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Press Release

The Launch of Credits Blockchain Mainnet Platform For Public

by cryptocreed
written by cryptocreed

On the 31st of March, Credits blockchain company announced the release of Mainnet, creating a new line of blockchain-based products for a new generation.

Credits are designed to provide high-speed transfer of digital assets and commands in a decentralized and distributed environment with high-speed reading & writing operations with storage. It serves an all-purpose mediated between the technology and the business.

The platform has the following features:

  • High network capacity – more than 50 000 transactions per second
  • Minimum time to process a transaction is around 0.1 seconds
  • Low fees ranging from $0.001
  • Smart Contracts with advanced features and tools

“It’s been a year-long journey to get this technical masterpiece. From the beginning, we were intended to bring absolutely new solutions that could find its application in a wide range of industries”– Chugunov said.

After a year of development, and testing, Credits company is currently ready to roll out its product and services across the globe. The launch includes the public availability of the main Credits Platform components including:

The releases of the Credits Mainnet are an example of a long-anticipated milestone. The ambitious efforts helped Credits attract the titanic attention of developers around the world. The credits team has a goal to pioneer the use of blockchain in various industries, all with the same focus on quality.

All components of the Credits network are available online at developers.credits.com

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What Can I Buy With Bitcoin? Which Stores Accept Bitcoin & Altcoins
Beginner’s GuideBitcoin

What Can I Buy With Bitcoin? Which Stores Accept Bitcoin & Altcoins

by cryptocreed
written by cryptocreed

Buying things through Bitcoin is not easy because of the Transaction fee. Once upon a  time users have to pay more than 50$ per transaction. How anyone can think to buy a product whose actual cost is 5-10$.

For e.g. cup of coffee which you can buy for 5$ by paying in FIAT but at the same time if you pay with Bitcoin, you have to pay more than 60$. But at the time of writing, the transaction fee is around 0.5-1.5$.

There are some big companies that started accepting Bitcoin as a payment processor but later on, they removed Bitcoin from their list, What Can I Buy With Bitcoin?

Big Companies Accepting Bitcoin

Dell:  Tech giant who dropped Bitcoin because of low audience and usage. If they continue using Bitcoin then it can directly affect the price of Bitcoin.

Steam:  Users can use Bitcoin for purchasing Games but stopped because of transaction fees.

Fiverr: Because of low demand they dropped Bitcoin as a means of payment.

Expedia: One of the largest travel sites suspended using Bitcoin.

Let’s check what you can buy and where you can buy through Bitcoin.

Overstock – Overstock becomes the first biggest online retailer that starts accepting Bitcoin. Users can buy domestic products through Bitcoin on overstock.com

Microsoft – There is nothing to say about this company. Users can use Bitcoin to purchase games, movies, and apps by adding funds to their accounts. Microsoft is one that stores which stores accept bitcoin.

Shopify – One of the biggest eCommerce platforms allows users to start their own online shop by paying in Bitcoin.

NewEgg – Most of the miners like to buy mining equipment and hardware’s from NEWEGG. Bitcoin is accepted as a mode of payment on Newegg.

Dish – Internet and satellite TV service provider who started accepting Bitcoin in Aug 2014. DISH partnered with Coinbase to make payments in Bitcoin.

eGifter – This is the smartest way to use Bitcoin on Amazon, iTunes, Home Depot, and Dominos. eGifter is a site from where you can get a Gift Card for various sites like Amazon and others. Currently, there are more than 250 retailers where you can use your Bitcoin.

Some other sites which accept Bitcoin as payment

BodySculpt – The Premier Plastic Surgery Practice to Accept Bitcoin in NYC

GhostBed – Online Mattress seller giant started accepting Bitcoin on Dec

Pizzaforcoins – For those who are living in the US can buy pizza with their Bitcoin and more cryptocurrencies. (update: they are closed now)

Do you want to donate using Bitcoin?

Now you can donate with your Bitcoin on BitHope, Bitgive, and fidelity.

There are thousands and more offline retailers are accepting Bitcoin for the list you can check on SpendBitcoin or on CoinMap.

These are some famous and known online merchants who accept Bitcoin or cryptocurrencies as modes of payment.

Does Amazon Accept Bitcoin?

No, but still there is a method through which you can purchase things on Amazon using Bitcoin indirectly. Sites like Purse.io & SpectroCoin can help you to purchase on Amazon through Bitcoin.

Does Walmart Accept Bitcoin?

No, same as Amazon, it accepts gift cards. You can purchase a gift card using Bitcoin and can use it on Walmart.

Does eBay Accept Bitcoin?

eBay is not accepting BTC or didn’t even plan to accept it in near future. 

Does PayPal Accept Bitcoin?

Yes, recently in Oct 2020, Paypal announced that they are going to accept Bitcoin as a payment method, in some regions.

Does Alibaba Accept Bitcoin

No, it doesn’t accept Bitcoin or any other cryptocurrency as a payment method.

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Press Release

Crypto contradictions: Regulations on crypto in Brazil

by cryptocreed
written by cryptocreed

The original version of the article was published by Cloudbet and is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter.

The largest country in Latin America and 5th biggest in the world, Brazil has always been plagued by corruption and inefficiency. Crypto ecosystems may help – if only regulations will let it.

  1. Brazilian-style regulatory approach
  2. Death and taxes
  3. The other side of certainty
  4. The backlash from entrenched powers
  5. What does the future hold?

This is part of a series of stories on crypto regulation and worldwide adoption by the Cloudbet blog. To learn more, check out how regulations are shaping adoption in Africa, and the curious case of crypto in India.

Brazil is a land of contradictions, notorious for having a disgruntled, patchwork-style legislative framework – a trait that generates confusing, intertwined norms that in most cases lead to structural delay in innovation. In this context, the various administrative bodies that make up the national financial regulators finally began following the rest of the world in their mission towards the regulation of cryptocurrency usage. However, like most things in the country, this has been a path ridden with contradictions and uncertainty.

After bitcoin overcame the deep web and underworld currency-shilling, finally overcoming the borders of Silk Road and media sensationalism, the first Brazilian cryptocurrency exchange emerged in 2011, remaining in operation up to this day. Many others exchanges have popped up ever since, contributing to the dissemination not only of BTC and altcoin markets but also of a whole budding crypto ecosystem.

After the 2016-2017 crypto markets boom, the government’s interest also peaked, spurring political and regulatory action in its wake.

Brazilian-style regulatory approach

Since then, Brazilian regulatory bodies have begun to take interest in this issue, not only because of the potential disruption to the current wealth distribution model but also because of bitcoin’s overvaluation in 2017. At the height of the mania, the number of people registered in crypto exchanges reached 1.5 million, representing more than double the number of individuals registered as traders on the stock exchange.

Also Read: Best Cryptocurrency Arbitrage Platform To Make Profit

Also Read: Top URL Shortener To Make Money

These huge numbers led to the holding, in September 2017, of a public hearing in the Brazilian Chamber of Deputies’ Special Committee on Virtual Currencies, in order to discuss crimes in the virtual currency market. That gathering was attended by representatives of the Federal Public Ministry and other entities concerned.

On that occasion, the discussions involved the points of the law project n. 2.303/2015, which intends to frame the digital currencies in the Payment Arrangements law under the supervision of the Central Bank of Brazil, similar to the regulation of credit cards.

Apart from that, and although there are some drafts proposed by congressmen who dream of regulating it, there are currently no specific prohibition or regulation on the use of cryptocurrencies in the country. The only official position so far is an instruction by the Central Bank of Brazil, who warned citizens about the “risks of possible fraud or other improper business conduct, which may result in equity losses.”

Death and taxes

Nothing is certain but death and taxes, right?

In the Brazilian tax scene, that couldn’t be more true. Here, cryptocurrencies – because they are not officially recognised as currencies – are considered intangible assets with patrimonial value (much like any work of art). That doesn’t exactly offer a clear-cut status for crypto – that is, except for tax purposes. As a result, the Federal Revenue Service requires Brazilians to annually declare their crypto holdings in their income tax declaration.

If citizens, through buying and selling crypto, accrue capital gain in excess of R$ 35,000.00 (approximately € 8,100 as of the publishing of this article), then this must be stated in their Annual Adjustment Statement held every April – and of course, duly paid for.

In mid-2018, the Brazilian regulatory agency made headlines after they authorised Brazilian investment funds to make indirect investments in cryptocurrencies abroad, so long as these were lawfully admitted and regulated by the investment’s host country.

That shows there is a certain openness by the Brazilian regulatory bodies to the benefits of blockchain technology. This openness is even more conspicuous by looking at the development of the international blockchain consortium R3, which includes massive Brazilian financial institutions such as Banco Itaú. Such institutions are not known for being risk takers or going against regulatory trends.

The other side of certainty

But alas, Brazil is the land of contradictions, after all. If on the one hand the sky looks clear, on the other, gray clouds seem to be building up – and if taxes are always certain, all else is far from it.

In November 30, 2018, under the guise of preventing criminal actions involving money laundering, the Brazilian Federal Revenue Service (FRS) initiated a crackdown on cryptocurrency exchanges and brokers, publishing a rule mandating that such companies deliver a monthly report with all transactions in digital assets. The initial objective of such strategy was to cross-check exchange information with personal tax filings to seek and punish evaders, but one of the side effects is making it harder – and more expensive – for these businesses to operate.

Moreover elsewhere, in the field of regulatory issues for cryptocurrency exchanges and brokers, the Brazilian Securities Commission (CVM) has not only warned citizens against the consequences of money laundering, but also tightened oversight over companies that sell crypto assets as financial investments either as security tokens or as selling quotas, which is prohibited by the aforementioned body, and imposed severe fines.

The uncertainty of the current status brings about quite a few negative consequences, including the judicialisation of fines, wasteful – and repeated – investigations by the Public Ministry (both on national and local levels), and the unnecessary sensationalism that ensues by the negative media exposure. None of these usually lead towards a healthy landscape for innovation to thrive.

Backlash from entrenched powers

On top of that, part of the discussions has already been brought before the courts, motivated by incumbent financial institutions that seem like they are trying to stop the use of cryptocurrencies in Brazil.

As an example of a case, some of Brazil’s largest banks have issued notices stating the unilateral closure of bank accounts held by major cryptocurrency exchanges, alleging risks and the impossibility of tracking money laundering offenses.

The affected exchanges have started a judicial battle against the measure but were ultimately unsuccessful. A Brazilian court of appeals has ruled that banks have the freedom to discontinue the relationship with a person or company, as previously justified.

This is undoubtedly a reprehensible retaliation against a technology that, in a sense, is beginning to drain an increasingly larger share of resources from the incumbents. A potential consequence of driving legitimate players off the market is that crypto may be driven to the informal economy.

What does the future hold?

It is a consensus among scholars, enthusiasts, and even most government agencies and institutions that the use of cryptocurrencies is already transforming – and disrupting – the financial market.

If the past is any indicator, in terms of speed of regulatory matters involving this open and global technology, a comprehensive body of legislation in Brazil may take quite some time. Drawing a parallel between the arrival of the Internet in Brazil, in 1995, and its regulation through the so-called “Civil Internet Framework” in 2014, 19 long years had to go by until national legislators could be bothered to do it.

Making cars illegal would never return horses to the street of Rio de Janeiro; it would only mean people would take a lot longer to move around.

If this technology represents – as many seem to believe – a new layer over the internet as well as a new “global computer”, then any attempts at regulating it should be based more on common and universal principles among nations than on local technicalities.

In this sense, in Brazil, there is hardly any regulatory understanding at all. So far, the only points addressed by officials were the more obvious effects of cryptocurrency usage (as has been done by the FRS), whose strategies rest – quite justifiably – on the side of caution. But the clock is ticking, and being overly cautious – or too prone to “deferences” to incumbent financial institutions – may backfire.

In the long run, this approach is simply not appropriate to reap all the potential from this technology, and the country may be left behind. Making cars illegal would never return horses to the street of Rio de Janeiro; it would only mean people would take a lot longer to move around.

The original version of the article was published by Cloudbet and is part is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter.

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Press Release

The Curious Case Of Crypto In India

by cryptocreed
written by cryptocreed

The original version of the article was published by Cloudbet and is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter. crypto in India

With over a billion inhabitants, many of which unbanked, and one of the highest rates of computer literacy amongst developing countries, cryptocurrencies should be booming in India, but. it’s complicated. Our guest author explains what’s going on.

  • A look at the evolution of crypto in India
  • The Indian government’s stance on crypto
  • Demonetisation and crypto
  • How to get hold of crypto in the subcontinent
  • The future of crypto in India

Cryptocurrencies took their time to spawn a full-fledged market and community in India. They weren’t even a talking point In the country until late 2013 when bitcoin experienced its first bull run.

One of the major reasons for this is because at the time there was a lot of misrepresentation of bitcoin in the media. At that point, the first-ever cryptocurrency in the world – bitcoin – was basically synonymous with crime, as portrayed by the dark web’s infamous market, the Silk Road, while the economic backdrop behind the first digitally native currency was sadly overlooked.

Even if there were a few who believed that cryptocurrencies and blockchain technology were the breaks the country had been waiting for, at that time, most people in India believed that bitcoin was nothing but a bubble waiting to burst under the pressure of speculation.

Because of the lack of consensus, the government and its regulatory bodies put out disjointed warnings and announcements that sent out mixed signals to the population. At one point, after the cryptocurrency market picked up in the country, almost all banks were lending support for Rupee-Crypto and Crypto-Rupee pairs on almost all exchanges functioning in the country.

The cryptocurrency market then started booming in the country, and it was estimated that over Rs 500 crore (five billion Rupees) were added into the market per year, with almost 50,000 bitcoin wallets and over 800 bitcoin being traded on a daily basis. In 2017, the Bitcoin fever peaked with over 2,500 users trading Bitcoin daily, and the trading volume rising close to $20 billion in that year.

The only problem was that this fledgling financial market was effectively unregulated, as the government had no official stance on the matter of cryptocurrencies.

That is until the Reserve Bank of India (RBI) took quite a strong first step by issuing a decree for banks and enterprises to withdraw support for the cryptocurrency market, which essentially banned banks from providing services to crypto-related ventures. This was said to protect Indian investors and hence the Indian economy from the wild volatility of cryptocurrencies.

Officially, not much has changed since that instruction. There is still no regulation on cryptocurrency trading, only more official warnings against risks associated with it. To mitigate the uncertainty surrounding the lack of an official stance and preempt against potentially strict future actions, crypto businesses have started ‘self-regulating’ by implementing things like KYC compliance, while getting around the RBI decree using a clever peer-to-peer mechanism that avoids direct banking.


And then, comprehensive regulation was drafted. Oh, wait… not really.

Indian Government on crypto

On the 6th of April, 2018, the decree issued by the RBI gave all banks, businesses, and enterprises a deadline of three months to withdraw support for the cryptocurrency market. Any above-mentioned entity found in violation of this decree would no longer be a registered enterprise with the RBI.

This decision sent shockwaves throughout the market and everyone took it as a sign of a nationwide ban on crypto. The central bank’s reasons for the decision included alleged concerns about “consumer protection, market integrity, and money laundering.” 

Amidst the ensuing chaos, a lot of exchanges and community members were determined to fight the decree. Groups got together and raised a petition on public interest in various courts across the nation against the decree released by RBI, saying it was violating the protected constitutional right to an equal trade opportunity. In light of the stalling employed by the government and the judiciary, the people filed for a stay order on the enforcement of the decree.

The stay order request, however, was denied almost immediately after the filing. And after the deadline lapsed, banks withdrew support, making it a lot harder for the community to buy cryptocurrencies in India, although there are some loopholes that are still being exploited to go around this partial ban.

A couple of months ago, a new hope emerged, as the government came out and announced that the decree was a little premature and that they would strive to figure out ways to integrate the technology into the country’s existing financial setup with “caution.”

Essentially, they seem to have decided that they will try to use blockchain – a public ledger that serves as the backbone of bitcoin – in financial services for strengthening transparency and improving inclusion.

Demonetisation and crypto

On 8 November 2016, the Government of India announced the demonetization of all ₹500 and ₹1000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new ₹500 and ₹2000 banknotes in exchange for the demonetized banknotes. The government claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.

According to economist Jean Dreze, “demonetization in a booming economy like India, is like shooting at the tires of a racing car.” Though it’s a bit of an exaggeration, this has turned out to become a harsh reality for India; international rating agency Fitch reported a lowered GDP growth forecast of 6.9%, down from the earlier forecasted 7.4%. The report also stated that consumers do not have the cash needed to complete purchases, and time spent queuing in banks is also likely to have affected general productivity; the impact on GDP growth is likely to increase as the disruption continues for a longer period of time.

Even if it probably didn’t have a massive impact on crypto worldwide, this experiment has definitely triggered interest in all things cashless in India, including bitcoin and cryptocurrencies. People started buying bitcoin ‘on the street’.

This meant that, in some cases, arbitrage traders would buy bitcoin and sell it for a very high premium for cash, which was no longer legal tender. This cash would be exchanged for new valid notes by the agents and deposited into their accounts.

Demonetisation had a mixed response from the people. The future looks bright as the negative effect of demonetization has been gradually fading, while the positive outlook for cryptocurrencies is starting to sprout here and there.


There are two ways to look at the problem…

How can Indian people get into crypto

After restrictions came into force, India’s cryptocurrency exchanges started reinventing their businesses to circumvent the ban and try to survive. Many of the platforms have shifted to exclusive crypto-to-crypto trade, wherein customers can exchange units of one digital currency for another. However, this means that the scope of these platforms is limited to the businesses of existing investors, significantly shrinking their customer pool.

Investors nowadays are relying on peer-to-peer (P2P) exchanges that connect individual buyers and sellers. After a while, almost all of the exchanges came up with a clever system where no bank is involved in a transaction, similar to Localbitcoins or to other such P2P platforms. For buying and selling cryptocurrencies in India nowadays there are many domestic exchanges. Some of the main ones include Coindelta, Koinex, and Pocketbits

 

In these exchanges, anyone in India can create an account – after going through KYC – with their email and phone number. By updating his/her documents in their profile, they can get their identity verified and start buying and selling cryptocurrencies. The KYC requirements are mostly Aadhaar card proof and a utility bill. The verification process can take up to a couple of days.

After getting verified they can make their first deposit by Adding Rupee (INR) to their wallets via UPI and IMPS/NEFT/RTGS by visiting the wallet page. Then the deposit will get credited and they can buy and sell and the market where all cryptocurrencies are paired with INR (Rupee).

Most of the exchanges have come up with a kind of system where no bank is involved in the transaction. They have introduced an engine to guide peer-to-peer deposit and withdrawal for Indian rupees just like the crypto P2P platforms – basically, matching depositors to withdrawals. As all the action happens between two individual bank accounts, legally it’s only a personal transaction.

That’s how the exchanges managed to work around the deadlock caused by RBI’s directive. It works – but the trade-off is the speed of transactions. This system takes a considerable amount of time to get it done and confirmed.


Which one of these two currencies has a bright future ahead?

The future of crypto in India

This current mode of indecisiveness and reactionary moves won’t hold for much longer. Yes, the past events have negatively affected the crypto evolution in India. If this state continues, India risks falling behind as the crypto economy will take an even longer time to develop. This situation is not tenable for long. The best course of action is to decisively lean towards a model of innovation with sandboxed regulation rather than stay paralyzed by fear of the future. In the near future, the Indian government will probably regulate the space and the whole crypto-economy will start to boom just like it did in 2017.

Despite the seemingly negative trend, good projects are still present in the landscape pushing out innovation in India. Private Bitcoin companies have also launched an association, called the Digital Assets and Blockchain Foundation India(BFI), to educate laypeople on Bitcoin benefits and usage. The government has started to work on understanding how blockchain and cryptocurrencies work. They need to work more to understand technology.

India is still a developing country. All said and done, the economy could use a boost and would greatly benefit from a (reasonably and sensibly) regulated environment. The cryptocurrency market runs atop one of the most disruptive technologies the world has ever seen. Many people believe that this technology is the future of the global financial market and well, frankly, it very well maybe. The technology has been maturing and blocking it out at this point is not the best way forward. While there is a chance that blockchain and cryptocurrencies may not be the winning solutions, the scales seem tipped in their favor, at least for now.

As this market is highly speculative in nature, governments needed a little more time to see how the market is reacting with the traditional markets. It was a tough choice for governments to wait in the sidelines. Now the time seems appropriate for the Government of India to start making progress in this space by implementing necessary regulations and enable the people to bootstrap an Indian Crypto-Economy for the future.

The minister explained that the government has constituted an inter-ministerial committee “under the chairmanship of Secretary, Department of Economic Affairs, with representatives from concerned departments to study all aspects of cryptocurrencies and crypto-assets including bitcoin.”

The committee includes representation from the Ministry of Electronics and Information Technology, the Reserve Bank of India (RBI), the Securities and Exchange Board of India, and the Central Board of Direct Taxes. India is just getting started with cryptocurrencies, and over time I believe that we will see more and more Indians getting involved in it.


A bright future ahead?

What’s on the horizon

There is currently no open ban on crypto per se, and retailers can accept it as payment, but with the government discouraging investors and no real institutional backing from India’s banks, the road ahead remains murky.

Blockchain technology, on the other hand, is positioned to flourish. The future of cryptocurrencies and the blockchain industry look bright and profitable for the Indian government and the country as a whole, too.

But having said that, the Indian government has put itself in a difficult position. Turning back on the decree would be admitting that they were wrong all along, and not doing so might be shooting themselves in the foot and stifling innovation.

I believe a positive framework is on the way and my guess is it will be close to the measures of the USA model of regulation. Even with tight taxation and attempts at stricter control, I believe there is a lot of potential hidden behind the world’s seventh-largest economy by nominal GDP, India.

Author: Ajith Varghese

The original version of the article was published by Cloudbet and is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter.

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Reviews

XCH4NGE P2P Crypto Exchange – Review

by cryptocreed
written by cryptocreed

XCH4NGE is the new peer to peer crypto exchange service. Which claims themselves better than localbitcoins in many ways like UI, No fees for buyers, Help support and security of the site. Let’s check out some benefits of XCH4NGE.

Also Read: Top 4 Best Multi Cryptocurrency Wallet With High Security and Features

Also Read: Best Nano Wallet

Localbitcoins is the one of the trusted and oldest P2P bitcoin exchange. It is safest way to exchange your Bitcoin. But it has lack of some best features which XCH4NGE has. We reviewed some of XCH4NGE’s features.

KYC Policy: There are three tiers of KYC. Required email & mo number for deposit and trade. In 2nd tier, requires email, mo number and proof of identity for deposit, trade and withdraw. And in last tier users requires email, mo number, proof of identity and bank details. There is no or less chance of scam if there are verified users.

Zero fees for buyers: XCH4NGE doesn’t charge any fee from buyers. And there is hidden unlikely other sites.

Support: This is what I check first on all sites. XCH4NGE live support is very fast and helpful too. They mostly reply within a 10-20 second.

2FA security: Users can secure their account by adding 2FA or MFA authentication. After login click on profile and then security, you can find details here.

Coins supported: At the time of writing XCH4NGE supports 5 major cryptocurrencies are XRP, Bitcoin, Ethereum, BitcoinCash, and Litecoin. LocalBitcoins supports only bitcoin.

Legal details: According to the website site is a registered company. Companies office address is 45 Hertford street London, UK. The registration number is 11161068.

For updates regarding project or platform join their Telegram and Twitter for official updates.

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Press Release

How Regulation Is Shaping Cryptocurrency Adoption in Africa

by cryptocreed
written by cryptocreed

The original version of the article was published by Cloudbet and is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter.

How regulation is shaping cryptocurrency adoption in Africa

Home to over 1.2 billion people, the African continent is seeing quick growth in cryptocurrency use. In this article, our guest author investigates how local regulations are helping shape this adoption.

  • Bitcoin adoption in Africa
  • Regulation and taxation
  • Case studies: South Africa and Nigeria
  • Will regulation take off?

 

The rate of cryptocurrency adoption in Africa would surprise you. While Africa may not be the first place that comes to mind when it comes to crypto, it is proving to be fertile ground for the advancement of the blockchain revolution.

In East Africa, Kenya is making news waves with rumors of a Bitcoin Exchange Traded Fund. In West

Africa, Nigeria experiences millions of dollars in trading volumes a week while in South Africa, crypto startups spring up on a weekly basis. Earlier in 2018, African BTC exchange Paxful reported $40 million in monthly trading volume. These are but some of the many examples showing how the blockchain revolution has sprung up in what may seem to some like the most unlikely of places.

Cryptocurrencies have several use cases in Africa that offer practical solutions to, among other things, challenges inherent in international transactions with trading partners, payment of school fees abroad, and as a hedge against inflation and a broken banking system.

In Zimbabwe, where inflation skyrocketed, BTC was trading as high as $14,000 as it served as a solution to the corrosive effects of economic challenges in the nation. Informally, many businessmen and traders utilize cryptocurrencies to assist in cross-border transactions with their partners in geographical regions such as Asia and Europe.

Two Giants, One Revolution

As a flower grows in a dark room, so too does the influence of cryptocurrencies in Africa. If bitcoin is the sleeping giant, then the world may indeed be on the brink of an era where two sleeping giants, Africa, and bitcoin, foster an alliance that changes the lives of 1.2 billion Africans.

Not only will Africans benefit from a blockchain empowered Africa, but also the world will benefit from a blockchain empowered Africa where greater financial inclusion, democracy, transparency, and trust are achieved.

To attain great heights of blockchain-enabled human development, Africa requires the foundational support of regulations. With suitable regulations, African States have an opportunity to encourage the adoption of cryptocurrencies, as well as support the creation of innovative technologies in the space.

Regulations and Taxation

Regulations, often seen as a double-edged sword for the progression of many industries, will be the key to adoption in Africa. Regulations made in the African States, however, are a complex business and highly dependent on the agendas of the respective governments.

 

A report by African Bank EcoBank shows that most governments in Africa are taking a “wait and see” approach to regulations of cryptocurrencies. More than half were yet to take a public stance on them, despite the same report outlining a “significant presence” of crypto in at least 36 countries.

The slow pace towards regulation is due in part to a lack of understanding of the intrinsic nature of cryptocurrencies. Without adequate knowledge of their potential benefits, many governments are yet to make an effort to regulate them.

To be fair, at least as of yet, the majority of Africa’s population have yet to hear about – or use – cryptocurrencies.  However, as more Africans proceed to use them, it is likely that a more proactive governmental approach will follow as benefits such as tax revenue become increasingly apparent.

Existing regulations in each nation in Africa differ by the nature of the country’s existing laws, beliefs, and political systems. Let’s take a look at some of the continent’s powerhouses: South Africa and Nigeria.

South Africa Leading

According to the report by EcoBank, South Africa is leading the regulatory race and had the most crypto-friendly approach in the continent. In as early as 2014, South African Reserve Bank released a position paper on virtual currencies which seemed promising.

Bitcoin surge in South Africa

In the position paper, SARB concludes that:

VCs [Virtual Currencies] pose no significant risk to financial stability, price stability, or the National Payment System. However, end-users, whether individuals or businesses that accept VCs and businesses involved in the VCs are cautioned that any activities performed or undertaken with VCs are at their sole and independent risk.

Fast forward five years and South Africa has introduced draft tax legislation and a consultation paper on cryptocurrencies. South Africa’s policies indicate cautious optimism by the government. On the one hand, the government stands to increase its tax revenues. On the other hand, it is considering a “crackdown” on the more anonymous crypto-assets.

The consultation paper requires crypto-asset providers to comply with KYC (know-your-customer) and AML (anti-money laundering) rules, which include identifying customers and knowing their addresses.

Service providers would have to monitor and report suspicious transactions which could require more personnel committed to such roles and potentially impact the privacy of users. By making it easier to identify users of crypto-assets through such regulations, the government intends to better assess the tax payable by owners of crypto-assets.

Published in collaboration with the National Treasury, the SA Revenue Services (Sars), the Financial Sector Conduct Authority (FSCA), and the Financial Intelligence Centre (FIC), the consultation paper provides a set of rules that requires crypto-startups to register with the government to conduct business.

These rules aim to achieve greater accountability in the sector, as registered crypto-businesses, aware of supervision, may carry out better internal compliance processes that better protect consumers. Additionally, users of companies such as crypto exchanges may be held under more strict supervision – which may lead to more tax reports on crypto being filled.

Regulations of cryptocurrencies in South Africa may increase mass adoption, as more people perceive them to have legitimacy on account of the approach by the government. On the flip side, this is likely to increase the regulatory costs of crypto-asset providers in Africa, which could be transferred to end users of regulated services.

There are other challenges associated with the regulations of cryptocurrencies in South Africa. The fact remains that a shadow economy exists in the cryptosphere which is not easily measured or regulated by the government. Over-the-counter trading and remote exchanges that choose not to report taxes are just some of the elements of that. While useful for tax revenue and consumer protection, regulations can be very hard to implement. Also, if too strict, they may lead to the stifling of innovation with companies choosing to take their business elsewhere to regions such as Mauritius, where laws are more business-friendly for crypto-startups. Cloudbet

 

On the other hand, South Africans are more than open to informal forms of finance. Cryptocurrencies will be no different.

Nigeria’s Growing Love for Crypto Overshadows Regulations

In the West of Africa, Nigerians are no strangers to cryptocurrencies. Even during the bear market, it was reported in 2018 that over $4 million dollars in cryptocurrencies were traded on a weekly basis in the region. If OTC trades were also taken into account, the figure would certainly be much larger.

 

Nigeria’s approach to regulation of cryptocurrencies has been mixed but very much based on that same “wait and see” attitude. The government has issued warnings on the volatile nature of cryptocurrencies in the past but has not issued a ban. It did, however, release a draft for a licensing regime that could increase the minimum shareholder funds for fintech companies to as high as $15 million. Cloudbet

 

This is a measure that could, if enforced, prevent a lot of local companies from entering crypto markets. A lack of competition in the provision of goods and services in the cryptocurrency space in Nigeria could be bad news for prices. Consequently, cryptocurrency users in Africa may suffer from higher costs and/or inefficiency of services. Cloudbet

 

Being a global phenomenon, users are likely to utilize platforms based abroad which are under less regulatory uncertainty. For example, foreign exchanges such as BRD and Binance are freely available in Nigeria, while remaining outside from direct oversight of Nigerian regulators. Cloudbet

Again, the shadow economy may prove to be too great for regulations to restrict the eventual mass adoption of cryptocurrencies. In Nigeria, a shadow economy exists in food markets, clothing markets, and other industries where the measure of economic activity cannot be ascertained formally. This, of course, makes it incredibly difficult for lawmakers and the executive to implement their own restrictions and rules on cryptocurrency use. In Benin city, for example, many informal cryptocurrency trading booths are popping up which, due in part to the lack of awareness by police in the region, operate freely.

The takeaway

The decentralized nature of blockchain and cryptocurrencies is such that it is almost impossible for a regulator to have full oversight. Even informal economies, regulation of the financial system has limited success. To this end, it is clear that the insurance against fraud and lack of transparency is the blockchain itself. This is why so many more people continue to adopt cryptocurrencies in Africa.

 

The blockchain gave the world a hand-held bank. From a phone, a transaction can easily be made with little worry. The security of blockchain networks upon which cryptocurrencies run will be the driving force for adoption in a continent where people do not trust centralized banks due to a history of inadequate customer service and malpractices. Cloudbet

 

As awareness of the benefits of cryptocurrencies grows, the adoption of cryptocurrencies will grow in Africa. The desire to utilize a life-changing technology that presents a change in the dynamics of finance for billions of lives is likely to outstrip any regulation that is presented. Regulation can be attempted, but if necessary regulation can also be outgrown.

 

Author: Calvin Ebun-Amu

 

The original version of the article was published by Cloudbet and is part of the Cloudbet Blog’s series on big-picture blockchain stories. For more in-depth discussions on all things crypto, tune into our In the Cloud section and follow us on Twitter.

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Reviews

Fanchain ICO Review And Details

by cryptocreed
written by cryptocreed

Sportscastr developed a project called fanchain ICO to use on their platform. Fanchain features include digital goods, tips, subscriptions, and pay-per-view (PPV), and an enterprise-grade SDK. These features added because of the current problems faced by consumers and producers in a market. The content created by producers is great and reachable but what they should get in from their content is not getting by them. Sports and social network contents are high in demand but still, it is profitable for producers. Fans have an equal place to get rewarded.

By using Fanchains ICO frameworks users will be rewarded with a token that can be used on the online sports ecosystem, where they want to contribute and a feedback loop. Fanchains Mints powered by a Dapp which allows third-party entities to distribute Fanchain tokens.

The reward for supporting their favorite teams: By sharing news, alerts, commentary, and joining in social conversation of their favorite team’s Fans can earn FanChain tokens. These tokens are convertible into rewards, goods, or access the contents from leagues or media platforms.

Engage Leagues and Teams in new ways: Teams and leagues rewards to most engaged fans in Fanchain tokens and can accept tokens for merchandise.

Media and sports platform increase Fan engagement: Social networks, OTT platforms, Online publishers can distribute Fanchain tokens to their followers or FAN for following them on social media.

Ways to use FANZ (Fanchain token)

Tickets:  Users can purchase game tickets from leagues, teams, and ticket vendors.

Merchandise: Use FANZ to do online shopping or on sports merchandise on FanPrizes.com

Access: Use FANZ to watch premium content on sportscastr and OTT platforms.

Tipping: Give tip to your favorite broadcasters and athletes on sportscastr

Betting: Users can use FANZ tokens on the betting platform of Fanchain, it is the part of the Fanchains ecosystem.

Fantasy: Access all types of fantasy streams on sportscastr and join Users can use FANZ tokens on the betting platform of Fanchain, it is part of the Fanchains ecosystem.

Fantasy: Access all types of fantasy streams on sportscastr and join our favorite team.

Fanchains product or utility of tokens

Fanwallet: FAN tokens are based on the Ethereum ERC20 blockchain. It is easily usable to send and receive on all standard Ethereum wallets like myetherwallet. But Fanchains special feature team stamps will not visible in those wallets. That’s why Fanchain developed wallets for web, android, and iOS devices.

FanExchange: Users can exchange or buy and sell stamped tokens of a specific team with another team’s tokens.

FanPay: Fanchain payment gateway allows apps, stores, and other entities to accept Fanchain tokens as payment.

FanPrizes: Fanprizes.com allows users to collect or buy all types of rewards and prizes with their FAN token. sportscastr llc.

Token and ICO details

Ticker: FANZ

Token Price: 0.025 USD

Total token supply: 600MM

Contact Links

Website

Whitepaper

ANN

Bounty

Twitter

Telegram

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AltCoinBitcoinBuy Bitcoin

Where to Buy Bitcoin Cash (BCH)? Buy your first BCH now

by cryptocreed
written by cryptocreed

Bitcoin Cash (BCH) launched in 2017, it is a Fork of Bitcoin. Currently, Bitcoin Cash ranked 4th on coinmarketcap with a total market cap of 738,935 BTC. At the time of writing this article rate per Bitcoin Cash is 161 USD. The highest pick of Bitcoin cash is near 3300 USD.  

The most pleasant way to buy your first Bitcoin cash is Exchanges sites. There are more than hundreds of crypto exchange sites in the market but only 10-12 sites are there which are trusted to use.

Here is the list of Best exchange sites. The First thing you required before buying your Bitcoin Cash is a BCH wallet which you can get from here.

Best Website To Purchase BitcoinCash

Bitcoin.com (Simplex) (Credit card)

The first site where you can buy bitcoin cash is Bitcoin.com. On their buy.bitcoin.com page, you can buy Bitcoin and Bitcoin Cash. You can see there are two buttons one is to buy Bitcoin Cash and another is for Bitcoin. Click on Bitcoin Cash after that you will get landed on the buy page.  There you need to submit your details like your personal info and then it will redirect you to the Pay page where you need to submit your credit card details and pay the amount.

Your payment will be processed within 24 hours, mostly payment done within an hour’s. You will receive an email that contains the status of your payment and maybe you will receive an email asking for KYC.

The fees are 2.5% for Bitcoin.com plus a 5%(minimum 10$) processing fee by simplex.           

CoinBase

Coin Base is one of the most trusted and oldest sites in the crypto market. On coinbase, you can buy Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Unfortunately, Coinbase doesn’t support all the countries, check this list if your country in the list or not.

It is very simple to use coinbase for buying coins. Connect your bank account and debit or credit card and after some verification steps, you will be able to purchase your BCH. You can buy it with your bank or with your debit or credit card.

Changenow (Maybe Scam)

Change is the easiest and smoothest way to buy and sell BitcoinCash through Credit and Debit cards. Just go on the website and select your currency, first select which you want, and in second which you want to sell. Enter your wallet address where you want to receive your Bitcoin Cash and confirm your information.  Now send the deposit the amount which you wanted. You will get your Bitcoin Cash within a minute.

Note: Recently many users reported Changenow as a scam. Check these comments: Click here

PayBis (Buy Bitcoin Cash through Credit Card, Skrill, Payeer, and 10 other ways)

PayBis has a 9.3 out of 10 ratings on Trustpilot with 3211 reviews. Users have to register on the website. Select the way which you want to deposit, users can buy Bitcoin Cash through Credit card, Payeer, PerfectMoney, Skrill, Neteller, and Bitcoin.

PayBis is the better choice than Changenow, as changenow seems to scam and have trouble with their own tokens.

Paybis charges a fee from 2 to 7%, after selecting the way of deposit you can see how much Paybis charges and 3rd party charges.  There are some restrictions on buying and selling coins. Check all the limitations here.

Check here reviews.

ShapeShift (Exchange)

Shapeshift doesn’t support Credit cards or fiat but it is the fastest way to get your Bitcoin Cash by using other coins. To use the site you have required to sign up and activate 2FA on site. Select the asset which you want to sell and the coin which you want to receive or buy.

LocalBitcoinCash 

LocalBitcoinCash is similar to LocalBitcoins. If you used localbitcoins then you may know how it works.  LocalBitcoinCash supports more than  15 coins. There are not lots of users on the site but you may find some deals are done there.

There are two ways to trade coins one is with Fiat and another is with cryptos. Register and login on-site and select the way you want to trade your Bitcoincash.

Exchange sites where you can buy and sell Bitcoin Cash through Fiat

CoinBase

We already mentioned about CoinBase above. Users can buy BitcoinCash using a Credit card and debit card on coinbase. This is the most trusted exchange site.

Bittrex

Users can buy Bitcoin Cash using BTC, USDT, and ETH.  But be careful Bitcoin Cash is not known as BCH but it is known as BCC.

Kraken

On Kraken, users can buy and sell Bitcoin Cash using Fiat and crypto both. Kraken supports USD and EUR, in crypto trading Bitcoin can use to buy and sell Bitcoin cash.

Cex.io

Cex is also one of the best crypto exchange site. Bitcoin Cash is buyable through credit and debit cards and supports USD, EUR, and GBP. Users can also buy through Bitcoin.

These are the exchange sites that are not tested by us but recommended by users. So use at your own risk.

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Press Release

Decentralization in online Gambling sector soon to become reality

by cryptocreed
written by cryptocreed

BITWIN- Bitcoin casino reveals plans to relaunch platform on the blockchain, offering brand new features and paving the way for the iGaming industry’s decentralization.

Long established status quo in the online casino and sportsbook field may soon be altered due to the platform revision, named Bitwin 2.0, that offers a new approach to centricity thanks to blockchain. It will eliminate most pain points bothering contemporary faces of gambling by facilitating unprecedented levels of security, cost-effectiveness, and transparency.

Also Read: Best Stratis Wallet

Also Read: How To Retrieve Stolen Bitcoin: Recover Scammed Bitcoin

Bitwin platform back-end will be developed on Ethereum blockchain, which guarantees evident game mechanics. The distributed ledger will protect all players and bettors from RNG algorithm tampering and any future attempts to change the outcome of any game or product, in any way.

The extra layer of transparency, which the technology provides will also enable Bitwin labeled products to be thoroughly scrutinized, not only by authorities but also by players themselves.

Recently announced Bitwin’s blockchain plans aim for cross-platform functionality. The casino, by design, will have a feature called Global Jackpot, which will be available to license by white-label platform operators.

Furthermore, the available gaming content will be curated by the users and external game developers themselves, thanks to the game development kit comprised of necessary tools to build upon.

Bartosz Bulda, Bitwin CEO- “Sacrificing three years on finessing product development, we reached a phase that to keep up the attractiveness of the platform with a fast-growing user base we have to experiment with rare advancements on the market.

Blockchain technology will empower Bitwin to augment platform sustainability, fairness, scalability, and get much needed competitive edge in the vertical”.

Token Sale domain: https://token.bitwin.com/
Whitepaper: https://token.bitwin.com/files/Bitwin-Whitepaper.pdf
Prototype (Bitwin 1.0): https://bitwin-demo.com/
Bounty: https://bitcointalk.org/index.php?topic=5090203.0

Social Media:
Bitcointalk Thread: https://bitcointalk.org/index.php?topic=5081449
Facebook https://www.facebook.com/bwtoken
Telegram https://t.me/bitwin_token
Instagram https://www.instagram.com/bitwintoken
Medium https://medium.com/@bitwintoken
Twitter https://twitter.com/BitwinToken
Discord https://discordapp.com/invite/DNCksEm
LinkedIn: https://www.linkedin.com/company/bitwin-com

Do not forget to share if you like it.

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Best Bitcoin Wallet For Mobile Devices
BitcoinBitcoin WalletsReviewsWallet

Best Bitcoin Wallet For Android Devices [ Mobile Wallet] – 2024

by cryptocreed
written by cryptocreed

Mobile wallets or Android bitcoin wallets are the easiest way to keep your Bitcoins with you. You can read our post on the best Bitcoin wallets all the time. Mobile wallets are not the safest wallet for keeping your bitcoins because there are chances to get devices stolen, lost, break down, and flash delete and also sometimes mobile devices get hanged with viruses which may cause losing your coins.

But you can keep your mobile wallet secure by creating backup files of your wallet, here different wallets provide different types of backup files like seed phrases. If you keep your secret words then you can get your coins back anytime and on any device.

Here is the list of the best mobile bitcoin wallet.

Best Bitcoin Wallet For Android

Mycelium  Mobile Wallet

Mycelium wallets considered one of the safest and complicated bitcoin wallets. The Mycelium wallet is only available on mobile devices they don’t have a desktop or windows wallet. You can also use the Mycelium wallet with a  hardware wallet too. Devs are a very active and upgrading wallet with new features constantly.

It is also considered as one of the secure mobile bitcoin wallet.

AirBitz

Airbitz is the open-source wallet which launched in early 2015. This wallet is only available for Android and iOS devices. Airbitz has no fees except you have to pay a bitcoin network fee. You can send multiple transactions at once on this wallet, the best mobile bitcoin wallet ios.

Coinomi Wallet

One of the most discussed bitcoin wallets in the crypto world. Their simplest attracts more users. More than 1500 assets are supported on coinomi. This wallet has the following features multi-language, Segwit supporting, Inbuilt exchange, cold staking, multi-coin, and 24/7 active support. Looking for a bitcoin wallet mobile app? then this is the best option.

Samourai Wallets

bitcoin mobile wallet

Samourai wallets are launched by focusing on security. For safety purposes, this wallet will not appear in the “Installed Apps Lists” or in the Launcher on your phone. This wallet has Tor support plus allows VPN integration. This is easy to use for newbies.

Jaxx Walletjaxx

Jaxx wallet is a multi-currency wallet you can store your Bitcoin, ETH, ETC, Dash, LTC, and many other cryptocurrencies. The Jaxx is not only a mobile device wallet it is also desktop and window wallets and also runs on another platform too.

The problem is here that the Jaxx wallet is not an open-source wallet. Don’t deposit a large amount of currency in this wallet. It is the best bitcoin wallet android.

Breadwallet Wallet

bitcoin mobile wallet

Breadwallet is one of the best simple using a mobile bitcoin wallet. You need to keep “recovery phase” words at a safe place to recover your wallet when you lost your device or anything else. This wallet comes with two options send and receive to use.

 

Remember: Never keep your all bitcoin in one place or one wallet, don’t use a mobile wallet for storage you can use a mobile wallet for the daily transactions. Accept every security option like two-factor authentication and seed phrase word.

These are some of the top mobile bitcoin wallets that are widely used by bitcoiners. 

 

best bitcoin wallet for Windows, Android, and Hardware wallets.

Tags: best bitcoin wallet for a mobile, mobile bitcoin wallet, mobile crypto wallet, mobile cryptocurrency wallet, best mobile bitcoin wallet android.

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