Iran Reinforces Its Stance Against Telegram Crypto

Iran Reinforces its Stance Against Telegram Crypto

The Iranian government has reinforced its position on the ban of Telegram messaging app in a recent post by the Tehran Times yesterday.

According to the news outlet, the Secretary of Criminal Content Definition Task Force Javad Javidnia said: “One of the most important factors in banning Telegram was a sense of serious economic threat from its activities.”

The authorities have also issued warning against those with intent to support the native cryptocurrency of the app Gram, saying that “any cooperation with Telegram messaging app to launch Gram, the messaging app’s cryptocurrency, in Iran constitutes an action against national security and will be dealt with as a disruption to the national economy.”

The Iranian government has been hostile towards the Telegram messaging app since the political rouse in December 2017.  It was also reported that head of Iran’s High Council for Cyberspace Hassan Firouzabadi, wrote in an op-ed that it was not in Iran’s interest to continue allowing access to Telegram inside the country. The government decided to ban its use or association with its tokens in the region since early 2018.

Telegram is well known for its high-end encryption model as well as for being the go-to app for crypto-related community building. It was involved in a seed funding round where it raised USD 1.7 billion, notably one of the most successful crowdfunding in 2018.

Iran had criticized the Telegram ICO giving the impression that it “undermined the national currency.” However, in a recent development, the Iranian government was in the process of developing its own cryptocurrency in an attempt to undermine the sanctions being imposed by the US which is currently taking a toll on the economy.

Iran is not the only one against the messaging platform. The Russian government has also made attempts to ban the messaging app when it refused to hand over its encryption keys. Efforts to that end have proven to be unsuccessful so far.

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Seven New Year's Resolutions for Bitcoiners

<br /><br /> <br /><br /> In the time-honored tradition of goal setting for the new year, Bitcoin Magazine has compiled a short list of seven possible New Year’s Resolutions for Bitcoiners as we head into 2019. Building a strong Bitcoin community begins with individual efforts, some small, others more ambitious and labor intensive.What might you do to contribute to the Bitcoin ecosystem this year?Teach five people about bitcoin and help them set up a wallet.Anyone can become a Bitcoin evangelist. Chances are that there are a number of people in your family-and-friends circle who are BTC-curious but not sure where to start. Seek them out, answer some questions and help them to set up a wallet. There are plenty of easy (non-custodial) options to choose from, no matter where they are in the world. Make sure that they understand how to secure their wallets and their seeds and that they understand the power and responsibility that comes with having total control over their funds.Then send them a few satoshis to get them started. Set up a full node.Have you set up your own full node? Well, if you haven’t, you should. Nodes are essential to ensuring the security of Bitcoin. Running your own full node is also the only true way to validate your own bitcoin transactions without having to trust anyone else.Sure, this might be a bit more of a labor-intensive resolution to actually fulfill, but it’s worth it — not just for you but for the whole network.According to Bitcoin.org, here’s what you’ll need:Desktop or laptop hardware running recent versions of Windows, Mac OS X, or Linux200 gigabytes of free disk space, accessible at a minimum read/write speed of 100 MB/s2 gigabytes of memory (RAM)A broadband internet connection with upload speeds of at least 400 kilobits (50 kilobytes) per secondAn unmetered connection, a connection with high upload limits, or a connection you regularly monitor to ensure it doesn’t exceed its upload limits. It’s common for full nodes on high-speed connections to use 200 gigabytes upload or more a month. Download usage is around 20 gigabytes a month, plus around an additional 195 gigabytes the first time you start your node.Six hours a day that your full node can be left running. (You can do other things with your computer while running a full node.) More hours would be better, and best of all would be if you can run your node continuously.For full details, check out bitcoin.org’s page about running a full node or go to YouTube for lots of tutorial options.Create a “Crypto Will.”As the saying goes, “You can’t take it with you.” What plans do you have in place for your BTC after you die? How well-equipped are your heirs when it comes to them accessing your crypto holdings?Attorney/educator/evangelist/entrepreneur Pamela Morgan has spent a good part of 2018 advocating responsible crypto asset inheritance planning, as she describes in her book, Cryptoasset Inheritance Planning: A Simple Guide for Owners.“I started asking annoying lawyer questions,” Morgan said in an interview on The Tatiana Show. “Like, ‘If you have a bunch of cryptoassets, can your family access them?’ If you have people who depend on you financially, if you want to have other people in your life, or charities or political causes you like to support, to be able to take advantage of your bitcoin or your other cryptoassets, you have to do something. If you do nothing, [it’s] pretty sure that your assets will not go where you want them to go, if they end up anywhere at all.” So, consider making 2019 the year you put all your bitcoin affairs in order.Get control of your private keys.“Not your keys, not your bitcoin.” Do you have control of all your private keys? Do you even know where they all are? Resolve to start the year off right by participating in this year’s Proof of Keys celebration, to be held on January 3, 2019. Ideally, you’ll also be running your own full node to validate that you own your keys as well, but even ensuring that none of your bitcoin is stored on a third-party, custodial server is a good start.Go back to Bitcoin’s roots.Have you read Satoshi’s white paper? Have you been to a local grassroots meetup lately? Sometimes, it’s good to go back to basics and remember where we all started. The Bitcoin community has always been full of people who want to learn and share ideas (not just price predictions). Perhaps you began your Bitcoin journey at a local meetup many years ago or maybe you are just starting out now: either way, consider getting together with some other local bitcoiners. If you are an old hand, your experience is invaluable. If you are new to the community, you’ll find others who can answer questions and show you the way. In any case, the Bitcoin community is made stronger when we work together and interact on a human level from time to time.This year, find or reconnect with your local Bitcoin meetup group — or start one of your own!Check out the Bitcoin Meetup Wiki or go to the Bitcoin page on Meetups.com where you’ll discover 1,685,789 members and 5,586 potential meetups.Challenge yourself to learn or do something new or outside your comfort zone.All of us have our areas of expertise — and areas where we are not so adept. What is one thing about Bitcoin that you’ve always shied away from delving into? This doesn’t need to be a “technical” challenge (though that is, perhaps, the most obvious sort of challenge to take up). Perhaps there is a book on economics that you’ve put off reading? Or a conference presentation topic that you’d normally pass over?Make this the year that you really expand your understanding of Bitcoin: read that book, attend that seminar, subscribe to that podcast or video series, build (or break) that thing.Resolve to be a positive force.This time last year, everyone was riding high with bitcoin and other altcoin prices up in the stratosphere. Since then, 2018 has been a long, devastating fall back down. Except for all the cool stuff that actually happened along the way, and the general growth the network has experienced since last year.Also, as many of us remember from previous years, the price of bitcoin has had plenty of ups and downs along the way.So, as we embark on a new year, full of new possibilities and opportunities, resolve to be a positive force in the Bitcoin space: Avoid FUD, welcome newbies, welcome back altcoiners, don't gloat, keep hodling, keep buidling.Photo by Julie Tupas on Unsplash<br /><br /> <br /><br /> This article originally appeared on Bitcoin Magazine.

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Analysts See 2019 as the Year of Institutional Crypto Investment

A number of investment funds and cryptocurrency firms are lauding 2019 as the year of institutional investor, 24 hrs before its arrival.

Many see large scale investment being re-examined in 2019 after being scared off by Bitcoin’s December dip. Wall Street notably stood back from the brink prior to the end of the year with Goldman Sachs’ much-publicized plans to open a crypto trading desk called “top-of-the-market-hype thinking” by one New York executive.

Nasdaq is already supporting crypto exchanges and the company is certainly not new to cryptocurrency’s underlying technology, blockchain. Apart from its long-term relationship with blockchain startup, Chain, it has recently announced a collaboration with cryptocurrency exchange Gemini.

Downunder, Henrik Andersson, chief investment officer of Apollo Capital Fund is upbeat on the prospect: “During the coming year we will see a gradual adoption from institutions,” he said, adding “We have the first US university endowments investing in funds” referring to major universities’ announcements that they were to invest in cryptocurrencies.

Harvard University, the Massachusetts Institute of Technology (MIT), Stanford University, Dartmouth College, and the University of North Carolina (UNC), have all made investments from their endowments into at least one crypto fund in 2018.

Another Australian, Every Capital’s director Tom Surman believes that the institutional phase has already begun, adding, “Massive retail offerings and institutional investors are probably the only groups that can meaningfully move the needle on the crypto market cap from here on.”

“The fact that David Swensen [Yale’s chief investment officer] put an investment into bitcoin — with his reputation on the line, his endowment on the line — tells you something…Some of the smartest people in the investing world think it’s a store of value,” said Mike Novogratz, who had been talking up the industry for much of 2018.

Around the world, national banking institutions continue to dabble with the crypto adoption, mainly as a step towards side-stepping internal financial complexities caused by sanctions or recession, but most banks are reticent to commit to launching cryptocurrencies of their own.  Most prefer to watch and wait.

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Bakkt Announces $182.5 Million Funding Round, Launch Set for Early 2019

Bakkt Announces $182.5 Million Funding Round, Launch Set for Early 2019

In a blog post yesterday, institutional grade digital asset platform Bakkt announced the successful first seed funding round of USD 182 million.

According to the blog post, fourteen investors and partners were listed to have participated in this round, out of which 12 of them had raised the sum. Big players in the traditional finance and fintech industry were mentioned, to include Intercontinental Exchange, Goldfinch Partners, Boston Consulting Group, Microsoft’s Venture Capital arm and Pantera Capital.

The Bakkt project has for the latter part of 2018 been touted as the platform to finally make way for mainstream institutional investors to get into the cryptocurrency game. The blog reads: “Our work today is centered on driving institutional access for digital assets, along with merchant and consumer uses.” The project also revealed that they have expanded the vision to drive mainstream cryptocurrency adoption for the everyday user by extending their partnership to companies like Starbucks.

The announcement also included a current status of the project such as “working closely with the Commodity Futures Trading Commission for the better part of 2018” in order to obtain “regulatory approval for physically delivered and warehoused bitcoin.” They have also “filed applications and the timing for approval is now based on the regulatory review process.”

Another relevant angle the project will tackle while working through the 2019 objectives will also include a focus on “opportunities to provide new infrastructure, including the industry’s first institutional grade regulated exchange, clearing and warehousing services for physical delivery and storage,” reads the blog post.

The project has delayed its launch twice in a row as another official publication reveals that the updated launch timeline which was set for 24 January 2019 will be amended and set for early 2019, in line with CFTC’s process and timeline.

The blog post also revealed as many would agree, that 2018 was indeed an active year for cryptocurrency with Bitcoin at the center stage as volatility index peaked, as well as a notable increase in investment from venture capitals in distributed ledger technology and digital assets.

Many analysts and cryptocurrency enthusiasts have opined that the coming of the Bakkt will play a crucial role in restoring the market from the year-long bearish trend.

 

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UK’s FCA Continues Clampdown on Unauthorized Exchanges

FCA, UK, exchanges

The UK financial regulator, the Financial Conduct Authority (FCA), is continuing its probe into the activities of unauthorized cryptocurrency firms.

According to information received to a freedom of information request by The Sunday Telegraph, the FCA had opened inquiries into as many as 67 cryptocurrency related inquiries since the middle of November. 49 of these inquiries are now closed, with 39 consumer alerts being issued to companies operating without authorization. The other 10 have received warnings.

Currently, 18 cryptocurrency related lines of inquiry are still under review following the FCA’s statement cautioning the public earlier this year that cryptocurrency CFDs such as the popular options offered by eToro, were “extremely high-risk, speculative products”. Companies dealing in cryptocurrency related investments in the UK still require rubber-stamping by the FCA before a license to operate is issued.

The FCA has declined to comment on the investigation into the remaining 18 cases. The UK regulator has already revealed its intention to be tough on the cryptocurrency market since digital money is a part of the financial market and subject to the same level of scrutiny. There is already a discussion on banning specific crypto financial instruments, such as Bitcoin futures.

FCA’s executive director of strategy and competition Christopher Woolard cited “integrity issues” as a reason for also considering placing a ban on cryptocurrency derivatives in an event in London on the 20th of November.

The focus, according to Woolard, would be on what the FCA has called “cryptocurrency contracts-for-difference (CFDs)” which would likely cover “options, futures and transferable securities,” with concerns that “retail consumers are being sold complex, volatile and often leveraged derivatives products based on exchange tokens with underlying market integrity issues”.

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