon is largely driven by China, searches for “Bitcoin” are soaring particularly in countries where it is most needed.

It is also becoming increasingly popular especially in Africa. For example, Nigeria and Ghana topped the list of countries most interested in Bitcoin, according to Google Trends. In both countries, the national fiat currency suffers from high inflation rates.

weq

Elsewhere, inflation and demonetization continue to push citizens towards Bitcoin. This can be noted in both trading volumes and Google trends. In Venezuela, Bitcoin searches have also reached all-time figures, a country where inflation is unmatched and demonetization threatens to worsen the situation.

Searches for “Bitcoin” in the country have been ever-increasing as a result:

asdasdasda

But demonetization has perhaps affected India the worst, with the highest denomination notes being removed much quicker than anyone anticipated. Trading volumes reached all-time high figures in November when the demonetization took effect. Searches for “Bitcoin” have also reached an all-time high, as Indian citizens look for ways to escape the effects of the war on cash.

india

Both trading volume and search trends also broke records in Pakistan following the announcement of similar demonetization policies.

As price continues to rise, on more sustainable terms than the first time, and the public begins to notice, these countries may become increasingly interested in Bitcoin. This could mean the start of a new era for Bitcoin, as a five figure Bitcoin becomes more and more realistic.

Mainstream Media Paying Attention

In an interview with CNBC, BTCC CEO Bobby Lee notes the political effects of global demonetization policies. He adds that Bitcoin could be setting up for higher highs saying,

In the past few years what we’ve seen is whenever we’ve hit it all-time high, Bitcoin will actually exceed its last all time high and go up by a factor of three to five x or even more. So if it cross the 1,300 dollar all-time high, it might even go up to several thousand dollars per bitcoin.

Indeed, as Bitcoin has just broken its all-time high and a new bull-run may be upon us with a good chance of higher highs in 2017.

You can check out the full interview below:

Is this only the beginning of a new bitcoin bull-run? Share your thoughts below!


Images courtesy of Shutterstock, googletrends, twitter

Show comments

Share
Led 04

Bitcoin Breaks All-Time High in China, $17 Billion Market Cap

· January 4, 2017 · 5:00 am

Bitcoin has hit its all-time high price on pioneering Chinese exchange BTCC (formerly BTC China), reaching almost 7,700 yuan.


Chinese Investors Push Bitcoin to New All-Time High

As of 21.30 PST January 3, the price of a coin reached 7,658.19 yuan, beating a 2014 high of 7,588.88.

12

[Click for a larger view]

The CEO of China’s oldest Bitcoin exchange BTCC Bobby Lee marked the occasion tweeting,

The spike comes in light of widely-expected renewed efforts by Chinese authorities to stem capital outflow from the country’s slowing economy.

As of July 2017, “banks and other financial institutions in China will have to report all domestic and overseas cash transactions of more than 50,000 yuan ($7201), compared with 200,000 yuan previously,” Reuters reported Monday. Transactions by individuals will need to be reported if they cross the $10,000 border.

In November, the government announced any outgoing forex transfers of over $5 million could be vetted by tax officials and potentially denied. Previously, the threshold for inspection was $50 million.

China image

China’s official Xinhua news agency nonetheless stated the latest rules were not to do with capital controls.

Reuters explained,

[…] its checks on transactions are meant to target money laundering, terrorism financing and fake outbound investment transactions, and not normal, legitimate business activities. 

Lingham: Trading Spikes ‘Will Not Help Cause’

The mood in China reflects similar circumstances in countries such as India, Venezuela and Pakistan, where currency shake-ups had led to heightened direct interest in understanding, trading and transacting in Bitcoin.

vinny-lingham-640

Civic CEO Vinny Lingham, however, has reiterated his stance on Bitcoin’s current use case, saying its main use is still not as a currency.

I believe that we first need to see it get to the $3,000 price range, which I forecast for later this year, and I believe this is entirely possible, but it must happen while maintaining low volatility and steady growth,” he wrote in a blog post Wednesday. “…Countries falling apart and pouring money into Bitcoin will not help the cause if it happens too quickly.”

He added in a tweet that Bitcoin was fulfilling its first-stage implementation, and that ‘Bitcoin the currency’ is only the third and final stage.

Lingham was capitalizing on his first-ever post from 2014, in which he stated he “didn’t believe Bitcoin is suitable as currency” and that it was “a commodity that can be traded for goods and services.”

He added,

It may become a currency in time, but it just isn’t one right now. It’s a scarce, digital commodity — and the trading that takes place on exchanges really reflects the market sentiment around the value of this digital commodity.

What do you think about Chinese activity and Vinny Lingham’s opinion? Let us know in the comments below!


Images courtesy of

Show comments

Share
Led 07

New BTCC Bitcoin Nodes Are Hosted on Amazon Web Services

Source: bitcoin

New BTCC Bitcoin Nodes Are Hosted on Amazon Web Services

People who have been following the Bitcoin news recently will remember how Chinese exchange BTCC recently deployed an additional 100 nodes on the network. By spreading out these nodes all over the world, the Bitcoin network became a bit more decentralized than before. However, all of these Bitcoin nodes are hosted on Amazon Web Services, which is kind of centralizing the effort a bit.

Also read: Will Egypt’s Banking Institutions Create Increased Bitcoin Popularity?

Amazon Web Services For Bitcoin Nodes

Regardless of how all of these Bitcoin nodes were deployed by BTCC, it is important to keep in mind the Bitcoin network is only as strong as the number of nodes actively broadcasting transactions. By spreading out these Bitcoin Nodes all over the world, the network becomes more decentralized, and taking down Bitcoin becomes even less possible.

At the same time, some community members are worried about the deployment by BTCC itself. As it turns out, a lot of these nodes have been distributed throughout the world, which is the proper decision. But at the same time, it looks like just about all of BTCC’s new Bitcoin Nodes are running on Amazon Web Services, which is a bit of a strange decision.

Not that there is anything wrong with using Amazon Web Services to deploy Bitcoin Nodes though. The web platform built by Amazon is very powerful, versatile, and scalable. In fact, AWS can be used to host a variety of different services, and they offer quite powerful hardware that is more than capable of running a full Bitcoin Node 24/7.

As one would come to expect, using AWS for hundred different Bitcoin Nodes will not come cheap, although BTCC has not unveiled any financial details regarding the deployment. Some community members feel that using AWS for this type of Bitcoin network strengthening is not the same as “actually” deploying 100 Bitcoin nodes around the world.

This all depends on how one envisions a true deployment of Bitcoin Nodes. Should individuals and companies install a bunch of plug-and-play nodes in various locations throughout the world? Or is using an online service such as AWS more than sufficient? The latter option gives it a sense of centralization though, as one company is in control of all of these additional Bitcoin nodes.

Who Will Follow BTCC’s Lead?

The big question remains who will be the next company or Bitcoin industry expert to deploy even more nodes around the world? According to the statistics provided by 21 Inc, there are slightly over 5,000 nodes in the world right now, which is still a very low number. if Bitcoin adoption is to grow around the world, the number of nodes will need to scale as well.

Now that more and more companies are focusing their efforts on creating plug-and-play bitcoin node solutions, there is no reason as to why this number will not grow over time. Even a cheap device, such as a Raspberry Pi 2, can be turned into a full Bitcoin node once provided with additional storage capabilities.

What are your thoughts on BTCC using AWS for these 100 additional Bitcoin nodes? Let us know in the comments below!

Source: 21

Images courtesy of BTCC, Shutterstock, AWS

The post New BTCC Bitcoin Nodes Are Hosted on Amazon Web Services appeared first on Bitcoinist.net.

New BTCC Bitcoin Nodes Are Hosted on Amazon Web Services

Share
Pro 30

Bitcoin Predictions For 2016: The Year of the Monkey

Source: bitcoin

Bitcoin 2016

Bitcoin finally had a successful comeback towards the end of 2015, declared by many as the “Year of the Blockchain.” With all the hype surrounding Bitcoin and the blockchain during 2015, there has been much speculation towards next year’s approach to cryptocurrency. As 2014 was filled with scandal, Altcoins, and ending up being the worst global currency of that year. 

Also read: Pirate Bay Co-Founder Attacks Music Industry With New Gadget

The New Year is approaching, and many are wondering what to expect from the fun and volatile world of Bitcoin. 2015 has proven well for the digital currency, showing remarkably better performance than in 2014. Bloomberg reported the virtual money was the world’s worst-performing currency in 2014, losing more than 57 percent of its value against the dollar.” But now the finance publication says in 2015 that “Bitcoin has won,” and Apple did not.” The currency’s value has gained close to 40% they report and seem to believe it may be due to “a technological escape route from government’s snooping into our financial affairs.” 

Bloomberg is not the only one reporting Bitcoin’s fantastic year. SG Kinsman reveals via a blog on Medium that “Bitcoin has been the world’s strongest currency in 2015,” outperforming the Israeli Shekel, U.S. Dollar, Swiss Franc, and the Japanese Yen. Kinsman explains that the digital currency may have been a strong asset class this year as well saying, “there’s an argument to be made that Bitcoin is the top performing asset in 2015.”

Banks have also shown strong affection towards the technology behind Bitcoin this year. Just before the beginning of 2016, forty two very large scale finance institutions are betting on the blockchain. Determined to harness the energy of the digital money without the currency privatized distributed ledgers have been all the rage over the course of 2015. Just as Altcoins took the limelight the year before, permissioned blockchain concepts seemed to pop up shortly after. Many Bitcoin enthusiasts have deemed these centralized blockchains as a failure, and the new “cryptographic ledger only” fascination doesn’t give a clairvoyant view of Bitcoin’s future. Many believe that looking at the blockchain and ignoring Bitcoin is the wrong attitude to hold towards this new currency. The Satoshi Nakamoto Institute’s Daniel Krawisz says:

“A permissioned blockchain is an oxymoron. The whole reason that the blockchain was invented is to make Bitcoin a decentralized and anonymous system in which everyone can come to the same arbitrary consensus about the history of Bitcoin.”  

Some people have viewed all the energy towards permissioned ledgers as a positive sign for Bitcoin, though. The price has rebounded quite well in the last three months of 2015, and many people have predicted certain prices for the upcoming new year. People have been speculating the digital currencies price for quite some time trying to forecast the value of Bitcoin in 2016. For years now it has been suggested by a bunch of people that the virtual money’s price will gain quadruple digits or more this coming year. Some past predictions have been very high at $7600-$10,000 USD.

However, predictions today are far more conservative. Wedbush Securities has predicted the price to be in the $600 range for its 2016 12-month projections. Co-Founder of the Jersey-Based Global Advisors, Daniel Masters, believes the price will touch 2013 price highs again. Masters thinks the price could make it to $4,400 by 2017 and has a positive feeling about the currency’s value.

CEO of the Bitcoin exchange giant, BTCC, Bobby Lee believes the price will also be exceedingly high over the course of next year. Lee thinks the value could increase after the reward halving, possibly reaching prices as high as $3,500 by next summer. The BTCC exchange operator says, Today the worth of bitcoin is $1 per capita in the world (population),” Lee said, referring to the value of all the bitcoins in circulation, around $6.5 billion. “For such an innovative, decentralized digital asset, I say ‘boy, are we undervaluing it.’ But it takes a while for people to realize that.”  These opinions seem to have faith in the cryptocurrency as some predictions in the past seemed dismal. Some have predicted that by now the price would be less than ten dollars and even 0, but that wasn’t the case this year.

Bitcoin is doing great in value and is not suffering from a swarm of negative media and scandals, which is a pretty big deal. The currency’s early years have had many ups and downs, but the digital toddler remains strong and will be an adult before we know it. The best currency of 2015 was Bitcoin, trumping the United States dollar and is providing portfolios with better prospects for hedging in this turbulent economy.

There are some good reasons to invest in the digital currency, and there are some unfavorable ones as well. However, the virtual money is continuously strengthening its infrastructure and value as the final days of 2015 proceed. 2016 will bring some new excitement to the crypto-world — that’s for sure.   

What do you predict will happen to Bitcoin in 2016? Let us know in the comments below!


Images courtesy of Shutterstock and Pixbay  

The post Bitcoin Predictions For 2016: The Year of the Monkey appeared first on Bitcoinist.net.

Bitcoin Predictions For 2016: The Year of the Monkey

Share