How to Calculate Bitcoin Transaction Fees When You’re in a Hurry

How to Calculate Bitcoin Transaction Fees When You’re in a Hurry

Calculating transaction fees is like riding a bike or rolling a cigarette: simple when you know how, but frustratingly complex otherwise. UX improvements over the last few years have made bitcoin easier than ever to send and receive, but fee calculation is still something of a dark art. The following resources make fee calculation a doddle.

See also: The Curious Case of the New ‘Dragonmint Bitcoin Miner’

Taking a Byte out of Your Satoshis

In this life, nothing comes for free. You wanna send bitcoin, you’ve got to pay the piper, namely the miners whose machines secure the network and confirm the hundreds of thousands of transactions that pass through it every day. Back in the day, when one bitcoin cost tens or hundreds of dollars, no one paid too much attention to fees; they were so small as to be unimportant, which is why sites like Satoshi Dice were able to flourish, permitting idle bitcoiners to send scores of micro-transactions over the blockchain with scant regard for fees.

How to Calculate Bitcoin Transaction Fees When You’re in a Hurry
Fee calculation isn’t as easy as the experts would have you think.

Where Do Transaction Fees Go?

How to Calculate Bitcoin Transaction Fees When You’re in a Hurry
The less blockchain congestion there is, the faster your transaction will be confirmed.

In addition to earning a reward for solving the next block, miners receive the fees attached to any transactions on that block. The current reward per block is 12.5 BTC, but the miner may receive a figure closer to 13 BTC by the time fees have been added on. Although there is technically no obligation to attach fees to a transaction, there is also no obligation for the miner to include any transaction in the block they’re confirming. Thus it makes sense to include a fee to incentivize the miner to add the transaction to the block.

Miners prioritize transactions with the highest fee per byte, which is why senders who are in a hurry will pay a surcharge to push their transaction to the front of the queue. Pay the highest possible fee and your transaction should be confirmed within the next block, which will take an average of between 5 and 15 minutes. Pay lower fees and your transaction should be confirmed within the next three blocks, which will generally take between 10 and 30 minutes.

Transaction Fees Made Easy

As bitcoin has risen, so have the corresponding fees (for reasons that aren’t always related to the price of BTC it should be noted). Who’s gonna pay for their skinny turmeric latte with bitcoin if the fee costs more than the coffee? Thankfully that’s not always the case; fees rise and fall, and there are ways to push through low-cost transactions. If you’re sending from a segwit address and aren’t in a hurry, fees of under $1 are achievable. Perhaps not ideal if you’re still chasing that coffee, but for medium to large transactions, still doable.

Search “how to calculate bitcoin fees” and you’ll be presented with mind-boggling explainers like the following:How to Calculate Bitcoin Transaction Fees When You’re in a Hurry

Online explanations, while accurate, aren’t much use to the average layman.

Fee Calculation Without the Calculator

Turn to some of bitcoin’s more experienced heads for fee advice, and you may emerge with more questions than answers. “What do you mean you don’t know how to calculate transaction fees? It’s simple: all you gotta do is work out the size of your transaction in bytes, multiply it by the median byte size, take the answer in satoshis, divide it by 100 million (or 1e8 on a scientific calculator), get the answer in bitcoin and then convert to USD. Piece of cake.”

How to Calculate Bitcoin Transaction Fees When You’re in a Hurry

Thankfully there’s an easier way. Many hardware and web-based bitcoin wallets already come with built-in fee calculators which do a pretty good job. But not all wallets are similarly equipped, and the majority of sites, from cryptocurrency exchanges to deep web stores, still leave it to the customer to calculate fees. In such situations, the following tools are invaluable:

Estimatefee.com is a simple website that calculates the cost (in satoshis and USD) for a bitcoin transaction based on how much of hurry you are to move your coins from A to B. At the time of publication, fees are between $3 and $6 for sub-1-hour transactions.

Bitcoinfees.info displays slow/medium/fast fees in USD with no muss and no fuss.

Bitcoinfees.earn.com is another prediction tool, but you’ll need to be fluent in satoshis to grasp this one. For those who are still mystified by satoshis and what they mean in fiat terms, this satoshi to USD converter will come in handy.

How to Calculate Bitcoin Transaction Fees When You’re in a Hurry
Mempool size over the last 30 days.

It may seem frustrating that there isn’t a simpler way of determining fees, but due to the way bitcoin works, the price you pay depends on a number of factors including the size in kilobytes i.e the amount of data that makes up the transaction. That’s why segwit sends are generally cheaper: because you’re transmitting less data over the network. The blockchain is a bit like a highway in that it can get congested at peak times. If you’re not in a hurry, wait till the number of unconfirmed transactions in the mempool drops, taking the average transaction cost down with it.

If you’re new to bitcoin, fees can be fiendishly tricky to get your head around. Use an online fee estimator to do the math and leave the minutiae of satoshi per byte calculations to the experts (usually your wallet app does the calculations for you).

What’s your go-to tool for calculating transaction fees? Let us know in the comments section below.


Images courtesy of Shutterstock, and Satoshi Dice.


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

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The Cryptocurrency Market Cap Trends Higher – Commanding $300Bn This Week

Cryptocurrency Markets Trend Higher Commanding $300Bn This Week

This week the entire cryptocurrency market capitalization surpassed US$300Bn for the first time in history. Bitcoin’s significant rise in value, alongside the wide variety of other cryptocurrencies having similar price spikes continue to reveal that digital assets are trending across the world in a big way.

Also Read: North Korean Citizens Study Cryptocurrencies at Pyongyang University

1323 Cryptos Command a Whopping $300Bn Market Cap

Bitcoin came to the world back in January of 2009, and following its birth, other cryptocurrencies were born during the early days like litecoin, mastercoin, feathercoin, and peercoin. Now there are 1323 different cryptocurrencies that have created a significantly large market capitalization of over $300Bn. According to Coinmarketcap.com, over the past two weeks, digital asset trade volumes have been through the roof trading nearly $15-26Bn in daily trades. The financial publication Business Insider notes that metric is “higher than the 5-day average trading volume for some U.S. equity exchanges.”

Cryptocurrency Markets Trend Higher Commanding $300Bn This Week
These twelve pallets of physical promissory notes (USD) represent $300Bn or the entire cryptocurrency market capitalization.

The Top 15 Digital Assets Have Market Caps Over a Billion and the Top Ten Have Over $2 Billion

A few months ago only the top six largest cryptocurrency market caps had a billion or more; which was a record at the time. Now the top 15 digital assets have market caps of over a billion or more. The top ten capture over $2Bn each, which includes bitcoin, ethereum, bitcoin cash, ripple, bitcoin gold, dash, litecoin, IOTA, monero, and NEO. Bitcoin’s market is dominating at the moment by over 53 percent, but ethereum, bitcoin cash, and ripple also have large percentages of the $300Bn overall market cap.

Cryptocurrency Markets Trend Higher Commanding $300Bn This Week
The top ten largest crypto market caps according to coinmarketcap on November 27, 2017.

Crypto is Bigger Than the Global Art Market but Tiny Compared to Gold and Real Estate Markets

Cryptocurrency Markets Trend Higher Commanding $300Bn This Week
The gold market is around 6 trillion USD annually while real estate is around 162 trillion. 

Cryptocurrencies are a valuable investment, and people have been very attracted to the gains taking place this year. For instance, demand has driven bitcoin’s market cap to be more prominent than the $45Bn art market these days. However, it still has a long way to go as larger global investment markets overshadow digital currencies quite a bit. For instance investments in residential real estate capture around $162 trillion according to Bloomberg. The global gold market is about 6 trillion, which is gigantic compared to the 0.3 trillion in cryptocurrency market capitalizations. But the well-known Fundstrat investment manager, Tom Lee, explains that bitcoin itself only needs to capture 5 percent of the gold market to be more than double what it is today.  

“Bitcoin is our digital gold — So we think that the gold market, which is 9 trillion, and for a generation of investors gold was their store of value,” explains Tom Lee.

I think this next generation of young people view bitcoin as their store of value. And if it captures 5% of the gold market, it’s worth at least $25,000 per unit.  

All of this is happening while bitcoin is still kind of difficult for average joes to purchase. However, Coinbase is now attracting institutional investors, Ledger X has been trading futures, the world’s largest exchange CME is planning its futures products, alongside JP Morgan and Cboe preparing to bring crypto-investment vehicles to the table as well.

Japan and South Korea Dominate

In addition to businesses offering ‘exposure’ to digital assets, two unique countries are embracing cryptocurrencies. Specifically, Japan and South Korea have become dominant trading arenas for various digital currencies, and the yen and the won have commanded the world’s crypto-trade volumes month after month this year. Gone are the days when China ruled the roost, as both Korean and Japanese citizens seem to be eating up cryptocurrencies like candy. The yen has been the number one currency by volume worldwide as far as bitcoin, and South Korea has taken the third BTC volume position behind the U.S. South Korea also commands the most bitcoin cash (BCH) volume, as the won is over 50 percent of the global market on any given day.

Cryptocurrency Markets Trend Higher Commanding $300Bn This Week
Japan and South Korea have been cryptocurrency hotbeds.

$100Bn In Just 24 Days

Cryptocurrency fever doesn’t seem to be going away anytime soon. This year has been one of the biggest years for digital assets so far. During the last few months of 2017, the demand has picked up exponentially as over $100Bn was added to the economy in just 24 days. It’s safe to say that $300bn or a 0.3 trillion dollar valuation is a pretty good start for the very young cryptocurrency ecosystem.

Where do you see the value of cryptocurrency markets going from here? Let us know in the comments below.


Images via Shutterstock, Coinmarketcap.com, and Pixabay.


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Source: Bitcoin News

Is this (another) red flag for global markets?…

Global stock markets just broke a big record…

So far this year, the MSCI All Country World Index (which reflects the performance global stock markets) has posted a gain every single month. That’s an unpreceded streak of monthly gains for the 22-year old index.

And at this point, the index is likely to post a gain every single month for the whole year (November and December are typically bullish for stock markets). Again, this would be the first time this has ever happened in the 22-year history of the MSCI All Country World Index.

That sounds like good news. What’s not to like about rising stock markets?

But sooner or later, the good times have to end…

And for the U.S. stock market (which makes up 52 percent of the MSCI All Country World Index), the end is coming closer.

The gains can’t go on forever

The table below shows the years that have had the most consecutive monthly gains in the history of the MSCI All Country World Index.

After a rocky start to the year, 2003 had nine consecutive months of gains. Three years later, in 2006, there were six. And 2004, 2005 and 2014 all had five consecutive months of gains.

Of course, nothing goes up forever. After a nine-month run in 2003, the index continued to move higher in January and February of 2004, before falling the next two months. A few years later, following  a six-month streak in 2006, the index continued higher in January 2007 before correcting 0.7 percent in February.. And after its five-month streak in 1993, the index corrected 1.2 percent in month 6.

Mean reversion, as I’ve talked about before, means that markets (along with most things in life) tend over time to reverse extreme movements – and gravitate back to average.

It’s like a rubber band… stretch it and when you let go it returns to its original shape. So after a period of rising prices, securities tend to deliver average or poor returns. Likewise, market prices that decline too far, too fast, tend to rebound. That’s mean reversion, and it works over short and long periods.

Right now, markets around the world are “stretched” and could snap back to their “original shape” at any moment.

The S&P 500 is at an extreme. It’s up 461 percent from its lowest point in March 2009 (in U.S. dollar terms, including dividend reinvestment). That’s compared with 367 percent for MSCI Asia ex Japan, 359 percent for Singapore stocks and 356 percent for Hong Kong’s Hang Seng over the same period, as the graph below shows.

We’ve seen this sort of outperformance before. In the late ‘80s and early ‘90s, U.S. stocks outperformed other global markets by 100 percent. But eventually, U.S. stocks came back to earth… and over the following years, global (ex U.S.) stocks outperformed U.S. stocks by 39 percent.

The same thing happened again in the late ‘90s. U.S. stocks outperformed by 215 percent, but then global (ex-U.S.) stocks ended up outperforming U.S. stocks by 88 percent in the following years.

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So eventually, U.S. stocks will come back down to earth – taking the MSCI All Country World index with it.

But mean reversion isn’t the only reason we think the U.S. bull market is winding down…

Overpriced equities

Right now, by many measures, U.S. stock market valuations are high.

One of the best ways of measuring market value is to use the cyclically-adjusted price to earnings (CAPE) ratio. It’s a longer-term inflation-adjusted measure that smooths out short-term volatilities to give a more comprehensive measure of market value.

As the chart below shows, the CAPE is now at 27.3 times earnings. That’s higher than any time in history, except for the late ‘90s dotcom bubble. It’s even higher than the stock market bubble of the late 1920s.

High valuations don’t mean that share prices will fall. High valuation levels can always go higher, at least for a bit. Or they could stand still for a while. But mean reversion suggests that at some point, valuations will fall, one way or the other. (Unless “this time is different”. But… it isn’t.)

So what should you do?

Look to diversify your portfolio a little. Regular readers will know that we’re big fans of diversification.

We’ve written before about the importance of not just investing in different sectors and asset classes… but in different markets and countries too. That’s because spreading a portfolio around the world reduces risk. After all, gains in one market can offset losses in another.

And while the gains in U.S. stocks are nearing an end, they’re just getting started in markets like India, Bangladesh and Vietnam. These are three of the fastest-growing markets in the world.

So do yourself a favour and consider moving some of your money elsewhere.

Good investing,


Kim Iskyan
Publisher, Stansberry Churchouse Research

The post Is this (another) red flag for global markets?… appeared first on Stansberry Churchouse.

Source: Stansberry

Regulation Round-Up: Kenya, Ghana and Algeria Fudding and Fighting Bitcoin

Regulation Round-Up: African Governments Hesitant on Bitcoin and Cryptocurrencies

Governments across Africa are striking a firm tone regarding bitcoin and cryptocurrencies, with Algeria’s congress expected to ban all cryptocurrencies, and Kenya’s central bank warning against the risks of cryptocurrency, and an advisor to Ghana’s ministry of communications describing “fear of the unknown” as the principal barrier to greater adoption of virtual currencies. In other news, a Kenyan man has negotiated to pay the ‘goat portion’ of his dowry using bitcoin.

Also Read: Morocco Threatens Bitcoiners, Announces Ban

Kenyan Central Bank Fears Bitcoin May Comprise “Ponzi Scheme”

Regulation Round-Up: Kenya, Ghana and Algeria Fudding and Fighting Bitcoin and CryptocurrenciesThe Governor of the Central Bank of Kenya (CBK), Dr. Patrick Njoroge has warned Kenyans against the risks and lack of protections afforded to cryptocurrency traders. Referring to a previous warning issued in 2015, Dr. Njoroge stated that the CBK “warned everybody that this was a risky venture and the consumer is not protected. It could very well be a Ponzi scheme of a kind, I think you have seen how the prices have gone up and down in various places. Our point is that there is risk and it is important that everybody knows that those risks can come back to haunt us and could have financial stability concerns.”

Despite the warning, Dr. Njoroge recently expressed his hesitance to rush to regulate cryptocurrencies, describing the CBK as being “open” to innovations in financial technology. Speaking at the recent Global Financial Forum in Dubai, Dr. Njoroge stated: “If you’re the regulator, you have to be careful that all risks are taken care of, including in cryptocurrencies, but we’re very open to innovation.”

Kenyan Citizen Arranges to Partially Pay Dowry Using Bitcoin Rather Than Goats

Regulation Round-Up: African Governments Hesitant on Bitcoin and CryptocurrenciesThe topic of bitcoin has been in Kenya’s news cycle recently, following Kenyan citizen, Anthony Mburu’s decision to pay a portion of his dowry using bitcoin. The young bitcoin miner negotiated to pay the ‘goats portion’ of his dowry using bitcoins – and has so far paid the equivalent of 25 of the 100 required goats.

The 26-year-old Mr. Mburu quit university in 2010 only one semester into an engineering course. Mr. Mburu recently discussed his decision with Kenyan media, stating “Formal education is good. It will give you an average life. You’ll eat, have your mortgage, car loan and all that — live an average life; struggle through life to the end.” Since discovering the cryptocurrency, Mr. Mburu states that his entire life has come to revolve around bitcoin. “Everything is bitcoin. Where I live, bitcoin; what I drive, bitcoin; investment, bitcoin. It will be a bitcoin wedding,” he said.

“Fear of the Unknown” Hinders Ghanan Bitcoin Adoption

Regulation Round-Up: African Governments Hesitant on Bitcoin and CryptocurrenciesGhana’s cybersecurity advisor to the ministry of communications, Albert Antwi Boasiako, has described “fear of the unknown” as the principal barrier to greater cryptocurrency adoption throughout the African nation. Speaking at the recent Ghana Blockchain Conference, Mr. Boasiako stated “We have our fears about cryptocurrency but discussions are still going on. Our country is still hesitant to adopt Bitcoin as a legal tender is the fear of the unknown.”

Mr. Boasiako emphasized the need for Ghana’s tech community to mobilize in order to demystify cryptocurrencies, stating “We are battling fear, the state doesn’t want to move forward because it doesn’t know what’s there. To demystify cryptocurrency, we need a community-driven agenda. We need to strategically demystify the misconceptions around cryptocurrency and get it integrated into the government digitization agenda.” Mr. Boasiako suggested the establishment of a “working group on cryptocurrency that has members from stakeholders like the Bank of Ghana,” recommending that such a body should closely monitor developments in the sphere of cryptocurrency regulation in other jurisdictions.

Algeria Expected to Ban All Cryptocurrencies

Regulation Round-Up: African Governments Hesitant on Bitcoin and CryptocurrenciesLast month, it was reported that Algeria’s congress had begun to consider new financial legislation that would see all cryptocurrencies banned throughout the country. The ‘2018 Finance Bill’ states that “The purchase, sale, use, and holding of the so-called virtual currency is prohibited. The virtual currency is the one used by Internet users through the web. It is characterized by the absence of physical support such as coins, banknotes, payments by check or bank cards,” specifying that “Any violation of this provision is punished in accordance with the laws and regulations in force.”

An accompanying memorandum emphasizes the concerns that bitcoin’s potential anonymity sparks among Algerian lawmakers, stating “Algeria hopes to establish a stricter control over this kind of digital transaction, which can be used for drug trafficking, tax evasion, and money laundering thanks to the guaranteed anonymity of its users.” The document asserts that despite cryptocurrencies having “long been the prerogative of illegal transaction,” they are able to “get rid of their bad reputation in democratizing and attracting a wider audience.”

What do you think of the increasing suspicion of African governments regarding bitcoin and cryptocurrencies? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia


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Source: Bitcoin News

10 Things Bitcoin is Now Bigger Than

10 Things Bitcoin is Now Bigger Than

You might have heard about this bitcoin thing; it’s been in the news a lot. Something to do with it passing $8,000…no $9,000…no, wait, where are we now? It’s hard to keep pace. No one knows where bitcoin will be a day, week, or year from now, but at this moment in time, bitcoin is bigger than the following things.

See also: The World’s Worst Named Cryptocurrencies

Bigger, Stronger, Better

In 1966, John Lennon courted controversy by stating that the Beatles were more popular than Jesus. 51 years later and bitcoin is hitting biblical levels of its own. Boasting of what bitcoin is bigger than may seem childish; the equivalent of first graders arguing over whose dad is bigger. Nevertheless, it provides a useful snapshot of where bitcoin is at right now, and of how far it’s come. It’s also a helpful way of quantifying an intangible asset.

It was four years ago today that bitcoin surged past $1,000 for the first time. That milestone seems quaint now: bitcoin has gained $100 billion in the last month alone. The virtual currency is officially now bigger than several venerable institutions and major countries.

10 Things Bitcoin is Now Bigger Than
Bitcoinity’s ticker on November 27 2013, when $1,000 really did feel like the moon.

PayPal

Bitcoin surged past PayPal weeks ago, and is on course to double the market cap of the payment processing company soon.

McDonald’s

The world’s most famous fast food company has a market cap of $135 billion. Bitcoin, at $163 billion, looks supersized in comparison.

10 Things Bitcoin is Now Bigger Than
Should have bought bitcoin.

IBM

The enterprise computing giant has a market cap of $140 billion. Bitcoin is worth almost $25 billion more.

Disney

The current value of all Walt Disney stock is $155 billion. Who needs Disneyland when you’ve got the bitcoin rollercoaster to ride?

10 Things Bitcoin is Now Bigger Than

General Electric

You might have heard of GE; they were once the largest company in the world and still retain almost 300,000 employees. Bitcoin, on the other hand, has zero official employees, and yet is worth several billion dollars more.

Bill Gates and Jeff Bezos

10 Things Bitcoin is Now Bigger ThanBill Gates is worth ‘just’ $87 billion, though if the benefactor hadn’t given away 700 million Microsoft shares plus other donations to charity, he’d be worth $150 billion. The first person since Gates to exceed a net worth of $100 billion is Jeff Bezos. The Amazon CEO’s assets place him on a par with the the cryptocurrency market excluding bitcoin and bitcoin cash.

The Total Supply of Currency in Denmark

Bitgo’s Jameson Lopp has bitcoin currently at 27th in the world’s top currencies, ahead of Denmark and level with Venezuela. His M1 index lists the “the total quantity of currency in circulation (notes and coins) plus demand deposits denominated in the national currency”.

135 of the World’s 191 Countries

Bitcoin’s presently nestling between the GDP of Kazakhstan and Qatar. Next in its sights? Romania, Greece, Czech Republic, and New Zealand.

Korea’s Largest Financial Exchange

10 Things Bitcoin is Now Bigger ThanThis one’s cheating, cos to outmuscle Korea’s Kosdaq exchange you have to include the value of the entire cryptocurrency market. Nevertheless, it’s another milestone: at $300+ billion, cryptocurrency is worth $25 billion more than Korea’s Nasdaq. The cryptocurrency market is also worth $50 billion more than Visa.

Bitcoin’s transformative value is about much more than its current price against the US dollar – that merely provides an indication of the growing demand for the cryptocurrency. As veterans will confirm, the virtual currency is just capable of going sideways or south for extended periods. While it’s fun to marvel at bitcoin’s growth, it’s important not to get too carried away.

If you’re new to bitcoin, start saving with it, transacting with it, using it for remittance, and repurposing it in any other way you see fit. Only then will you start to appreciate the true value of bitcoin.

Do you think bitcoin can maintain its incredible trajectory, or is a correction inevitable? Let us know in the comments section below.


Images courtesy of Shutterstock, and @charliebilello.


Need to calculate your bitcoin holdings? Check our tools section.

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Source: Bitcoin News

PR: New Wallet Rahakott Will Make the Cryptocurrency World More Accessible

Rahakott Crypto Wallet

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

A new project, Rahakott, was launched. Rahakott is a cryptocurrency wallet that allows anyone to send or receive digital currencies and to monitor their balance. The surge in demand for cryptocurrencies drives demand for solutions that are more convenient and simpler to implement.

Digital currencies do not exist in physical form and are not stored in a single place. All that actually exist are transaction records in a blockchain. Therefore, when Bitcoin or other cryptocurrencies are transferred, the ownership rights to a certain amount are simply rewritten to your wallet’s address. However, to take control of that currency, the private key for your wallet has to match the public address to which the currency has been allocated. If they match, a withdrawal happens at one wallet and a deposit at the other. And all of this is just a record in the blockchain.

“The market does not currently offer that many choices of suitable, easy to use wallets that would give both security and speed in processing transactions,” comments Akke Svenson, the wallet’s founder. “We have had the audacity to address all the existing issues with the Rahakott wallet.”

The key issue is registration. It is on this step that some users simply cannot make sense of the system and go on to look elsewhere. The Rahakott service offers simple registration without email or phone, with just a mnemonic phrase.

Despite the simplicity of registration, the wallet is well-protected from hacking by two-factor authentication. In addition, users that conduct business using cryptocurrency can set up subaccounts for their clients and generate requests for payment. Rahakott has functionality that allows batch generation of a large number of addresses. Miners have the ability to set a wallet address as where they would like to receive their reward for mining.

The wallets are algoristic, meaning that a new address is generated for each transaction, which increases user anonymity. The existence of an API allows for the wallet’s functionality to be integrated into external web services and software.

“Rahakott went live on November 12,” says Akke Svenson. “We plan to keep perfecting the service’s functionality as we go. Our next step is to integrate currency exchanges, so that clients can choose the best exchange rates when converting to other cryptocurrencies and fiat currencies (P2P exchange). Our service serves to disrupt the status quo in the modern financial system, which is riddled with limitations, fees, and difficulties in processing transactions. We find ourselves at the starting point of a new, independent, and transparent financial future. And we’re building that world together!”

Project Team

Akke Svenson, Rahakott.io cryptocurrency wallet founder

Entrepreneur, IT specialist, blockchain enthusiast. Graduated from the Royal Institute of Technology in Sweden and Stanford University in the US. He began his career at Ericsson, then worked on developing services for financial companies in Europe. For a few years he served as CTO at a Silicon Valley fintech startup. After that, he returned to Sweden and founded his own company, specializing in IT consulting. He became interested in blockchain in 2013, believing that modern technology will help build new economic relationships in the world.

Maksim Shreyder, Rahakott.io cryptocurrency wallet cofounder

IT expert. Graduated from the Moscow Institute of Physics and Technology and the University of London. He began his career as a programmer, developed projects in the e-commerce sector, and headed IT departments at Russian and English companies. In 2015 he became interested in cryptocurrencies and mining.
Website: Rahakott.io

Contact Email Address
alex.drofa.ra@gmail.com
Supporting Link
Rahakott.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Source: Bitcoin News

Nigerian NDIC Warns That Cryptocurrencies Lack Consumer Protections

Nigerian NDIC Warns That Cryptocurrencies Lack Consumer Protections

The Nigerian Deposit Insurance Corporation (NDIC) has warned Nigerians that they will not be afforded consumer protections when trading virtual currencies. NDIC representatives also reaffirmed that the Nigeria’s monetary regulators are unable to exert influence over the cryptocurrency markets.

Also Read: North Korean Citizens Study Cryptocurrencies at Pyongyang University

The Nigerian Deposit Insurance Corporation Warns Against Cryptocurrencies

Nigerian NDIC Warns That Cryptocurrencies Lack Consumer ProtectionsMohammed Umar, the director of research, policy and international relations at the NDIC, has outlined the risks it perceives are associated with trading cryptocurrencies, in addition to emphasizing that regulators do not provide insurance covering the risks associated with trading virtual currencies not issued by the Central Bank of Nigeria (CBN).

Speaking at an annual workshop for finance correspondents on “financial disruption of digital currency and it’s consequences on the banking and deposit insurance system,” Mr. Umar struck a firm tone, stating “The financial regulatory authorities are not playing catch up on the digital currency race in Nigeria. There is no country in the world that allows its citizens to use digital currencies as money not issued by the central bank. No central bank will accept digital currency as a substitute for its national currency or part of its monetary system, when it is not able to control it. Nigerians must understand that adequate notice has been issued by all financial sector regulatory authorities, namely Central Bank of Nigeria, CBN and Nigerian Deposit Insurance Corporation, NDIC, to warn Nigerians who want to trade in bitcoins as gamblers.”

Mr. Umar also stated that an inter-agency committee including representatives from the NDIC, Ministry of Justice, Nigeria Police, Department State Security, Economic and Financial Crimes Commission, and other state institutions, has been established to monitor and ”sanitize the system.” Mr. Umar concluded by stating “If you can buy a bitcoin, nobody will stop you. It is at your own risk. A bitcoin is not covered by the CBN rules, and NDIC will not insure it. We have consistently warned Nigerians that anyone who trades in bitcoin does so at his own risk.”

“Digital currency is for gamblers” – NDIC Chief, Dr. Sabo Katata

 

Speaking at the workshop, the Deputy Director of Research, Policy and International Relations (RPIR) of the NDIC, Dr. Sabo Katata, likened cryptocurrency trading to gambling. Dr. Katata stated “Digital currency is for gamblers.  If you want to invest in bitcoins you can go ahead, for that is what you are. If you want to buy bitcoins you can, but your are doing so at your own risk. The regulators will not come and protect you.”

Dr. Katata presented a paper entitled “Financial Disruption of Digital Currency and it’s Consequences on the Banking System and Deposit Insurance System” during the event, emphasizing many of the risks associated with the virtual currency markets. His colleague, the Director of the RPIR, Mr. Mohammed Umar Yayangida, also spoke at the event, stressing the lack of power that the NDIC and the Central Bank of Nigeria have with regards to exercising control over cryptocurrencies.

Mr’s Yayangida’s remarks echo those made earlier this year by the Deputy Director of the Central Bank of Nigeria’s Banking and Payments System, Mr. Musa Itopa-Jimoh. Speaking at a breakfast meeting organized by the Chartered Institute of Bankers in Nigeria, Mr. Musa Itopa-Jimoh emphasized the limited influence that the Central Bank of Nigeria can exert over the cryptocurrency markets, stating “Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. We don’t own it.”

What is your response to the statements made by the NDIC? Share your thoughts in the comments section below!


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The post Nigerian NDIC Warns That Cryptocurrencies Lack Consumer Protections appeared first on Bitcoin News.

Source: Bitcoin News

Exclusive Clip of The New Radical: Cody Wilson, Amir Taaki, 3D Guns, and Bitcoin

Exclusive Clip of The New Radical: Cody Wilson, Amir Taaki, 3D Guns, and Bitcoin

Notorious bitcoiners Cody Wilson and Amir Taaki are subjects of the first real Millennial document of our present century, The New Radical, set for theatrical release this week. It’s an intimate look at what happens after media cameras vanish and idealists are left with the real-world consequences of confronting societal norms. Color | English Language | 109 minutes

Also readCrypto-Anarchist Cody Wilson Launches 3D Printed M1911 Handgun Software

Exclusive Clip of The New Radical: Cody Wilson, Amir Taaki, 3D Guns, and Bitcoin
Mr. Wilson readies for his segment in The New Radical.

The Cody Wilson Effect

Associated Press announced, “The Giffords Law Center to Prevent Gun Violence asked the providers that host GhostGunner.net and GhostGuns.com to disable the websites for violating the hosting companies’ terms of service.” The often-shrill and bullying political advocacy group is appealing publically to web services Shopify and Dream Host to darken Cody Wilson’s projects.

The official appeal comes laced with hedged-wordings after a deranged California man used homemade weapons to murder his wife and four others. The Giffords letter argues Mr. Wilson is responsible for “the sort of products that have already caused scores of senseless deaths — and are likely to cause many more, unless taken off the market.” Sort of. Likely. You get the idea. Neither Mr. Wilson nor his sites factored-in to recent horrors.

The cynical attempt to link Mr. Wilson’s work to insanity just so happens to coincide with a well-received documentary, The New Radical (TNR), and its premier, 1 December, in select theaters (it’ll be available on-demand, cable, satellite, 5 December).

Exclusive Clip of The New Radical: Cody Wilson, Amir Taaki, 3D Guns, and Bitcoin

The attempt to silence Cody Wilson and his Defense Distributed outfit is nothing new, of course. But this is how it works with Mr. Wilson: he’s first ignored, then sought as a curiosity, and finally vilified.

It’s the Cody Wilson Effect, my neologism and rephrasing of The Streisand Effect. Babs’ Malibu mansion was inadvertently photographed by coastal erosion do-gooders documenting the mighty Pacific’s reclamation. Attorneys for the singer promptly sued for tens of millions, demanding the offending picture be struck from the site. Seems no one else noticed the photograph … until news got out these poor people were being crushed by Yentl’s legal goons.

Ms. Streisand’s home was plastered all over the web, an ironic and expensive lesson. That’s eerily similar to Mr. Wilson’s trajectory from University of Texas Law School student out for poking the bear, having a bit of fun, only to be censored. Media discovered the story, splashed headlines internationally, and suddenly the world’s first 3D gun schematics had been downloaded 100,000 times.

Intimate, Personal

English poet John Milton predicted something akin three centuries earlier in his Areopagitica. As it turns out, Mr. Wilson was somewhat devoted to Milton by way of an undergrad University of Central Arkansas English professor, Dr. Raymond-Jean Frontain.

And it’s this morsel of the intimate, personal side of TNR‘s subjects that makes it compelling viewing, especially for those already familiar with the documentary’s broader themes.

Exclusive Clip of The New Radical: Cody Wilson, Amir Taaki, 3D Guns, and Bitcoin
Lynn Ulbricht, Adam Bhala Lough, Cody Wilson

Written and Directed by Adam Bhala Lough, perhaps best known for his take on rap star Lil Wayne in The Carter, which was pegged as one of the best music documentaries of all time by Rolling Stone, The New Radical is a lush and sobering investigation of two personalities bent on being impactful.

“They all connect in seizing power from the establishment and the Boomer generation,” Mr. Lough says of his subjects. “That’s ultimately what all these projects are about. The Liberator said, ‘You want to ban guns? Well, we can print one.’ Dark Wallet and Bitcoin both started, in Amir’s mind, in reaction to Visa, Mastercard, and PayPal banning donations to Wikileaks. ‘You want to tell us what we can and can’t spend our money on? Fuck you, we’ll create our own money.’”

“They’re seizing power through technology,” he continued. “It is impossible to tell this generation what they can and cannot do. They don’t just want power for power’s sake, they want to balance the scales because they see things as being unfair.”

News.Bitcoin.Com Exclusive Clip from The New Radical

What do you think about Cody Wilson and Amir Taaki? Tell us in the comments below!


Images courtesy of: Pixabay, AllDayEveryDay, The New Radical. 


Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

The post Exclusive Clip of The New Radical: Cody Wilson, Amir Taaki, 3D Guns, and Bitcoin appeared first on Bitcoin News.

Source: Bitcoin News

Russia’s VTB Bank’s CEO “Very, Very Dangerous to Invest in Cryptocurrencies”

Russia’s VTB Bank's CEO "Very, Very Dangerous to Invest in Cryptocurrencies"

Several Russian analysts have made comments regarding bitcoin and cryptocurrencies in recent weeks. German Gref, the head of Sberbank, has stated that cryptocurrencies are becoming a part of daily life in Russia, whereas as the head of VTB International, Riccardo Orcel, has stated that Russian interest in bitcoin has been overblown by the media. In other news, Etoro analyst, Mikhail Maschenko, discussed the growing perception of bitcoin as a hedge against the traditional financial markets among professional investors.

Also Read: Hong Kong Company Set to Build Crypto Mining Farm and Museum on Russian Island

Cryptocurrencies “Are a Fact Of… Life” – Head of Sberbank

Russia’s VTB Bank's CEO "Very, Very Dangerous to Invest in Cryptocurrencies"German Gref, the head of Russian state bank Sberbank, has discussed the growing popularity of bitcoin in Russia. Speaking at a meeting of the Russian entrepreneurs association, Mr. Gref stated that “Virtual currencies are a natural outcome of blockchain technology. We may ban them, we may welcome them. It is trendy to urge people not to play with them. But they are a fact of our life,” Gref said at a meeting of the Russian entrepreneurs association.

Mr. Gref warned against Russia seeking to prematurely prohibit bitcoin, emphasizing that cryptocurrencies will comprise an enduring phenomena, and that the growing cryptocurrency economy will afford considerable opportunities to Russian businesses. “Protectionism is just the first reaction of the state. However, both the institution of private money and the states, which will dare to change the way currency is issued, will eventually find a place for cryptocurrencies in the economy,” said Mr. Gref.

Russian Investors Use Bitcoin as Hedge Against Traditional Markets

Analysts Discuss Bitcoin in RussiaSpeaking with RT, eToro analyst, Mikhail Maschenko, has discussed increasing interest in cryptocurrencies on the part of professional investors. Mr. Maschenko stated that “The demand for bitcoin is growing as the crypto market has become less volatile, and an increasing number of professional investors see it as insurance.”

Mr. Maschenko expressed optimism regarding bitcoin’s short to medium term outlook, stating “We could see a bitcoin at $10,000 in a month or so. However, such a surge will be based on emotions, not on fundamental factors. So, further growth of the cryptocurrency will require something more than euphoria… LedgerX launched its first long-term options for bitcoin, with an expiration date of December 28, 2018. In the coming months, we will continue to see the ‘domestication’ of bitcoin: the Chicago Board Options Exchange and the Chicago Mercantile Exchange are planning to launch tools based on the cryptocurrency in the near future.”

VTB Bank Is Skeptical of Bitcoin’s Popularity in Russia

Analysts Discuss Bitcoin in RussiaRiccardo Orcel, the head of Russian bank VB International, has played down the popularity of bitcoin in Russia – describing such as overblown by the media. In an interview with CNBC on Tuesday, Mr. Orcel said “There was some speculation that there was some buying coming from Russian investors, but more than these reports, as a bank, we have not seen much in terms of flows.There was some interest reported in the press but I’ve not seen in Russia a lot of interest in bitcoin, to be honest.”

Andrey Kostin, VTB Bank’s president and CEO, has stated that he is “a little bit skeptical” regarding cryptocurrencies generally. “We see a lot of high speculation factor in cryptocurrencies and I think it’s dangerous,” he said. “Until the governments decide how to regulate this area I think it will be very, very dangerous for investors to invest in cryptocurrencies.” Perhaps alluding to blockchain technology, Mr. Kostin added “Clearly fintech is the future for the banking industry. For a country of the size of Russia, clearly having branches around the entire country is just not possible and fintech is the future.”

What is your response to these differing opinions on cryptocurrency in Russia? Do you think that bitcoin will become a part of everyday life, or is the media exaggerating the presence of cryptocurrency in Russia? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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The post Russia’s VTB Bank’s CEO “Very, Very Dangerous to Invest in Cryptocurrencies” appeared first on Bitcoin News.

Source: Bitcoin News

A Crypto Crystal Ball? What If Traders Settled Bitcoin Forks

Researchers are trying to improve prediction markets as potentially valuable tools for measuring community support or opposition to protocol changes.
Source: Coin Desk