Whether you have prior knowledge of cryptocurrency, or you are just beginning to try your hand at buying and trading, there is no denying that this digital currency has contributed to the shift of online banking and other fintech technologies. As the implementation of blockchain continues across a number of industries and more investments are made to implement new and exciting technologies to streamline the business sector, it is the boom of cryptocurrency that contributed to the booming industry we see today. In this article, we will be looking into cryptocurrency as a whole as well as the impact that it has had on the Fintech industry up until the present day.

2016 was a huge year for the fintech market as well as the Bitcoin and other cryptocurrencies as this style of currency began to revolutionise the finance sector as we know it. With a virtual currency allowing for cheap online payments without the need for multiple traditional channels. It was in the year of 2016 that the price of Bitcoin has jumped from around 572.33 to about 4,764.87 U.S Dollars in August of 2017. As the virtual currency began to gain popularity, this then increased the price of the virtual currency to approximately $9,225 US dollars.

This was highly beneficial for both businesses and individuals investing in this style of currency as many experienced a large amount of profit as a result.

As cryptocurrency began to increase in popularity, there were a number of benefits that could completely revolutionise the business sector as we know it. With virtual currencies only being affected by inflation and currency exchange rates to a certain extent, this allowed for businesses big and small to make payments quickly at a consistent going rate. Due To the decentralised nature of such online currency, the price of a cryptocurrency is determined by these ongoing factors:

These factors make this highly beneficial to businesses as they can be tracked with ease, this, therefore, allows a business to buy and sell crypto without losing out on their investment in the long term.

Another benefit to business when using online currencies such as this is the speed at which payments can be made. With each payment being sent within just a few minutes, you can transfer money from business to business without any additional fees. This is great for quick business transactions such as buying and purchasing goods as money can change hands securely. With a number of businesses such as Shopify and tech giant Microsoft now making the most of this online currency for customers, there are set to be a number of other businesses looking to adopt this style of currency in the near future.

In addition to the ability to make faster and more secure international payments, there is also the ability to replicate trading patterns using online trading platforms such as Etoro. These services not only allow you to closely monitor your own investments, but they allow for you to monitor the patterns of a number of markets all from your own home page. Since the birth of Etoro in September of 2007 the company have continued to completely revolutionize international trading forever. With their fintech technology allowing users to trade in financial assets in 2009 and evolving to include stocks in 2013 and cryptocurrency by 2017, the company have continued to evolve and provide new and exciting fintech technologies to the benefit of the user.

Though competition is needed for a sector to thrive, cryptocurrency and the development of fintech technologies has led to an increase in the availability of markets. With fintech technologies such as online trading platforms, mobile banking and blockchain technology, investing in international marketplaces as well as navigating the finance industry is now easier than ever before. Though this is only in the early stages of implementation, the increased availability to a number of markets is enticing a number of industries to adopt some form of fintech technology.

The final way that fintech has had to evolve due to cryptocurrency is through the more secure ways of trading. Whether this is the encryption of data with every payment or a secure wallet with an identification number, blockchain technology has had to evolve in order to up security protocol. In addition to its use in cryptocurrency, blockchain can also be implemented in a number of business sectors to ensure the security of personal information. Though this is only in the development stages at this time, 2020 could be the year that this style of technology helps to streamline a number of processes across multiple sectors.

Though traditional banking is still needed in a number of cases, fintech technology such as online banking applications and personal savings apps have helped to revolutionise the financial industry. Not only has it made payments faster, but it has also allowed for users to feel more in control of their finances as a result. But how has it affected behaviours outside of cryptocurrency?

With applications such as PayPal, Google Pay and Apple Pay seeing as much as a 30% increase year on year in transactions, this new way of paying is gaining popularity quickly. But how else has it affected other aspects of our lives? The increase in financial technology has also made lending and borrowing easier for businesses and individuals as a number of peer to peer lenders have created online applications for quick applications. This has benefitted the financial industry as there the availability of alternative finance such as this is now easier than ever.

Though the future of fintech technology remains relatively unclear as we move into the new year, 202o is set to be a big year for the industry. Not only will we experience further movement in the crypto industry as new companies enter the market, but we are also set to see the link of Blockchain and the internet of things. In a report outlined by the International Data Corporation, there is said to be an increased interest in the convergence of the internet of things and blockchain I order to produce state of the art, secure solutions for a number of different sectors. Whether this is an extensive database for a business or increased efficiency with production companies, this convergence could be the next big technological breakthrough that we need.

With this in mind, there are a number of ways that fintech technology as well as the growing popularity of cryptocurrencies have helped a number of industries to expand. Whether this is through the integration of blockchain technology alongside intelligent Ai systems, or the continued use of online trading by individuals and businesses alike, only time will tell as to what is next for this growing industry in 2020.

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Cryptocurrency And Its Impact On Fintech - Android Headlines

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Facebook's Libra might be in limbo at the moment with a 2020 debut sounding doubtful, but that doesn't stop New York from seeing the residents of its state transacting with its own cryptocurrency.

New York lawmakers look to solve a persistent problem for the largely unbanked population in the state by proposing a "public Venmo." New York state assembly member Ron Kim, senator Julia Salazar, and Cornell law professor Robert Hockett submitted their proposal back in November, as reported by VICE.

What the lawmakers support is blockchain-based banking and a cryptocurrency that is aimed at allowing compensation for work that is often underpaid or unpaid such as caring for the elderly, babysitting, and other similar activities.

The way it works is that businesses and citizens of the state would each have their own virtual wallets that are connected to a sort of "master wallet" controlled by the New York government. This effectively removes the transfer fees if the same transaction was done with a bank and speeds up the process. It also helps in concentrating the circulation of money in low-income communities since it's all done digitally.

"I believe that our proposal, the Inclusive Value Ledger, has the potential to be truly revolutionary," Kim said in a public statement.

"The creation of a free public savings and payment platform that all New Yorkers can use, not only to pay for goods and services but also to transfer money directly to each other through, could fundamentally reshape New York into a fairer, healthier, wealthier, and more inclusive place for all."

If the lawmakers' proposal comes to fruition, this will be the first publicly-owned electronic banking platform for the U.S. and will have overtaken China in developing the first crypto with government backing.

China's crypto, the DC/EP, which stands for Digital Currency/Electronic Payments, is a solution that's applicable country-wide and is its answer to Libra. It's also seen as a move to bolster the influence of RMB globally, according to Flex Yang, the co-founder, and CEO of Babel Finance. But China's scheduled launch of its Blockchain Service Network (BSN) in April this year will perhaps expedite any plan of introducing a digital yuan.

New York City is one of five finalists for the 2016 Democratic National Convention. Photo: Reuters

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New York Could Launch Own Cryptocurrency, Blockchain Banking: How Will It Work? - International Business Times

Yesterday, I wrote an article about new cryptocurrency regulations popping up around the world.

One of the main pieces of legislation I discussed was the Cryptocurrency Act 2020, a new bill being proposed in the United States.

The goal of the new legislation is to provide additional clarification on digital asset regulations. The bill has some wide-ranging regulations that, if voted into law, could reshape the crypto landscape moving forward at least in the United States, that is.

The US senator who put forward the Cryptocurrency Act 2020, Paul Goser, stated that it was his desire to attribute regulatory clarity to the market.

In this article, I will dive deeper into what the Cryptocurrency Act 2020 is, how it will affect Americans, and what to expect from regulatory bodies.

The Cryptocurrency Act 2020 begins with the categorisation of digital assets into three main groups. These groups are then used to determine which agencies are responsible for the creation of regulation and legislation. The first group described in the new bill is cryptocurrencies.

The crypto class includes Bitcoin, Bitcoin Cash, Litecoin, and any other cryptocurrencies that dont fall under the current securities regulations. The bill classifies these tokens as any digital asset that includes representations of United States currency or synthetic derivatives resting on a blockchain or decentralised cryptographic ledger.

Smart contracts and oracles fall under the cryptocurrency category as well.

The next class described in the bill is crypto-commodities. A key aspect of these tokens is the fact that they contain some form of substantial fungibility.

Fungible assets are interchangeable, such as the USD. These assets must reside on a blockchain or decentralised cryptographic ledger to fall under this classification.

The final type of coin described in the bill is crypto-securities. These tokens are simply any coin that fails the Howey Test.

The three regulatory bodies mentioned in the bill that will oversee the cryptocurrency space include the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the Financial Crimes Enforcement Network (FinCEN).

These groups will gain sole authority over their respective digital asset types. Lets explore how each regulatory body operates.

The CFTC would gain jurisdiction of the crypto-commodities class. The group will need to develop the framework for these tokens from the ground up if the legislation passes. Due to the rise of cryptocurrencies, it is expected crypto-commodities will play a major role in the space going forward.

The Cryptocurrency Act 2020 keeps security tokens under the watchful eye of the SEC. The SEC recently began cracking down on what it considers illegal securities offerings from the 2017 ICO craze. Two examples I mentioned yesterday were EOS and Telegram. Ethereum was also slapped on the wrist by the SEC for conducting an unregistered securities sale.

Last but not least, FinCEN will be in charge of cryptocurrencies that are used as e-money. FinCEN will need to collaborate with the Secretary of the Treasury to enforce AML and KYC protocols in the market. Primarily, regulators want to develop a way to trace all cryptocurrency transactions, which seems highly questionable.

A great deal of crypto enthusiasts point to the new legislation as a means to combat Facebooks proposed digital asset Libra. Ever since Facebook announced its goals to produce a stablecoin that will operate on its network, lawmakers have been in a rush to configure some form of framework to contain the companys potentially game-changing product.

Multiple senators have called for Libra to be categorised as a security. Last year, a group of bipartisan US senators proposed a bill that would place all stablecoins into the securities category. The bill the Token Taxonomy Act of 2019 would firmly place Facebooks latest crypto under the regulatory supervision of the SEC.

I personally believe the objective of the Cryptocurrency Act 2020 is to enforce regulations and to force crypto companies to play by the same rules.

Will the Cryptocurrency Act 2020 make changes that will ripple throughout the space? It is too early to tell. However, from experience, it seems regulatory bodies enable new money to come into the space, so lets hope for the best.

The post What is the Cryptocurrency Act 2020? appeared first on Coin Rivet.

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What is the Cryptocurrency Act 2020? - Yahoo Finance

Bitcoin (BTC) made a sudden jump of 9% in the past 24 hours. However, altcoin cryptocurrencies have been showing strength recently as well.

Recent surges from large caps have been in the double digits with Dash (DASH) surging 50% and Bitcoin Cash (BCH) 30% in the past four days. Is it possible to draw a conclusion that the altcoin market capitalization is potentially bottoming? Lets find out.

Crypto market daily performance. Source: Coin360

Many altcoins have reached their cycle low levels, which means that many of them hit levels not seen since before the bull market in 2017, and some have even dropped to their January 2016 levels. One example is Dash.

Dash BTC 5-day chart. Source: TradingView

Markets tend to move in cycles, through which data accumulates from previous periods. The Dash chart is showing a cycle low in 2016 at the green rectangle.

A similar level and bounce are spotted from this price through the past weeks, combined with bullish divergence. This bullish divergence was also spotted on smaller time frames in January 2016.

XMR BTC 5-day chart. Source: TradingView

At the same time, a full retrace to these levels is not always necessary. It can also retrace towards the cycle lows in 2017. An example of such a chart is Monero (XMR). This privacy-focused coin retraced back to the first support of the last cycle, found around 0.00600000 satoshis.

The same phenomenon is spotted here, which means that theres another bullish divergence marking a local bottom.

So is a new cycle is going to start? If we would do a survey of sentiment between regular altcoin investors, then it would currently be depression, as the majority of the altcoins have been crushed in the last months against their BTC pair.

Moreover, a similar view is found on USD pairs with XRP (XRP), in particular, demonstrating major weakness in recent months.

XRP USD 5-day chart. Source: TradingView

XRP lost major support at $0.30 and retraced towards the next major support, seemingly the last crucial one. The same views were found in the previous cycle, through which similar support was tested before continuation and a bull market started. That period was in January 2016 when the breakdown occurred, and now its January 2020.

Remarkably, the best period for altcoins is when Bitcoin makes a slow, upwards grind. People tend to have Bitcoin as their safe haven and trade altcoins a bit more. However, when Bitcoin starts to turn parabolic (like we saw in June 2019), altcoins are being sold for Bitcoin. And when Bitcoin decides to move downwards, people and traders sell their cryptocurrencies for USD.

Hence, Bitcoin has to now find a cycle low for altcoins to gain some upward momentum.

BTC USD 5-day chart. Source: TradingView

Given this chart, the price of Bitcoin hit a 4-year old trendline and bounced from it. Aside from that, the golden pocket Fibonacci ratio held as well, which is showing signals of a possible bottom formation.

Similar, in January 2016, a bottom formation was found as well, which gave altcoins freedom to grow, as the price of Bitcoin was making slow movements to the upside.

A similar thought and expectation could be the case here, in which Bitcoin is slowly grinding upwards in the coming months, giving altcoins space to continue.

Another significant sign is the stoppage of downtrends. Some large caps have broken out of their 2-year old downtrends while some of them still have to break upwards. One example is Bitcoin Cash.

BCH BTC 5-day chart. Source: TradingView

This chart shows that the price broke a 2-year old downtrend, which could signal the start of an uptrend from here. A similar breakout is seen in the Ethereum Classic (ETC) chart, though, admittedly, Ether (ETH) is not quite there yet.

ETH BTC 4-day chart. Source: TradingView

Nevertheless, Ether is close to breaking it. If we analyze this chart, it shows that ETH fully retraced to the 2016 lows as well. Additionally, the low in September 2019 at 0.01645000 satoshis marked a bullish divergence.

This pattern also marked the beginning of previous bullish reversals. For example, as of January 2016, a slightly higher low led to a breakout of the downtrend, comparable with the movements of January 2017 and January 2018.

Thus, another 2-year old downtrend is on the table here, ready to be broken to the upside. If that occurs, a significant move should occur for altcoins if the biggest altcoin finally breaks out of its downtrend.

Indeed, the first quarter of the year once again looks like a good period for trading altcoins. In fact, Ether has been reversing these downtrends almost always in Q1.

Total altcoin market capitalization chart. Source: TradingView

A significant sign is a bounce in the green zone from the total altcoin market capitalization. This level was the support zone in 2017 before the big bull market. The level also served as support in April 2019 before the significant surge of altcoins occurred (and ETH rallied towards $360).

However, the total altcoin capitalization needs to show strength and break the downtrend. If that occurs, total altcoin capitalization could then see $80 and $125 billion as the next levels.

Total altcoin market capitalization chart of 2015. Source: TradingView

A similar retest occurred from November 2015 to January 2016, the last cycles low. A retest was necessary to confirm support before the altcoins started to make their moves.

Therefore, there are more arguments for potential long entries and possible bottom formations on altcoins rather than further downwards pressure. However, the crypto market is highly unpredictable, so tread carefully. If Bitcoin decides to make a move towards $9,500, altcoins may likely be crushed further against their BTC pairs.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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4 Signs the Cryptocurrency Altcoin Market May Have Finally Bottomed - Cointelegraph

One of the most heated debates in the cryptocurrency space is the future of regulation and whether financial regulatory bodies should oversee the trading of crypto coins.

Just last month, a group of United States congressmen put forward a new cryptocurrency bill labeled the Cryptocurrency Act 2020.

The goal of the new legislation is to provide additional clarification on digital asset regulations. The bill has some wide-ranging regulations that, if voted into law, could reshape the crypto landscape moving forward at least in the United States, that is.

The US senator who put forward the Cryptocurrency Act 2020, Paul Goser, stated that it was his desire to attribute regulatory clarity to the market.

Currently, many cryptocurrency regulations across the world are vague. Consumers and lawmakers are locked in a debate over which agencies are responsible for regulating different types of cryptocurrencies.

Some companies, like EOS or Telegram, have even been fined for conducting unregulated securities, for instance.

In this article, Ill discuss what to expect from regulators in 2020 with a focus on the Cryptocurrency Act 2020, since I believe it could have a significant impact on the space.

In November last year, Coin Rivet reported that the US Financial Stability Oversight Council (FSOC) has called for tighter regulations on stablecoins and digital assets.

As part of its latest annual report, the council identified digital assets and stablecoins as major areas for concern, urging closer scrutiny of existing laws and a review of new products in the blockchain space.

In October, the Central Bank of Russia revealed it is against the integration of cryptocurrencies in the public monetary system, even though some banks and politicians, Vladimir Putin included, have insisted on adopting crypto regulations instead of banning digital coins.

On January 10 2020, the European Union (EU) will implement a new law known as the EU Fifth Anti-Money Laundering Directive (5AMLD) which requires cryptocurrency platforms and wallet providers to identify their customers for anti-money laundering purposes.

Some countries such as Germany, Italy, and the Netherlands are expected to implement the 5AMLD law by the deadline this week, but other nations are resisting it.

The United Kingdom has decided to implement the law despite its decision to leave the EU.

Mexico is also reportedly taking a harder stance on fintech and cryptocurrency companies.

We can clearly see the current trend is moving towards increased regulation and oversight across the globe.

The Cryptocurrency Act 2020 begins with the categorisation of cryptocurrencies into three main groups. These groups are then used to determine which agencies are responsible for the creation of regulation and legislation. The first class described in the new bill is cryptocurrencies.

The crypto class includes Bitcoin, Litecoin, and any other cryptocurrencies that dont fall under the current securities regulations. The bill classifies these tokens as any digital asset that includes representations of United States currency or synthetic derivatives resting on a blockchain or decentralised cryptographic ledger.

Smart contracts and oracles fall under the cryptocurrency category as well.

The next class described in the bill is crypto-commodities. A key aspect of these tokens is the fact that they contain some form of substantial fungibility.

Fungible assets are interchangeable, such as the USD. These assets must reside on a blockchain or decentralised cryptographic ledger to fall under this classification.

The final type of coin described in the bill is crypto-securities. These tokens are simply any coin that fails the Howey Test.

The three regulatory bodies mentioned in the bill that will oversee the cryptocurrency space include the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the Financial Crimes Enforcement Network (FinCEN).

These groups will gain sole authority over their respective digital asset types.

We have witnessed a clear and transparent shift from government bodies, especially in the US, towards the regulation of digital assets since the announcement of Facebooks Libra. I expect more legislation in the near future, even though I highly doubt its long-term effectiveness.

However, if regulation brings more businesses and companies into the space, thats a good thing. Hopefully, well see companies taking this wave of regulation as a sign for adoption.

The post What to expect from cryptocurrency legislation in 2020 appeared first on Coin Rivet.

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What to expect from cryptocurrency legislation in 2020 - Yahoo Finance

The cryptocurrency space is infamously ravaged with bad actors and fraud.

Indeed, of the 1,840 failed cryptocurrency projects since 2017, the majority were outright scams.

But despite a total of 518 blockchain and crypto projects falling by the wayside in 2019, that still marks a 20% decrease from the previous year.

Its not surprising that most cryptocurrency project failures happen when the market is bleeding. The largest number of cryptocurrency projects disappeared during the early months of 2019 when the bear market was at its most savage.

115 folded in January, with 48 collapsing in February and a further 120 in March, accounting for more than half of the total failures of the year. An alarming rate, you might say. However, it was still a 20% decrease from 2018, according to data from DeadCoins.com.

So, how did these cryptocurrency projects die? DeadCoins divides them into four categories: deceased, hack, scam, and parody. Most of the dead projects have been categorised as scams.

In both 2018 and 2019, 55% and 58% of projects respectively entered this category. The rest failed due to hacks or impersonator projects.

Despite the high number of failed cryptocurrency projects, in the second quarter of 2019, only 83 projects disappeared. This very likely coincides with the fact that market conditions took a turn to the upside.

The prices of Bitcoin and other cryptocurrencies increased steadily during most of the second quarter of 2019.

Most scam projects have a life cycle of less than one year, while legitimate projects that fail generally tend to have a life cycle of one to three years.

The number of ICO projects in 2019 decreased significantly throughout the year, according to ICObench.

In January, there were 151 published ICOs, while December closed with just 30.

The high number of failed cryptocurrency projects may not be an encouraging sign. However, in some ways, it has meant that the quality projects have risen to the top.

Rather than ideas and whitepapers, blockchain projects have started to grow up and find real use cases and purpose.

In 2019, for example, more military and business blockchain projects emerged. According to Deloittes Global Blockchain survey in 2019, the overall quality of the projects was higher than in 2018 as blockchain is getting down to business.

So, what can we expect as we move into 2020? Of course, many projects are still vulnerable to market conditions. Given the high amount of deceased projects to date, its likely that the number of deaths will continue to rise along with the birth of more viable solutions.

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Total number of failed cryptocurrency projects falls 20% in 2019 - Coin Rivet

Image: Peter Kruse

Security researchers from Romanian antivirus vendor Bitdefender have discovered a botnet that infects home routers and other Internet of Things (IoT) smart devices and then attempts to mine for cryptocurrency.

This marks the third such IoT botnet that wastes its time by attempting to mine cryptocurrency on devices that clearly don't support these types of operations.

Named LiquorBot, the botnet was first spotted in May 2019, according to a report Bitdefender published yesterday.

The botnet is nothing special in terms of technical capabilities. It works just like any other IoT botnet that's been documented over the past few years. Below is a short summary of LiquorBot's features:

About the only novel detail about LiquorBot is the fact that the malware is a version of the Mirai strain rewritten in the Go programming language -- but that's about it.

Most IoT botnets today usually appear and disappear within weeks or months. LiquorBot is a strange case because it remained active throughout all 2019.

Bitdefender says the malware often received updates, usually in the form of new exploits. The most interesting update was, however, recorded in October.

The company says the LiquorBot code was expanded with a module that attempted to mine the Monero (XMR) cryptocurrency on infected devices.

The module, in itself, is quite useless, seeing that the entire botnet is predicated on infected routers, above anything else.

SOHO (Small Office Home Office) routers are cheap devices that lack the CPU and hardware capabilities to adequately mine cryptocurrency -- which is a very resource-heavy operation.

In the past, other IoT botnets have also wasted their time attempting to mine cryptocurrency on SOHO routers, with little success, and with all dropping any attempts within weeks, primarily due to the low yield the hacked devices were turning in.

The first IoT botnet to experiment with the feature was a Mirai-based botnet operated out of China, back in March 2017. The botnet experiment with a Bitcoin-mining module for a week, before dropping the module altogether.

The second was an IoT malware strain named Linux.MulDrop.14, detected by Dr.Web in June 2017. This botnet targeted Raspberry Pi devices, where it also attempted to mine Bitcoin. While Raspberry Pi devices have access to more hardware resources than your casual SOHO router, this botnet didn't break the bank either, stopping its experiments after a few weeks.

The discovery of these two botnets in 2017 encouraged researchers to look into the possibility of IoT botnets of being used as cryptocurrency mining farms. At the time, Errata Security estimated that if a Mirai botnet of 2.5 million bots mined cryptocurrency it would earn only a meager $0.25 per day, effectively dispelling the notion that IoT botnets could ever be used for cryptocurrency mining.

Apparently, the LiquorBot author didn't get the notice.

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Naive IoT botnet wastes its time mining cryptocurrency - ZDNet

2020 marks the turn of the decade. Here's what we think might happen this year (or the next).

In May 2020, Bitcoin's block reward will be reduced by half, which should reduce inflation and drive up the price of BTC. However, many experts have observed that past halvings haven't caused price surges. If inflationary changes are priced into the market, as some experts believe, Bitcoin's next reward halving will probably have long-term effects that play out over more than a year. A short-term price surge is unlikely.

Ethereum collectibles (or non-fungible tokens) make up a modest portion of the crypto market. However, recognition is growing: Binance has announced a special series of Ethereum NFTs, while CoinGecko has announced a forum called NFTGecko. Other major exchanges and market aggregators may add limited support for NFTs in 2020especially if trading continues to grow on dedicated markets like OpenSea.

In October, Ripple CTO David Schwartz suggested that an XRP-backed stablecoin is under consideration. This is an important step forward for Ripple: many similar crypto projects aimed at bank settlement, such as JPM Coin and IBM World Wire rely heavily on stable, fiat-pegged cryptos. Though Ripple hasn't confirmed anything yet, a stablecoin would certainly give the company a stronger competitive foothold.

EOS has been plagued by congestion over the past two years. The issue has prompted several DApps to move to WAX, a blockchain that runs on EOSIO software without sharing EOS's overburdened network of block producers. Even EOS's parent company, Block.one, is planning to launch a social network on its own EOSIO blockchain. Alternate EOSIO blockchains may continue to "steal" apps from EOS this year.

In 2019, Tether minted $2 billion of USDT, bringing its market cap up to $4 billion and making it the fourth largest cryptocurrency. If Tether continues to mint $2 billion worth of USDT per year, it could surpass XRPs $8 billion market cap by the end of 2021. This would make USDT the third largest coina controversial achievement, given that some critics doubt that Tether actually has sufficient fiat backing in its reserves.

This year,Litecoin will introduce private transactions, a feature that led many exchanges to delist Monero and Zcash in 2019. Litecoin has attempted to reassure its users, but some exchanges may be biased toward delisting for regulatory reasons. The fact that Litecoin's privacy features are optional seems irrelevant, as Dash's similarly optional privacy features did not save it from delistings on Upbit and Coincheck.

This year, Cardano will launch staking rewards. Currently, its testnet has about 9.6 billion ADA tokens staked, representing about 1/3 of its total supply. However, this testnet only allowed entry over two "snapshot" days, whereas Cardanos mainnet will offer staking to all coinholders with very low restrictions. Cardano may be able to attract at least 50% of funds to its staking poolsand that is a conservative estimate.

Riccardo "fluffypony" Spagni stepped down as the lead maintainer of Monero in December, leaving a long-time contributor, Snipa, to take his place. However, Spagni also represents Monero on Twitter, while Snipa has admitted that he does not have an active social media presence. As one of Moneros few non-anonymous developers, Spagni will probably continue to be Monero's most recognizable personality.

Facebook's Libra is facing difficulties. U.S. regulators have been hostile to the project, several European countries have announced plans to block the currency, and companies have dropped out of the Libra Association. However, Facebook has been exploring other markets, such as India and Mexico, as well. Libra should find one location to go live in this yeareven if its launch is more limited than originally planned.

There are many uses for blockchain in the video game industry. Ultra is taking a grand-scale approach that is similar to Facebook: it's bringing onboard major companies to serve as node operators for profit. So far, Ultra has signed Ubisoft as a block producer and AMD as a strategic partner. If it succeeds, it will be a sign of a future trend: consortium-backed blockchains with big players from mainstream industries.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

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Ten Predictions For Cryptocurrency and Blockchain In 2020 - Bitrates

After appearing in court this week, the full impact of a Uganda-based cryptocurrency scam is starting to reveal itself.

Following its collapse last year, Ugandan police have logged 4,000 complaints against cryptocurrency startup Dunamiscoins Resources Ltd.

Two directors of the company, Samson Lwanga and Mary Nabunya, appeared in court on Monday this week. They were charged with 65 counts of obtaining money under false pretense and conspiracy to commit a felony, The Observer reports.

Prosecutors allege the pair operated their illicit cryptocurrency-based scam between February 14, 2018 and December 3, 2019.

According to the report, Lwanga and Nabunya managed to obtain more than $37,000 (140,050,000 Ugandan shillings) by promising dozens of investors unrealistic returns.

Previous reports claimed the Dunamiscoins scam has managed to con more than 10 billion Ugandan shillings (ca. $2.7 million) out of its victims.

The pair reportedly recruited hundreds of people into their fake cryptocurrency scheme, which like many others, promised unrealistic returns on investments.

Whats more, Dunamiscoins set up offices and hired a number of local citizens in Masaka Town who, after being asked by the firm, also invested in the company.

However, a month later in December, the offices closed unexpectedly leaving people out of work. In some cases, employees hadnt even completed their first day.

The two directors have reportedly said they are willing to refund victims. The only problem however, is that their bank accounts are frozen by the countrys Financial Intelligence Authority so they claim.

The suspects pleaded not guilty to the claims and are due to be questioned again later in the month. They remain in custody until then.

But with the growing numbers of complaints against the collapsed firm, a lot of questions remain unanswered.

Published January 8, 2020 09:07 UTC

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Directors of bogus Ugandan cryptocurrency startup charged after 4,000 investor complaints - The Next Web

Sydney Ifergan, CEO of The Currency Analytics, tweeted: This is amazing on how a conflict between #USA and #IRAN can pump the #cryptomarket! If I remember right, the last high time was during the conflict between the USA and #northkorea.

No wonder, there is a lot of regulatory and legislative attention for the cryptocurrency community. The situation particularly escalated when Facebook launched its Libra project. The Social Giant attracted the attention of several politicians and central bankers from across the world. The US Federal Reserve Board stated that they are working on crypto-like projects, and they called it Central Bank Digital Currency.

It is undeniable that nations are alarmed about losing economic control. They are not interested in leaving control of the cryptocurrency space. The income for the government will decline. People will have greater control over the happenings in commerce and economy, and eventually, it will be like days of laissez-faire.

Indeed, we are in the early innings of the cryptocurrency markets. A lot has happened. There is a lot to evolve, and the rules of the games need to set straight. Several hundred cryptocurrency projects like TCAT tokens, which are starters through those which are well-established giants like Stellar Lumens, XRP, and Cardano, are around. Every token and Dapp in the industry in clusters of their ecosystem, contribute to the sector.

Several small scale operations and coding sectors filled with individual developers are dependent on the income generated from this industry. The bulk of employment created by the blockchain technology gets interlinked by the needs and demands of the industry.

Though not by written rules, the services and individual activities of people in this industry are becoming indispensable for each other. The cryptocurrency world is held together and sustained by true people and people in focus, contributing to the mission of Decentralization. Though TCAT Tokens has nothing to do with Stellar Lumens, the overall cryptocurrency ecosystem needs big and small players. Just like the Ocean requires the shark and the starfish in the ecosystem, every little player has a little to contribute to the world of Decentralization.

At the University level, different universities from across the world are offering blockchain courses. Trained blockchain graduates and developers who are certified are making it to the market to take to top positions. The structure of the cryptocurrency market is slowly forming. The trials and errors are continuing in the market place.

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TCAT Token in the Early Innings of Decentralized Cryptocurrency Space - The Cryptocurrency Analytics