Glasgow digital currency: hope or reality?
Soon many cities around the world will issue their own digital currency.
According to Pavel Bains, in fact, within the next 10 years we’ll see the first city that have its own digital money and that is separates from the national fiat currency.
The Blockchain Role
This could be the right time for cities to exploit the blockchain and adop their own currency.
But for a new digital currency to be adopted quickly it needs the following characteristics, according to Bains (and we tent to agree with him):
- Cheap: fiat currencies are very expensive to produce, manage and distribute. Conversely, a digital currency deletes all those costs and can easily be distributed;
- Secure: as it is digital, cryptographic and based on pure algorithms, the chance of forgery or distrust is removed;
- Safe: a digital currency can be backed by other assets like gold, treasury bills, foreign exchange or equities, just like fiat money;
- Usable: cities such as Stockholm are going purely digital, so a digital city currency could be massively adopted quickly.
The newest Glasgow digital currency
Bains is pretty sure that the first city to adopt a digital currency will be Glasgow.
This because the Scottish city failed to benefit from the England pound and it came close to a recession back in 2015.
Also, Brexit opened a real issue for Scotland’s future with the potential loss of trades. Demand for Scotland’s products is already declining: in that year there was an 11% drop in exports compared to 2.7% for the UK and with Brexit the situation can only get worse.
But Glasgow has the right tools to adopt its own digital currency. These the major reasons according to Bains:
- It has the regional size and population: this could make the difference compared to smaller cities such as Dundee;
- It has a high record of academia, government and business working together. This unity could be great to manage a new-born digital currency
- Glasgow has a thriving financial base, moving to 74th in the world for financial centers and this demonstrates the city has a good base and an educated population to operationalize the new digital currency system.
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Halcash Bitcoin: buy and sell with ATMs in Spain
Holytransaction Trade is a new virtual exchange to convert your Bitcoin into fiat currencies and vice versa, offered by the HolyTransaction wallet company.
You would think that Holytransaction Trade is a service that can be found anywhere on the web to sell and buy bitcoins. But it is not true, as HolyTransaction Trade allows you to do much more.
HalCash Bitcoin ATM in Spain
On HolyTransaction Trade you can convert bitcoin into fiat currencies and pick them up physically in a banking ATM.
Thanks to a partnership with HalCash, in fact, you can convert your Bitcoin into Euro and withdraw cash in every banking ATM (only banks that are members of HalCash’s network) based both in Spain and Poland with a total of more than 10,000 ATMs in Europe.
HalCash Bitcoin withdrawal process is very simple and you can do it in a few steps following the official guide provided by HolyTransaction.
Instead of typical platform, Holytransaction Trade will provide you an instant exchange as soon as the deposit is confirmed on the Bitcoin network.
Also, the newest HolyTransaction platform allows you to buy Bitcoin in Spain with Teleingreso, a fast, easy and secure payment option that allows you to buy Bitcoin through its network of more than 3000 ATM machines, 2000 post offices and 300 retail outlets.
When you select Teleingreso as online payment method, the system automatically generates a unique 9-digit transaction code. The transaction is pending until you visit any of the locations to make a payment, and then the information is instantly provided to us.
To use HolyTransaction Trade, you don’t need a wallet on HolyTransaction.com.
In fact, to use HolyTransaction Trade there is no need of registering on the platform and you can also use our exchange platform if you have a different wallet provider.
Also, the newest HolyTransaction platform allows you to create a prepaid virtual visa card with Bitcoin to buy everything you want online, as almost every e-commerce accepts VISA payments.
HolyTransaction Trade for mobile
Each service is available and works in less than 24h, and can also be done on your smartphone, using the HolyTransaction Trade app you can download on Google Play for free.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
How to Store Bitcoin: Easy Multicurrency Wallet
If you are a newbie, maybe you are asking yourself the following question: how to store Bitcoin? Which is the safer and cheapest wallet on the web? Why should I open a multicurrency wallet?
Well, today I want to answer people who are trying to start using Bitcoin and cryptocurrencies in general.
First of all, wallet stores a private key that you need to access a bitcoin address for storing and spending your digital currencies.
Bitcoin is a distributed and revolutionary method of payment also defined as Internet of Money as it is a virtual currency without any physical attribution.
So, how to store Bitcoin? We store fiat cash in a physical wallet and Bitcoin works in a similar way, as you will need a virtual wallet.
As well as Euro or Dollar are physical and should be stored in a physical wallet, so bitcoin are virtual and shall be kept in an equally virtual wallet.
If I have to be more specific, you don’t technically store bitcoin anywhere. What you store is the secure digital key you need to have in order to access your public bitcoin addresses and execute transactions.
How to store Bitcoin in a Web wallet
HolyTransaction is a web wallet where you can store your private keys online, on a computer, and connected to the Internet, of course.
One of the main advantages of a web wallet is that you can access them from anywhere and on any device you are using.
Security and Privacy
To create your web wallet you just have to enter your email address. You don’t need to have a bank account or send your ID card, so you can set up it in just one minute.
One way to protect your wallet is encryptit it with a strong password. This will make it difficult to access to your funds.
Also, you can use a two factor authentication code. In this case you should download a free app called “Google Authenticator” on your mobile phone and scan the QR code obtained. Then everytime you need to execute a transaction you’ll have to enter the two-factor authentication code. And, of course, this will make your wallet safer.
Multicurrency Wallet
A Multicurrency wallet is a virtual wallet where you can store different kinds of digital currencies within the same place.
If you have multiple cryptocurrencies, you typically have to manage multiple wallets for each one. This could be a time consuming task. With HolyTransaction, since it supports several digital currencies, you don’t have to manage a few wallets and you can just log into one wallet and toggle between them in one user interface, making the task much easier.
So, with just one registration and only one password to remember, you can store not only Bitcoin but also the other major cryptocurrencies such as Ethereum, Zcash, Dash, TetherUS, Monero and Dai Stablecoin.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Cryptocurrencies 2016: Bitcoin Alternative charts
Today we want to talk about Cryptocurrencies 2016, as the just ended year has been very exciting for several digital currencies and not only for Bitcoin.
A lot of major open-source currencies, in fact, showed a good growth during 2016 and we hope to see significant expansion in 2017.
Below you’ll read charts of the excited cryptocurrencies 2016, during a period between December 27, 2015 to December 26, 2016.
Source: Coindesk.com
Bitcoin
Market Capitalization (Beginning of Year): $6,161,215,794
Market Capitalization (End of Year): $14,590,356,108
Price (Beginning of Year): $411.99
Price (End of Year): $908.17
Price (Annual High): $909.94
For sure Bitcoin is the king of cryptocurrencies 2016, if we talk about value.
It is the oldest blockchain-based asset as today (January 3rd) it celebrates its 8th anniversary: the genesis block was generated on January 3rd 2009.
While I’m writing of this article, Bitcoin price is still growing, surpassing the value of $1,000 for 1 BTC.
Bitcoin price and trading volume were supported by several global circumstances, including the Chinese yuan devaluation, the UK’s Brexit, and the election of a Donald Trump.
Ethereum
Market Capitalization (Beginning of Year): $80,339,474
Market Capitalization (End of Year): $638,041,577
Price (Beginning of Year): $2.83
Price (End of Year): $7.31
Price (Annual High): $19.59
2016 saw Ether, or the digital currencies that powers the Ethereum blockchain – become the best-performing currencies, with a more than 2,000% increase over the first six months of 2016.
The major reason for its instability was the DAO hack, the subsequent failure of the decentralized project, and the creation of ethereum classic. These factors led to a fall of nearly 50% of this altcoin value.
Anyway, Ethereum is the favorite network for possible FinTech permissioned distributed ledgers, enterprise software and Internet of Things applications, so 2017 could will probably show a capitalization increase for ether.
Litecoin
Market Capitalization (Beginning of Year): $149,142,004
Market Capitalization (End of Year): $212,469,870
Price (Beginning of Year): $3.41
Price (End of Year): $4.34
Price (Annual High): $5.55
One of the oldest bitcoin alternative, litecoin showed a stable valuation during 2016, closing $2 above its starting price for the year.
Dash
Market Capitalization (Beginning of Year): $16,081.586
Market Capitalization (End of Year): $70,675,107
Price (Beginning of Year): $2.64
Price (End of Year): $9.67
Price (Annual High): $14.42
In 2015, darkcoin decided to end its association with shadow businesses and the DarkNet by changing its name to Dash.
This re-branding seemed to work and Dash ended 2016 with pricing nearly three times, and a market capitalization close to four times.
Cryptocurrencies 2016 and their future
As we enter 2017, the future for cryptocurrencies seems bright, as the digital currency market will continue to progress and prove its worth as one of the top-performing commodities available today.
We at HolyTransaction are very happy to work with this top-rated cryptocurrencies, as our wallet can store Litecoin, Dash, Ethereum and Bitcoin within a unique login.
Needless to say, we are proud to have chosen the best and the most profitable cryptocurrencies for our multicurrency wallet you can open here for free.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
BNP Paribas Blockchain used for live transactions
A well-known worldwide seller and another important firm partecipated to the first live transactions using the BNP Paribas Blockchain service, as revealed today by the bank itself.
According to BNP Paribas, in fact, payments were processed between the Italian sports collectible firms Panini Group and the Australian packaging firm called Amcor.
The payment transactions were managed in a few minutes – the bank explained in the official press release – using different currencies to make transactions easier between bank accounts located in Germany, Netherlands and England.
Panini Group treasurer Fabrizio Masinelli commented in a statement:
“This proof-of-concept shows how powerful such technology can be and how it can be utilised as an effective and efficient response to the main issues that treasurers face on a daily basis.”
BNP Paribas Blockchain Proof of Concept
The transactions were managed by using the proof of concept called Cash Without Borders launched earlier this year after its incubation during a blockchain hackathon.
More Details about the size of the transactions will be revealed in the next future.
Also, the BNP Paribas blockchain service tested the so-called “mini-bonds” for small investments, as well as blockchain crowdfunding prototypes that might see the light next year.
According to the Panini Group’s official website, the company earned 751m euros in 2014 and employs 1,000 people worldwide.
Also, during the same year, Amcor earned $10b in sales and employs 29,000 employees.
To read more about the BNP Paribas Blockchain service click here.
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Denmark Bitcoin: Digitalizing National Currency
Today I want to talk about the Denmark Bitcoin position and regulation.
Denmark is a place where its citizens relie on cash less than most other European countries, so it is thinking about digitalizing its national currency.
To do so, the Danish central bank wants to release its own digital currency based on a blockchain and it will be called e-krone.
Governor of the Danish central bank, Lars Rohde. commented that the government doesn’t want to print its own fiat currency in the future.
So Rohde is looking for outsourcing the production of Danish krone and wants to replace it with its independent financial system based on the distributed ledger technology: the e-krone.
In an interview conducted by Bloomberg, Rohde explained that the Danish central bank effort is not related to the blockchain technology or alternative fintech technologies:
“We’re not preoccupied with the technology because we know that issue well. Cash and notes are not an alternative to electronic payments. We went beyond that many years ago.”
Also, the most important problem the central bank is worried about is the anonymity of the e-krone.
At the moment, the Danish bank believes that the e-krone will have a serial number embedded onto its Blockchain, so the government will be able to track the currency thanks to a transparent ledger.
However, another issue about the anonymity of a currency are the predictable complaints by the Danish citizens who expect to be provided with financial freedom and privacy.
“All money held by Danes will eventually end up in the central bank in the event of a financial crisis, and we will indirectly end up doing a bailout because we become a creditor to all the banks.”
But the distributed ledger tech is not applicable to the concept of the Danish central bank, as structurally it cannot be established for the central bank as network moderator.
To read more news about Denmark Bitcoin position, click here.
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Japan Bitcoin Regulation for 2017
Japan Bitcoin Regulation
Japan Bitcoin Regulation will take place in 2017 and it wants to drop an 8% sales tax on Bitcoin purchases.
This move will take effect in July 2017, according to a document published by CoinDesk.
Although the proposal has yet to be approved by senior Japanese government, an annual tax document written by the ruling Liberal Democratic Party and the Komeito party was revealed today. Thanks to this document now we know more details on the proposal suggested back in October by the Ministry of Finance and the Financial Services Agency.
The tax remains in place today.
If approved by the Cabinet, the plan will institute a period of grace in June 2017, with the tax exemption becoming official the following month.
The document just released is the result of discussions among government stakeholders first reported by the regional news service called Nikkei.
Local startups have already responded positively to this Japan Bitcoin regulation.
CEO of exchange service Quoine, Mike Kayamori, commented that the plan to drop the sales tax was expected, but it represents a good message to the cryptocurrency community.
Kayamori explained to CoinDesk:
“It’s a huge relief for us. Customers don’t have to pay tax for each transaction. Hope this becomes standard practice.”
This move follows a very busy year for Japan on the exchange front, as the government decided to request registration for all the companies that handle bitcoin sales within the Japanese country.
Discussions around exchange regulation began last year when government ministers tried to obtain information from exchange services.
Also, a deliberations took place last year because of the collapse of Mt Gox, a bitcoin exchange imploded in 2014, causing hundreds of millions of dollars lost by the exchange users.
Document originally shared by CoinDesk.com on Scribd. Unfortunately it is available only in Japanese language.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Russia Bitcoin recognized by tax authorities
The uncertainties about the relationship Russia Bitcoin were finally disappeared.
In an official document published a few days ago on November 29th Russia’s federal tax service expressed its new position regarding the legality of Bitcoin use and transactions.
In fact, the document finally explained that there is no legal prohibition of digital currencies in Russia.
Russia Bitcoin and uncertainty
For almost three years it was not clear if the Russian authorities wanted to ban or accept Bitcoin and introduce several penalties.
Somewhere during this period, the Russian ministry of finance commented about the possibility of a four years imprisonment introduction for people involved in the Bitcoin use.
Also, even bank officials sentenced to seven years in prison and banned from holding certain positions.
However, Russian authorities changed their idea and gave the ministry of finance a new directive to write a law on Bitcoin.
For Russia Bitcoin is a foreign currency
The federal tax service’s document affirms the legality of Bitcoin and indicates that all trading operations related to Bitcoin and any other digital currency are to be considered as foreign and external securities.
In fact, this document essentially defines the buying and selling of Bitcoin and other cryptocurrencies a monetary transaction.
Bitcoin for Money laundering and terrorism
However, the document also explained that Russian authorities will investigate about people who use Bitcoin for money laundering and terrorism.
Even if this calls for KYC and AML from exchanges is yet to be clarified by the Russian government as there are more interpretations that are yet to be communicated.
Source: Coindesk.com
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Bitcoin Gifts for Christmas? Here some ideas
Are you ready for Christmas? Do you want to buy some Bitcoin gifts for you friends and parents?
When Christmas is approaching, every year begins the race for the perfect gift, but unfortunately presents get harder to think. The choice narrows every year, especially if you make a gift to the same people every year.
After the usual shower gel, socks and hats, this year you can give (and maybe even receive) some original Bitcoin gifts. Also, if you don’t like to go out for shopping and deal with the Christmas chaos, you can buy these gifts directly from your home.
Here you can find a wide range of gifts you can make using bitcoin or other digital currencies.
- OpenBaazar: this Bitcoin marketplace allows you to buy several kinds of gifts, including pc games, pins, t-shirts and more. Your order will be shipped to your home address, but shipment costs are quite expensive.
- Thanks to Purse, you now buy everything you need from Amazon but using Bitcoin.
- For coffee lovers, you can decide to visit Bitcoin Coffee Store that delivers everywhere in the world.
That said, if you really want to give your friends and parents an original gift, what about a Bitcoin wallet?
I mean, our wallet is free, of course, and you can open one on HolyTransaction, deposit the amount you want give your friends and family as a present, so they will also learn how to use bitcoin.
You just have to visit our website here, create an account, deposit the bitcoin amount you decide and give these original Bitcoin gifts to your friends.
Maybe you can print out the wallet access key and place it in a beautiful colored envelope under the Christmas tree.
Your lucky recipient will receive a unique, original and useful gift, so he will be aware of the bitcoin world and increase his fintech skills while he spents his new money.
Also, this will also be a good way to spread the use and understanding of bitcoin.
What are you waiting for? Open a new free wallet on HolyTransaction.com.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Ernst and Young Bitcoin accepted in Switzerland
Ernst and Young Bitcoin: the Swiss branch of global professional services firm will accept the cryptocurrency-kind of payment next year.
Starting in January, Ernst and Young Switzerland will allow bitcoin for invoice payments, as the company explained in a new press release.
Switzerland, Ernst and Young Bitcoin: a profitable relationship
The Swiss firm will also open a new BTM (or Bitcoin ATM) at its office in Zurich, as well as a wallet option for its employees.
This Ernst and Young project is part of the bigger cultural experiment on bitcoin and the distributed ledger conducted in Switzerland.
Late last month, in fact, Swiss railway service announced that it will sell bitcoin on its nationwide network of ticket kiosks; also the Swiss town called Zug will accept Bitcoin for public services payments, as its major explained back in May.
According to Ernst and Young, this launch fits perfectly with this experimental context created in the Swiss country.
Switzerland’s CEO, Marcel Stalder, commented that the company wants its employees to know digital currencies and the blockchain. This project is to provide ways to access a hands-on education, he said.
Stalder explained:
“We don’t only want to talk about digitalization, but also actively drive this process together with our employees and our clients. It is important to us that everybody gets on board and prepares themselves for the revolution set to take place in the business world through blockchains, smart contracts and digital currencies.”
Ernst and Young is just one of the “Big Four” accounting firms involved in the blockchain sector at the moment.
Recently, the company also decided to open a blockchain-related contest for startups with the goal of “exploring how blockchain technology can tackle challenges in digital rights management and energy trading.”
Learn more about Switzerland and Ernst and Young involvemet in the bitcoin field, by clicking on the links above.
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