Tron (TRX) Opening Offices In Taiwan

Only yesterday, Justin Sun held a live interview on twitter with Taiwanese legislator and Member of Parliament, Jason Hsu. The topic of discussion was dubbed Tron In Taiwan. The full English translated transcripts of the Tron (TRX) interview are yet to be released but one can only assume that the two gentlemen talked about the potential of Tron doing business in Taiwan.

This live interview was then followed by a Tweet by Justin Sun confirming the above and informing us on the opening of new Tron offices in Taiwan. In the tweet, Justin is quoted as saying:

“TRON will open an office in Taiwan soon, and participate in the Taiwan Blockchain Self-Regulatory Organization”

Moments later, Justin tweeted about the numerous possibilities and opportunities for engineers, marketers, PR firms and other blockchain professionals in Taiwan once the offices open. He said:

“Right now there is a great opportunity for Taiwan engineers, marketers, PR, and others. You can join our TRON lab in TW, and participate in our community. Taiwan will be an important blockchain community!”

Back in October, Taiwan’s Financial Supervisory Commission Chairman, Wellington Koo, told a joint session of Taiwan’s parliament that the country would take a much friendlier approach towards crypto regulation and blockchain adoption. He further explained that Taiwan would not take strict approaches as those taken by China and South Korea.

What has then been born from such a stance by the Taiwanese officials is the Taiwan Self Regulatory Organization that Justin mentioned in his tweet. This puts TRON and Justin at a very good position when it comes to shaping the future of cryptocurrencies and blockchain in Taiwan and eventually the globe.

As an industry expert and a proponent for both crypto and blockchain, Justin and the Tron Foundation have a front row seat in Crypto-verse history as they participate in the first ever self regulating crypto organization that has the full backing of a country’s government. This is revolutionary and welcome news for anyone who has seen blow after blow on crypto by Governments and Central Banks across the globe. Three Cheers for Taiwan!

TRX has been doing pretty well in the markets as the project has been announcing developments on a regular basis. TRX is currently trading at $0.053 and down 1.57% in 24 hours. Monday’s are usually a trying time for cryptocurrencies in the markets as trading tries to recover from sluggish action over the weekends.

With MainNet being released on May 31st, there is a lot to look forward to in the markets for TRX. The current value of TRX is 47% higher than that on 12th of April and before the crypto markets received a boost from a resurgent Bitcoin. BTC did a $1,000 pump in less than an hour on that day and left many traders somewhat speechless and very hopeful about the future.

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PayPal’s Ever Increasing Fees Will Push Users to Cryptocurrency

PayPal was an innovator in digital payment services but as they introduce a new, costlier fee structure more people may find using Bitcoin and cryptocurrencies an easier, cheaper alternative.

PayPal Increases Base Fees

PayPal is a name recognized worldwide as a merchant payment system that has been allowing people to transfer money digitally at a lower rate than banks or Western Union style companies for twenty years. But, as they implement new base fees, using cryptocurrency becomes the obvious better choice.

The company has announced a new fee structure which includes $4.99 for sending any amount out of the United States. Add to this an additional 2.9% if the transaction is even partially made with a credit or debit card, and another 2.5% margin to the wholesale foreign exchange rate PayPal gets from banks and users may end up wondering where their money is actually going.

One Paypal user posted a statement on Reddit showing 17 Euros in fees deducted from 60 Euros worth of sales using Ebay, which of course owns PayPal.

Fees at that rate won’t be tolerated by many and with the options that using cryptocurrency provides, users may soon start abandoning their PayPal accounts for digital wallets as a way to save money and speed up transfer times.

Sending money with PayPal internationally takes 3-5 business days, add to that bank processing time and it can take 5-7 business days. It doesn’t actually take that much time to make the digital transfer but both PayPal and the banks that handle the transactions make interest on money as they process it, so holding on to it is in their interest. Because of it’s decentralized structure and that nobody profits from slowing the transaction down, Bitcoin and it’s ilk can be transferred around the world in minutes or even seconds in some cases.

John Donahoe, CEO of Ebay (PayPal) has recognized that PayPal is outdated and even said publicly that they will have to integrate digital currencies sometime in the near future.

Bitcoin is Decentralized, Inclusive and Egalitarian

Why bother though? Why use an outdated and expensive platform like PayPal that relies on the even more outdated structure of the international banking system in order to facilitate new technology that was created to bypass those systems.

One of the greatest advantages of using cryptocurrency is the freedom and privacy options available with blockchain technology. This is the tech that allows the over 2 billion people in the world who don’t have bank accounts to complete transactions even without internet access via SMS.

In order to become a verified user on PayPal a bank account and credit card details must be provided. This leaves both senders and receivers of funds open to scrutiny from banks and governmental agencies. Although using Bitcoin may not be 100% anonymous, it is as close as possible, which allows users to transfer as much of their own money anywhere to anyone.

For most, the benefits of using the egalitarian technology of cryptocurrency to transfer funds becomes overwhelmingly obvious when the basic facts are weighed. For those who don’t, the banks and the likes of PayPal will continue thank them and fill their coffers.

 

Image from Shutterstock

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Is Parity Vote Behind Ethereum’s (ETH) Northward Drive To $650?

ethereum bcg

The cryptocurrency market is moving northward this days, however, it is important to discuss what is behind the recent bullish run. Ethereum, the second altcoin by market capitalization is also witnessing the same. The altcoin has risen far above $600, and now switches a little below $640 as at the time of writing this article. According to observers, the surprising move could be linked to this weekend’s parity vote which ends tomorrow.

Dubbed as ‘the most fascinating vote in the history of cryptocurrency’ by analyst, the on-going vote has 7 days span. The reason behind the vote is whether the Parity’s 500,000 eth that was mistakenly frozen because of a noticed bug on Parity’s multi-sig should be returned or confiscated. Now 55.6% of Ethereum HODLers are in support of the restoration, while 44.4% do not want it restored. If the yes have it, there will be no choice than to return the fund to Parity.

The question at hand now is that does the ongoing Parity vote have effect on the price of Ethereum in the market or will it add to the value as time goes on.

It is worthy to note that the cryptocurrency space is currently witnessing a boom, it cannot be categorically stated that Ethereum is up in the sky because of the Parity vote. Considering the recent favourable news that Ethereum community have received, the increased value of Ethereum cannot be linked to Parity alone. Until the vote ends, and the fund is returned, it is hard to say that the massive hick in price is because of the vote. However, if the fund is returned, it shows that the users of Ethereum controls the future of the blockchain, and hence, may bring good name to Ethereum. This will translates to a market boom.

How Did The Freeze Happened?

Parity is an Ethereum software client. A code flaw in the software resulted in freezing of $160 million worth of Ether on Monday November 6th 2017. The freeze caused distress and anxiety to the community and affected around 500 eth wallet.

According to the team behind Parity, “a vulnerability in the “library” smart contract code, deployed as a shared component of all Parity multi-sig wallets deployed after July 20th 2017, was found by an anonymous user. The user decided to exploit this vulnerability and made himself the “owner” of the library contract.”

“The user destructed this component. Since Parity multi-signature wallets depend on this component, this action blocked funds in 587 wallets holding a total amount of 513,774.16 Ether as well as additional tokens. Subsequent to destroying the library component, someone (purportedly this same user) posted under the username of “devops199” issue #6995 that prompted our investigation into this matter.”

If the fund is returned, it is going to relieve the team behind Parity and give the Ethereum community a major boost, hopefully.

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Central Bank of Iran Enforces Crackdown on Cryptocurrencies

Various countries are contemplating how to regulate Bitcoin and other cryptocurrencies. The Iranian government has decided to take a harsh stance in this regard. As of last week, the local banks are banned from partaking in cryptocurrency transactions. The new rules are enforced by the central bank of Iran. Given the region’s currency crisis, this decision is not unexpected.

Central Bank of Iran Refutes Bitcoin

A lot of things are changing in Iran as of right now. Earlier this month, the central bank formally unified its open market exchange rates. At the same time, the central bank made it illegal to change money outside of banks themselves. This development is only a sign of what is yet to come, by the look of things.

The rial, Iran’s national currency, has hit rock bottom in recent days. Speculators and investors grow concerned over impending sanctions. That decision rests with US President Donald Trump, who will render his verdict on May 12th. Despite both countries signing a pact in 2015, the sanctions may be imposed regardless.

Assuming that is the outcome, the financial situation in Iran will only worsen. Such a development will only push the rial’s value even lower. In turn, that would warrant even tighter regulation by the central bank and a further crackdown on “unofficial” financial activity. For now, the institution has set its sight on cryptocurrency trading.

Banning Bitcoin Activity in Iran

As was to be expected, the central bank of Iran doesn’t take kindly to Bitcoin. It is an unregulated industry which may cause even more financial instability. There are also concerns over potential money laundering activity involving cryptocurrency. It is s statement similar to how most other regions perceive Bitcoin and other similar currencies these days.

In an official notice, the central bank comments how the “sale or purchase of cryptocurrencies should be avoided”. Additionally, these institutions are not allowed to “take any action to promote these currencies” either. A similar warning has been issued in the country in late 2017. It now seems the central bank aims to enforce that unofficial guideline in a stricter manner.

Whether or not this decision will have a big impact, remains unclear. Other countries are cracking down on Bitcoin activity as well. Every time something like that happens, cryptocurrency enthusiasts flock to OTC trading. It is possible the LocalBitcoins volume in Iran will spike in the coming weeks and months as well.

 

Image from Shutterstock

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Major UAE Bank Implements Blockchain Tech To Prevent Check Fraud

The National Bank of Dubai is rolling out its ‘Cheque Chain’ system after successful testing, to prevent check-related fraud.

The National Bank of Dubai (NBD), one of the largest banking groups in the Middle East by assets volume, has reportedly become the first bank in the region to successfully implement Blockchain technology in a check-issuance system to prevent fraud, local news outlet Arabian Business reported Saturday, April 21.

According to Arabian Business, the system works by means of printing a unique Quick Response (QR) code on each check and putting the records on Blockchain. The so-called “Cheque Chain” technology is designed to provide higher authenticity of the issued checks, as well as to the security standards across the UAE banking sector.

According to the NBD official statement, the bank has registered around one million checks on Cheque Chain in the first month of the pilot deployment. Following the successful test, NBD is looking for opportunities to roll out the Blockchain-powered banking technology across other UAE financial institutions.

Abdulla Qassem, NBD’s group chief operating officer noted the importance of the innovative technology deployment and highlighted that NBD bank is the first bank that offered such a service in the region.

“Emirates NBD is committed to exploring commercial uses for this innovative technology. After a successful pilot phase, we are pleased to roll out Cheque Chain to our customers nationwide, becoming the first bank in the region to offer this service.”

The UAE, along with major city Dubai, have taken a very positive stance on adopting Blockchain technology. Last week,  the Vice President and Prime Minister of the UAE and Ruler of Dubai launched the ‘UAE Blockchain Strategy 2021’, with the goal of becoming a world leader in deployment of the technology.

Meanwhile, Blockchain technology is becoming increasingly popular in the banking sector worldwide April 12 saw the announcement of Bank of America’s patent on a Blockchain-based storage system with automated data authentication, and on March 30, PKO Bank Polski’s partnership with a Blockchain company to provide DLT-based storage and verification system for bank documents.

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Blockchain Platform Signs Deals To Boost Profitability Of Social Media Influencers

A company that says anyone can become a social media influencer has signed deals to increase the profitability and prominence of its users.

A Blockchain-based platform which aims to boost the earnings of social media influencers by eliminating their reliance on middlemen has forged several new partnerships ahead of its launch.

“Influencers” are defined as contributors who have large followings – sometimes extending into the millions – on social networks such as Instagram, YouTube, Twitter and Facebook.

Patron hopes to become a “sharing economy” where fans and followers can co-star and collaborate with their favorite vloggers.

In addition, companies who want to forge sponsorship deals with influencers would find it easier to get in touch. A business model built on Airbnb means sponsors can hire an influencer for a single post or a video, or establish a recurring “exclusive ambassador contract” which lasts for several weeks or months. In some cases, it would also be possible to acquire influencers in a permanent deal.

At present, Patron claims as much as 40 percent of an influencer’s earnings is paid to intermediaries, but the Japanese company believes stars and their sponsors could realize considerable savings on its platform.

The company has placed an emphasis on “micro influencers” – content creators who often focus on niche topics. Although Patron says such talent often attracts smaller audiences than the megastars seen on video-sharing websites such as YouTube, its team believes they hold exceptional value because of their higher engagement rates.

An “extremely important” partnership

Patron recently announced that it has struck a deal with BANKEX, a fintech company, to become the “first international partner” for one of its services.

MediaToken enables bloggers to promote their accounts and boost their advertising revenue, while investors have an opportunity to invest in an influencer’s account early and enjoy larger dividends later. Overall, BANKEX hopes this Blockchain-based technology will help achieve transparency when it comes to blog advertising – as everyone stands to benefit from “clearer pricing.”

Atsushi Hisatsumi, Patron’s CEO, has called the deal “extremely important” for the company – as BANKEX’s cutting-edge technology will help in its quest “to bring the most robust Blockchain-based influencer marketing products to market.” He told Cointelegraph: “We are excited for this partnership and for what the future holds for us.”

As previously reported by Cointelegraph, Patron’s parent company Extravaganza International recently teamed up with Switchboard Live, an Orlando-based tech firm. As part of that deal, Patron’s users will be able to simultaneously publish live streams on a plethora of platforms including YouTube, Periscope and Facebook Live – dramatically increasing their reach.

The company is also being listed on HitBTC, a European-based cryptocurrency exchange – increasing the visibility of PAT coins.

“Anyone can become an influencer”

Mr Hisatsumi has experience of being in the influencer realm. In the past five years, he worked as a singer and even created a team for electronic dance music.

He believes Patron is democratic because anyone around the world has the opportunity to connect – with local influencers given the freedom to work internationally and overcome language barriers.

Patron’s web app was released in February, and a version for smartphones is scheduled to be released in June.

At the start of April, Patron was the lead sponsor at the Global Blockchain Forum in California – with the start-up achieving critical acclaim from judges. A total of 18 pitches were made to a panel including tech entrepreneur Vince Kohli, with Patron being ranked in the top three.

Patron’s ICO has been running since March 27, and it is scheduled to end on April 26. The company has a cap of $40 mln in place.

Right now, the company’s team of executives are touring the world to spread the word about their project – making appearances at conferences in Dubai, Hong Kong, the US and their native Japan.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Bitcoin Private Price Spikes 20%, More Gains Possible?

Bitcoin Private Price Analysis BTCP

Bitcoin private price surged higher recently and settled above $50.00 against the US Dollar. BTCP/USD remains supported on the downside for more gains.

Key Talking Points

  • Bitcoin private coin price started a nice upside move and traded above $70.00 (Data feed of coinmarketcap) against the US Dollar.
  • There is a major bullish trend line in place with support at $48.00 on the 7-day chart of the BTCP/USD pair.
  • The pair is currently in an uptrend and it could break $65.00 once again in the near term.

Bitcoin Private Price Forecast

There were heavy movements in bitcoin private coin price from the $25.00 low against the US dollar. The BTCP/USD pair started a solid upside move and traded by more than 150% higher to clear the $50.00 resistance level.

It even traded above the $70.00 level recently and formed a high at $77.15. Later, it started a downside correction and traded below the $60.00 level. There was also a push below the 23.6% Fib retracement level of the last wave from the $28.46 low to $77.15 high.

Bitcoin Private Price Analysis BTCP

However, the decline was protected by the $48.00-50.00 support area. Moreover, the 50% Fib retracement level of the last wave from the $28.46 low to $77.15 high also acted as a support.

The price formed a base around the $48.00 level and is currently trading 20% higher to $55.00. On the downside, there is a major bullish trend line in place with support at $48.00 on the 7-day chart of the BTCP/USD pair.

Therefore, bitcoin private price remains supported on the downside near the $50.00 and $48.00 levels. As long as the price is above the $48.00 support, it could continue to move higher.

On the upside, an initial resistance is near the $60.00 level. A successful close above the stated $60.00 resistance may perhaps open the doors for a push above $65.00 or even $70.00.

Overall, the current price action is very positive for BTCP and its price remains in an uptrend above $48.00.

Trade safe traders and do not overtrade!

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Bitcoin Price Technical Analysis for 04/23/2018 – Bulls Back in Action!

Bitcoin Price Key Highlights

  • Bitcoin price has gained some traction since breaking past its inverse head and shoulders neckline.
  • Price is now trading inside an ascending channel and testing the resistance.
  • A return in bearish pressure could take it back down to support around the Fib levels.

Bitcoin price is trending higher but might be due for a pullback to its channel support.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This indicates that the uptrend is more likely to resume than to reverse.

Applying the Fib tool to the latest swing low and high shows that the 61.8% retracement level lines up with the bottom of the channel at $8338.30. The 38.2% retracement level is close to the mid-channel area of interest at $8600.

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to continue than to reverse. The gap between the two is also widening to reflect stronger bullish momentum.

Stochastic looks ready to turn up from the overbought zone to signal a return in buying pressure. In that case, bitcoin could even attempt to break past the channel resistance or swing high at $9000 to establish a steeper climb.

Market Factors

Exchanges are reporting that buy orders are nearing 92% of activity, drawing even more investors in so as to not get left behind in the rally. Some predict that bitcoin could surge past the $20,000 highs within the quarter.

Risk appetite has also been mostly supported in the markets, which means that traders are willing to place bets outside of traditional assets like stocks and commodities. Sentiment in the cryptocurrency industry itself has also improved significantly over the past couple of weeks, spurred by news about big hedge funds and acquisitions in the space.

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Ethereum Price Technical Analysis – ETH/USD To Rise Further

Key Highlights

  • ETH price is trading nicely above the $620 support level with positive signs against the US Dollar.
  • There is a key bullish trend line forming with support at $610 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains in a decent uptrend and it could soon break $648 for more gains.

Ethereum price is trading with bullish signs against the US Dollar and Bitcoin. ETH/USD is positioned nicely to move above the recent high of $648.

Ethereum Price Bullish Bias

There were further gains in ETH price above the $600 level against the US Dollar. The price was able to move above the $620 and $640 resistance levels and traded as high as $648. Later, there was a slight downside reaction and the price corrected below $640. There was a break below the 23.6% Fib retracement level of the last upside leg from the $593 low to $648 high.

However, the downside move was protected by the $620 support zone. Moreover, the 50% Fib retracement level of the last upside leg from the $593 low to $648 high also acted as a support. It seems like a minor downside correction from the $648 high is complete. ETH price is resuming its upside move and is approaching the $642-648 resistance zone. There is also a key bullish trend line forming with support at $610 on the hourly chart of ETH/USD. As long as the price is above $610-620, it could continue to move higher and it may soon break $648.

Ethereum Price Technical Analysis ETH USD

Looking at the chart, the price forming a decent uptrend above $600. A successful break above the $648 swing high will most likely push the price above $650. The overall bias is bullish with supports on the downside at $620 and $610.

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $610

Major Resistance Level – $648

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Ethereum Price Analysis: Don’t Miss This Bullish Correction!

Ethereum is gaining further traction on its bullish run, but it could need more support from buyers on a correction. Price is hitting resistance around $645 and the Fib tool shows that the 50% retracement level lines up with potential support.

The 38.2% Fib is located at $588.30 and the 50% level is at $570.56. The 61.8% Fib is at $552.82 and the line in the sand might be the 78.6% Fib at $527.52.

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This suggests that the uptrend is more likely to resume than reverse. In addition, the gap between the two moving averages is widening to indicate strengthening bullish momentum.

The shorter-term SMA lines up with the 38.2% Fib to add to its strength as a floor while the 200 SMA is closer to the 61.8% retracement level and trend line.

Stochastic is on the move down to indicate that buyers are taking a break and letting sellers take over from here. However, the oscillator is nearing oversold levels to show that a return in buying pressure is due.

Sentiment in the industry has picked up significantly over the past few days as the tax season ended. This likely led to investors reopening their positions after recently crunching the numbers on their dues. Breaks past significant barriers also likely drew more buyers in.

Besides, news on regulation hasn’t quite made huge dents on ethereum price lately as traders focus on the positive developments. This includes the IMF’s more open-minded stance on cryptocurrencies and acquisitions in the space.

Another set of positive developments within the week could draw more buyers in and sustain the rise, especially as risk appetite has been present in global financial markets.

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