Bitcoin Cash Hard-Fork pushes the price

Bitcoin Cash has been seeing prices rise for days as the hard fork approaches in less than a month. Faster transactions, a 32 MB block size and new operation codes are the goal of the Bitcoin Cash Hard Fork.

Hard Fork will make Bitcoin profit faster

Since Bitcoin currently takes relatively long to send transactions compared to other crypto currencies, there have been a number of hard forks trying to improve the Bitcoin profit and create a new groundbreaking coin.

We explicitly point out that Bitcoin’s scalability solutions are already being worked on. The Bitcoin Lightning Network is designed to solve these problems. All details, advantages and disadvantages and how the Lightning Network works can be found in this article.

But back to the Hard Fork, as already mentioned, the problem of transaction speed and network utilization (December 2017) led to several Hard Forks and from them came tokens like Bitcoin Cash, Bitcoin Atom, Bitcoin Gold and so on. Bitcoin Cash is by far the most successful Hard-Fork.

Bitcoin Cash was developed to meet the requirements of crypto traders, which meant an increase in transaction speed. The block size was increased from 1 to 8 MB and the transaction speed was reduced to a few minutes. On May 15, 2018, there will be the next Hard-Fork, with the primary goal of increasing the block size from 8 MB to 32 MB.

Bitcoin Cash – Smart Contracts included

The upcoming fork will also include several operation codes, according to James Song, founder and CEO of Blockchain Startup ExsulCoin. These operation codes will enable intelligent contracts (Smart Contracts) to be implemented on Bitcoin Cash. Song was quoted in Forbes with the following words:

“IT IS THIS SPECIAL MESSAGE THAT TRIGGERS THE EXCITEMENT IN THE MARKET FOR BITCOIN CASH.”

Bitcoin Cash recorded gains of over nine percent in the last 24 hours and the technical market analysis of 20.04 already provided positive indicators. The resistance zones were breached, indicating an upward trend.

Sweden uses database technology for land register entries

However, Japan is by no means the only country that would like to use the blockchain advantages in this way. The Ukraine is also working on organizing government tenders via a blockchain, while in the USA contracts from the public sector are to be processed one day via database technology.

Blockchain News: Sweden uses database technology for land register entries
In Sweden, research was carried out as early as 2016 to use blockchain functionality in such a way that it could be used by land registries; the final test phase was completed in May 2017. And only a short time later, the Lantmäteriet land registry began to record the the modern database owners Bitcoin Trader and properties in a block chain. Although the digitisation of the land registry offices is already very advanced, the responsible parties expect the modern database technology to further increase efficiency.

In concrete terms, the Swedish government wants to save around 100 million euros a year by using a block chain, which has so far been spent on administration – but also on cases of fraud. However, it is questionable whether this blockchain example will actually lead to the hoped-for savings. The introduction of a blockchain would be more necessary in countries where corruption is a widespread phenomenon and only incomplete land register entries are available. The countries most likely to be affected by this are South and Central American states. Blockchain solutions are being developed, for example, in the following areas

Brazil
and Honduras.
However, Sweden could serve as a model for the countries concerned, which do not have the necessary know-how.

US regulatory authority issues guidelines for crypto derivatives

The U.S. Commodity Futures Trading Commission (CFTC) has published new guidelines for stock exchanges and clearing houses for crypto derivatives. This step was expected by the trading industry.

CFTC publishes rules for Bitcoin Revolution

The CFTC advisory committee, led by Amir Zaidi, director of the Division of Market Oversight (DMO), said that exchanges wishing to introduce crypto derivatives must be able to monitor the underlying markets and have a plan for coordination Bitcoin Revolution with government regulators, according to the Wall Street Journal.

“THE EMPLOYEES OF CFTC ARE ANXIOUS TO CREATE AS MUCH CLARITY AS POSSIBLE. AS THE VIRTUAL CURRENCY MARKET CONTINUES TO EVOLVE, CFTC STAFF WILL SEEK TO HELP MARKET PARTICIPANTS KEEP PACE WITH INNOVATION WHILE COMPLYING WITH CFTC REGULATIONS.

Brian Bussey, Director of Divisions of Clearing and Risk (DCR), explained the importance of the new US financial supervision directive.

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“CFTC EMPLOYEES PROVIDE SOME OF THIS INFORMATION TO ASSIST MARKET PARTICIPANTS IN DEVELOPING RISK MANAGEMENT PROGRAMS THAT ADDRESS THE NEW RISKS OF VIRTUAL CURRENCY PRODUCTS. IN ADDITION, THE GUIDELINES ARE INTENDED TO HELP ENSURE THAT MARKET PARTICIPANTS COMPLY WITH APPROPRIATE GOVERNANCE PROCESSES WHEN INTRODUCING THESE PRODUCTS”.

Stricter rules for crypto derivatives
The first Bitcoin futures contracts were issued in December 2017 and triggered the most exciting rally in the crypto currency market, taking Bitcoin to its all-time high of nearly $20,000. Volatility in the digital currency area, concerns about the lack of transparency of some trading platforms and a number of hacking episodes have prompted the Futures Industry Association (FIA) to call for a tough stance on crypto derivatives by the CFTC.

The new guide points out that exchanges and clearing houses must list a new virtual currency derivative contract, better market surveillance, close coordination with CFTC staff, comprehensive trader reporting, contact with members and market participants and risk management of the derivatives clearing organisation (DCO).

Bitcoin as a commodity
The CFTC decided that bitcoin should be considered commodities in 2015 from a regulatory perspective. This classification means that crypto currencies are subject to the supervision of the regulatory authority, which has since taken action against unregistered Bitcoin futures exchanges. In addition, the CFTC has proposed guidelines for the derivatives market and the spot market in the virtual currency context and warned against valuations and volatilities as well as laundry trading and prepared transactions.

Ethereum Code- User-friendly Guide

The buy-backs are calculated using the fees ICONOMI charges for the crypto funds. There are several types of fees. Fees of 0.5 percent are charged for the sale of a DAA. In addition, “management fees” must be paid, which are determined by the DAA manager. And 30 percent of the self-defined fees must be paid to ICONOMI.

ICONOMI uses all revenues to cover its own costs first. Anything left over is used for buy-backs. So far, over 211,685 ICONOMI tokens have been bought back and burned. Here you can find the buy-back and combustion address.

How to buy Ethereum Code

ICN can be purchased on Binance*. In just a few minutes you can create a user account there – but of course always with a secure password and two-factor authentication! The good thing about Binance* is that you don’t need verification if you want to pay out less Ethereum Code than the equivalent of two bitcoins.

Once you have created an account with two-factor authentication and strong password, you can deposit Bitcoin, Ether or any other currency offered. Binance offers the pairs BTC/ICN and ETH/ICN, i.e. you can buy ICN with Bitcoin or Ether.

If you already own Bitcoin or another currency, you can send it to Binance, exchange it for Bitcoin or Ether and then buy ICN tokens. If you do not yet have digital currencies or do not wish to exchange them, you can purchase digital currencies from these providers:

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Bitcoin Exchange Language User-friendly Guide
Bitpanda* English Yes Bitpanda Manual
Coinbase* English Yes Coinbase manual
Bitcoin.de* German Medium –
Cex.io* English Yes Cex.io Manual
Afterwards you only have to pay in your desired digital currency via the menu items Medium > Deposits/Payouts and then purchase ICN with ETH or BTC.

ICONOMI Token (ICN) safe storage
The ICONOMI token is an ERC20 token, which is based on the Ethereum blockchain. This means that an ether address is used for ICN tokens.

The safest Ether Wallets:

Hardware Wallet User-friendly Open Source Currencies
Trezor* Yes Yes Bitcoin, Ether and ERC20 Token, Litecoin etc.*
Ledger Nano S* Yes No Bitcoin, Ether and ERC20 Token, Litecoin, Ripple etc.
Ledger Blue* Yes No Bitcoin, Ether and ERC20 Token, Litecoin, Ripple etc.

Conclusion of ICONOMI

A broad diversification of own investments is the golden rule for investments. It’s not so easy with crypto currencies, there are thousands of digital currencies and all projects sound kind of interesting. Moreover, currency technology needs to be understood and this is not always easy for newcomers. It is therefore difficult to find a promising project that is not fraudulent and where the framework conditions are right. This is made easier by specialized asset managers. They invest in promising projects for the individual investor and follow developments.

This takes some of the investor’s work off his hands and at the same time gives him a broadly diversified portfolio that reflects the individual fluctuations of the respective digital currencies.

The idea behind it is good and the funds also facilitate the entry into crypto currencies. The risk is shared and the investor diversifies his investments, as with funds on the stock exchange.

Disadvantage of the platform is that the users have to trust that it is secure against attacks and access – as with a normal crypto exchange. ICONOMI stores the private keys, which is why the user must rely on security.

In addition, your own token leaves an aftertaste, at least as long as there are no further possibilities of use, e.g. on the platform.

In conclusion, the idea behind Iconomi is a good one. Risk-averse investors can diversify without a lot of work. And as soon as deposits per Euro and Dollar are possible on the platform, Iconomi will unfold its full potential.

Bitcoin Prize, Tom Lee & Consensus

We reported weeks ago that Tom Lee predicted an increase in the Bitcoin price after the consensus conference. In an interview with CNBC, the analyst explained why the conference did not trigger an increase.

What had happened about Bitcoin Code

Following the pattern of the last three years, the experts set out on a major crypto rally. The event was a success, but Bitcoin prices fell. By the end of the event, Bitcoin had lost around three percentage points. Lee initially admitted that he and other experts were too optimistic about the Bitcoin Code expected high attendance at the Consensus Conference. During the interview, Lee identified the lack of clarity about regulatory requirements as part of the reasons why the conference did not deliver the expected results.

Lack of legal clarity

Lee pointed out that there was a lack of clarity regarding crypto-regulation. According to him, nothing has changed during the event in terms of regulation or its direction. Many did not expect a regulatory outcome, but the lack of progress is disappointing.

Thomas Lee
@fundstrat
CRYPTO: #Consensus2018 rally did not happen, very disappointing. What we needed was a trifecta of progress: (i) institutional custody/tools; (ii) buy-in by banks/investment managers; (iii) regulatory clarity (3 of 3 needed), but we got progress on (i) and (ii). Full text below

 

Positive signs

Despite the lack of price rally during the event, there are some positive circumstances. The bitcoin price also seems to react and correct itself upwards. We reported days ago that the Bitcoin price did not rise in recent years during the Consensus event, but only moved up weeks later. The information graphic regarding the last conferences and their development can be viewed here. Tom Lee was positive about the conference despite the lack of a direct increase:

IT IS A GREAT CONFERENCE TO BRING TOGETHER MANY PEOPLE FROM ALL OVER THE WORLD. THE QUALITY OF THE PEOPLE WHO WERE THERE WAS AMAZING.

Tom Lee further estimates that Bitcoin will be worth around $25,000 by the end of 2018. In our opinion, the Consensus Conference has a strong impact on the Bitcoin price. The number of participants has increased to 8,000, although the ticket price has risen immensely. This conference brought together crypto-nerds and institutional investors/bankers. This year’s audience balance should by no means be seen as a disadvantage, but as a sign of what Bitcoin and the crypto industry have achieved in the traditional financial world. Chances are good that the Bitcoin Award will make further gains this year.

Bitcoin Crash 2018: Is that still normal?

For many, the Bitcoin Crash is probably the first since December. The end is near, at least if you believe the media. However, it is normal that Bitcoin crashes. Since the other crypto currencies are linked to Bitcoin, their prices also fall.

Every time there is another Bitcoin crash, it is a painful experience for investors. But that’s exactly when you should stay calm and look at history. Although history is no guarantee that Bitcoin will continue to grow in the future, it is often the case that history repeats itself.

Table of Contents
Bitcoin Crash: Historical corrections >40% at a glance
Bitcoin corrections and events
June to November 2011: -94% from 32 to 2 US dollars
April 2013: -83% from 260 to 45 US Dollar
November 2013 to January 2015: -85% from 1.163 to 178 US Dollar
September 2017: -40% from 4.979 to 2.972 US Dollar
December 2017 until today: -65% from 19.900 to 6.852 US Dollar
Bitcoin Crash: Historical corrections >40% at a glance

Bitcoin corrections and events

June to November 2011: -94% from 32 to 2 US dollars
The first spectacular Bitcoin crash began in June 2011 when an Mt.Gox user said that 25,000 Bitcoins were stolen from his computer, which was over $500,000 at the time. The stolen bitcoins were later put back into circulation by the thief.

Only seven days later, on June 20, 2011 (GMT+9), an Mt.Gox vulnerability caused a price drop of 17.5 US dollars to one cent per bitcoin. Access data of a Mt.Gox employee was used by the hacker to send about 2000 bitcoins to himself. However, this was only of short duration, the retail price recovered quickly.

April 2013: -83% from 260 to 45 US Dollar

Mt.Gox is again responsible for the second big Bitcoin crash. The Bitcoin stock exchange suspended trading in April 2013 after the price rose to over 266 US dollars. The Bitcoin price should “calm down”.

The trading engine of Mt.Gox was running hot, and probably Mt.Gox had problems with US Dollar payouts already at that time. After trading resumed, the bitcoin price fell to just under $54 and later stabilized at $100.

November 2013 to January 2015: -85% from 1.163 to 178 US Dollar
All good things come in threes. Also this time Mt.Gox was at least partly responsible for the Bitcoin crash. As of February 7, 2014, Mt.Gox stopped payments and as of February 25, the Mt.Gox service was no longer available.