Month: August 2020

The largest cryptocurrency trading conglomerate in the world has witnessed explosive growth in demands and investment recently. In only the first few months of this year, the company has seen a massive increase of around a billion dollars under its complete set of digital assets. Consequently, a spike in the sales of its shares was noticed as many investors scrambled to buy them up, thus increasing its valuation over ninety percent. Such an explosive and rapid broadening in its cryptocurrency business is a testament to the fact that more and more organized demand for crypto resources is developing across all investing centers.

Bitcoin no more the only overlord:

Interestingly, in these recent tides of increased interest, the underlying cause has not been Bitcoin this time. While Grayscale Corporation has always cataloged Bitcoin as their best player, this recent rise in success can be appropriately attributed to other popular altcoins such as Ether. It is the next best thing and has been rapidly gaining ground against Bitcoin’s industry favorite. Ether has also been petitioning the fiduciary department to become accredited as an SEC establishment, which will significantly improve its chances to rival Bitcoin on an even bigger scale.

Cause of the Voluminous Success:

This sort of burgeoning prosperity is undoubtedly influenced due to increasing investors’ faith, an excellent strategic trading routine, and fruitful collaborations with other top players. But it is worth noting some more concerning underlying reasons that may have fuelled the growth. One of the main ones would be the divide between the firm’s share costs and the premium of their crypto resources. Another would be the company’s volatile share price that has been going at a loss of ten percent. This may have led retail investors, who’d have bought those shares in better times to sell them now. And here, veteran traders would jump in, purchase those shares and take advantage of the differing costs of the premiums and Grayscale shares.

Nevertheless, the company has been on a righteous crusade to bring greater public awareness and interest into the whole genre of cryptocurrencies. With recent advertising videos dispersed to giant media conglomerates, Grayscale has been educating the people about the benefits of introducing altcoins into the mainstream.

The investors in the market understand the time value of money and hence look for the option where they can have quick trade. Therefore nowadays, they have turned to digital exchanges for ease of investing and trading. This can also prove as a good option for virtual currency lovers.

The growing competition among digital asset exchanges has meant that there will be less margins for every player in the market. Not only that, they are also forced to work on lower deposit and withdrawal thresholds to attract small and new investors. With interest growing both from the side of retail as well as institutional investors, these exchanges have to adapt to vast changes, including regulatory norms from different regions.

10000 exchanges across the world

You will be surprised to know that there are as many as 10000 digital asset exchanges around the world, and the number is all set to increase in the near future.  This is not an encouraging fact as it leads to various problems both for users and service providers. New investors will be confused about which exchange to choose from as they do not have a good understanding about various rates and features offered by these exchanges. On the other hand, exchanges will have to play with very less margins to sustain in this market.

Challenges of digital asset exchanges

One of the biggest challenges faced by digital asset exchanges is the price disparity that arises due to local regulations. As they have to match the price in the market, they will have to pair the cryptocurrencies with local fiat currencies and provide good liquidity options for traders. This becomes easy when the liquidity is very good in the market. However, as the market is still in the early stages, there is not enough liquidity to get a uniform price across the market. Due to this reason, different exchanges are offering different prices, and it is not uniform across different regions.

Institutional boom to digital asset exchanges

In the near future, the participation of institutional traders will provide the next boom to these starved exchanges. If the participation by these players increases in the future, it can lead to a good increase in trading volumes that will help the exchanges to build better infrastructure where they can process transactions at a good speed. The exchanges are in the process of developing fresh blockchain technology applications that can provide reliable and efficient service for traders.

Bitcoin is the future of money. Money as we know it- the form of cash or credit cards- will not disappear, but projections show that it will become redundant. And cryptocurrency will take over surely and safely.

How do you align your business with the crypto-currency trend?

We answer this question for you right here.

These are uncertain times for all of us. Covid-19 has brought all that was not working out in the open. There is room for a massive financial ‘rejig’. It’s also time for a cryptocurrency like Bitcoin to take center stage.

But what is Bitcoin?

Bitcoin is a peer-to-peer network that is controlled by no one. This means no institution or person controls it. This digital currency can’t be printed and only 21 million Bitcoins can ever be created.

For many people, the main benefit of using Bitcoin is that it’s completely immune to the interference of world governments, corporations and banks.

Benefits of Using Bitcoin

What are the benefits to you if you do decide to jump on to the Bitcoin bandwagon? Bitcoin is easy to use; Bitcoin transactions are faster; you pay lower costs than you do for credit card transactions, and Bitcoin transactions are anonymous.

Not one person or company can interfere with Bitcoin transactions, add to the fees on Bitcoin transactions, or take it away from people.

Another characteristic that makes Bitcoins very attractive to business owners and users alike is the fact that they are transparent. Each transaction is stored in a public ledger called the Blockchain, which is publicly distributed.

Many small businesses, like restaurants, in Singapore are announcing “Bitcoin accepted here” and attracting the new-age, savvy Bitcoin users who will also go out of their way to support a Bitcoin business.

Here’s an easy guide for you to switch to Bitcoin the oldest cryptocurrency in the market:

1. Creating a Bitcoin Address for Your Business

The first step is getting a Bitcoin wallet. This is nothing but the address where your Bitcoin using customers will transfer their crypto money.

This process works a lot like email. The customer has to type in your address, enter an amount and hit “Send.”

Similarly, you have to remove the crypto currency out of your computer or mobile at the end of the day and deposit it somewhere safe.

It’s always best to keep very little Bitcoin on your mobile or laptop.

You have a host of online tutorials on how exactly to set up the Bitcoin wallet and secure it against attacks. These are also extremely easy-to-follow.

2.  Using BitPay or Coinbase

These two are the major payment processors in the market. This way, you can input the money straight from the customer to your Bitcoin wallet, which can be linked to your bank account for withdrawal.

Most payment processors do charge either a percentage of your transaction. But these charges are still substantially less than what credit card companies charge.

Payment processors also offer a slew of benefits to you free. For example, you can send invoices through email or create a shopping cart plugin for your online sales business.

Furthermore, you have the added benefit of converting your cryptocurrency into fiat or regular money. This feature is very useful as it allows you to transact seamlessly with customers who want cash in fiat instantly.

3.  You Got to Advertise Widely that You Are Accepting Bitcoin

There are many bitcoin users out there who want to support businesses that use Bitcoin. It would be best if you reached out to them. You can do this by writing prominently on your store or restaurant front that you accept Bitcoin.

Similarly, you could add this piece of information to your website and social media accounts in the form of a “Bitcoin Accepted Here” button and your Mastercard and Paypal buttons.

Make some noise. It will work- as you will see!

4.  Paying Taxes

Your accountant will be able to guide you on how to keep records of your business’s Bitcoin transactions. Accountancy firms like Bitcountant and TaxNinja will do this easily for you if you prefer not to waste your time on accountancy-related chores.

These accountancy firms will also be able to handle Bitcoin-related tax issues. If you are in America, meeting tax obligations under the IRS’s guidelines is quite simple and straightforward.

Finally

Bitcoin is a relatively new form of payment, and so it is but natural that there are a few glitches in the chain. The spending options of Bitcoin are still limited for now. But the good news is that with each passing day, more and more small businesses like you are switching to Bitcoins and accepting payments in BTC.

Just follow the simple guidelines above and hop onto the cryptocurrency gravy train. You have nothing to lose and everything to gain, we promise.

What is Ransomware Attack?

It is the critical software used to demand a ransom. This software is designed as it can encrypt all files of the computer system. At the moment, when software encrypts all the files of the system, it automatically starts to demand ransom and threats the company or person. After this ransomware attack, the computer operator cannot see or use his files or system until he pays the amount.

Ransomware Attack on the English football club

In the past days, the cybersecurity authorities had warned the sports sector about the ransomware attack. On 23rd July, the UK national cybersecurity centre announced the report related to the ransomware attack against the sports community.

Recently, the English football league club hit the ransomware attack under which attackers demanded multi-million dollars in Bitcoin (BTC). According to the reports of cybersecurity, the ransom amount threat was 400 BTC ($3.66 million) from the sports sector. The sports club has rejected to pay the ransom, and as a result, they lost their whole stored data.

This Ransomware Attack could result in high loss

The report shares further information that the attack also resulted in more damages. The club lost its usage of corporate emails, turnstiles, CCTV systems due to the attack.

Moreover, there is not any public information that permits criminals to enter or gain access to their system and may access the CCTV system. Hundred thousand pounds is the cost of the attack, impart by UK cybersecurity centre.

Impact of ransomware attacks on the sports sector

40% of the attacks on the British sports authorities are related to the malware and a quarter of the attacks are related to ransomware.

 These attacks are growing day by day as cybercriminals target the high profiled sports authorities. The software behind these attacks is commonly available on the darknet.

Conclusion:

Going through the studies, it can be identified that the ransomware attacks are increasing from the year 2018. Ransomware attacks have increased worldwide by 200% in a small part of the time.

High sports entities are the main target of these ransomware attackers. Once the ransom is demanded, it should be paid, or the ransom will be increased with time. 

Not only sports authorities, but many other centres and authorities had also been targeted by these attackers in past years. So be careful with your files and data.