Category: Cryptocurrencies

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The latest about Facebook’s cryptocurrency project known as Libra, is Calibra’s shift in the development of a conventional payment processing system.

The partnership with the non-profit Libra Association is no longer focused on developing blockchain technology to support FB’s Libra token. It can be recalled that the plan encountered serious opposition from legislators and regulators. During last year’s Congressional hearings, FB officials who were grilled by House Representatives failed to provide credible defense of its ability to protect potential consumers, who will consider using the Libra cryptocurrency.

Can FB’s Calibra Offer the Same Financial Services of WeChat Pay?

The opposition to Facebook’s cryptocurrency project is mostly due to the social media site’s involvement in several scandals affecting the security and privacy of user information. Nonetheless, the FB subsidiary still plans to launch a payment processing system called Facebook Pay.

In doing so, FB will be able to offer FB users the same e-wallet services that leading mobile social-app WeChat provides to its millions of app users. Although it is not yet clear if Calibra will have the same features as WeChat Pay and its QR Code payment protocols.

The Calibra platform’s digital payment system will accept government-backed currencies like the U.S. dollar, U.K pounds, Canadian dollars, Australian dollars and the likes. Eventually, Calibra’s payment systems will include Libra tokens as part of the currency options available to FB users

FB’s payment processing subsidiary is set to launch its platform in October, after Trump’s ban on the China-developed mobile messaging and social app WeChat, takes effect on September 20, 2020.

However, it is still not clear whether U.S. lawmakers and regulators will allow Facebook to operate its Calibra subsidiary as a financial services provider, Zuckerberg’s plans to capture former WeChat app users via a Calibra app, can still face regulatory pressures.

One of the quickest growing brokers online in Europe is Degiro for retail investors. When you check out degiro review, you’d see that they have a transparent pricing structure and is leading in the market in terms of commissions and fees. They are oparting at a global scale and typically provide execution direct to market instead of via a local subsidiary. Moreover, the company also offers markets in bonds, stocks, futures, options, warrants and CFDs.

Degiro has gathered various awards and recognition in different nations. In Netherlands, for instance, they were merited first place in a survey conducted in 2015 as the Financieel Dagblad’s cheapest broker. Also in 2015, they also won the Golden Bull Award wherein Dutch brokers are evaluated in diverse categories, like trading opportunities, terms and conditions, commission fees, as well as investment tools.

Who Are Retail Brokers?

In the realm of investments, a broker is a company or someone who serves as an intermediary, a middleman, between the buyer and the security seller. Usually, brokers are obligated to be registered at the Securities and Exchange Commission (SEC) as well as with an organization that is self-regulatory like the Industry Regulatory Authority. Brokers principally working with institutional investors are called institutional brokers, whereas brokers serving individual investors are referred to as retail brokers.

What Do Retail Brokers do?

Licensed sales agents working for a retail brokerage companies who are certified to sell securities are usually called “registered representatives.” They may be trained to be able to impart investment advices to clients on particular kinds of securities as well as sell securities to make commissions for their company.

Retail brokers, because of regulator restraints, purely act as an intermediary. Hence, they don’t take any position or risks in the financial markets. However, they work at the core of the market and function to be in frequent contact with top players in major financial centers, such as insurance companies, banks, huge private companies and more, which allows to obtain unique, exclusive, and thorough knowledge and awareness of financial markets. Hence, they are able to confirm market liquidity, respond quickly to the needs of their clients with professionalism and confidentiality.

Who are Cryptocurrency Brokers?

With the advent, rise and use of cryptocurrency in various places across the world, people now also invest on it, and there are brokers who deal with these digital currencies. A broker, traditionally, is an individual or a firm that serves as a financial intermediary for people who would want to exchange fiat money for a certain service or product.

Somewhat similar to a traditional broker, a cryptocurrency broker offers financial services online for users or individuals who would like to buy or sell certain cryptocurrencies. It is recommended that people who are new to buying and selling cryptocurrencies or who are new to the cryptocurrency market hire the service of a cryptocurrency broker as they could present you with the most fitting environment to buy or sell the most appropriate cryptocurrency in the market.

The government of Singapore has taken a step forward in recognizing cryptocurrencies as legal tender through the Payment Services Act (PSA).

The Act, which passed parliamentary legislation last January 2020 includes cryptocurrency as among the specific payment services allowed as part of the country’s payment systems; officially categorizing digital coin payments under “digital payment token services.”

The PSA sets the regulatory guidelines that the Monetary Authority of Singapore will follow in overseeing not only cryptocurrency operations but all other payment services currently being utilized in the country’s payment system.

The list of specified payment services mentioned in the new legislation includes: payment accounts creation, local money transfers, foreign or cross-border money transfers, merchant-purchases payment services, e-money issuances, digital or cryptocurrency payment services and money-changing activities.

MAS Allows 7 Cryptocurrency Firms to Operate Pending License Approval

As a demonstration of the government’s willingness to promote new and innovative payment methods, the Monetary Authority of Singapore gave 7 cryptocurrency operators temporary authority to operate.

Within a period of 6 months, Coinbase, Binance, Bitstamp, Luno, Gemini, Wirex and Upbit can offer cryptocurrencies as modes of payment, while pending the MAS’ decisions on whether to approve or reject their respective license application.

Their immediate acceptance as part of Singapore’s payment system was in line with their early compliance in notifying MAS about their cryptocurrency operations in Singapore

The Swiss crypto exchange Smart Valor lists the cryptocurrency PAXG and thus gives investors alternative access to gold.

The global health crisis and shaky financial movements have led people sorting to personal loans for bad credit to meet basic needs. And while global stock markets are still in the corona crisis, crypto companies are preparing to offer investors alternative ways to invest in gold.

PAX Gold – Paxos brings Gold to the Blockchain

One of these projects is the cryptocurrency PAX Gold ( PAXG ) attached to physical gold because from now PAXG can also be traded in the currency pair Swiss Franc (CHF) and British pound (GBP).

The new currency pairs were made available since March 19 after the digital trading platform Smart Valor the cryptocurrency in their quotation has taken.

The New York-based crypto companies Paxos had his tethered to gold cryptocurrency 2019 on the market brought. On Smart Valor, it can be traded in euros (EUR) and US dollars (USD) in addition to CHF and GBP. There are also currency pairs with the market-leading cryptocurrency Bitcoin ( BTC ) and the stable dollar tether ( USDT ) linked to the US dollar.

While Smart Valor speaks of being the first European crypto exchange to list the PAXG, a spokesman for Paxos confirmed to Cointelegraph that this will allow PAX gold to be traded in CHF and GBP for the first time. The cryptocurrency is also the first gold-linked asset on Smart Valor.

According to Paxos, the PAXG is also available on the Kraken, HitBTC, BitThumb and itBit crypto exchanges.

Tokenized gold as a lifeline?

Olga Feldmeier, Managing Director of Smart Valor, says the coronavirus crisis is a driving reason for the listing of PAX Gold. As the American central bank announced on March 15 that it would lower the key interest rate to 0%, savings assets are increasingly at risk of depreciation.

“With the outbreak of Corona, we could find ourselves in a new economic crisis that is taking the extracts from the Great Depression of 1930. In these times, investors need a real alternative to protect their savings. For this reason, we decided to offer tokenized gold on the SMART VALOR trading platform. ” — Olga Feldmeier |Smart Valor

Paxos emphasizes that gold was largely able to maintain its value despite the crisis since the precious metal is a so-called safe haven. The crypto company also indicates that it has approval from the New York financial services regulator.

As Cointelegraph reported, Paxos launched PAX Gold in September 2019 as the “first cryptocurrency that can be exchanged for physical gold”.

Another argument for the PAXG is the fact that the Ethereum-based crypto token is tradable around the clock. Because some big exchanges like the New York Stock Exchange closed its doors due to the corona threat, this led the crypto markets are increasingly popular because they can be reached at any time.

“When the stock exchanges are closed and a financial crisis threatens, the crypto markets suddenly become an unexpected source of liquidity for many. The cryptocurrency and tokenized asset markets are open 24 hours a day, seven days a week, and never take a break, even if all other markets do. ”   — Gunnar Jaerv|First Digital Trust,

After a very troubling week in all financial markets, bears also seem to have won on the Bitcoin (BTC) market. A sharp drop towards $ 3,800 crashes the price more than 50% in one day. And that movement makes one of the biggest and fastest crashes ever on the Bitcoin price. So before considering other investments in the Stocktrades list of dividend stocks, you may want to look at your investments on Bitcoins first and consider your options.

Strong support levels are easily broken and technical analyzes are therefore more difficult. The worldwide fear of the Coronavirus has a grip on all markets. Time to take a new look at the charts.

BITCOIN WORST CASE & BEST CASE SCENARIOS

Bitcoin analysis: filtering noise

The end of a very restless week is approaching, with the price currently hanging around $ 5,000. Again exactly on strong weekly support, to which we may attach little value.

Where we could normally expect a turnaround, we can now say carefully that it is quite possible that we will continue to go down.

One way to filter out as much noise as possible is to zoom out a lot further than usual. Hence I look at the higher timeframes. In order to get a longer-term picture, than all the noise that is currently seen on lower timeframes. Then it is somewhat possible to make a better analysis.

Bitcoin (BTC) weekly chart

To begin, we look at the weekly chart to see how the price is trying to hold out above the $ 5,000 zone. An important point for the coming days to keep.

Because this has often served as support and resistance in the past. However, the level may be a final straw from the bulls, who anxiously thumbs at good news regarding the Coronavirus and all other markets.

A piece of bullish news can ensure that the support is strong enough and that a reversal will actually take place. Which can last for a short time, but with some new power from bulls can push the course considerably.

A gloomy week ahead despite reversal?

However, it must be taken into account that it will also look gloomy in the coming week. With new drastic measures, which ensure that not only regular markets continue to crash, but Bitcoin will also respond to this. A new test to $ 3,600 is therefore not out of the question.

Support at $ 4,800, $ 4,200 and $ 3,600

On the daily chart of Bitcoin, we see that with a possible further decline, support is still at USD 4800 and USD 4200 before USD 3600 will become a reality.

Although a major flash crash to $ 2500 would not be out of the question. Should the price make the previous movements and again make a crash of 50%.

In a bullish scenario, an ascent to $ 5800 will already be very important and breaking it can give the market some peace of mind again. In addition, rapid recovery can be taken into account.

From the past, we see that solid panic on the market can also recover very quickly and bring prices to old levels within a few days. For now, it is especially very careful and then hope for a piece of good news before trading on your next cryptocurrency.

After Great Britain’s Brexit, or withdrawal from the European Union, became official last January 31, 2020, the country’s Financial Conduct Authority (FCA) came out with a formal announcement of its sole authority to monitor and regulate cryptocurrency-related activities.

According to the FCA announcement published last January 10, 2020, the focus of supervision will be the UK-registered businesses engaged in cryptocurrency operations and their compliance with Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) regulations and requirements.

Even prior to Brexit, the FCA had issued a warning in July 2019 to UK-based cryptocurrency firms. As a regulatory body, it deems cryptocurrencies as “ill-suited” to offer as investment products to small investors. The FCA believes that cryptocurrencies offered as exchange-traded notes and derivatives, pose a great risk to consumers due to the widespread misinformation about them as a financial product.

The Financial Conduct Authority is the regulator for all financial services companies and financial markets in Great Britain. On the other hand, banks, credit unions, insurers, major investment firms and building societies, are under the regulatory supervision of the Prudential Regulation Authority (PRA), to which the primary goal of regulations is to promote the safety and soundness of those types of firms.

FCA’s List of Requirements for Cryptocurrency Businesses Based in the UK

Along with the announcement of its authority to regulate UK firms engaged in cryptocurrency operations, the FCA also provided a list of requirements with which such businesse must comply.

1. Conduct risk identification and assessment pertaining to AML and CFT

2. Development of policies and controls aimed at eliminating identified risks related to AML and CFT.

3. Apply customer due diligence by identifying and verifying customers by obtaining customer name and photograph based on an official document confirming a person’s identity, date of birth and residential address.

The FCA also stated

“We intend to proactively supervise compliance with the new regulations, and will take quick action when and where firms fall short of desired standards in ways that cause risks to the integrity of the UK market”

China’s Cryptography Law, which the National People’s Congress legislated and passed sometime in October 2019, took effect last January 01, 2020. The law intends to regulate cryptocurrency encryptions as a way of strengthening the safeguards against the threats posed by cryptocurrency operations to China’s national security.

In fact instead of combatting the blockchain technology system supporting cryptocurrency operations, the China’s State Cryptography Administration (SCA) of the Chinese Communist Party, developed the guidelines on how cryptography should be used by both the private and public sector.

According to reports, it took the SCA five (5) years to develop the initial draft that details the guidelines promulgated as Cryptography Law. Although viewed as a way of fostering the cryptocurrency business in China, it is largely perceived as a precursor to future laws that will govern the use, operation and application of China’s own Central-Bank backed cryptocurrency.

Currently called as the Central Bank Digital Currency or CBDC, its introduction will make China the first country to introduce a national cryptocurrency unit.

Overview of What China’s Cryptography Law Includes

The primary purpose of China’s Cryptography Law is to regulate encryption in its use for cryptocurrency operations that fall in line with the blockchain technology. The Cryptography legislation enumerates and describes three different types of encryption : Core, Common and Commercial encryptions.

Core and Common encryptions pertain to codes used in safeguarding all state secrets, which are further sub-categorized as “Secret,” “Highly Secret” and “Top Secret”. The Cryptography Law requires all agencies of the public sector to use core and common encryption in storing and transmitting state secrets contextual to China’s national security.

Private sector firms on the other hand have to use Commercial codes to protect their proprietary trade secrets.

In imposing the Cryptography Law, the main guiding principle is the protection of China’s national security. Therefore the new law sets forth guidelines on how cryptography should be used to help safeguard national security against cyber security threats on a nationwide scale.

Threats include encryption efforts deemed as causing harm to the Chinese Communist Party and any application that undermines public interest and the country’s national security.
That being stated, China’s Cryptography Law also gives details about punishment on anyone found using codes that threaten the state and its citizens.

Moreover, the law specifically states that companies in the business of providing cryptographic systems to consumers must first undergo examination and and authentication performed by the Chinese state.

China’s Cryptography Law Does not Bar Foreign Participation in China’s Cryptocurrency Industry

Enactment of the Cryptograph Law does not bar foreign users and providers of foreign encryption systems to participate in the country’s cryptocurrency industry.

However, international legal experts are wary of the conditions under which foreigh digital currency will work. The Cryptography Law allows a foreign cryptocurrency entity’s participation provided it merits the approval and certification of the state; albeit without any clear descriptions on how this condition can be met.

The condition also denotes that the Chinese government has the right to examine the underlying source code of any new digital currency technology, as a means of ensuring the protection of national security. It worries lawyers that in vetting a cryptocurrency company toward the issuance of a certification, the Chinese government will have backdoor access to the private and/or foreign entity’s cryptocurrency system.

Crypto currency, aka cryptocurrency, has become one of the non-cash transactions that is currently developing in the world.

Many transactions, including buying and selling in cyberspace, can use crypto assets, such as Bitcoin. One can even take out loans against their crypto assets. Although this may not work on other transactions such as car accident loans (presettlement funding).

Despite the growing popularity and acceptance of cryptocurrency, there are still quite a lot of countries that are gray about this to the point of banning the use of crypto.

Only One Real Currency?

US President Donald Trump has criticized the circulation of cryptocurrencies. In a series of tweets, Trump said he was not a fan of bitcoin et al. In fact, he called them not money.

“I am not a fan of Bitcoin and other cryptocurrencies, where they are not money, and the value is very volatile because it is based on the intangible,” Trump wrote.

Trump said cryptocurrency assets that are not regulated properly will only produce bad things, such as drug trafficking and other illegal activities. Not only that, but Trump also touched on the new cryptocurrency launched by Facebook, Libra. According to him, Facebook must comply with US banking regulations such as other national or international banks. He said Facebook must have official Charter Bank licensing documents if it issued Libra.

Trump rails against Facebook’s planned cryptocurrency

Chairman of the American central bank, The Fed, Jerome Powell; Minister of Finance, Bruno Le Maire; and Bank of England Governor Mark Carney is a series of officials who do not like the presence of Libra.

“We only have one real currency in the US, and it is stronger than ever, strong and reliable. So far, the currency is the most dominant in the whole world and will remain that way. The currency is the American dollar,” chirped Trump.

There is truth about the fluctuating price of Bitcoin, Trump has a point. If you remember, the price of bitcoin has continued to decline in 2018. At the end of November 2018, the bitcoin exchange rate touched its lowest point at 4,833.09 US dollars. The price of bitcoin went up in 2019. In fact, at the launch of Libra at the end of June, a single bitcoin bit broke through more than 10,000 US dollars.

The Blockchain System In Terms of Reliability

All data is always alive and disseminated to all participants in the blockchain system, thus increasing data reliability because it does not depend on just one provider that requires secondary investment costs such as a DRC (Disaster Recovery Center) system to support operating reliability. If a node belonging to a bank fails, there is nothing to worry about. He will receive the latest data when alive and reunited.

The unit of information received and sent can be considered as a new ‘currency’ whose value is agreed upon by each bank, and this is a new treasury business opportunity for each participating bank and relinquishes bank dependency from one of the most dominant currencies at once able to hedge the original currency used.

Cryptocurrency through the block chain technology was created in 2008 as a transaction book register for the public. However, cryptocurrency or bitcoins were not common terms within the household up till 2017. During that year the fame of bitcoin erupted.

Individuals who are not used to cryptocurrency were immediately engaging themselves to buying and selling of the bitcoin. Starting 2017 until now, bitcoins and cryptocurrencies are heard all over the market place. Thus, crypto and bitcoins are planting a great impact on affiliate marketing.

Defining Cryptocurrency

Cryptocurrency is a currency in digital form that is usually decentralized. Moreover, this is not governed by any units within the national government. This kind of digital currency is created to be more safe compared to cash. The reason for this is because it is very impossible for it to lose.

Also, it is not possible to fake it due to firm encryption, or the method through which it is confirmed via cryptography. And due to the penetration of the digital technology, predictions are at hand that physical coins and paper money will just be a story of the past. That would renounce the industry prepared for the digital figures of currency.

THE BITCOIN

Among all the 1,600 forms of cryptocurrencies available today, bitcoin is the most popular. In the year 2018, bitcoin popularity hit high succeeding the price escalation of above $20,000 per single bitcoin. This value attracts investors, traders, and the public.

The Way Cryptocurrency Is Being Used

By purchasing cryptocurrency, an individual is provided with a digital opener containing the address of the crypto. This can be used to authenticate and acclaim transactions. People who want to buy bitcoin can purchase it and stock it in digital crypto wallets.

Just like with the stock market, cryptocurrency worth rise and fall as people buy it and trade it.

THE TURNING UP CRAZE IN AFFILIATE MARKETING

Many marketers of the digital industry today are seeing cryptocurrency being the point of interest in the field of affiliate marketing programs. One of which is in the aspect of crypto-based affiliate programs. Cryptocurrency is not completely recognized on some online platforms such as Facebook and even Google. That’s the reason why most affiliate marketers are digging their own soil to cultivate this business within the industry.

New platform models related to crypto trading business with the inclusion of affiliate programs are showing out most of the time. One example of the trading platform is the Binance which was launched on the year 2017. Binance also emerge as the largest platform for trading cryptocurrency based on traffic. This platform offers about 20-40% long-term commission on trading fees for every referral of new customers.

There are other famous programs about affiliate marketing and these include the CoinPayments, Coinbase, LedgerWallet, Purse, and Changelly. Moreover, training for this affiliate programs are also available to guide you in making bucks. Training programs like this teaches people about the affiliate industry and this is about Affiliate Institute. On the other hand, crypto-based affiliate marketing investment doesn’t have to be grand.

The U.S. Securities and Exchange Commission (SEC) finally came out with an official decision to dismiss proposals for creating a Bitcoin ETF market. The rejection though does not come as a surprise to Bitcoin ETF proponents, given the complexity of how cryptocurrency exchanges work via the blockchain technology.

According to legal experts, the SEC’s main worries include the bitcoin market’s high level of potential for fraud and manipulation; whilst regarded by U.S. regulators as an investment tool that is yet too small and still immature to support.

Although Bitwise officials contended in its proposal that the need for a Bitcoin ETF arises from their research findings that 95% of crypto currency tradings are not legitimate, this reasoning did not work to support its case.

What Makes a Bitcoin ETF Different from Bitcoin?

Bitcoin may be the largest digital currency in the crypto money market but is still unregulated, despite its popularity as a digital asset that can be exchanged and traded for profit.

If recognized by the SEC as legitimately traded investment tool, the price of Bitcoin ETF will be monitored and tracked. That way, interested bitcoin investors need only to determine the current price and market performance of bitcoins, without having to own and trade bitcoins just to do so.

An SEC approved Bitcoin ETF eliminates the need to be invested in bitcoin, which comes with worries on how to best deal with the complexities of its storage and security features. Bitcoin digital money is unlike the more common types of ETFs, such as shares of stocks and/or commodities bonds, which simply have investors looking closely at a related price when venturing into buying or selling an ETF commodity as an investment asset.

In becoming a Bitcoin ETF, the cryptocurrency becomes a type of marketable security that investors can buy and trade based on current index price and performance. As such, bitcoin companies will be under SEC’s system of surveillance-sharing agreement, to which they will allow tracking and close monitoring of how the bitcoin digital money is moving in terms of buying and selling activities.

The bitcoin though flows in a largely unregulated environment; making the SEC hesitant to allow a Bitcoin ETF participating as a type of publicly traded investment tool.

Cryptocurrency, Bitcoin in particular, has about 14 million in distribution despite its instability. Because of its volatility, free and paid crypto signals are available in the market for real time trade recommendations and ideas to ensure users and investors do trades that are favorable to them.

Investors who are surmising the future potentials of the blockchain and cryptocurrency have pushed most of the present market cap, and this is probably to continue until a particular measure of stability in value as well as acceptance in the market is realized. Aside from the specified value, those invested in crptocurrency seem to be depending on a distinguished “inherent value” of crypto.

The public ledger of the blockchain technology underlying cryptocurrency has the capacity to disturb an extensive multiplicity of transactions, including the usual systems of payments. These ropes in bonds, stocks, as well as other financial assets wherein records are digitally put in storage and where it presently necessitate a reliable intermediary to verify transactions.

Key Market Players to Forward the Evolution of Cryptocurrency

For the cryptocurrency market to attain its subsequent stage in its progression en route for mainstream acceptance as well as steady expansion, key market players have an important role to play.

Consumers and Merchants

Cryptocurrencies offer consumers cheaper as well as quicker peer-to-peer alternatives for payment compared to those offered by the usual financial service providers, not having to supply any personal data. Although cryptos carry on to get some approval as an option for payment, volatility of price as well as the speculative investments urge consumers to not make use of crypto to buy products and services but to trade it instead.

Tech Developers

Numerous brilliant tech developers have dedicated their efforts to mining cryptocurrency, whereas others have concentrated on activities that are more entrepreneurial in nature like creating wallet services, exchanges, as well as alternative digital currencies. For the crypto market to get acceptance from the mainstream, consumers and businesses will have to see crypto as a solution that’s user-friendly as compared to the usual transactions. Moreover, the industry must develop teachnologies and protocos for cybersecurity.

Investors

Generally, investors seem to be certain of the opportunities linked with crypto as well as cryptography. The underlying technology’s “inherent value” provides investors with a reliable reason to be hopeful about it.

Regulators

The governments’ attitudes are erratic in terms of the classification, management as well as the legality of crypto. Furthermore, regulations in various regions are evolving at dissimilar paces.

Financial Institutions

For a long time, financial institutions like banks have linked individuals with money to those who require it. However, this intermediary status has been weakened, and disintermediation in the sector of banking has quickly evolved. The outcome is the emergence of Internet banking and the increased utilization of alternative methods of payments by consumers.

 

Many of the UK’s elderly population are looking for ways to beef up their retirement fund while still able. The most common financial tool they have resorted to is the equity release mortgage. It is a type of loan available to older adults who are at least 55 years old or older, which allows them to take out a loan using their real property as collateral.

Overview of an Equity Release Mortgage

A loan under an equity release arrangement offers older adults the chance to borrow money that does not have to be paid off periodically and immediately. Settlement of the debt will take place at a future time; either when the senior borrower passes away or has reached a point of needing long term care in a nursing home.

The equity release scheme operates on the principle that real property appreciates in value. Therefore, the proceeds of a future sale based on the appreciated value, will more than cover the total amount due on the outstanding loan including all interests compounded through the years. The only drawback is that the lump sum payment will greatly reduce the potential value of the senior borrower’s legacy for his or her heirs.

Nonetheless, equity release mortgages in the UK are backed with a No-Negative Equity Guarantee. This feature ensures that in case the total debt exceeds the proceeds from the sale of the property, the agreement does not include a transfer of debt to the borrower’s heirs. Once the property has been sold to satisfy the borrower’s equity mortgage debt, the loan will be deemed as fully paid.

Still, to avoid equity release deals that impose unreasonable demands and conditions, it would be best for seniors to enter into this kind of agreement with the help of a professional financial adviser. The first step to take when considering to borrow money under this scheme, is to determine how much can be availed — by using an equity release calculator uk lenders use in calculating how much they can offer.

Is it Wise for Seniors to Invest in Cryptocurrency?

Often times, scrupulous individuals consider senior citizens as easy pray for their scams or illegal activities. Knowing that most retirees have some money stashed away for their golden years, scammers or swindlers often target easy-to-convince seniors.

Although cryptocurrency is receiving much attention as a lucrative form of investment, this is one type of money-making tool that retirees should not at all consider. First and foremost is the fact that the UK government is not supportive of the blockchain technology. The lack of regulatory oversight, makes the platform highly susceptible to manipulations, cyber attacks, and illegal operations.

Last year, major banks in the UK have been weeding out deposit accounts that seemingly engage in cryptocurrency trading. Banks are wary that the frequency and the amounts involved in the exchange could be indicative of money laundering activities. As a result, the crackdown on bank deposits used by cryptocurrency dealers and miners for their exchanges, involved freezing of the accounts. This was regardless of the depositors’ clean and long-standing records with the bank, and their reputation as law abiding UK subjects.

That being the case, it would be best for senior citizens not to be entangled in such transactions, lest they find their retirement money frozen for an indefinite period of time.

More and more individuals are taking out consumer loans as they could be very helpful and useful, especially now that there are more lending companies and options which are alternatives to traditional loans taken from banks. For example, the American Pride Legal Funding provides automobile accident settlement loans which could be issued quickly after approval. Such loans make it easier for individuals to settle any unforeseen expenditures.

Most consumer loans are secured, which means that a collateral is needed to acquire a loan. Collaterals depend on the type and amount of loan you are getting. With the increase and progress of online lending as well as technology itself, cryptocurrency could now be used as collateral to obtain a loan.

Known as crypto-backed loans, these loans are secured or insured by crypto or digital currency assets, meaning fiat money are lent or loaned in exchange for cryptocurrency such as Bitcoin, Ether, or Litecoin as security or guarantee for payment. Many crypto holders take put crypto-back loans since the loan process is uncomplicated and the fiat money is directly transmitted into the bank account or digital wallets of the borrower.

Crypto holders may find crypto-backed loans to be a very cost-effective means for managing the digital currency as necessitating access to the fiat money (typically US dollars). So how can crypto-backed loans be used? Here are some:

  1. Compensate for travel expenditures like vacation trips
  2. Purchasing a home or investing in real estate
  3. Financing a business startup or business undertakings and operating costs
  4. Consolidating or settling debts
  5. For other personal purchases or products and services

How Crypto-backed Loans Benefit Borrowers?

Lenders don’t usually do credit history checks as well ask for evidence of payment capability. This could be regarded as a major likelihood of credit risk.

  1. Loans could be easily and directly transferred to your bank account or digital wallet and could be withdrawn via any bank card ore bank transfer.
  2. Lenders of crypto-backed loans could offer a borrower a lending term and condition that is flexible which could be made better for both the borrower and the lender.
  3. Crypto holders could use various digital currencies, such as Bitcoin and Litecoin, as collateral.
  4. Crypto assets could be preserved or kept as no requirements are needed to sell them for fiat money.

How Crypto-backed Loans Benefit Lenders?

  1. There is a minimized risk since the total repayment or settlement of the loan as well as the interest is guaranteed and without deferments.
  2. The system or method is fundamentally automated; moreover the exchange directly transpires in the bank account thus making it simpler to keep an eye on and track fund usage.
  3. The range is stretched to audience of borrowers across the globe causing decentralized peer-to-peer crypto lending to be perimeter agnostic, hence loans could be extended in whichever currency that is available.
  4. Complete legal status is given and the strong setup guarantees security of the funds.
  5. Barriers are not present with regards to the least possible requirements for a lender. Any legally recognized entity or individual could be a lender.

During the later part of June, 2019, complaints from Plus Token e-wallet users in China, South Korea and Japan about their inability to withdraw from their account, had prompted Chinese law enforcement authorities to act swiftly. Their initial investigations led to the arrest of six (6) Chinese nationals working as core team of the Plus Token mobile wallet operation.

Dovey Wan Blows the Whistle on Plus Token’s Ponzi-Like Scheme to Alert the Cryptocurrency Community

News of the arrest did not receive wide coverage, which apparently was still under investigations. However, in early July, Dovey Wan, co-founder of cryptocurrency company Primitive Ventures noticed that the Plus Token site was moving out digital money in small amounts.

The movements made use of e-wallets not registered with the company when traded with crypto exchangers Bittrex, Binance and Huobi.

Although Ms. Wan tweeted about a possible Ponzi Scheme happening at the Plus Token site, cryptocurrency exchangers were unable to identify which e-wallet to block, since there were no digital currency transactions directly related to Plus Token.

Apparently, the Plus Token scammers have taken advantage of the sophisticated blockchain system of recording transactions. In using encryptions containing public and private key codes instead of real information about traders, the blockchain system makes it difficult to immediately trace and establish the identity of persons involved in cryptocurrency transactions.

As Dovey Wan had found out and later tweeted, unidentified Plus Token operators still at large were able to transfer around 70K Bitcoin(BTC) and 800K Ethereum (ETH) early in July. Ms. Wan summed up the entire amount that Plus Token had stolen from its investors, and arrived at an overwhelming estimate of about $3.2 billion-worth of cryptocurrency. .

The major players behind the Plus Token Ponzi-scheme still has control over the stolen cryptocurrency. Since July, they have have been transferring the digital money into different crypto wallets from which they can withdraw and convert the cryptocurrency into real money.

Crypto-Analyst Firm Reports that Plus Token Scammers Used Online Mixing Services to Pre-Launder the Stolen Cryptocurrencies

A related report coming from Token Analyst, a London-based crypto-analytic firm, said that the Plus Token scammers have been using online mixing services as a means of masking the origins of their fraudulent blockchain transactions even before the scam was discovered. Doing so enabled the fraudsters to trade the stolen digital currency at legitimate exchangers since the cryptocurrency online mixers were able to mix the money in different e-wallet accounts owned by Plus Token.

That being the case, the stolen money have been laundered and made to look like legitimate funds used for conventional transactions via the blockchain platform.

You have probably been seeing, reading and hearing about Bitcoin. But do you have the slightest idea what it exactly is? Basically, Bitcoin is a form of digital currency. And there are many of them. Digital Currency is also referred to as a cryptocurrency.

This term was first used by an anonymous individual during the financial crisis back in 2008.

Much like Traditional Currencies but it’s all Digital

Digital currency account is much like a checking account where it can be viewed online. Simply put, it is a digital currency you can view but you cannot touch. In regards to Bitcoin, it has no physical representation since all money exists in digital form.

No one’s regulating this currency and in the same manner, the network isn’t managed by any known entities while the tokens are being exchanged between people via sophisticated software system. In other words, the entire system is decentralized and it’s operated by a computer network.

Know what You can and can’t Do

 

It is vital to be aware of the fact that you cannot use these tokens for paying the usual stuff you buy in the market. Truth is, Bitcoin and other cryptocurrencies can only be used to stores online or sell it to other people. On the other hand, there is an increasing number of companies that are starting to accept Bitcoin as well as other digital currencies known to man. Soon, even the best credit card in Singapore or in any part of the world could be using crypto technology.

To give you an example, Overstock and Expedia are accepting it from their customers. Among the major features of this currency is that the entire transaction is untraceable and private. That is one of the numerous reasons why most prefer this type of money than others.

Is it Smart to Invest in Bitcoins or other Cryptocurrencies?

With the immense popularity and usage of Bitcoin, you may be wondering whether to start investing your money into it or not. Well just like when investing in stocks of other companies, this is something that will require proper judgment. Otherwise, you may just regret your decision. So before pushing through with your decision, it is essential to learn about the risks that are associated with the system.

Among the risks that you should not take lightly is volatility. This means that the value of Bitcoin can fluctuate within a day. Truth is, the rise and fall in value could be in the 30 percent region. So don’t make any hasty decisions. Think of your move first.

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