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Zimbabwe Bans Banks From All Bitcoin Dealings

Cryptocurrency transactions are something that has been banned as of today in Zimbabwe. The news comes from The Reserve Bank of Zimbabwe which banned financial institutions in the country from processing cryptocurrency transactions for traders and investors, despite their growing interest in digital monetary assets within the country.

The Zimbabwean central bank on Friday said:

“In order to safeguard the integrity, safety and soundness of the country’s financial system, and to protect the public in general, all financial institutions are hereby required to ensure that they do not use, trade, hold and/or transact in any way in virtual currencies,”

This decision has sparked big debate in Zimbabwe over the heavy-handedness of the bank in regulating cryptocurrencies in the country. In December 2017 (when crypto was at its highest) the bank said that it was risky to trade in Bitcoin and other cryptocurrencies.

Currently, Golix is the biggest cryptocurrency exchange platform in the country, hosting a Bitcoin ATM in its offices in Harare. The officials said that Bitcoin grade is growing as it helps plug financial shortages in the country.

So, the decision by the Zimbabwean central bank to prohibit banks from facilitating trade in cryptocurrencies stems from other “financial regulators around the world who have identified the dangers and risks presented by virtual currencies”.

Further, cryptocurrencies can be used to facilitate tax evasion as well as an externalization of funds in violation of a country’s laws,” the bank concluded.

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Cryptocurrency Market Continually Declining With No Major Increases

The Bitcoin price has been declining over the past month. Currently, it suffered a drop of 2.70% which is one of the dozen drops it experienced this week – falling to $7,345 and failing to sustain the momentum after almost reaching the $9,000 mark.

The sudden spike in volume made the crypto market move up slightly but struggling to record any major movements. Even though many investors expressed their optimism for the Bitcoin price in 2018, it is highly likely that it will drop to $6,000 as suggested by one cryptocurrency researcher named Willy Woo.

As Woo claims:

“I think we are gonna go to $5500-5700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess.”

The co-founder of Blocktower and a famous cryptocurrency investor Ari Paul expressed similar thoughts, stating that an abrupt increase in volume and price is not expected. As he said:

“Always a good bet for vol to mean revert, but this has been a low volume consolidation which is a much weaker setup for explosive moves than a high volume consolidation.”

Still, there are people like Tom Lee who call increases in the value of Bitcoin and still believe that the leading cryptocurrency will rise by 70% in 2018, predicting a $25,000 target for Bitcoin in the short term. As Lee explained at the Consensus 2018 conference in New York:

“I think institutional investors have gained a lot of interest, and they haven’t really come into crypto yet because there is still some regulatory uncertainty. But that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why Bitcoin rallies.”

All in all, the struggles of the cryptocurrency market are real this month. The truth is that for some, they are a pain to the eyes – and for others – an amazing time to buy low and sell high.

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Bitcoin Wallet Xapo Implements SegWit

Xapo,, which is one of the widely used cryptocurrency wallet on the marketplace, has recently revealed that its platform activated the Segregated Witness (SegWit) scaling solution developed by the Bitcoin Core development team.

Earlier this month, Bloomberg reported that Xapo’s cold wallet stored in underground bunkers in Switzerland has more than $10 billion worth of Bitcoin. This is an amount that is larger than 5,670 banks in the US – making Xapo known for managing more than 98% of the bank deposits in the US.

Ryan Radloff who is the founder of Coinshares, recently stated that the vast majority of large-scale investors have their Bitcoin stored in Xapo’s vaults. As he said:

“Everyone who isn’t keeping keys themselves is keeping them with Xapo.”

Xapo is also one of the first and one of the very few successful companies that have commercialized custodial and security functions in the crypto space. According to Reid Hoffman who is a billionaire investor and co-founder of LinkedIn:

“They’re the first folks who recognized custodial and security functions would be key. He made the pitch in the morning and in the afternoon I called him with an offer.”

Even though online wallets are popular nowadays and quite influential, Xapo has dominance over the institutional market within the crypto sector as it directly deals with institutional investors and retail traders.

Meanwhile, SegWit is an advanced technology for optimizing transactions and decreasing the amount in fees that users are required to pay to miners in order to have their transactions broadcasted to the Bitcoin blockchain network.

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Can You Really Make Money With Cryptocurrencies: Explained

Nowadays, earning money using bitcoins is simple, although contrary to popular belief.

Most people will suggest you to:

  1. Mine Bitcoin – This method requires huge investment, and the ROI (return on investment) will be unsure and may take years. This can be done in places with low per unit electricity cost.
  2. Use BTC faucets – This doesn’t require any investment, but the amount of BTC you receive will be very low, almost in US cents.
  3. Put it in cold storage – You can safely store your bitcoins, but you won’t earn anything from it. Helps you to safely keep BTC as a long-term investment.

Moreover…

You can engage in trading. This is by far the most popular way people go about this business. There are hundreds of currencies out there, so after doing due research and figuring out which one looks most promising to you, go to a website such as Switchain to compare different exchange fees you can get for trading.

A lot of people decide not to engage in trading, but to buy a certain amount of coins and then just hold them in a wallet until, hopefully, the price goes way up so that cashing out would make it profitable.

The original way of earning Bitcoin is mining. That is, getting those new coins that are just entering the network before anybody else (since there is a new set of coins appearing on the blockchain every 10 minutes). This is way easier said than done though, considering that the competition is so high that you need very specialized machines to be able to pull it off.

Those will be the most basic few ways how people approach handling cryptocurrencies. Of course, once you get some, there are many, many ways of using them for buying different goods or trading in different ways, but those will be the main ways of earning them, which was the point of the question.

 

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Bitcoin Vs. Ethereum: Which One To Invest In This Year

The battle between Bitcoin and Ethereum is real this year. The truth is, both cryptocurrencies are great to invest in. However, if you are looking for a new rising star in the crypto world, many analysts agree that it should be Ethereum.

Now, there are some points that stand my ground here. Basically, Ethereum is a new rising star and could increase its value by thousand percents (just like Bitcoin) because of the following:

  • It is an open-source digital currency that is designed to allow peer-to-peer transactions
  • It is up roughly 4,000% to date
  • It is the second largest cryptocurrency out there with a market cap of $26bn, which certainly gives it some advantage over the others
  • It already increased to 55% in the past six months and dwarfed Bitcoin’s gains over the same period
  • The entire cryptocurrency is built on a newer generation of blockchain technology and is perfectly optimized for software engineers (according to William Mougayar, a blockchain expert)
  • The key piece of technology in Ethereum is called ‘smart contracts’ – allowing you to exchange money, property, stock etc. without having to go through a lawyer or any legal service
  • There are more than 35,000 developers and more than 500 startups embracing the platform
  • Big companies like BP and Microsoft are also using it

Hope that these points helped you see the value of Ethereum!

For more information, recent news and forecasts on it – visit DC Forecasts – the best destination for all-crypto.

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