Lis 04

OTC: The Silent and Growing Sector in the Bitcoin Trading Markets

Source: bitcoin

Bitcoin Over the Counter Trading OTC

The bitcoin price has exploded in recent weeks, breaking $700 USD for the second time in 2016. Many analysts attribute this bullish activity to the economic slowdown occurring in China, along with the devaluation of the renminbi (RMB), which reportedly leads Chinese investors to buy bitcoin as a safe-haven asset.  

Disclaimer: This article is sponsored by BitKan

The Chinese economy has been in a slow decline since the beginning of 2016, with a depreciating currency and a stock market crash worrying investors holding Chinese assets.

Meanwhile, the economic struggles in China have sent bitcoin markets into a bullish frenzy, propelling the currency’s price skyward.

As such, a large portion of bitcoin’s purchasing volume comes from China, with both cryptocurrency enthusiasts and profit-driven investors buying in.

In fact, one bitcoin analyst credits China’s massive capital outflows for the cryptocurrency’s recent rise to $700 USD. Citing the country’s estimated $573.2 billion in capital flow during 2016, the analyst predicted that enough Chinese money would flow into bitcoin to push its price to $800.

The Rise of OTC Markets

 

Bitcoin exchanges are an area of focus when considering Chinese bitcoin trading. However, over the counter (OTC) markets off an equally large — if not bigger — source of trading from all over the world, China included.

For the most part, OTC trading has been reserved for people purchasing abnormally large amounts of bitcoin. The bitcoin community refers to these traders as “whales.”

However, one Chinese bitcoin company wants to bring OTC trading to the masses through its new mobile service.

BitKan, a popular Android and iOS application that provides news and market data for bitcoin, has recently added an OTC market as part of a large update to its product.   

Similar to popular peer-to-peer exchange LocalBitcoins, the BitKan OTC market displays traders in the user’s area and their buy and sell quotes. Users can choose the person they want to trade with, contact them through the app, and arrange a trade.

In order to utilize the OTC utility, BitKan users have to create an in-app web wallet, as well as bind their phone numbers to their app accounts in order to execute purchases via SMS.

The company has recently brought this service to web-based users as well, launching a browser version of the OTC function on its official website.

While the team at BitKan does not condone illegal asset liquidation, or other actions that violate Chinese capital controls, it still claims to respect user privacy. As such, any OTC trades on the app under 5 BTC do not require Know Your Customer Verification.

Getting off to an enthusiastic start, the company has visited bitcoin and blockchain conferences across the world, recently attending the Blockchain & Bitcoin Conference in Kiev in September. The team also said it plans to go the next conference in Moscow.

Additionally, today, the team will be at the laBITconf in Argentina, the largest bitcoin conference in Latin America. BitKan is a major sponsor of this event, and the company’s chief operations officer will deliver a speech there on the Chinese Bitcoin and blockchain market.

With services like BitKan and LocalBitcoins gaining in popularity among average traders, and a continuing threat of global recession, it is plausible that OTC bitcoin trading will continue to grow, simultaneously driving the bitcoin price higher.   

Do you use OTC markets to trade bitcoin? Let us know in the comments below.


Images courtesy of Shutterstock, BitKan.

The post OTC: The Silent and Growing Sector in the Bitcoin Trading Markets appeared first on Bitcoinist.net.

OTC: The Silent and Growing Sector in the Bitcoin Trading Markets

Share
Říj 19

LaBITconf in Buenos Aires Shows Latin America Is Fertile Ground

Source: bitcoin

Buenos Aires laBITconf Bitcoin

As a sign of Bitcoin’s growing strength in Latin America, the fourth annual laBITconf returns to Buenos Aires from November 4-5. With over 60 high-profile speakers, the event is becoming one of the Bitcoin industry’s hottest tickets.

Also read: ‘GAME Changer’ Announced at Coinsbank Blockchain Summit in Turkey

Major speakers will include Andreas Antonopoulos, Peter Todd, Anthony Di Iorio, Erik Voorhees and Trace Mayer. Representatives from IBM and Microsoft will attend, along with five of the largest mining companies. Organizers said attendees represent “almost 50% of Bitcoin’s mining power.”

Argentina a Regional Bitcoin Leader

It’s Argentina’s second turn at holding the conference, having hosted the

Conference co-ordinator Rodolfo Andragnes said Argentina is a bitcoin leader in the region. The country’s recent history of economic hardship led it to become a haven for those looking for financial solutions.

“Numerous businesses, mostly hotels, began to use Bitcoin as a form of payment and ever since then, the rate of Bitcoin transactions continues to increase and the attention towards its underlying blockchain technology continues to grow,” Andragnes said.

“We chose Buenos Aires because the new government is open to understanding and promoting this technology.”

The 2014 Bitcoin Market Potential Index (BMPI) report agreed on Argentina’s importance. Moreover, it said the country tops the list of those with highest potential for Bitcoin adoption.

Looking at the Most Topical Issues

Organizers said laBITconf 2016 will look at those issues most affecting the region. These include implementing blockchain technology for global banking, plus regulation and compliance — and perhaps most importantly, cryptocurrences’ ever-growing impact on society.

Presentation titles include “The Trust Revolution,” “Types of Blockchains,” “Legal Challenges After Smart Contracts,” and “Modernization and Entrepreneurship in Argentina,” There will also be a pitch session for Argentinean startups, and a hackathon for budding developers to show off their blockchain talent.

Decentral founder and CEO Di Iorio will give the event’s keynote presentation. He praised the event for welcoming Bitcoin industry veterans and newcomers alike, saying the technology is “revolutionizing industries” and “paving the way for a brighter future powered by cryptocurrency.”

There’s also a strong Chinese contingent looking to build intercontinental bridges — represented by BitAngel’s Chandler Guo, BitKan‘s Fanny Yu, plus Jihan Wu and Yuan Zhang of Bitmain.

Privacy-oriented cryptocurrency Dash is an laBITconf platinum sponsor. Business development VP Daniel Diaz agreed Latin America’s politial and financial situation makes it “fertile ground for digital currencies”.

laBITconf Ticket Prices and Other Details

Early bird discounts to the event finished at the end of September, but tickets are still an affordable $150. There’s also a $400 VIP option and $800 for an “exclusive box”. The hackathon is free.

laBITconf will take place at Buenos Aires’ Piazzola Tango theatre, Florida 165, CABA, on November 4-5.

Will you attend laBITconf 2016 in Buenos Aires? Or are you kicking yourself for missing a Bitcoin event in one of the world’s party capitals? Either way, let us know.


Images courtesy of laBitconf 2016.

The post LaBITconf in Buenos Aires Shows Latin America Is Fertile Ground appeared first on Bitcoinist.net.

LaBITconf in Buenos Aires Shows Latin America Is Fertile Ground

Share