In many countries, there are emerging monetary crises as local currencies lose value. Local governments or central banks are unwilling or unable to solve inflation, and that’s a key chapter in the story of Bitcoin. The late economist Milton Friedman, a Nobel Prize winner, said people should only look to one reason why long-term inflation exists: the above institutions keep printing cash out of thin air which debases the local currency. That makes Bitcoin and other reliable cryptocurrencies an attractive solution in places that operate on shaky or desperate economic ground.
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Español Русский One of the great advantages of Bitcoin is its international nature. Wherever you are in the world, so long as you have an internet connection, you can use Bitcoin to send and receive money. That said; some parts of the world are much friendlier to Bitcoin users than others. Anyone seeking to set […]
South Korea’s largest cryptocurrency exchange Bithumb has announced that it will block trading in 11 countries as part of its revised internal regulations aimed to prevent money laundering using its system. Foreign users will also need to undergo a stricter verification process.
Preventing Money Laundering
Bithumb announced on Sunday that its internal regulations have been revised in order to prevent money laundering activities using its system, according to local media. Business Korea elaborated:
Initially dismissed as a fleeting, fringe trend by banks and regulating bodies, cryptocurrency was left largely untouched for a long time. For years, the crypto market was like the wild west. But as the cryptocurrency market and the hype around it continue to boom, financial players and governments are beginning to wake up, all scrambling to figure out just how they’ll conquer this new frontier while creating some serious arbitrage opportunities.
[Editor’s note: This is a guest article submitted by Gregory Klumov, CEO of Stasis.net]
While Bitcoin can already be called the world’s first global currency, it is nevertheless illegal in a several countries, where using it has been outlawed by the government. By doing so, the future is not looking bright for these largely third-world nations with struggling economies.
11 Countries Where Bitcoin is a Crime
Bitcoin is not only the world’s first cryptocurrency, it is also the first borderless and apolitical form of money in the history of mankind. It is the next step in the evolution of money technology that’s rapidly developing in lockstep with an increasingly interconnected world.
A growing number of governments can’t resists the temptation to get their hands on some of the bitcoins their citizens are making. Several states, however, think that leaving some breathing space for crypto users and entrepreneurs is a better idea in the long run. Crypto-friendly tax regimes can still be found around the world.
In a recent cryptocurrency trend, miners have been trying to find ways to maintain profitable mining operations. One such method is to move their operations to countries with lower electricity costs, such as Norway and Sweden.
Mining is the essential action required for blockchains to stay secure and decentralized. As a miner, you need computing power and copious amounts of electricity, which doesn’t come cheap.
Some analysts estimate that the energy cost to mine a singular Bitcoin can range from $ 531 (Venezuela) all the way up to $ 26,170 (South Korea). So how does this equate on a worldwide level? Digiconimist estimates that Bitcoin miners will consume over 125 TerraWatt hours of power by the end of 2018, which is an insane amount of electricity.
As the cryptocurrency market struggles to regain its footing after a record-setting run late last year, traditional financial institutions, corporations, and governments are all looking to co-opt Bitcoin’s underlying technology for their own purposes — including the European Union.
Europe Goes Long on Blockchain Technology
On April 10, 22 countries in the European Union signed a Declaration on the Establishment of a European Blockchain Partnership.
Aimed at cementing Europe as a world-leader in the development and launch of blockchain technologies, the international partnership claims to be “a vehicle for cooperation amongst Member States to exchange experience and expertise in technical and regulatory fields and prepare for the launch of EU-wide blockchain applications across the Digital Single Market for the benefit of the public and private sectors.”
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One of Bitcoin’s inherent virtues is being inflation-resistant. This unique feature might be essential to help countries interested in adopting a passive monetary policy.
Bitcoin Controls the Inflation Rate
Only 21 million bitcoins will ever be mined. Therefore, Bitcoin is illiquid. However, Satoshi Nakamoto, purportedly the creator of Bitcoin, intentionally established this lack of liquidity to make the cryptocurrency inflation-resistant and to incentivize Bitcoin miners.
According to Professor Max Raskin, Bitcoin’s pre-commitment to an inflation rate that halves every four years makes the cryptocurrency an ideal model for governments choosing to adopt a passive monetary policy. Raskin writes in the Wall Street Journal,
Hong Kong, 21 March 2018 – ALAX, a Hong Kong and Geneva-based mobile game distribution platform, and Gionee, among the world’s top smartphone manufacturers have entered a partnership. ALAX will be pre-installed on Gionee’s new smartphones, with older models moving to the ALAX platform in line with regular updates. Gionee shipped over 40 million smartphones worldwide in 2016. The company’s phones are now one of the most popular brands in India, adding to its presence in over 50 global markets.
The Bittrex exchange is heading in a rather interesting direction. While the company is looking to make a positive impact, its updated terms of service will undoubtedly raise a lot of questions. More specifically, prohibiting customers in sanction-ridden countries from using this platform sets a dangerous precedent.
Bittrex Makes Another Interesting Change
In the past year or so, things have evolved in an interesting direction for the Bittrex exchange. More specifically, the company made it clear that users who had not verified their accounts would have lower withdrawal limits. Although that change was communicated well in advance, the company still faced a lot of criticism because of the decision. It is evident this change in policy was a positive one, although a lot of users did not see it that way.
Even though blockchain technology continues to make strides in developed countries, investment bank Exotix believes that it will have the biggest effect in emerging countries.
In most cases, events develop in a step-by-step process. However, in some cases, technology allows us to bypass certain steps to get us to the end goal even quicker.
Paul Domjan, who is the global head of research, analytics, and data at Exotix touched on how certain technologies have the ability to skip a few steps to present end users with a solution to their original problem, as well as a host of additional benefits.
Bitcoin seems to be the knight in shining armor for countries suffering distress due to corrupt governments and volatile economic climates.
Bitcoin’s race to the top of the crypto charts has been filled with record-breaking prices, mainstream integration into the financial industry, and overall sitting-on-the-edge-of-your-seat excitement.
In waiting for the currency to reach the next price milestone, it may be easy to forget what it’s actually there for. Even though it may have a somewhat infamous reputation as being the preferred medium of exchange for shady deals, Bitcoin’s goal is to completely revolutionize and disrupt the global economic industry.
Initial coin offerings (ICOs) can easily net millions of dollars from enthusiastic investors, but a number of countries are starting to regulate them. The Philippines is the latest country to join this growing club.
The vast surge in cryptocurrency value and popularity, especially Bitcoin, over the last couple of years took many sovereign governments and major financial institutions by surprise. The blockchain has led to a massive explosion in platforms, each looking to generate revenue through a token sale. While slow to react to this new phenomenon, a number of countries are starting to regulate these initial coin offerings (ICOs), and the Philippines is the latest one to join this list.