cryptocurrency-bubble – clarksquare8765


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cryptocurrency-bubble
 The cryptocurrency correction may have started. After months of unprecedented appreciation, almost every digital currency is seeing double digit losses over the last 48 hours. While a quick glance at the chart above or at coinmarketcap.com shows how bad things have been, you can get a sense of where things are by looking at losses in the two largest currencies: Bitcoin is down 16.5% over the… Read More


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CryptoCurrency


A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. The first cryptocurrency to be created was Bitcoin back in 2009. Today there are hundreds of other cryptocurrencies, often referred to as Altcoins.


Put another way, cryptocurrency is electricity converted into lines of code with monetary value. In the simplest of forms, cryptocurrency is digital currency.


Unlike centralized banking, like the Federal Reserve System, where governments control the value of a currency like USD through the process of printing fiat money, government has no control over cryptocurrencies as they are fully decentralized.


Most cryptocurrencies are designed to decrease in production over time like Bitcoin, which creates a market cap on them. That’s different from fiat currencies where financial institutions can always create more, hence inflation. Bitcoin will never have more than 21 million coins in circulation. The technical system on which all cryptocurrencies are based on was created by Satoshi Nakamoto.


While hundreds of different cryptocurrency specifications exist, most are derived from one of two protocols; Proof-of-work or Proof-of-stake. All cryptocurrencies are maintained by a community of cryptocurrency miners who are members of the general public that have set up their computers or ASIC machines to participate in the validation and processing of transactions.


Cryptocurrencies & Market Capitalization


Bitcoin is the largest cryptocurrency in both market capitalization, volume, acceptance and notoriety, but it’s not the most valuable coin. NEMstake, while only having a market cap of $1,116,720, trades at $1,117 a coin. Looking at the market cap, Litecoin takes second place after Bitcoin with Ripple close behind.


One coin that you are more than likely familiar with is Dogecoin. Dogecoin ranks, on average, thirds in trading volume, but has a relatively low market cap – ranking number six in the largest cryptocurrency.


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China banned cryptocurrency transactions



China has outlawed the operations of the initial placement of tokens cryptocurrency. As reported by RBC with reference to the Central Bank of China, all of the current ICO should be immediately suspended.


Help. ICO – operation, similar to a primary offering of securities on the stock exchange (IPO), but in the case of ICO, it is not about the sale of businesses, and the sale of the contract, which describes the structure of the tokens.


Authorities will close the relevant online platforms, the owners can lose their licenses


The Central Bank stresses that the tokens are not payment instruments issued by monetary organizations. They have no legal or monetary properties, and legal status of money. Because of this, their distribution and use as currency is unacceptable.


In addition, the people’s Bank of China in cooperation with the Ministry of communications will work on closing of trading platforms operating in cryptocurrency, and over the destruction of their mobile applications from their respective sites. The controller warned about a possible revocation of licenses of companies linked with the ICO.


At the beginning of July in China functioned 43 ICO platform. On July 18, was completed 65 of the ICO, the location of the tokens allow companies to raise $398 million


September 2, the course of bitcoin exceeded $5 thousand.



China banned cryptocurrency transactions 04.09.2017

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CRYPTOCURRENCY IN NIGERIA



On the 25th of August 2017, News broke that the Central Bank of Nigeria has decided that it will formally adopt the use of cryptocurrency Nigeria. According to proshare:


The Central Bank of Nigeria (CBN) sequel to setting up of an industry committee to look into and articulate a road map for Blockchain & Cryptocurrency regulation has reiterated that it will not hinder the use of digital currencies in Nigeria. 
The regulator in a recent brief with industry experts stated that an agreement has been reached to formally adopt its use in Nigeria.”




It is noteworthy that Nigeria will not be the first country to attempt to regulate cryptocurrency usage.



The first country to completely accept Bitcoin was Japan. Starting on the 1st of April 2017, bitcoin became a legal form of payment in Japan, with several public institutions accepting it as currency. In order to regulate its usage, the Country passed into law the Virtual Currency Act which regulates the use of Bitcoins as a form of currency.



Although most countries around the world have not out rightly accepted Bitcoin as currency within their borders, many of these countries have put in place laws regulating Bitcoin and its usage.



In the US, for example, the CFTC has classified Bitcoin as a commodity while the US Treasury Department sees it as a money service business (MSB). None of these financial regulators considers it as a currency, but it should still be reported under tax returns.



In Europe, nearly all of the countries have Bitcoin regulations, which are mainly supposed to minimize financial crimes like money laundering, but not to legalize its use as currency. The same trend can be observed in the Americas from Canada and Greenland all the way down to Argentina.



To the east, Asia and countries in Oceania also have some form of regulation regarding Bitcoin and other cryptocurrencies to prevent financial crimes.



Bitcoin regulation has always been contentious in Russia, but the country’s central bank has finally put in place regulations that consider the cryptocurrency as an asset.



It is this writer’s respectful view that the regularization of bitcoins and its use in Nigeria by the Central Bank will go a very long way in addressing the ‘fears’ of the Bank as expressed in its circular of 12th January 2017 that bitcoins are susceptible to money laundering an Financing of Terrorism.




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