Former U.S. President Donald Trump convened with enthusiasts of his non-fungible tokens (NFT) collection on Wednesday and announced to the audience his decision to accept cryptocurrency for campaign contributions. Trump also shared with the group that President Joe Biden “doesn’t even know” what crypto is. Trump Champions Cryptocurrency at NFT Collection Gala At former U.S. […]
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Indian Finance Minister Pushes for International Cooperation on Crypto Regulation — Discusses Awareness Campaign
Indian Finance Minister Nirmala Sitharaman has stressed the importance of international cooperation in order to regulate the crypto sector. She also confirmed that Indian regulators’ crypto awareness campaign will continue to alert people about the risks of investing in crypto.
Indian Finance Minister on Crypto Regulation, Bill, and Awareness Campaign
India’s finance minister, Nirmala Sitharaman, answered some questions about crypto during a press conference on Monday. She said:
In India, crypto is on the agenda of G20. This is because we think technology-driven crypto asset creation and buying and selling of assets in the crypto world will have to have international cooperation.
“The reason is they can be anywhere but operated in India or they can be in India but operated somewhere else,” the Indian finance chief added.
Sitharaman also addressed the issue of young Indians, particularly students, putting their pocket money into risky crypto assets with the hope of generating bigger returns.
“In the matter of concern for youngsters going into it which you raised, we have both regulators and national security deposit centers which have also done a lot of campaigning. And this campaign continues every now and then to alert people that it is a high-risk area and they should be aware of it,” she detailed. Indian regulators launched a crypto awareness campaign in January. The finance minister noted that the government aims to educate people about crypto and make them aware of the potential risks involved.
Regarding the cryptocurrency bill that the government has been working on for quite some time, the finance minister said:
With regard to the bill, discussion continues and when there is some update, we will let you know.
Sitharaman recently revealed that India is having detailed discussions about how to regulate crypto with members of the G20 so that a standard operating protocol (SOP) can be established. The government plans to introduce measures around crypto this year, an official said earlier this month. Meanwhile, the government has imposed new crypto tax penalties.
Do you think India will start regulating crypto this year? Let us know in the comments section below.
Central Bank Survey: Canadian Crypto Awareness and Ownership Increasing
A lengthy survey into the awareness and usage of Bitcoin and crypto assets by Canada’s central bank has revealed impressive growth despite the recent bear market. The research also offers good insights as to what Canadian’s think of the crypto industry and what the future may hold for a cashless society.
Crypto Growth in Canada
The Bank of Canada Bitcoin Omnibus Survey (BTCOS) has been carried out over the past few years to ascertain trends in Canadians’ awareness, ownership and use of Bitcoin and other crypto assets. The in-depth research, which has recently been published, has followed the rise and fall of crypto markets and trends associated with it.
The central bank’s motives for carrying out the survey were to understand how its usage by Canadians could affect the financial system. The findings also help the bank, which has maintained its rates recently, with decisions on moving towards a cashless society and whether Canadians are ready for it yet.
The results found that between 2016 and 2018 the share of Canadians who were aware of Bitcoin increased from 62% to 89%. This is unsurprising since it was all over mainstream media during the surge in prices up to all-time high.
The crypto market pump also increased the number of Canadians buying Bitcoin as this rose from 3% to 5% during the period as speculation drove prices higher. The demographics were also unsurprising as those owning Bitcoin were largely university educated males aged 18 to 34. All demographics however showed an increase in awareness over the period as crypto assets made the headlines.
Hodl On Canada
Despite the massive bear market the survey revealed that Bitcoin ownership continued to increase in 2018. It added that 5 percent of Canadians owned Bitcoin in 2018, an increase from 4 percent in 2017 and 3 percent in 2016.
This indicates that Canadians, like their counterparts across the globe were accumulating during the crypto winter of 2018. Interestingly BTC ownership tripled among those aged 55 and older from 0.5 to 1.7 percent during the same period.
Disposable income also played a big part as ownership fell from 4.3 to 2.8 percent among those with household incomes below ,000 while it increased from 4.3 to 7.0 percent among those with incomes above ,000. This created an ownership gap that did not exist in previous years.
The report stated that its findings were similar to those in the US. In 2018 the Federal Reserve Bank of New York’s Survey of Consumer Expectations found that 85 percent of respondents had heard of crypto assets, while 5 percent owned them. In the UK however Bitcoin ownership was only 3% that year.
The research also noted that in 2017 the primary reason for owning Bitcoin was speculation while the following year BTC owners reported using it more often for buying goods and services or making person-to-person transfers.
So, in conclusion, crypto awareness and ownership in Canada has increase despite a massive market collapse in 2018. This bodes well for the future as those figures are likely to grow even more as a new bull phase begins.
Image from Shutterstock
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Coinbase Releases Key Findings on Crypto Awareness and Adoption in US
n Coinbase has published key findings about awareness and adoption trends related to digital currency in the United Statesn
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Despite Crypto Winter, US Bitcoin Awareness, Knowledge, and Perception Increased “Dramatically” Since 2017
Research suggests that Bitcoin is more fully understood and accepted today across US society than it was at the height of the bull market of 2017. According to a recent study, young adults are way ahead of other demographics with regards awareness, familiarity, perception, and likelihood to buy Bitcoin in the future.
Blockchain Capital recently asked 2,029 randomly selected American adults a series of questions relating to Bitcoin. The survey was a follow up to a similar one conducted in October 2017, when prices were rising and overall market sentiment was entirely different.
US Public Becoming Increasingly Knowledgeable About Bitcoin
The test was divided into various categories. First, the participants were asked if they had even heard of Bitcoin. A massive 89 percent answered that they had. This was up from 77 percent in October 2017. This is hardly surprising given that the spectacular crash of late 2017/early 2018 was covered by just about ever mainstream media outlet on the planet.
Next, the participants’ familiarity with Bitcoin was gauged. They were given the question: How familiar are you with Bitcoin? along with a series of responses: “never heard of it”, “heard of but not familiar”, “somewhat familiar”, “very familiar”, and “I own/have owned Bitcoin”.
The percentage of people that are “at least somewhat familiar” with Bitcoin rose by nearly half — from 30 percent in October 2017 to 43% in April 2019.
Amongst those aged 18 to 34, 60 percent described themselves as at least ‘somewhat familiar’ with Bitcoin — up from 42 percent in October 2017. An equally large increase was observed in the age group 45-54. Previously, just 25 percent were at least familiar with Bitcoin. Now that figure is 43 percent.
The percentages of those familiar with the cryptocurrency really diminish in older generations but still show an increase over those from 2017. Of those aged 55 to 64, 32 percent were at least familiar with it. This was up from 22 percent in 2017. Meanwhile, just 20 percent of those over 65 claimed to be knowledgeable about the decentralised payment tech, up from the 15 percent observed in the previous study.
Next, the participants were asked how much they agreed that Bitcoin is a positive financial and technological innovation. Again, there was a significant increase in those answering favourably here too. In 2017, 34 percent of those asked agreed or strongly agreed with the statement. This rose by 9 percent in the recent survey to 43 percent.
Younger respondents were much more likely to view Bitcoin positively. Of those aged between 18 and 34, a massive 59 percent said that they though Bitcoin was a positive innovation versus 48 percent in the previous survey.
The figures relating to the likelihood that Bitcoin will be widely used in the future show similar tendencies too. A third of US adults now believe that the digital asset will be in common use in the next 10 years. This is a five percent increase to the figure observed in the previous study.
Raising this overall average once again is the younger generation. A massive 48 percent of those aged between 18 and 34 agree that Bitcoin will be widely used within the next decade.
The findings also indicate that 27 percent of people are considering buying Bitcoin in the next five years. Despite the bear market, this figure is up from just 19 percent in 2017.
The write up of the report, summarised by Spencer Bogart, concludes by inquiring about people’s store-of-value preferences. The respondents were asked which asset they would like to own ,000 of between Bitcoin and a traditional investment:
- Over one in five people said they would prefer the cryptocurrency to government bonds.
- Bitcoin was preferable to stocks for 17 percent of those asked.
- Fourteen percent of respondents would prefer Bitcoin to real estate.
- Just 12 percent said they would rather have digital gold over physical gold.
Again, the figures for the youngest age group in the sample reflect a much greater acceptance of Bitcoin than the rest of the US public. Almost one in three prefers Bitcoin to government bonds, more than one in four prefers Bitcoin to stocks, just under one in four would rather own Bitcoin than real-estate, and over one in five would favour the crypto over gold.
Younger Generations Championing Crypto Revolution
The figures show that the younger generations are much more knowledgeable of, familiar with, and accepting of Bitcoin. This is summed up by Bogart himself when he states:
“Ultimately, Bitcoin is a demographic mega-trend: Younger demographics are leading in terms of Bitcoin awareness, familiarity, perception, conviction, propensity to purchase, and ownership rates.”
As a purely digital currency, it figures that the first to get to grips with the concept would be those that have grown up in a purely digital world. In that vein, crypto investment fund Adamant Capital’s CEO Michiel Lescrauwaet neatly summed up why digital cash might be alluring for millennials earlier today in response to the research detailed above:
It makes sense that Millennials like Bitcoin most:
1) found their way through 2008 crisis as young adults
2) grew up with P2P (BitTorrent, Limewire)
3) digitally native & familiar with open source (Linux, Wikipedia)
5) first investments in zero interest rate environment https://t.co/bQQLmwFk0u
— Michiel Lescrauwaet (@MLescrauwaet) April 30, 2019
Related Reading: Global Bitcoin Acceptance Up More than 702% Since 2013
Featured Image from Shutterstock.
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Top Swiss Bank Provides Crypto Storage and Trading Services, Massive For Awareness
Julius Baer announced today that it would offer crypto services to its clients all across the world.
Switzerland’s third-largest banking giant partnered with a Zug-based startup SEBA Crypto to take advantage of their institutional-grade digital assets solution. The bank said in a press release that the partnership with SEBA would allow them to offer its clients digital assets storage, transactions, and investment solutions.
The move came as another example of larger financial institutions integrating crypto assets to their platforms. Before Julius, Swiss-based Falcon Private Bank had also announced that it would enable its clients to store, trade and invest bitcoin and other similar crypto assets. In another instance, megabanks JPMorgan and Mizuho last week announced that they would launch its digital currencies for remittance and payment settlement.
Julius Baer is pleased to announce the collaboration with SEBA Crypto AG to provide its clients with access to a range of new digital asset services. https://t.co/5ADODyL58s @WeAreSEBA
— Julius Baer (@juliusbaer) February 26, 2019
Major Crypto Partnership
Peter Gerlach, Head Markets at Julius Baer, asserted that their group was convinced with digital assets’ long-term potential, predicting that they will become “a legitimate, sustainable asset class of an investor’s portfolio.” He added:
“The investment into SEBA as well as our strong partnership are proof of Julius Baer’s engagement in the area of digital assets and our dedication to [making] pioneering innovation available to the benefit of our clients.”
Julius’ announcement also brought SEBA under a new spotlight. The startup, launched by two former UBS executives, raised 3 million to build a crypto bank. At the time of the launch, SEBA had stated that it would offer cryptocurrency trading and corporate financing services to companies and investors alike, with a particular focus on ICO consultation.
https://www.youtube.com/watch?v=7-ktBd9H9mo
Guido Buehler, CEO SEBA, said:
“We are very proud to have Julius Baer as an investor. SEBA will enable easy and safe access to the crypto world in a fully regulated environment. The cooperation between SEBA and Julius Baer will undoubtedly create value for the mutual benefit and to the clients.”
The startup is now seeking banking and securities dealer license from Switzerland’s top regulator FINMA. According to Julius’ announcement, their partnership SEBA will come into effect once the latter receives regulatory approval. The bank also made a small investment into SEBA.
“SEBA wants to bridge the gap between traditional banking and the new world of crypto,” Buehler added.
Institutionalization Continues
Julius’ move into the cryptocurrency sector has further validated the speculations about institutions’ growing interest in cryptocurrencies. Following the 2018’s crash, in which the market lost one-third of its value, speculators rested their optimism on the potential investments from big financial players. While the market stays in what now is its most extended bearish cycle, the entry of players like Julis Baer, Bakkt, Nasdaq and Fidelity could improvise the buying sentiments.
Julius Baer Group AG, one of the three largest private banks in Switzerland, is providing its clients access to crypto.
SEBA, which raised 3 million in Sept 2018 to build a crypto bank, is working with Julius Baer.
This is one interesting bear market, great for exposure. pic.twitter.com/r7aLL4iKoF
— Joseph Young (@iamjosephyoung) February 26, 2019
At the time of this writing, the cryptocurrency market capitalization is 0.45 billion.
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New Survey of Chinese Reveals Broad Crypto Awareness and Interest in Investing
The post New Survey of Chinese Reveals Broad Crypto Awareness and Interest in Investing appeared first on DCEBrief.
Temporary Crypto Shop Coming to London to Raise Awareness
The rise of cryptocurrencies has become a huge phenomenon across the world, but cryptocurrencies are yet to receive acceptance in the mainstream economic systems. Crypto experts often cite cryptocurrency awareness and education as the key to their adoption.
Reality Gaming Group Opens Crypto Shop
Mobile developer Reality Gaming Group has taken the initiative to promote cryptocurrencies among the people by planning to host an event in London which will focus on creating cryptocurrency and blockchain awareness. The shop where the event will be hosted will accept only digital currencies as payments for products.
The event will be conducted from 10th September to 14th September in London’s Soho district, and will have a series of masterclasses on various aspects of blockchain and cryptocurrencies. The classes will also educate participants on practical activities such as creating digital wallets, safely storing private keys, buying and selling cryptocurrencies, etc. Reality Gaming London has also partnered with Soho Radio to broadcast discussions on the applications of blockchain in video games and music industries.
The participants of the event will be given free cryptocurrencies, which they can spend on purchasing merchandise related to the studio’s upcoming title, Reality Clash – a mobile FPS combat game which allows users to shoot it out in real-world locations using augmented reality. The company conducted an Initial Coin Offering (ICO) last year, in which they raised .6 million for the development of the game.
ICO participants who bought the tokens will be able to spend them on in-app purchases in the final product. With the RCC Gold tokens, users will be able to buy and trade exclusive weapons and gain access to tournaments and other extras in the game. The RCC Gold tokens have been listed on the BlockExMarkets.com digital asset trading exchange.
Most game-based Blockchain projects doing better than the others
Blockchain has been making waves in the banking, supply chain and energy sector, but gaming is a lesser talked-about niche which is utilizing the unique features of blockchain effectively. A new Ethereum token standard, ERC 1155 was launched recently to make transactions involving in-game items more efficient.
According to reports, nearly half of all the ICOs of 2017 have already failed. A majority of the 418 failed ICOs have turned out to be scams, while nearly 113 have “semi-failed” either because their community is too small, or because the community has stop receiving any more updates from the team members.
However, projects in the gaming industry are doing relatively well. Out of 41 game-related projects, only 4 have failed so far. Six of these gaming projects have raised more than million in their ICOs. Virtual item trading network Wax raised a staggering .4 million, while the mobile gaming platform MobileGo came in second with million in ICO proceeds.
In China, where cryptocurrencies are banned, Baidu, one of the country’s tech giants, is planning to create a blockchain-based game titled “Du Yuzhou”, which will be set in “a magical world made up of all kinds of rare elements”.
Image from Shutterstock
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Demand For Bitcoin Hardware Wallets Rise in South Korea, as Users Develop Awareness
According to security-focused researcher Kim In-soon at South Korea’s ETNews, the demand for bitcoin hardware wallets is increasing rapidly in South Korea, as users have started to avoid local cryptocurrency exchanges to store their funds.
Exchanges Are Not Secure
Over the past two years, even the largest cryptocurrency trading platforms in South Korea including Bithumb have suffered several data breaches and hacking attacks. In other regions like the US and Europe, only a handful of exchanges have not experienced major hacks to date.
Centralized cryptocurrency exchanges and wallet platforms are vulnerable to hacking attacks and many kinds of cyber attack methods because of their reliance on a single point of failure. Since cryptocurrency exchanges are managed by a group of administrators or a company, their servers, databases, and infrastructures are all managed centrally.
The centralization of various components of trading platforms provide an opportunity for hackers to break into the system and potentially steal user data, sensitive financial information, and in the worst scenario, reallocate user funds.
An easy alternative to cryptocurrency exchanges is non-custodial cryptocurrency wallet that allows users to remain in full control of their funds. Non-custodial wallets do not store or protect private keys and back up codes on behalf of users. Users are provided with their private keys and 12-word passphrases that can be utilized to backup or recover their funds, in case users cannot access their accounts of the platform is compromised by hackers.
Web-based wallets can be a target of DDoS attacks or server outages, that may significantly slow down the process of checking balance, withdrawing funds, and sending transactions. Last year, in November 2017, Blockchain, the second most widely utilized cryptocurrency wallet behind Coinbase, experienced a server outage that briefly disabled customers from viewing their balance on the wallet.
We are experiencing an outage of our internal database. Your funds are safe. We’ve identified the issue and are working on a resolution. Stay updated at https://t.co/LS19nVQs3M
— Blockchain (@blockchain) November 20, 2017
Non-custodial wallets like Blockchain do not store or manage user funds and private keys but provide full access to funds to their users. But, because of their reliance on centralized servers, occasionally, server outages could cause inconveniences.
Hardware Wallets
Due to the limitations and weaknesses of centralized wallets and cryptocurrency exchanges, many users in South Korea have started to prefer hardware wallets and cold wallets over centralized hot wallets.
Over the past year, at least three major cryptocurrency hardware wallets targeting the local market have launched, including Penta Cryptowallet, KeyPair, and TouchxWallet. In acknowledgement of the rising demand for hardware wallets, Ledger, the largest cryptocurrency hardware wallet manufacturer based in France, has decided to enter the South Korean market.
In a highly volatile and rapidly growing market in cryptocurrency, the shift in trend from easy-to-use centralized wallets to secure hardware wallets can be considered as an optimistic indicator, as it demonstrates the willingness of users to develop awareness of security.
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Survey Polls American Awareness of Cryptocurrencies and ICOs
In October 2017, LendEDU, a marketplace for financing loans, credit cards and other financial products, polled 1,000 Americans asking a series of questions related to Ethereum, Ripple and initial coin offerings ICOs. They did this to gain insight into the average Americans perception of cryptocurrency. The poll was conducted by online polling company OnePoll, which acted as a third party and was able to provide an age and gender breakdown of respondents. The poll was answered by 1,000 America
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