Bittrex’ coin posting and delisting approach has for quite some time been a puzzle to untouchables, who have attempted to comprehend it. That secret extended for the current week after the trade declared that it was removing Mysterium, a coin it just included a year ago which still had respectable exchange volume. Endless supply of the delisting, Mysterium and Apex – the other coin booked for expulsion – plunged sharply.
Here Today, Gone Tomorrow
There was once a time when Bittrex was the site that all new coins aspired to be listed on, the event guaranteeing an instant jump in price. It is no coincidence that exchanges such as Binance, Gate.io, and Kucoin have prospered since Bittrex fell quiet. Traders, who once urged their followers to sign up at the US exchange, now urge their audience to take their custom elsewhere, to pastures where the coins are fresher and the growth is higher.
The quantity of coins accessible on Bittrex has been consistently dropping since a year, week by week and month to month delistings – ordinarily of coins with a low exchanging volume – have not been replaced by new participants. On Saturday, the trade posted notice that Apex (APX), Bitcoindark (BTCD), and Mysterium (MYST) would be expelled on January 26. There were couple of complains at the misfortune BTCD; the security coin advertise is getting swarmed and it is generally expected that Bittrex will list Bitcoin Private when it forks from Zclassic in the coming weeks.
The removal of Mysterium is quite literally a mystery though, so much so that the token’s developers were prompted to email the exchange to find out why. The response was less than convincing, with Bittrex proffering:
We encourage you to request relisting when you have completed and fully implemented the basic application for which you intend YOUR token to be used and both the application and token can be used by the general public.
To this, the group behind the VPN token clarified in a blog post: “according to Bittrex listing policy, they claim all authority to delist a coin if its item isn’t yet actualized, which is the situation for Mysterium.” They included: “Everyone understands that it requires investment to build a decentralized VPN with payments (where the token could be utilized). This is the reason we’re still in negotiations with Bittrex however connecting with different trades as well.”
Bittrex, why you Delist?
It appears to be odd for Bittrex to have singled out Mysterium, a token that was just included June 2017, for evacuation. There are many different coins that likewise meet the criteria of having a place with a venture that isn’t completely working. Illustrations incorporate Enigma and Power Ledger, both of which were included November 2017. Year ago’s ICO tokens are additionally no place close having a MVP prepared, which means their exclusive utilize is speculative instrument.
The evacuation of Apex is additionally another head-scratcher; the coin surged to a record high of $30 on January 13, just for terrible news from Bittrex to sent it toppling the distance down to the $11 stamp. It has been estimated that the expulsion of MYST, APX, and furthermore Bitshares, half a month sooner, may have been an endeavor to abstain from falling foul of securities law. US exchanges are paranoid about running into trouble with the SEC. Bitfinex has ceased its US operations altogether, while Bittrex’ token removal policy suggests it is also closely scrutinizing the law.
With 95% of the Mysterium trading volume and 92% of Apex occurring on Bittrex, both tokens have been hit hard by the news. The projects’ developers are learning something that users of exchanges such as Bittrex have known for a while: excess of centralization is a bad thing.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share