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IOTA is the next Bitcoin

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IOTA is the next Bitcoin in the making, the sleeping giant of Crypto currency market is now the 5th biggest Crypto currency in the world with market cap of around $8 Billion, making it more valuable than Dash, Bitcoin Gold and Litecoin.

IOTA foundation, a German based non profit firm is behind the digital currency and the currency has now surged almost 100% in the last 24 hours. The latest surge is the result of many collaborations of the currency with some of the biggest names in the Tech market like Microsoft and Samsung on data market place.

IOTA added more than $3.5 billions in market cap in last 24 hours according to the data compiled by Coinmarketcap.com , making it the hottest topic of the crypto market since yesterday.

Data is the New Oil

Data is a big deal, from financial firms to retail firms, all needs data in any form, big projects related to data science have seen massive growth in recent days. IOTA is working with big firms like Microsoft and Samsung on data marketplace.

David Sonstebo, IOTA’s co-founder and CEO, said that the marketplace project is letting firms sell data to incentivize them to share this data that would otherwise be wasted.

“At present, up to 99 percent of this precious data gathered is lost to the void,” he mentioned, “IOTA incentivize sharing of data through its zero fee transactions and by ensuring data integrity for free on the decentralized distributed ledger.”

He added that the marketplace is currently a pilot project, and that examples of data being shared included weather and air quality data.

A blockchain is a massive, decentralized database that records cryptocurrency transactions. Its original use-case was as the ledger for all bitcoin transactions.

But IOTA’s open-source blockchain platform differs to mainstream blockchain networks which use encrypted “blocks” to record those transactions. Instead the firm’s digital ledger, inspired by internet of things technology, is “blockless,” and allows users to make transactions on the network for free.

So this is the X Factor for IOTA and recent growth shows that Investors are taking notes and we will not be surprised to see massive growth of IOTA in coming days.

 

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Australian Taxation Office warned against crypto retirement funds

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Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

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Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

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“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

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CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

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