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Bitcoin’s Legal status

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Technically Bitcoin don’t need legality, but few countries are less amicable towards the computerized money (digital currency) than others. A few governments have begun creating administrative and regulatory frameworks for cryptographic currency, others boycotted digital currency; and numerous governments have not taken an official position on the innovation.

The stance of some major nations and their administrative position regarding Bitcoin is as given below.

United States

The United States has declared it an asset similar to that of stock, and the federals have not taken any stance on Bitcoin. This made it qualified for capital gains tax than income tax.

Bitcoin use is lawful (legal) in each of the 50 states. However, some state governments have started controlling bitcoin-based organizations by either applying existing licensure directions to them or creating unique guidelines for the organizations.  

A few expresses that apply existing controls to bitcoin have endeavored to indict people selling bitcoin in a distributed manner (peer-to-peer). As indicated by experts in those states, the people being referred to worked as unlicensed money transmitters, in this way abusing the states’ monetary licensure laws.  

China

The Chinese government’s association with Bitcoin is regularly examined and as often as possible misunderstood. In late 2013 and start of 2014, the People’s Bank of China reported it would not permit its customer banks to exchange specifically with Bitcoin organizations — blocking account exchanges for exchange customers. In 2014, the government likewise asked for Chinese cryptographic money trades not go to the principal Beijing Bitcoin Conference, and issue a joint articulation cautioning clients against risky speculative investments.

 Opposing to widespread belief, China has never “banned bitcoin”. More recently, arms of the Chinese government have demonstrated a warmer attitude to “blockchain technology”, saying China has natural advantages in hardware and innovation it should leverage to become a leader in the space. The Ministry of Industry and Information Technology (MIIT) published a blockchain research paper in October 2016.

Australia

The Australian government has received a receptive way to deal with Bitcoin and digital currency up until this point. It even held a Senate request, which closed the nation should regard bitcoin as (legal) money, or like an outside currency. 

Bitcoin still faces a couple of obstacles in Australia. Initially is the nation’s Goods and Services Tax (GST), a 10% deals charge connected to local consumer products and services. Since bitcoin is dealt with as a “supply” instead of “cash”, its sales might be taxed. This has constrained Australian trades to charge a premium for bitcoin deals, and thus driven customer offshore. 

Maybe the principle obstruction to bitcoin development in Australia originates from the private banking sector. Bound by strict KYC/AML directions, large banks have consistently and singularly shut accounts having a place with Bitcoin organizations and individual dealers. Indeed, even consistent new businesses with friendly banking relationships confront this if a solitary client takes part in any fraudulent activity.

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6 Cryptocurrencies moves up more than 10% in the market

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The world of cryptocurrency is very uncertain. However, the cryptocurrency markets are more or less stagnating. With a market cap of $ 217 billion, there is no obvious movement in the last few days when it comes to cryptocurrency markets. Well, that does not mean that none of the cryptocurrencies are achieving higher market cap.

While mainstream cryptocurrencies are standstill there are a large number of them which are buzzing around. I analyzed the top 100 cryptocurrencies and found that there are at least 6 cryptocurrencies which are up by more than 10% today. Though these cryptocurrencies are not much known but still the trend they are showing is pretty much interesting. I go into the details of these cryptocurrencies below.

1.Loom Network (LOOM):

Loom Network (LOOM) is the 80th most valued cryptocurrency in the crypto market. Currently, it is trading around $ 0.138. The market cap is around $ 82.31 million. It has increased by a whopping 24% in the past 24 hours with volumes of $ 11 million.

2. Aeternity (AE):

Aeternity (AE) is positioned at the 31st number when it comes to cryptocurrencies by market cap. However, it is moving rapidly in the list. It is evident from the fact, that in the past 24 hours, it has surged by 16%. The volumes in the past 24 hours have reached around $ 31 million.

3. Digitex Futures (DGTX):

Digitex Futures (DGTX) is currently ranked at 97th position when it comes to cryptocurrency market cap. It’s current market cap is around $ 62 million. In the past 24 hours, it has increased by 16% with the volume of almost $ 1 million. It is currently trading around $ 0.089.

4. ETERNAL TOKEN (XET):

ETERNAL TOKEN (XET) is currently trading around $ 1.86. In the past 24 hours, it has surged by 14%. The current market cap of this cryptocurrency stands at around $ 112 million. In the past 24 hours, it has witnessed volumes of around $ 0.43 million

5. Pundi X (NPXS):

Pundi X (NPXS) is rendered the 41st position when it comes to cryptocurrencies by market cap. The current price of the cryptocurrency is around $ 0.001698. Moreover, it has increased by 11% in the last 24 hours. The market cap of the cryptocurrency stands at around $ 213 million. However, when you take a look at the volumes in the last 24 hours, they have risen a lot and are currently at $ 12.66 million

Read Also: Pundi X startup makes the first phone call using Blockchain technology

6. Bytom (BTM):

Bytom (BTM) is at the 43rd position when it comes to cryptocurrency market cap. The current price is around $ 0.204. It is trading up by 10.5%. The market cap is around $ 205 million.

 

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72% of the institutional investors believe Cryptocurrency price would rise, Survey

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According to a new survey conducted by Fundstrat Global Advisors, 72% of institutional investors believe that cryptocurrency prices would rise in the case of a decline in global economic activity.

Institutional investors hope that non-governmental and retail market-related investments would be seen as a safe haven due to their distance from traditional markets.

The Fundstrat survey results were corroborated by a Twitter survey that analyzed the similar results, with 59% of respondents claiming that they expect cryptocurrencies prices will rise during a recession.

To analyze it more closely, Cryptocurrencies are normally associated with an anti-establishment movement that started after the 2008 global financial crisis. The movement is known for reducing the global trust in traditional banking systems and governments. Well, it was the time when which led to the creation of Bitcoin by the Satoshi Nakamoto, whose goal was to empower people by allowing them to be their own bank, my own bank I mean decentralized currency.

Despite cryptocurrency’s ties to anti-establishment movements, some analysts disagree with the survey results, explaining that because cryptos are seen as high-risk investments, their success is typically tied to periods of times where investors feel comfortable risking their money.

Mati Greenspan, a senior market analyst at eToro, explained that investors should rush to conclusions regarding how the crypto markets would respond to a recession, reports MarketWatch.

“I don’t think it’s so binary. If we look over the past few years crypto has had a unique correlation with high-risk assets. They have risen as investors sought additional risk,” he said.

Greenspan also explained that the belief expressed in the Fundstrat and Twitter survey are understandable, saying:

“However, I do see why investors think that. Bitcoin was built on the ashes of the financial crisis to provide an alternative to fiat money run by governments and banks. If there was a catalyst that would make people question the role of these institutions then I can see them moving higher.”

Tom Lee, the managing partner at Fundstrat explained that:

“On Twitter, 46% chose XRP as their favorite and 31% said it made “least sense.”—no other token came close. Even 28% of Institutions also said XRP made the least sense and zero institutions picked it as their favorite token.”

The Fundstrat survey was conducted between September 30 and October 3 and consisted of 9,500 responses from investors. The data regarding the institutional views of the cryptocurrency markets was conducted during a dinner event with representatives from 25 financial institutions. However, it remains unclear which institutions were present for this event.

However, the assumptions and results of the survey are on one side but only the time will reveal what would be the fate of cryptocurrency.

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Would Litecoin price will be able to reach the Bitcoin price?

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The market cap position of Litecoin is getting high and achieving new developments. Investors have started taking more interest in it and it is going up and up. But how high can Litecoin go? There are many questions that arise in mind. Could Litecoin reach the same high as Bitcoin? LITECOIN is soaring in price. But could the cryptocurrency reach the same high as rival bitcoin?

Although some altcoins are earning good and global relevance with each passing day, Bitcoin is still hands down the most prominent cryptocurrency in a market. However, that does not mean that there is no space for altcoins to grow, and solidify their spots in the successful crypto market. Among them, Litecoin seems to be the preferred option for savvy investors in the crypto universe and it is no doubt leading the race among all.

Litecoin can be defined as a peer-to-peer cryptocurrency and open source software project. It operates under the MIT/X11 license, and Charlie Lee created and developed it. It is also a decentralized digital currency just like Bitcoin. It means it also does not involve any central or human involvement. The system allows the creation and transfer of tokens, based on an open source cryptographic protocol.

The latest release of Litecoin is the 0.15.1 version, from March 2018. C++ is the code language. It’s compatible Operating Systems are Windows, OS X, Linux, Android.

Litecoin was produced in October of 2011 as a Bitcoin fork. It was released in that month via an open source client by Charlie Lee, who used to work in Google. The network became active a week later. Since its inception in the crypto market, Litecoin kept on growing and, during November 2013, its aggregate value increased considerably, and experienced a 100% leap within 24 hours. Litecoin made its spot as one of the preferred altcoin options for investors and traders around the world, reaching a $1 billion market capitalization in November 2013.

2017 was a crucial year for Litecoin. For starters, they became the first of the significant cryptocurrencies to adopting the SegWit (Segregated Witness) system, which separates transaction signatures to increase the block size limit of the blockchain. Also, in May, it served as the host platform that allowed completion of the initial Lightning Network transaction, with 00000001 LTC going from Zürich to San Francisco in less than one second.

What are your thoughts about Litecoin? Will it reach the new heights? Let us know in the comments section. 

 

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