Tag: Cryptocurrency

Will the regulation delay of cryptocurrency in India benefit the crypto industry?

The virtual currency measure was supposed to be introduced in parliament lately, but that did not happen. The government’s decision not to table the Cryptocurrency Bill in the Parliament’s Monsoon Session came as a disappointment to many who had hoped for speedy and efficient regulation of a booming asset class. But there may be more to it than meets the eye. Let us understand that why regulation may be delayed, how it can help, and what the crypto industry’s next steps are.

Since the administration is not in a hurry to pass legislation, and this bill will be debated with Shekharan and Ashwini Vaishnaw, who are both technologists and will provide a great deal of technical expertise to this law. It’s a wonderful thing that consideration is taking place. In India, outright prohibition never works. We’ve seen what happens when gambling and liquor are prohibited. It merely breeds more crooks and fuels the underground economy. It’s critical to have the correct conversations with the right people. Regulation is favorable rather than prohibition. The bill will be delivered. It may not happen during the monsoon session, but it will be a tough bill to outlaw cryptocurrency. If there had been any reconsideration, they would have sent it back to a parliamentary committee, which is probably not bound to happen soon.

India is not a country where regulations are created and then changed every few weeks. When new regulations are introduced in India, we must live with them for decades. Whatever is going on with the regulators right now is exactly what is hoped for, as they continue to take a wait-and-see approach. Creating regulations with loopholes will be disastrous in India.

Despite the Supreme Court’s order in March, the RBI remains in favor of the ban; the government is more liberal because it does not see a ban. They recognize that this will grow into a significant asset class with a large number of investors. As a result, it is preferable to regulate it rather than prohibit it. As a result, while a ban is unlikely, it will be strictly enforced.

Challenges of the bear market
The bull market has ended, and the long-term bear market has begun.
There may be highs and lows. We are seeing push-based marketing through commercials that are reaching first-timers who have never heard of crypto, as opposed to 2017 when crypto was at its pinnacle.
People who arrive from marketing efforts aren’t here for the long haul; they’ll either make or lose money before leaving.

These difficulties must be addressed first, and crypto still has a long way to go.
During a bear market, 70% of them are under the age of 30, they take risks, and they want to make rapid money. Young people get into crypto by following a celebrity tweet, and when they buy a small-cap stock at an all-time high, the corrections reach 60-70 percent, and they flee the market. Some people come into this market with a lot of knowledge and a well-thought-out investing strategy; these are the folks who tend to stay, so the weaker hands leave. The sector is thriving and will continue to do so. Education will play a significant role in the future. This industry is only ten years old, yet it already has close to 150 million users worldwide. The volatility, on the other hand, is diminishing with each passing year. As the market develops, more people will participate, resulting in an increase in market capitalization and a decrease in volatility.
The government does not desire a dynamic market, hence market volatility is a worry. Whenever a law is enacted, it will be significantly weighted in favor of regulating exchanges and crypto companies.

read more about cryptocurrency –Cryptocurrency, The Future Of Money

       a trip to crypto

 

Imagination Station

There is something about cryptocurrency which has always been intriguing, alluring, and still complicates the minds of ordinary souls, hindering mainstream adoption. There is a comparison drawn between when the internet was born and when cryptocurrency was beginning to unfold. Still, the worldwide web was much simpler to comprehend, and its usage and practicality could convince a blacksmith also, and till today the world of
crypto bounces off many foreheads.

We traced the journey of crypto billionaires, who had secured their seats before the crypto flight took off. There are many exciting stories of people who paid for pizza through bitcoins, and today, it’s worth millions. Anyone who had invested $100 in 2009 could be sitting on a Rolls Royce Phantom today parked in his Beverly Hills mansion and still would have millions to spend. It would be worth almost US$ 48 million today. Phew!

If you are done imagining things that could have been done with that much money, let me have your attention back because the train had left the station in 2009. Take solace with folks who bought cryptocurrency and died with their next of kin having no idea about their inherent lost wealth. We have researched well into what happens to cryptocurrency investment when one dies. Turn to page 34 for answers to that.

On another trivia, have you ever observed any 12 or 13-year-old Instagram accounts? They don’t post, only stories. Gen Z uses Instagram as Snapchat. One possible reason is that they are a much larger insecure bunch, insecure from society and their immediate family. Perhaps future technologies and startups can be based on this simple observation and should adjust their products and services to this behavioral change coming up. Maybe your next train to the Beverly Hills mansion?

What Will Happen If Cryptocurrency Investor Dies?

Death is inevitable, no matter what you do, you have to face it. Ironically we live our lives as if it’s something that won’t happen to us. Michael Jackson had a team of 50 doctors, physicians, cooks etc. Everything he ate and did was under their consultation as he wanted to live for 150 years. Sadly he died a century short at a ripe age of 50 years.

We all care for our family; even after our death, we want them to live safe and sound, and that’s the sole reason we prepare ‘Will’ for them, which includes our bank balance, cars, assets but have you ever thought about what will happen to your Bitcoins after your death? Or Can you put cryptocurrency in your will?

Bitcoins are a virtual form of money protected by unbreakable cryptography, it is one of the safest ways of investment, but most cryptocurrency exchanges don’t permit you to name a person or a contact as a nominee when you make the investment; in such a case, the first thought that will hit your mind is, what’s the point of investing in a market currently worth about $70 billion if my digital fortune will be out of reach, after my death?

A few of the most popular forms of cryptocurrency include the below, and indeed if you are surprised to read these names, you must have landed from the moon.

  • Bitcoin
  • Ethereum
  • Dogecoin

Presently, there are over 1,500 cryptocurrencies globally, and amongst them, Bitcoin is by far the most widespread digital currency at the moment, with over 8 million active Bitcoin users. The Revised Uniform Fiduciary Access to Digital Asset Act (RUFADAA) sets the rules and regulations surrounding digital account ownership, and if you’re planning to invest in digital currencies or already have invested in, then you must consider and get yourself familiarize with the RUFADAA and update your wills, trusts, and POAs, according to rules, which eventually will help your beneficiary after your demise.

According to expert reports, 2.5 million to 4 million bitcoins have been lost until today, worth between $15 billion to $24 billion in the current market. The worst thing is most of those Bitcoins are from those who’ve died without sharing a private key with their heirs.

Who can access your digital account after your death?

The private key or password is the only option to get into a crypto account, and no one can’t get into it while you are alive. All the cryptocurrencies are stored on highly secure blockchain technology, so before setting your private key, think twice and note it down somewhere safe as there’s no option to recover once you lost the key. A private key is an inevitable password, which is generated when you create a new cryptocurrency account. 

The private key allows the account holder access to the account valuables; along with the private key, every individual account uses a sequence of random characters called a public key, apparent to anyone for sending and receiving the cryptocurrency. Overall, the process of accessing your account is not hard to understand if you make sure you’ve shared a private key and all the details of your cryptocurrency wallet with your recipient before your death, but at the same time, it raises a safety concern too.

Currently, Coinbase is the only cryptocurrency that allows access to an investor’s trusted family member after providing several documents, including a death certificate and the last will. Also, Coinbase users can name a recipient on their Coinbase account while creating a new cryptocurrency account.

Where to store the private key?

There are several safety options to store your cryptocurrency account’s private key; for instance, you can keep it somewhere online or write it down on a piece of paper and hide it somewhere safe. But both these options are way too traditional and raise concern over conventional safety. Some banks and trusts allow you to store wallets and private keys on behalf of clients and even assist your beneficiaries. Still, if you don’t trust these banks and trusts, you can just divide your private key into two parts and put it in two different banks or trusts, but just make sure your beneficiaries know about the sequence. The option you choose is completely up to you.

What is the legal status of cryptocurrencies in India?

Cryptocurrencies are not illegal in India, but unfortunately, India does not have a regulatory framework to govern and control the cryptocurrencies network in the country. The government had constituted an Inter-Ministerial Committee (IMC) to study virtual currencies on November 2, 2017, and flagged reservations around its misuse by embedding the security reasons. 

However, after several cryptocurrency exchanges urged the Centre to regulate virtual coins rather than banning them, now the government is planning to change their old motto, and maybe soon they’ll set up a panel to control them. So if you plan to keep your billion dollars fortune parked in Crypto, you better tell your next of kin the key for it, or it will lose forever in the mining world.

Dogefather Elon Musk’s SpaceX Accepts Dogecoin, Names DOGE-1 As Upcoming Satellite

When CEO and founder of Tesla Motors, Elon Musk, appeared and hosted an episode of a television show Saturday Night Live last weekend, he joked about various things, from his son’s name to his strange tweets, but the one thing that affected the most to the world was his anticipation of the cryptocurrency, as he joked about Dogecoin being a hustle. Due to one short segment, the cryptocurrency crashed overnight and everybody owning a crypto investment got worried, but within 24 hours, Musk tweeted SpaceX launching a Dogecoin-funded satellite to the Moon, and now, everybody is in awe.

Elon Musk, who holds a history of strange tweets, has been tweeting about the SpaceX mission and Dogecoin, but most people considered and treated it as a meme, and now for the first time, he mentioned the commercial rocket company accepting the meme-inspired cryptocurrency dogecoin as payment.

The mastermind behind the design of SpaceX said the satellite DOGE-1 would be the first crypto and the first meme in space. The DOGE-1 is a CubeSat intended to acquire ‘Lunar-spatial intelligence’ using onboard cameras and sensors. It’s being sent and paid for by a Geometric Energy Corporation company, and it’ll fly beyond the earth on a Falcon 9 rocket in the first quarter of 2022.

Dogecoin, a cryptocurrency that started off as a goofy meme, is invented by software engineers Billy Markus and Jackson Palmer, who determined to create a payment system that is fun and free from traditional banking fees.

Elon Musk-led Electric carmaker Tesla Inc bought $1.5 billion worth of bitcoin in February and would soon accept it as a form of payment for its electric cars. After vouching for Bitcoin, Elon Musk now supports Dogecoin cryptocurrency, and he’s been tweeting about Dogecoin memes and referring to himself as the Dogefather.

Earlier, right after Musk describes Dogecoin as a hustle in Saturday Night Live show, the value of Dogecoin crashed severely, but when he tweeted late on Sunday about SpaceX is now accepting the cryptocurrency Dogecoin to launch an upcoming satellite named DOGE-1 to the Moon, caused the price of Dogecoin to grow by more than 30 percent immediately. Previously this year, Elon Musk tweeted ‘a literal dogecoin on the literal moon’, which also created a buzz and the price shoot up briefly.

Other details on the DOGE-1 mission, including exactly what it will do in lunar orbit, have not yet been released. However, about the Dogecoin cryptocurrency, what started as a joke is now anything but nearly 113 billion mined coins.

Cryptocurrency: Is It Worth It?

Talking of investments, a lot of us have varied opinions. While some might be in favour of mutual funds, there are others who rely more on ‘Fixed’ and ‘Recurring’ deposits. But, a major part of our financial plans are comprised by cryptocurrencies or discussions encircling around them. Over the days, people have expressed a lot of interest in the same. But do we actually know what cryptocurrency is?

WHAT EXACTLY IS CRYPTOCURRENCY?

As per the web and Wikipedia, cryptocurrency is a ‘digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.’ To simplify it further, cryptocurrencies are virtual or alternative currencies. We may further classify cryptocurrencies as; Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), Dash (DASH), Ripple (XRP), Monero (XMR), Bitcoin Cash (BCH), NEO (NEO), Cardeno (ADA), and EOS (EOS).

IS IT GOOD OR BAD?

Like every other time, people have placed their viewpoints. But how do you know which is real and which fake? We have selected some thoughts from industry leaders who might help you get an inkling.

PRO-FOLKS

“In the next few years, we are going to see national governments take large steps towards instituting a cashless society where people transact using centralised digital currencies. Simultaneously, the decentralised cryptocurrencies – that some even view as harder money – will see increased use from all sectors.” – Caleb Chen, London Trust Media. “While it’s still fairly new and unstable, relative to the gold standard, cryptocurrency is definitely gaining traction and will most certainly have more normalised uses in the next few years. Right now, in particular, it’s increasing in popularity with the post-election market uncertainty.” – Sarah Granger, Author and Speaker.

Some industry leaders feel that within two years, the world would come to a place where people can shove their money under virtual mattresses through cryptocurrency. Japan has widely accepted cryptocurrencies, it has removed the 8 percent sales tax while buying Bitcoin and other cryptocurrencies. Popular currencies in Japan are Bitcoin, Ripple, Ethereum, XEM, and MonaCoin.

ANTI-FOLKS

Jason Bloomberg, Contributor to Forbes Magazine says, “Enjoy the world of permissionless, blockchain-based cryptocurrencies while you can, because its days are numbered. And don’t lose your shirt when it all comes crashing down.” American economist Nouriel Roubini tweeted, “Cryptocrazies are also criminal Cyber-Terrorists.” He also claimed that his consulting firm, Roubini Global Economics, was targeted in a 2015 denialof-service attack because he criticised bitcoin.” Bitcoin has lost half its value since mid-December 2017. Billionaire Warren Buffett said on 11th January 2018, that he would never invest in bitcoin or other cryptocurrencies, and also predicted that the wildly popular assets were in for a fall. “I can say almost with certainty that cryptocurrencies will come to a bad end,” Buffett told CNBC in an interview.

OUR VIEW

We have tried to acquaint our readers with both sides of the coin, as the authenticity of this currency is questionable and debatable. Analysing both sides, we leave it to you, to decide whether to invest in it or not!

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