Crypto Spotlight: Feature 9 — With Er. Vinothkumar In Tamil. The ninth feature of the CryptoSpotlight is here and today our guest of honor is Er. He is the founder of Tamil BTC and is playing an important role in harnessing the potential of crypto in the Tamil belt of India. In the eight feature of CryptoSpotlight, we bring you Tabassum M Adur who through her company is giving open project for the community to share their views in terms of blogs, quotes, and videos via community platform of Bit2Buzz.
In the seventh feature of the CryptoSpotlight series, we bring you Anoush Bhasin who is the founder of Quagmire Consulting, a crypto-related tax, and legal advisory firm that assists individuals, companies, and budding crypto projects.
Crypto Spotlight: Feature 6 — With Shalini. In the sixth feature of CryptoSpotlight, we bring you Shalini, a popular digital content creator who is one of the pioneers in the Indian crypto community tells us about her journey and her thoughts on the current scenario of the crypto industry in India. The fourth feature of the 'Crypto Spotlight' series is here and today our guest of honor is Varun Sethi. The supply of Litecoin will be capped at 84 million units. The purpose of the limit is to provide increased transparency in the money supply, in contrast to government-backed currencies.
With the major currencies being created on open source codes, any given individual can determine the supply of the currency and make a judgment about its value accordingly. Applications of the Cryptocurrency. Cryptocurrencies require a use case to have any value.
The same dynamic applies to cryptocurrencies. Bitcoin has value as a means of exchange; alternate cryptocurrencies can either improve on the Bitcoin model, or have another usage that creates value, such as Ether. As uses for cryptocurrencies increase, corresponding demand and value also increase. Regulatory Changes. Because the regulation of cryptocurrencies has yet to be determined, value is strongly influenced by expectations of future regulation.
In an extreme case, for example, the United States government could prohibit citizens from holding cryptocurrencies, much as the ownership of gold in the US was outlawed in the s. Technology Changes. Unlike physical commodities, changes in technology affect cryptocurrency prices. July and August saw the price of Bitcoin negatively impacted by controversy about altering the underlying technology to improve transaction times.
Conversely, news reports of hacking often lead to price decreases. Still, given the volatility of this emerging phenomenon, there is a risk of a crash. Many experts have noted that in the event of a cryptocurrency market collapse, that retail investors would suffer the most. Initial coin offerings ICOs are the hot new phenomenon in the cryptocurrency investing space.
ICOs help firms raise cash for the development of new blockchain and cryptocurrency technologies. Startups are able to raise money without diluting from private investors or venture capitalists. Bankers are increasingly abandoning their lucrative positions for their slice of the ICO pie. Not convinced of the craze? With cryptocurrencies still in the early innings, there are many issues surrounding its development.
According to this theory, members of society implicitly agree to cede some of their freedoms to the government in exchange for order, stability, and the protection of their other rights. By creating a decentralized form of wealth, cryptocurrencies are governed by code alone. The following section will discuss these tangible aspects of cryptocurrency development. Under current accounting guidelines, cryptocurrencies are most likely not cash or cash equivalents since they lack the liquidity of cash and the stable value of cash equivalents.
In the US, IRS Revenue Ruling stated that holders of cryptocurrencies should account for them as personal property, with gains or losses on purchases or sales. The value of cryptocurrency holdings on balance sheets would be at cost or fair market value at the time of receipt.
The ruling left many questions unanswered. These rules exclude certain investment assets, but do not explicitly exclude cryptocurrencies, so their applicability is unclear. Outside the US, accounting treatment of cryptocurrencies varies. In the EU, a decision of the European Court of Justice rules that cryptocurrencies should be treated like government-backed currencies, and that holders should not be taxed on purchases or sales.
Regulatory treatment of cryptocurrencies continues to evolve, but because the technology transcends global boundaries, the influence of national regulators is limited. Japan has not only legally recognized Bitcoin, but also created a regulatory framework to help the industry flourish.
This is considered a major step forward for legitimizing cryptocurrencies. The media has generally praised the new regulatory scheme, though the Japanese Bitcoin community has criticized the system as hampering innovation. The move follows the major fraud and investor losses from the Mt. Gox Bitcoin exchange scandal. The retail investor— Mrs. She wants something regulated and trustworthy.
On the other hand, US regulators have been less than keen about the rise of virtual currencies. US regulators are starting to crack down on previously unregulated cryptocurrency activities. Take initial coin offerings ICOs for example. Despite their popularity, many ICOs are for new cryptocurrencies with speculative business models, and have been widely criticized as scams. Since ICOs can be sold across national borders, it remains to be seen whether ICO issuers will choose to comply or simply move transactions outside of the US.
Due to the pseudonymous nature of ICO transactions, it may be difficult for national governments to significantly limit cryptocurrency sales or trading. Regulation is also expanding beyond ICOs. This move is a result of concern that cryptocurrency investors believe they are receiving the protections and benefits of a registered exchange when they, in fact, are not.
To date, compared to securities brokers, cryptocurrency exchanges have had no capital rules and have been largely unregulated other than for anti-money laundering—something that seems to be subject to change. Exchanges registered with the SEC will be subject to inspections, required to police their markets, and mandated to follow rules aimed at ensuring fair trading.
New York State created the BitLicense system , which imposes new requirements on companies looking to conduct business with New York residents. As of mid, only three BitLicenses have been issued, and a far greater number withdrawn or denied. In contrast, Vermont and Arizona have embraced the new technology. Both states passed laws providing legal standing to facts or records tied to a Blockchain, including smart contracts.
Arizona also passed a second law prohibiting blockchain technology from being used to track the location or control of a firearm. Computer hacking and theft continue to be impediments to widespread acceptance. These issues have continued to rise in tandem with the popularity of cryptocurrencies.
In July , one of the five largest Bitcoin and Ethereum exchanges Bithumb was hacked, resulting in the theft of user information as well as hundreds of millions of Korean Won. The pseudonymous nature of blockchain and Bitcoin transactions also raises other concerns. In a typical centralized transaction, if the good or service is defective, the transaction can be cancelled and the funds returned to the buyer.
Despite advancements since their inception, cryptocurrencies rouse both ire and admiration from the public. The challenge proponents must solve for is advancing the technology to its full potential while building the public confidence necessary for mainstream adoption. After all, critics are not entirely wrong.
Bitcoin and its investors could end up like brick and mortar stores, eclipsed by the next big thing. New cryptocurrency advancements are often accompanied by a slew of risks: theft of cryptocurrency wallets is on the rise, and fraud continues to cast an ominous shadow on the industry.
Still, cryptocurrencies and blockchain could be truly transformative. The only limit is your imagination. Cryptocurrencies are primarily used to buy and sell goods and services, though some newer cryptocurrencies also function to provide a set of rules or obligations for its holders.
During mining, two things occur: Cryptocurrency transactions are verified and new units are created. Effective mining requires powerful hardware and software. Miners often join pools to increase collective computing power, splitting profits between participants.
Groups of miners compete to verify transactions. Cryptocurrency wallets help users send and receive digital currency and monitor their balance. Wallets can be hardware or software, though hardware wallets are considered more secure.
Transactions and balances are recorded directly on the wallet, which cannot be accessed without the device. Released in by Satoshi Nakamoto alias , Bitcoin is the most well known of all cryptocurrencies. In a Bitcoin transaction, the buyer and seller utilize mobile wallets to send and receive payments. Although Bitcoin is recognized as pioneering, it is it can only process seven transactions a second. The Bitcoin supply is limited by code in the Bitcoin blockchain.
Technology consulting firm CB Insights has identified 27 ways blockchain can fundamentally change processes as diverse as banking, cybersecurity, voting, and academics. Bitcoin's price also fell following announcements of SEC crackdown on crypto exchanges and after Binance was reportedly hacked.
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