Asian Banking Giant Has Harsh Commentary on Bitcoin

Bitcoin, Uncategorized
If you have been watching any sort of news headlines recently, it is evident that Bitcoin is popping up all the time. More recently, the headlines surrounding Bitcoin and other cryptocurrencies has been more negative than it has been positive. With places like China banning exchanges and the emergence of forks in the blockchain, these are tumultuous times. Because of what has happened recently, it should come as no surprise that some of the world’s larger financial organizations have kept their distance. Most recently, it was Asian banking giant DBS whose representatives had nothing but negative things to say about Bitcoin. A Bit of a Ponzi Scheme Chief Information Office of DBS, David Gledhill, spoke at the Singapore Fintech Festival and said that he thinks Bitcoin is “a bit of…
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Bitcoin Avoids Another Interruption

Bitcoin
On Wednesday, a plan to alter the overall design—and by extension functionality—of Bitcoin came to a grinding halt. Supporters of what was being called the “Bitcoin expansion” conceded that they did not have enough support to warrant going through with their plan. What was that plan, you ask? In essence, the proposed expansion would have doubled the amount of time a Bitcoin transaction could be processed, thus speeding up transaction times and ultimately reducing costs associated with those transactions. With lower costs and faster transaction times being proposed, you might be wondering just why there were such vicious and overwhelming opponents. Potential Expansion Problems Those who have been working on the Bitcoin project from day 1, as well as many others, were very vocal about their not supporting an expansion…
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The Rise, or Lack Thereof, of Bitcoin in Africa

Bitcoin, News and Updates
Bitcoin and other cryptocurrencies have really caught on in some interesting parts of the world over the past few years. While it may seem like new places are taking an interest in cryptocurrencies all the time, one large part of the world that has widely neglected the rise of Bitcoin has been Africa. Sure, there are more developed countries such as South Africa and Nigeria who have caught the cryptocurrency bug, but many of the more rural countries have not shown much interest at all. While we have seen small countries such as Tanzania and Ghana begin to see an uptick in cryptocurrency usage, there are many other areas of the continent who have not so much as heard of crypto. This simple fact is perplexing to many because Bitcoin…
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Bitcoin Can Help Venezuela Out of its Economic Crisis, Some Say

Bitcoin, News and Updates
Of all the hotspots of turmoil around the world, few are as overlooked as Venezuela. For months now, the country has been in the midst of an economic crisis that has pervaded all classes and walks of life. In more recent happenings, US President Donald Trump added the nation to his ever-growing list of countries whose citizens cannot freely travel to the United States. There have been many proposed solutions to the economic crisis, but one newer proposal has begun to gain some traction. Thanks to the hyper-inflating Bolivar (the fiat currency of Venezuela), the country as a whole is seeing its buying power diminish on a weekly basis. Not only are there very few essential goods in stores, those goods that are available are more readily becoming unaffordable. As…
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JP Morgan CEO Sounds Off on Bitcoin Legitimacy

Bitcoin
In the past, we have discussed both people singing Bitcoin’s (and other cryptocurrency’s) praises while at the same time pointing out those folks who are still not convinced of its legitimacy. Today, it was reported that CEO of JP Morgan Chase, Jamie Dimon, referred to Bitcoin as a fraud, and went on to say that the cryptocurrency is primarily used by drug dealers and other criminals. In addition, he said that those invested in it would have their investments blow up in their faces.  It is no surprise that Dimon chose now to be so vocal about his opposition of Bitcoin, as the price of the crypto has suffered this week thanks to rumors concluding that Chinese exchanges may be halted by authorities, at least temporarily. Strong Words, Stronger Influence…
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Cryptocurrency Investors Concerned China May Shut Down Exchanges

Bitcoin, News and Updates
Before getting into the nitty-gritty, it is important to note that there is but one source claiming that China is on the verge of shutting down exchanges in the country. While one unconfirmed report might usually not be enough to cause any amount of stir, the fact that China, one of the biggest users of cryptocurrencies as far as countries are concerned, may go radio silent is very concerning. What’s more, it begs the question of, if Bitcoin (Or Ethereum, BlackCoin, etc.) is unable to be exchanged in China, does it have value? The unresolved nature of this question has been driving some users away from Bitcoin and other cryptocurrencies.  Since this report broke yesterday, the price of most major cryptocurrencies has been and continues to be negatively affected. What’s…
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Dubai Apartment Complex to be Priced in Bitcoin

Bitcoin
If you have been following the cryptocurrency world, or more specifically the Bitcoin world, you are likely well-aware of the fact that one of the biggest problems facing Bitcoin was the lack of people and retailers adopting it. Seeing as you are not able to use Bitcoin to make purchases in a large majority of settings, there began to arise some very real concerns regarding whether Bitcoin was actually a currency, or simply an investment vehicle similar to stocks.  A somewhat large development on this front emerged this week when a Dubai firm announced that the apartments and condos in their new skyscraper were able to be purchased with Bitcoin. A Major Step for Cryptocurrencies The $325 million apartment neighborhood spans more than 2 million square feet and is comprised…
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Experts Warn of Bitcoin’s Volatility

Bitcoin, News and Updates
Whether you have been following Bitcoin (and other cryptocurrencies) from the time it was incepted or are just getting into the realm now, one of the first items you will learn is of the sheer volatility inherent in it. While things like stocks and fiat currencies all have ever-changing values, the US Dollar and major stocks see their value fluctuate marginally, with only those who have massive holdings seriously impacted by such small movements.  With regard to Bitcoin, however, we have seen in recent weeks that the price of the currency is subject to massive swings that can affect the large volume investor and small time investor alike. For those who may be interested in making a quick buck off of these price movements, some experts have warned folks to…
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A Word of Caution from the Founder of Bitcoin Foundation

Bitcoin, News and Updates
Llew Claasen, founder of the Bitcoin Foundation, urged prospective investors that they should enter the cryptocurrency world with caution. For those who may be unaware, the Bitcoin Foundation is a non-profit that, basically, advocates for the use of Bitcoin and other cryptocurrencies for people the world over. Understanding this, it makes sense that Claasen’s caution came at a TEDGlobal conference that was taking place in Tanzania. The conference itself was meant to address the potential benefits of Africans gaining more access to Bitcoin. A Fair Warning Being that many Africans do not have access to traditional methods of banking, or are simply wary of the moves their government might make to manipulate currencies, Bitcoin is seeming like an increasingly viable option. According to Claasen himself, “It [Bitcoin] offers people a…
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Cryptocurrency in South Korea: A Roller-Coaster Love Story

Bitcoin, News and Updates
The global cryptocurrency market has really been heating up in recent years, and especially through the first three quarters of 2017. With the Bitcoin Fork, the rise of cryptocurrencies like Ethereum, and global geopolitics driving demand, we are, quite literally, seeing cryptocurrencies breach the mainstream once and for all. While most people think of places like China and Japan when they think of global cryptocurrency leaders, many people forget that South Korea is absolutely crazy over crypto. Gaining Trust, Availability, and Recognition One of the propellants that has launched cryptocurrencies to the front and center of Korean society is the fact that it isn’t just single users making Bitcoin and Ethereum trades, but also big banks, large corporations, and even the government. Yes, you read that correctly, the South Korean…
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