Category: Bitcoin

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Artists bringing virtual currencies to life

Categories Blockchain, Cryptocurrency, ICOs, Technology, Bitcoin, Tokens, Market, Art

Artists bringing Virtual Currencies to life

Many artists globally, are starting to look at cryptocurrency as inspiration for their work, hoping that it will help increase the popularity of the industry.

Crypto – Art

‘Stealing the Contents of This Wallet Is a Crime’ by Kevin Abosch’s is a well-known example of Crypto – Art. The leader piece was part of ‘I AM A COIN’, the project during which Abosch created 10 million ERC-20 ‘IAMA’ coins.

Many of his and similar pieces sold out quickly and at high prices. Robert Indiana, the artist who created ‘LOVE cryptograffiti’, recently sold one of his serigraphs. His revolutionary art was bought by crypto-connoisseur Mike Novogratz at an auction for $8,000.

Meanwhile, another cryptograffiti was sold at a separate auction for the value of $33,000, and was named the ‘Terrible Store of Value’. This work was intended as a response to JP Morgan’s Jamie Dimon statement ‘Bitcoin is a terrible store of value’ in January 2014.

Later on, several auctions were organised during HODL in May 2018, where a painting by Terry Cook was sold as well. Terry, a well-known UK-based painter works only with cryptocurrency symbols. He believes that it is ‘natural that art and blockchain technology intersect’.

Cryptocurrency Graffiti

Whilst some art pieces connected to cryptocurrency are being sold at high prices, a lot of artists choose to show their talent for free. Last February an Instagram user posted a work of graffiti showing Bitcoin bringing power to the people. This work was also seen as a threat to the existing banking system.

At this moment, it seems that this art is getting its own admirers as well. Pascal ‘PBOY’ Boyart has received more than $1,000 in digital currency from fans after painting QR codes on his street murals. This code invited admirers to send him BTC. Currently, Boyart is part of an upcoming artists’ celebration paying homage to Bitcoins’ 10th birthday.

E&S Group is a leading corporate & law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

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A Second Blockchain & Bitcoin Conference in Malta

Categories Blockchain, Cryptocurrency, Malta, Bitcoin, Anti Money Laundering, Conference, DLT, Smile-Expo

A Second Blockchain & Bitcoin Conference in Malta

On October 23, Smile-Expo will conduct the second Blockchain & Bitcoin Conference in Malta. This meeting of top industry experts will become the 50th-anniversary event of the Blockchain & Bitcoin Conference series.

Malta was chosen as the country to organise such event, not by chance. Throughout the year, the island kept on hosting various conferences, summits and blockchain related events. One of the most DLT-friendly countries took the lead in a number of blockchain community members and visiting experts. The government drafted and will soon enact positive and encouraging ICO regulations, innovative bills with guidelines for the industry, and companies moving their businesses to the island – this is definitely a sign of successful technological development.

The guests participating in this event will have an opportunity to meet with 50 experts from top world corporations. Speakers will pay to such topics as blockchain in education, AML policy, and cryptocurrency trading. Apart from discussing the financial sphere, professionals will turn to the innovative usages of DLT. Invited speakers will share knowledge about DLT integration into transportation, gaming industry, real estate sector, the healthcare sphere, and AI. Crypto specialists will provide the existing use cases and will emphasize the advantages of the technology’s innovative implementation.

There are 5-panel discussions scheduled:

  • Blockchain and IoT.
  • The World Gets Tokenized.
  • Tales and Adventures of Blockchain Hacking.
  • ICO’s: Opportunity or Threat?
  • Legal and Regulatory Challenges in Blockchain.

E&S Group provides a range of services including ICO Legal Services, Corporate Services, iGaming, International Tax Planning, Financial Planning, Tokenomics, and take part at the event. If you are attending the Conference and you would like to meet our representative there, please contact us by sending an email on [email protected].

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A Better Bet for Merchants: Altcoins or Bitcoins?

Categories Blockchain, Cryptocurrency, E&S Group, Bitcoin, Exchanges

A Better Bet for Merchants: Altcoins or Bitcoins?

There are lots of reasons why a merchant might be rather hesitant to accept cryptocurrency payments. One such reason is the fact that coins tend to become popular for a short time before fading away to obscurity within a couple of weeks. This means that what might be popular and widely used today, is unlikely to be being used in a month or two. Another main issue is volatility with even the largest and most well-known coins experiencing wildly fluctuating values on a day to day basis. By using coins that may disappear, or that may change in value from one moment to the next, merchants are taking a huge risk.

Despite this, a report from Coin Telegraph stated that 75% of US consumers would like to have the option to pay for products and services using cryptocurrency. This means that whilst businesses are not keen, public demand will force them to adopt cryptocurrencies at some point in the future. The biggest question that needs to be settled however is that of how to incorporate digital currency into traditional payment systems. In this article, we will take a look at whether Bitcoin or Altcoin is more suited to this role.

Bitcoin

As the main cryptocurrency in the market, BTC enjoys the largest market cap and the most well-known name. It is so popular that it is already being used by around 4000 shops around the world. Bitcoin is a good choice for those merchants that want a coin with a solid reputation, years of operation, and a large pool of active users. With around 28 million BTC wallets in existence, which is a very large number of users, it makes BTC by far the most dominant coin.

Altcoin

An altcoin is basically any cryptocurrency that is not Bitcoin. These can include Ethereum, Litecoin, Ripple, Dash, Monero, etc. Whilst Bitcoin is volatile with long transaction times and fees, most altcoins provide a much faster and cheaper alternative. For example, the average BTC transaction is around $0.72 per transaction, whereas Dogecoin or Bitcoin Cash are just a fraction of a cent for each transaction. Confirmation times are also far quicker with Altcoins and for this reason, it is a more practical and efficient approach for merchants and users.

So which one should merchants opt for? The answer is both, because in a market where popularity and prices wane, consumers should have the option to pay in a currency that they choose. The businesses that will survive well into the 4th industrial revolution, are the ones that are able to offer optimum flexibility to their clients, especially when it comes to making cheap and quick digital payments.

E&S Group can help you every step of the way of launching the cryptocurrency-related enterprise from marketing to tokenomics. Contact us on [email protected]

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The End for Fiat Currencies is Coming

Categories Blockchain, Cryptocurrency, ICOs, Bitcoin, Tokenomics, Tokens, Wallet, FIAT

The End for Fiat Currencies is Coming

Cryptocurrency has always been a hard concept to sell to the executives of the finance world with many key figures having drastically varying opinions on its validity. But it seems that something has changed, a small shift has taken place, and whilst they may not be ready to welcome it with open arms, they are at least acknowledging that the future is for crypto.

A new report by Greenwich Associates has indicated that as much as 70% of finance executives believe that cryptocurrency is not going anywhere, anytime soon. These positive change in attitude is welcome news at a time when the crypto industry is passing through a crucial time.

Wary of cryptocurrencies

As recently as a year ago, it seemed almost impossible that any financial executives were ever likely to consider Bitcoin in a positive light. Coins have been shunned by experts for a long time but this did nothing to stop the meteoric rise and widespread adoption of BTC and other coins. The report shows that even if executives aren’t convinced about digital money per se, they are interested in the technology that underpins it – an important step towards creating a viable and working ecosystem.

It seems that rather than outright dismissing cryptocurrency, executives in the finance sector are interested in exploring the new opportunities that it presents, with some even going as far as saying that crypto “is here to stay”.

Still a number of concerns

A total of 141 executives took part in the Greenwich Report and whilst the sample size may be small, the way of thinking behind it cannot be ignored. There are still a number of concerns around regulation of the sector, particularly in the US where the government is yet to take a stand on matters one way or the other, but this is expected to change in due course.

Other key findings of the report include several predicted areas of key growth including ETFs and making cryptocurrencies more accessible to banking institutions. Whilst neither of these things are in place at the moment, they are expected to be introduced within the next 12 months.

Bitcoin ETF

In particular, the possibility of a Bitcoin ETF will pay a huge part in the popularity of crypto both with members of the public and banks. So far the SEC has rejected all BTC ETF applications citing lack of regulation and market volatility as reasons behind its decision.

Another interesting development is the gradual increase in the offering of stablecoins. Financial execs have expressed a keen interest in this type of coins. The coins by Gemini and Paxos are a big step forward in this area, and such changes signal a greater industry shift and a sign of progress.

 

If you have any questions in relation to ICOs, please contact us on [email protected]

 

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Forbes quotes Muscat’s Bitcoin Prediction

Categories Blockchain, Cryptocurrency, Malta, The Blockchain Island, DLT Regulation, E&S Group, Bitcoin, Tokenomics, Regulation

Forbes quotes Muscat’s Bitcoin Prediction

The Prime Minister of Malta Joseph Muscat has recently gained the fame as one of the most often quoted politicians in the European space due to his statements on the development of the digital industry and its regulation.   He has already announced his positive attitude towards bitcoin and blockchain from the point of their ability to eliminate third party service providers, giving users more freedom over information and money.

Forbes writes about the “Massive Bitcoin Prediction” according to the statement of Malta Prime Minister Joseph Muscat in an address to the United Nations General Assembly, where he has expressed his belief that blockchain technology is the tool that will help digital currencies “inevitably” gain mass adoption and become the future of money.

“I passionately believe technology revolutionizes and improves systems,” said Muscat. “This is why in Malta, we have launched ourselves as the blockchain island.”

“By being the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies inevitable future of money. More transparent, it helps filter good business from bad business.”

“Emissions trading systems can be taken to the next level. We can help verify that humanitarian assistance is reaching its intended destination. We can make sure that nobody is deprived of their legitimate property because of compromised data.”

E&S has already written about the progressive attitude of the Maltese authorities towards blockchain and the interpreters operating within this space, coming up with the regulation on the 1st of November.

Operating in Malta, E&S Group adheres to the Maltese laws with regards to ICOs, cryptocurrency exchanges and tokenomics. If you require further information contact us by sending an email on [email protected]. We make things happen!

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The Chinese paradox: virtual currencies vs ledger technologies

Categories Blockchain, Cryptocurrency, ICOs, Law, Bitcoin, Regulation

The Chinese paradox: virtual currencies vs ledger technologies

The Chinese government has increased its pressure on those engaging with cryptocurrency related activity within the country.

Whilst it is clear that Beijing supports blockchain, the technology that underpins crypto, it is also trying to limit speculation in digital currencies, almost one year since they banned ICOs.

Blockchain technology works by creating a permanent and secure record of transactions between two individuals. By facilitating this direct link between parties, it is possible to eliminate the need for third-party intermediaries such as banks. Bitcoin was the first cryptocurrency that used blockchain technology, and since then hundreds of other crypto coins have been launched into the market. Last year, prices of Bitcoin reached record highs as investors speculated that blockchain was set to change the world as the internet did. Whilst it is being used around the world by companies, individuals, and governments, it is still yet to fully prove itself on a larger scale.

Banned the sale of cryptocurrencies

China was once the world leader when it came to Bitcoin trading and it is still responsible for the majority of the world’s BTC mining output. But, due to increased regulatory scrutiny as well as the value of Bitcoin climbing quickly, the country’s bank and other financial authorities banned the sales of new cryptocurrencies through ICOs as well as Bitcoin-Yuan trading.

Around the same time, investors in Japan, South Korea, and the US became extremely interested Bitcoin which resulted in an all-time high value of $19,000 by the end of December. Then on August 24th 2018, five Chinese government bodies; People’s Bank of China, the Banking Regulatory Commission, the Central Cyberspace Affairs Commission, the Ministry of Public Security and the State Administration for Market Regulation published a warning about the risks of fundraising via ICOs.

Prohibition of cryptocurrency transactions

Then, tech giant Tencent announced that they would prohibit any cryptocurrency related transactions made through WeChat pay as well as blocking some accounts associated with ICOs and crypto trading. Also in August, the business district of Beijing, the Chaoyang District placed a ban on all hotels, offices, and shopping areas holding any cryptocurrency related events. A special economic development zone in Guangzhou swiftly followed suit.

Whilst it is clear that the Chinese government wants to maintain a level of financial stability and regulation, this has not stopped several local governments investing heavily in blockchain projects. It seems that whilst blockchain is actively encouraging, cryptocurrency will remain outlawed.

 

Interested in ICOs Legislation in Malta? Contact us directly on +356 20103020 or by email at [email protected] to find out more.

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Why is data the new currency?

Categories Blockchain, Cryptocurrency, GDPR, Technology, Payments, Bitcoin, Data Protection, Ethereum

Why is data the new currency?

The EU GDPR came into force at the end of May 2018, and since then our data has become a currency. We now have the ability to earn money from our own data and this has to lead many to call it the “new oil”.

Before the GDPR, companies such as Facebook and Google-owned all of our data, so essentially they owned our currency. Now, this is no longer the case. The concept of Vendor Relationship Management has been around for some time, fuelled by the ambitions of those at places such as Harvard who believe that the internet giants use of our own private data is wrong.

All of our data has value and as the customer and owner of it, we should receive its value. Whether you are browsing for new clothes, a holiday, or cinema tickets, you should be able to publicise this fact and wait for the offers to come to you.

Killi is a new application owned by Freckle IoT which allows this to happen. Since its launch, big names such as Staceys, McDonald’s, and GM have already signed up and are paying money to people for the things that they sell them. Whilst Killi has its limitations, it is most definitely a step in the right direction.

Issues such as connecting to other sites through APIs that can be changed without warning can be overcome, and whilst it may not be paying out big bucks at the moment, this is just the beginning. The idea needs appropriate scale, and like the fax machine, it is useless if there is only one other person with the app. Whilst Killi has 70,000 subscribers and counting, it needs a lot more users before it will have any real value.

This is great news for those that were shaken by the Cambridge Analytica scandal or the fact that all internet companies have been shamelessly harvesting our user data without telling us.

What is really interesting about this concept, however, is the fact that it all takes place on the IoT via a blockchain platform. This is a great example of a real-world use case for both bits of tech and shows how easy it is to disappear this technology into everyday life. What’s more is, this is a great example of a company doing something sensible about the privacy issue rather than just writing an angry article or vowing to delete Facebook.

 

To learn more about ICO Legal Services in Malta please follow this link.

Contact us directly on +356 20103020 or by email at [email protected] to find out more.

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EOS crowned the world’s best digital currency

Categories Blockchain, Cryptocurrency, ICOs, Technology, Trading, Bitcoin, Ethereum, DLT

EOS crowned the world’s best digital currency

EOS has once again been crowned the world’s top cryptocurrency by the Chinese government. The criteria for the award is based on innovation and application rather than market capitalisation. Whilst EOS takes the top spot, Bitcoin, the world’s leading cryptocurrency in terms of trading volume and market cap moved up seven places from June.

The Chinese Centre for Information Industry Development has made public the third edition of the Global Public Chain Technology Evaluation Index which lists dozens of cryptocurrencies in terms of satisfying a range of criteria. EOS has come first for the second consecutive time, despite issues around the platform’s mainnet launch back in June.

Part of the success of EOS has been put down to its scalability as the platform’s proof-of-stake protocol is able to process a large number of transactions in comparison to other leading blockchains.

Similar to the previous edition, Ethereum came in at number two but NEO dropped out of the top three to be replaced by Komodo which last time, had failed to crack the top 10.

The top 10 are as follows;

  1. EOS
  2. Ethereum
  3. Komodo
  4. Nebulas
  5. NEO
  6. Stellar
  7. Lisk
  8. GXChain
  9. Steem
  10. Bitcoin

Whilst Bitcoin has not performed particularly well on the first two CCID reports, it has seen a rise through the rankings following a big shift in the crypto-market. The dominance rate of Bitcoin has increased 40% over the past three months and it now accounts for over 52% of the entire market capitalisation.

EOS and Ethereum have seen big decreases in value over the same few months, with Ether reaching a 14-month low last week, leading to alarm bells ringing in the ICO sector.

The growing market share of Bitcoin means that other digital assets and currencies are destined to rise and fall with it. Whilst it is seen as a good sign if a cryptocurrency does not correlate with Bitcoin, recent price developments show that investors are stopping speculative bets for assets with a proven and demonstrable track record. Founder of Ethereum, Vitalik Buterin said that this will no doubt lead to a new year of ICOs with better protocols and improved business models. He believes that this paradigm, dubbed “Tokens 2.0” could materialise by the beginning of next year.

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

For more information click the link.

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Value of BTC falls below $6000

Categories Blockchain, Cryptocurrency, Technology, Bitcoin, Exchanges, DLT

Value of BTC falls below $6000

After steadily climbing in value over the last few weeks, the value of Bitcoin is taking a big hit. At the time of writing, the cryptocurrency is trading at a low of $5992, almost reaching the price set on June 24th of $5785.

However, it is not the only cryptocurrency to experience a massive slump, as the price of ETH is sinking to a 9-month low, below its $300 mark. Other cryptos to be hit by the drastic fall in value include XRP, LTC, and EOS. In the case of XRP, its current price of $0.30 represents a loss of 90% from its all-time high that was set in December 2017

As BTCs value plummeted yesterday, CSO of digital asset management firm CoinShares, Metlem Demirors said:

“New technologies that shift the paradigm take a long time to really understand, and the narrative around Bitcoin is really hard to grasp. Really the only metric we have for most cryptocurrencies is the price, and price is such an imperfect metric. What does actual utilization look like? That’s really the struggle for crypto right now.”

It has been suggested that the instability of Bitcoin and other cryptocurrencies value is not a cause for concern but rather it should be compared to early internet stock such as Amazon or Microsoft. Whilst they are successful now, in their early stages they took significant hits to their initial highs, after the dotcom bubble burst.

“What we saw in crypto was this massive run-up, where everyone got ‘FOMO,’ or fear of missing out, as we like to say. What it caused is a speculative bubble,” Demirors said.

Now that the speculative bubble has burst, capital is being ploughed into real businesses that are serving a valid purpose. In time, it is expected that the market will stabilise as crypto and its underpinning technology find its feet in the world.

 

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The World Bank announces a decentralised bond

Categories Blockchain, Cryptocurrency, ICOs, Bank, Technology, Bitcoin, Tokens

The World Bank announces a decentralised bond

The World Bank has announced the launch of the world’s very first blockchain bond. The honour has been given to The Common Wealth of Australia who is expected to facilitate it in the coming months.

Dubbed as the bond-I or Blockchain Offered New Debt Instrument, the bond will be the first of its type to be created and managed on and over a blockchain platform. Blockchain is the tech that underpins Bitcoin and other cryptocurrencies and it also functions as a distributed ledger that is able to securely record all transactions that are made on or over it.

It has long been thought that blockchain technology has the potential to streamline a whole range of processes in the debt capital market, including but not limited to intermediaries and agents. This, in turn, will help simplify the process of raising capital, trading securities, as well as enhancing regulatory compliance and operational efficiencies.

When the bond is officially launched, it will be issued and distributed over a blockchain platform that will be jointly operated by the Commonwealth Bank of Australia and The World Bank.

So far, it seems that investor interest in the bond has been very strong and the bond is set for an official release after a wider consultation process with investors. Those that are advocating for the use of blockchain maintain that it has the power to make processes much faster and more secure, but there are still some that are dubious and believe it is nothing more than a bubble.

This latest news from the world’s leading financial authority will only boost the popularity of blockchain as well as giving it a much-needed vote of confidence. It seems that each day that passes, more and more leading names are turning to blockchain to solve solutions that they have long struggled with.

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