PlexCoin faces new fraud charges from Ohio Grand Jury

In the past some months, the world of finance has to bear some jolts, and one more such event is noted again. As per the sources from the market, one more firm is penalized by law under the charges of forgery.

PlexCoin organizers have been indicted by a grand jury in Ohio on fraudulent charges. The founder of PlexCoin, Dominic Lacroix, along with other officials Yan Ouellet and Sabrina Paradis Royer are charged with inflating returns of the firm in order to attract investors.

PlexCoin outed two years ago

The cryptocurrency faced problems two years back when the SEC had removed them based on fraudulent charges. They were charged with violating securities law during the initial coin offering process. According to the SEC, the founder, along with other officials, violated the antifraud provisions and registration provisions.

SEC settlement with PlexCoin last year

However, they reached a settlement last year after PlexCoin promoters agreed to pay $7 million in fines. They claimed that the promoters had raised close to $8.2 million during the ICO process, and they had agreed to pay about 55 percent of the funds.

Such things are not new with cryptocurrencies, and this is the reason why most of them do not have proper valuation among the general public. Instances like this have raised a lot of concerns about regulatory norms with regard to cryptocurrencies across the world. Most countries have stringent norms for such digital assets, and they are still not used by many people in the public domain.

However, the crypto industry is also aiming towards getting regulatory approvals in recent years, and they want to come into mainstream financial markets by way of listing in popular exchanges. Many of them are planning IPOs this year, and if the trend is positive for the initial attempts, many more companies will follow the same method shortly.

This is a good trend as the crypto industry badly needs some regulation, and the common public should be aware of what is happening with the promoters. This will give them confidence about their investments, and the crypto industry can attract millions of new investors in this manner. Companies such as PlexCoin may come and go, but reputed blockchain-based currencies will make new attempts to win public confidence. The near future will see many new entrants into the market, and investors have to be careful about choosing such options.

Is Bitcoin Price Ready for a Big Breakout Next Week?

The price of Bitcoin is constantly rising. It was steady at $9000 after that a rally of $9,600 has started. The price of one Bitcoin has been anticipated by many analysts and financial experts. The only question that is bothering these experts is when does the Bitcoin doing to hit the $10,000 mark?

Since the much-awaited Bitcoin halving has occurred, the price is stuck. The exact price range is $8,800-9,000. But when it comes to an increment up to $10,000 mark, resistance can be seen. Since the market is narrowing down, it is yet to be seen when the Bitcoin is going to reach its $10,000 mark.

Bitcoin Prices Have Been At The Support Level

The Bitcoin price level was held at the support level in the past week. It happened due to the upward trend structure. After holding the value to the support level, the price of Bitcoin bounced back.

The 100-day and 200-day moving averages (MAs) are low. If these levels remain below a certain level, Bitcoin can hit its bull mark. According to the BTC/USDT 4-hour chart, Bitcoin is resting at a resistance level of $9,650. If this resistance to be believed, BTC will hike in the coming period.

The major Bitcoin move is yet to be seen but it is assumed that a staircase pattern will likely to happen. Once the Bitcoin breaks a high-level of $10,100, the price will be ready to increase.

Total Market Cap Of BTC

The market capitalization of Bitcoin is breaking out from $270 billion. Since it is also a factor that can clarify whether or not Bitcoin will move to the $10,000 mark, it can also be evaluated.

The total market value of BTC seems to be increasing, but the price of Bitcoin is stuck at a level. Another common reason for the hold of Bitcoin is the breakout of the altcoin. The price of ETH is increasing as well as the market cap of altcoins.

Bullish & Bearish Scenario

The bullish zone has shown resistance at $9,650 and $9,900 levels. If during the coming week, the price remains stuck below the $9,200 then the potential break will not happen. On the contrary, if the price surges above $9,650 then the breakout is confirmed.

The bearish scenario can be tested clearly. If a rejection is seen at the retest, the price can drop up to $9,300. The bearish scenario is mandatory to consider because it can clarify the further price breakout of Bitcoin.

South Korean Economist Warns New Tax Laws May Slow Down Crypto Market Growth

Worrying about the stringent tax laws, South Korean economists say that crypto’s growth can go down.

The South Korean government recently announced that they intend to tax cryptocurrencies at rates up to 20%. They were keen to legitimize the sector for a long time, but the current financial crisis appeared as the perfect time for the step. Sung Tae-Yoon, a Korean Yonsei University economist, expressed his concerns and warned that this tax imposition might slow down the technology’s emerging market. This was according to the Korean Times report on June 21. 

The cryptocurrency market has been tax-exempt for a very long time in almost all the countries where the users exist. Although the market is very volatile and fast-growing, even experts have believed that accepting the various virtual currencies as recognized assets is subject to regulations, and the market is still nascent. 

Supporting this, Sung called the decision “premature” because taxing cryptocurrencies as capital gains are not viable when the technology is in its infant stages. Therefore, he believes that the step would prevent the market from flourishing in South Korea to a great extent. Adding to this, he said that cryptocurrencies couldn’t be considered as universal assets like traditional paper currencies in general.

However, on the other hand, opposition economists from the Korean University, like Kim Jin-ill, strongly believe that the regulation is very essential even if the growth of the technology is hampered. They think that although taxation will hamper short-term growth, it will control many frauds and financial scams in the country. Some active economists are of the view that these tax impositions are due to the financial uncertainties caused by the COVID-19 Pandemic.

Some also believe that the Korean government has further plans to tax various other commodities after the digital currencies. Hong Nam-Ki, the Korean finance minister, said that the government would be reforming the taxation system by introducing new kinds of taxes, like the digital tax on some IT companies like Amazon and Google, for providing their IT services in South Korea.

Kim also said that the steps could block the short-term growth of several markets, but it is currently essential to regulate them. To this, he added that these are the most suitable ways to bring the current state of the financial crisis in control.

Giving an example, he discussed a failure involving commercial banks’ mis-selling of derivative-linked funds in the previous year, which clearly shows how important these regulations are in the financial industry.

The decision recognizes crypto as assets or goods instead of an actual currency. This is the reason that the decision is still in progress. However, chances prevail that the financial authorities of South Korea will follow the footsteps of the world’s leading financial powerhouses like Japan and the US.

The USA recognizes digital cryptocurrencies like Bitcoin as financial assets and imposes taxes on the revenue generated from its transactions. Similarly, Japanese financial authorities have also applied a tax rate of 55% on transactions that involve revenues from cryptocurrencies.

Crypto and blockchain adoption amid the pandemic

Cryptocurrency is booming today. Many people are showing interest in investing in the cryptocurrency. They buy cryptocurrencies at a low rate and sell them at a high price when its price hikes up. Due to pandemic, many people have lost their income sources and jobs, and cryptocurrency trading is found to be a lucrative option for them to earn a considerable amount of money in a short time. The number of trades getting registered in the cryptocurrency exchanges is also increasing day by day, especially during the pandemic. Many companies who are into crypto trading have seen a spike in the registrations.

The companies are also focusing on developing the blockchain network. The savers see decentralized finance to be an ideal option. There is the next-generation digital currency that will get launched in a few countries, especially Chain. Due to the pandemic, the world is into huge debts and many concerns resulting in the financial crises across the globe. The unexpected debt burden is increasing in the government and central banks, trying to support people and companies to come out of the pandemic situation. It also increased unemployment.

The government and banks are trying hard to fight the aftermath of the pandemic. Still, the unprecedented monetary loss drives people to take financial help in the form of hard assets such as gold and the cryptocurrencies such as bitcoin. Since the start of April, the price of the bitcoin is touching the sky. It has increased to 33%, like never in the past 12 months. The value of the bitcoin got doubled. The benefits offered by the blockchain network are making the price of bitcoin go high amid pandemic. The rise of cryptocurrency clearly states a dire need for a robust and secure financial system on the internet.

The banks are reducing the rate of interest to zero. The savers are finding it tough to earn interest on the deposits they have made earlier. Many savers are showing interest in using decentralized finance platforms. Compared to the last year, the Defi platforms’ value is on the rise and got doubled up to USD 855 million. These platforms are offering higher interest rates on cryptocurrency deposits when compared to regular banking options.

The stable coins help people earn a reasonable interest rate and carry out the transactions digitally without paying a considerable transaction fee. The store value of the bitcoins attracts the people who are worried about the outsized volatility of cryptocurrencies such as bitcoin.

The cryptocurrency companies are now working with the banks. The Libra 2.0 would give ample benefits to the users to use digital currencies quickly.

The blockchain technology offered various benefits, which is not currency-related, and these got a push amid the pandemic. It is used in the health passports, digital identity, tracking the food supply chain, and electronic voting. These are using blockchain technology in the wake of the pandemic to keep its impact at bay.

The next generation currency about to be launched by China would make complete use of blockchain technology. With no access to the US dollar, the US people’s payments would take a jiffy to get delivered.

The blockchain and cryptocurrency are making the payment delivery system highly efficient and quick. The financial institutions offer low-cost check-cash services to the people who do not have access to the bank accounts. The payment can be credited to the people who do not have a physical mailing address.

The pandemic is making the transition to the blockchain infrastructure highly efficient and transparent. The COVID-19 pandemic made companies to fight the obstacles of blockchain and adopt it. The problems in supply chain and inefficiency in deploying resources and difficulty in capturing data can now be resolved with blockchain solutions.

HitBTC Cryptocurrency Exchange reveals iOS mobile app

The demand for cryptocurrency trading is increasing all over the world. In this regard, the HitBTC cryptocurrency exchange has introduced the iOS application that provides all the main features available in the regular desktop version. In this way, it has opened a new mode of trading that will be widely accepted by traders. These days, most traders use apps for trading, and cryptocurrency trading will get a new boost with such developments from leading exchanges in the world. The exchange has more than 800 trading pairs, and traders can now access all of them through the iOS app. Hence it will be easy for the traders to deal in this currency, and at the same time, the exchange will also have added advantages of the addition of this system.

Enhanced security with 2FA

The HitBTC trading platform now comes with enhanced security, and users will have to provide multiple details for logging into the trading account. The 2 Factor Authentication is one of the most trusted methods of providing security to any account, and it is widely employed by trusted financial institutions around the world. In this way, users will be able to log in only after providing multiple authentication details. This reduces the chances of accounts getting compromised online. For every trader, security is a prime concern that is rightly addressed now, and hence traders can trade on this platform without any fear.

Different order types

Users can now input different types of orders according to their trading preferences in the mobile app. The features available in the desktop trading platform will also be available on the app platform. The most popular types of orders include limit orders in which users can input a specific value for buying or selling any contract. On the other hand, market orders allow users to buy and sell in a quick time without inputting any price. In this situation, the latest available market price will be taken for trading, and it is beneficial while trading in contracts that have high liquidity. Apart from that, users can also input stop-loss orders and other types of orders by choosing the different options available in the order book. The system has different order systems that one can follow as per own will and convenience of trade.

Trading tools and analysis

As traders get savvy about various types of analysis, they look for different tools that will help them in this direction. Considering all these aspects, HitBTC has introduced the best trading tools that will help users analyze the price movement using different indicators. If you are a fan of technical analysis, you will love most of the features available in the form of charts. You can set your preferences in these charts and use the suitable indicators to trade in cryptocurrencies. Hence with the help of this advanced option, it will be easier to trade and make a profit in this virtual currency segment also.

Mobile functionality of digital assets

Most users prefer to trade online through mobile platforms, and this is true even with regards to cryptocurrencies. This is very beneficial for the modern-day savvy traders as they are usually on the move, and they need not get stuck with a single desktop platform. Even if they have access to a desktop, they prefer to use a mobile platform as this offers better privacy while trading in cryptocurrency markets. You can also get the best alerts for your price levels on your mobile trading platform. All these factors make the mobile platform invincible in today’s cryptocurrency markets.  The platform is exclusively designed, keeping in mind the trading habits of professional traders in the market.

Can I convert Bitcoin to GBP with Paypal?

Many people do bear doubts about whether the bitcoin can be converted to GBP with Paypal. Living in the digital world where bitcoin and cryptocurrency are gaining more importance and popularity, it is no wonder that people come up with similar questions.

If ever you have taken efforts to buy some bitcoin, then you must know whether it is possible to convert the same into different fiat currency or sell it as per the user requirement. Also, he/she must be thoroughly aware of the procedures that underlay. Thorough knowledge of the aspect reduces the risk of possessing bitcoin and gives the user the confidence to handle it effectively. In this means, the full benefit of bitcoins shall be attained by the user.

 In this article, the answer to this question is detailed, along with how the transfer can be made possible. Read on for further information

Is it possible to transfer Bitcoin to Paypal money?

In reality, such a conversion is not directly possible. However, with the aid of a multitude of exchange services, this transfer can be made possible.

Thus, these exchanges serve as an intermediate, which finally helps in the conversion. This makes it possible to exchange Bitcoins for getting fiat money, which can then be withdrawn to the credit card. This credit card shall be linked to the Paypal account and thereby converting into Paypal money.

In the following sections, the means that can be adopted to sell Bitcoin for GBP shall be dealt with.

How can one sell Bitcoin for GBP?

This conversion shall be made possible by following a series of steps that are detailed in the following excerpts.

The first step is to log into the user’s account on an exchange such as BC Bitcoin. Once logged in, click on the ‘sell coins’ option in the navigation bar. The next step is to enter the sum or the number of coins the user intends to sell-off. Once the correct amount is entered, select the currency that the user plans to sell. As the necessity here is to convert Bitcoins, the coin chosen in this step is BTC.

In the following step, the user can select the fiat currency that the user wills to get. In the situation mentioned, the required money is GBP, hence choose the same.

The next step is evaluation. In this stage, the amount of BC bitcoin that one can receive shall be calculated. The email address of the user has to be typed in. There is a common tendency to blindly click on the ‘Next’ option that comes up. However, it is strongly advisable to give a thorough glance through the window and review the details of the transaction before proceeding to the further step by clicking the ‘Next’ option.

In the displayed window, the details of the phone and other referral information have to be typed in the respective spaces provided. Do not forget to type in the Revolut or bank details in the corresponding slots given. Give a thorough check and confirm the details entered. Once that is done, the user can click on proceed. This marks the end of the exchange procedure.

Conclusion

Modern world demands modern solutions. Bitcoin is a mode of digital currency that is fast gaining popularity. If enough efforts are taken to buy and maintain Bitcoins, the user must have enough information on whether these can be exchanged or sold and the respective procedures. This article discusses the possibility of converting the Bitcoin to GBP using Paypal. In the above excerpts, the steps to be followed for the same are also detailed.

Bitcoin Trading Books For Beginners- Know the Best Beginners Trading Books and All About It.

Trading is always fun and easy if you are guided in the right way. Bitcoin trading can be confusing for beginners because they have no prior knowledge about cryptocurrency. For bitcoin trading, the first thing you should do is, understand what cryptocurrencies are. After getting a clear picture, you will be able to know the tricks to master the art of bitcoin trading.

There are hundreds of books about cryptocurrencies, but that won’t be of your help because every book has a different purpose. First of all, you have to know the purpose of buying a particular book. If you want to learn from the beginning, there are various books. There are books for advanced level bitcoin trading too. Let’s check the books that can help you become a billionaire!

Books For Beginners

There are various books suitable for beginners that we are about to tell you.

Cryptocurrency- Mining for Beginners – How You Can Make Up To $18,500 a Year Mining Coins From Home

Don’t you want to know how to spot a scam mining? We all want to know that in detail. These investment markets are fraudulent all over the internet. This book has details about mining. Why should you choose to mine, and why should you not choose it? What is the market condition of mining, etc.? Learn all the tips and tricks to earn daily around $200 using a computer, sitting at your home with no special hardware.

Mastering Bitcoin

This particular bible for the cryptocurrency is written by Andreas M Antonopoulos. It was published in 2014 and is currently the bestseller for learning all about bitcoin trading. This book’s central idea is understanding the internet currency, its usage, way of earning, it’s nature, how it works, and the underlying networks that make the whole system work. You will even learn details about bitcoin wallets, and blockchains. This is a perfect book for every beginner who would actively want to learn more about bitcoin trading.

Digital Gold

Once in 2015, digital gold was selected as the business book of the year by Financial Times and McKinsey Business. This book will help you trace the origin of bitcoin trading and cryptocurrency. You will get to see a comparison of digital currency to gold. How is it done, what are its prospects, etc.? We can see the future of bitcoin trading, which states that bitcoin might become the global standard for “store of value.” This is because bitcoin is safe to store and also isn’t something physical that can be stolen or taken away. There are other reasons also mentioned in the book, which was written by an amazing author Nathaniel Popper.

The Ideal Cryptocurrency Guide for Beginners

This book was published in 2018, and the author is Robert Maxwell. This book deals with the basic concepts of cryptocurrencies. Yep fundamentals of this book are, what is a cryptocurrency, what is it’s the origin, what it’s is a greater purpose. We all know this system exists, but did we ever try to find out what its future would be? Digital currency might be very unpopular at this moment, but after a few years, the figure of bitcoin trading will take a turn, and it changes the dimensions of trading. If you are interested in the theoretical perspectives of digital currency, this book is a must.

The best way to utilize the theoretical knowledge learned from the books is to apply it. Learn a few things and then apply it, you will know how to practically manipulate it. Juggling is the key to success in bitcoin trading!

A Handful of Pro Traders Dominate the Bitcoin Market

Bitcoins are the virtual currency and is also considered to be the digital gold by the investors. Somehow bitcoin has managed to be the top leader in the digital currency world. Many high profile investors have ventured into the bitcoin market. These people are using the hedge against potential inflation.

Bitcoin investors expect a surge in the market.

Initially, the bitcoin price was just 30%, and later, it failed to spike up and is expected to rise with the increase of its trading at the time of corona. According to the report given by Chainalysis, it is clear that the professional traders have control over the liquidity of the bitcoin market. The coin value was 85% of the US dollar value when the coins are sent for exchange. Many investors are considered bitcoin to be digital gold, and it can add a lot of value in the future.

Limited pro-traders in the market

Based on the report given by Chainalysis, there are only a few pro-traders in the market who are evincing interest in trading the bitcoins. There will be around 39,000 transfers that take place every week in a year. The retail traders initiate the majority of the bitcoin transfers. They will deposit the bitcoins worth less than USD 1000 for exchange and are carrying out 96% of bitcoin transfers every week.

The bitcoins that are transferred every week increased in 2018. It was the record that is not broke to date. The corona pandemic has shaken the whole world and brought it to stand still. With the increase in lockdowns, it has become a massive interruption for the businesses to carry out the transactions. Today, businesses are showing interest in digital currencies, especially the bitcoins.

The businesses have 60% of the bitcoins, and they are not selling any of the coins. They are holding them for more than a quarter. They are just using 19% of the bitcoins to carry out the mining process. There is a spike in bitcoin transactions by the investors, and they found it to be equal to gold and want to keep the bitcoins despite fluctuating prices.

According to the report, the bitcoins are held by the people who value those coins like gold. It is an asset that is kept with them to sell it for a whopping amount in the future.

Many people are showing interest to trade bitcoins due to which there is a shortage of coins. The bitcoins are switching their place from the investment bucket to the trading bucket. However, the trading will happen only when the coin value increases, and the investors want to sell them.

Working of the bitcoin

Bitcoin is a kind of cryptocurrency that uses the source code and is built using complicated algorithms, which make it unauthorized users to intrude in or create a duplicate bitcoin unit. The underlying principle used for bitcoins is the cryptography. No one can break the complicated bitcoin algorithm and tweak the bitcoin units. Bitcoin is known to be the first virtual currency. You can use these coins to buy goods from the merchants who are accepting the payments through bitcoins. It can also be used by private users to avail services and clear the debts. You can also swap this currency with the other currencies. Those currencies can be traditional or virtual. The niche currency would be fluctuating drastically.

Benefits of bitcoin trading for retailers

Trading bitcoin is a bit different from purchasing and selling the bitcoins. When you are carrying out bitcoin trading with the help of brokerage, you can invest in the bitcoins. The brokerage will take care of this grunt work. You do not have to decide when to sell or buy. The brokerage will keep a close watch on the bitcoin trading and predicts when the price goes up and down.

The benefit that you can reap by trading bitcoins is that you can reap profits when the bitcoin market is trending or declining. It gives high security to the coins.

Leverage

Leveraging of bitcoin is a useful tool that increases the amount you can control in the trade by using a small capital as collateral. You can take a non-interest loan from the broker and trade with massive amounts to reap profits. You must leverage the bitcoins cautiously to keep risk at bay.

Profit in trending and declining market

The best part of the bitcoin trading is that you can reap profits although the market moves up or down. As you do not have any bitcoin in hands, so you do not have to lose anything when the price comes down. You can sell bitcoin, and the broker will do the trading for you, and if you predict accurately, you can reap profits.

Conclusion

Many bitcoin traders are showing interest in investing in bitcoins due to the corona pandemic. This is helping them to carry out transactions safely and without the involvement of any bank.

Bank of Thailand To Test Central Bank Digital Currency

The Bank of Thailand (BOT) has announced a pilot project for its Central Bank Digital Currency (CBDC) with the largest building material provider in the country.

The bank announced in its official statement that before launching the CBDC system in the country, it is planning to test it for business uses with large enterprises. For this, they have partnered with Siam Cement Group (SCG) which is the largest cement and building materials company of Thailand and a country-based fintech firm Digital Ventures Company limited for the prototype test.

The pilot project for the payment prototype system is expected to start in July 2020 and the initial test with SCG can be concluded by the end of this year. The bank expects to build the CBDC system on the knowledge of Project Inthanon, which itself is a collaborative project involving eight leading Thai financial enterprises and the Bank of Thailand for strengthening the readiness in the financial sector of Thailand.

The Thai Central bank can also collaborate with seven other financial institutions which are  Krung Thai Bank Public Company Ltd., Thanachart Bank Public Company ltd., Bangkok Bank Public Company Ltd., Standard Chartered Bank (Thai) Public Company Ltd., KasikornbankPublic Company Ltd. And HSBC from project Inthanon, but it is still not confirmed by the BOT.

The CBDC project has been developed by Blockchain Consortium R3 and with its help, the bank expects a more efficient financial structure with increased flexibility in fund transfers and faster payment between suppliers. This will happen because having its own cryptocurrency, BOT will be able to reduce it’s cost and validation time due to less intermediation process. The bank says that testing this will broaden the scope of the CBDC system and will help incorporate huge audiences and users starting with large corporates.

The efficiency of blockchain technology is seen to have the potential to revolutionize foreign exchange and the distributed ledger technology (DLT) can make the countries race for producing there own CBDC. It is expected that this revolution will bring an end to money laundering, frauds, and corruption in the entire world. CBDC will also lower the cost of cash, counter new digital currencies, manage market contestability, and discipline.

Despite so many benefits, the CBDC system can prove detrimental in some senses. There can be disintermediation in the banking sector and people can switch from deposits to CBDC which can also increase the running risk. The central bank’s balance sheet will grow and credit allocation will increase leading to political interference. This will increase both cost and risk of the central bank leading to many international implications as well. Though these shortfalls outweigh the benefits they are also to be looked upon.

A general risk factor is that the presentation of a CBDC would encourage limit money related establishment runs and subsequently make banks’ subsidizing position more vulnerable. In any case, the Bank of England found that if the approach of CBDC follows a firm of center standards the risk of a machine-broad run from financial institution deposits to CBDC is tended to.

This decision of BOT which arrived when there was a significant push of countries towards CBDCs and its testing. Countries like China have emphasized its importance and have been running with there own CBDC system recently and are also taking significant steps to improve there performance. A recent Canadian job offer also revealed Canada’s will to develop a CBDC system of its own. The same was seen in France where they have already tested a digital Euro last month, successfully.

Hence, the CBDC pilot project of BOT based on Project Inthanon is ready for the test with the leading cement and building materials company of Thailand. The project aims to simply eradicate any shortfalls and improving CBDCs for the best use of enterprises and banks in the country of Thailand.