Bitcoin (BTC) Remains a Widely-Used Cryptocurrency for Dark Web Transactions, a New Report Claims
A recent report from Rand (Research And Development) Corporation, an American non-profit global policy think tank that’s funded by the US government (and private endowment corporations, universities, and private individuals), claims that Bitcoin (BTC), the flagship cryptocurrency, is being used to carry out a relatively large number of dark web transactions.
Rand Corporation’s study looked into the use of privacy-oriented digital currencies, such as Monero (XMR) and Zcash (ZEC), to facilitate dark web transactions.
The Electric Coin Company, the firm behind the development of Zcash, had commissioned the research study, which was published on May 6, 2020.
The report says that Zcash has “only a minor presence on the dark web,” which suggests that it may have been “seen as a less attractive option to dark web users and is used less often compared to other cryptocurrencies, particularly Bitcoin and Monero.”
The report acknowledges that there may be some “indications or anecdotal evidence” that Zcash could have been used or promoted for use in illicit activities.
However, the report claims there is “no evidence of widespread illicit use of Zcash.” It goes on to clarify:
“[The] absence of evidence does not equate to evidence of absence … enduring vigilance against malicious use of this cryptocurrency is nonetheless important.”
Erik Silfversten, an analyst at Rand Europe, says that there wasn’t any “significant” evidence that the Zcash had been used to carry out illicit transactions, however, he admitted that it doesn’t mean that the cryptocurrency isn’t used for illegal activity at all.
“We have to look at technology as a neutral, that it could be used for a wide variety of applications, and then we have to look at the actual evidence.”
In January 2020, Chainalysis, a leading blockchain analytics and cybersecurity firm, reported that it traced $2.8 billion in Bitcoin (BTC) being transferred to criminals via cryptocurrency exchanges in 2019. The company claims that most of these transactions went through Binance and Huobi, two of the world’s largest crypto trading platforms.
Chainalysis’ management noted:
“While exchanges have always been a popular off-ramp for illicit cryptocurrency, they’ve taken in a steadily growing share since the beginning of 2019. Over the course of the entire year, we traced $2.8 billion in Bitcoin that moved from criminal entities to exchanges.”
Author: Omar Faridi
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New Cryptocurrency Exchanges Launch in India as Companies Search Solutions From RBI |
The Indian cryptocurrency business has been rising quickly regardless of the nationwide lockdown and the coronavirus disaster. Two new cryptocurrency buying and selling platforms are launching in India whereas present crypto companies search clarification from the central bank, the Reserve Bank of India (RBI).
The crypto sector in India is exhibiting vital progress with a number of crypto exchanges reporting a 10X improve in buying and selling volumes and a considerable improve in new customers. Regardless of the worldwide coronavirus pandemic and the nationwide lockdown, new cryptocurrency buying and selling platforms are launching in India.
World cryptocurrency exchange aggregator Coinswitch is launching a crypto buying and selling app for Indian customers on June 1. Asserting pre-registration for Coinswitch Kuber, Coinswitch defined on Wednesday:
Coinswitch Kuber will guarantee the perfect charges by aggregating liquidity throughout all Indian exchanges and can help over 100 currencies for Indian customers to purchase and promote simply utilizing Indian rupees (INR).
Coinswitch aggregates the liquidity of plenty of crypto exchanges in India to supply its customers with the perfect charges for cryptocurrencies. The exchanges embody Binance, Huobi, Kucoin, and Hitbtc. To entry this pooled liquidity, customers merely enter the INR quantity and the cryptocurrency they need to purchase, and the service will present a listing of gives at numerous exchanges that “auto-refreshes every 30 seconds.”
The primary 25,000 customers throughout pre-launch pay no INR buying and selling, deposit, or withdrawal charges. Customers can earn Coinswitch factors, or Kuber factors, as part of the brand new platform’s reward program, which may be redeemed from the reward part as soon as the platform is stay.
Apart from Coinswitch, one other cryptocurrency exchange has launched in India. The Bangalore-based Bitpolo introduced on Thursday that it’s now stay. The exchange gives instantaneous INR deposits and claims that withdrawals are “within seconds.” Chief enterprise officer Suresh Choudhary mentioned:
We have been constructing by means of the bear market and thought the timing of our launch can’t be extra apt than when the world is slowly inching again in the direction of normalcy publish a pandemic & recessionary surroundings.
“As we foresee fragilities of traditional asset classes, crypto markets seem to offer the bigger upside and we intend to bring simplicity and solid technology to the screens of Indian traders and hodlers,” Bitpolo added.
Ever because the Supreme Courtroom of India quashed the RBI ban, the Indian crypto group has been ready for extra instruction from the central bank. The RBI has not despatched any notices to banks concerning the supreme courtroom’s ruling, which has led some banks to proceed denying service to crypto companies. Based on stories, the central bank isn’t obligated to problem any updates.
Plenty of crypto companies have reportedly approached the RBI searching for readability on the standing of the banking ban and the taxation of cryptocurrency. “The cryptocurrency exchanges also want clarity as to whether they are being categorized as commodity, currency, goods or service as this is set to impact the way they get taxed under goods and services tax (GST) framework,” the Financial Occasions reported Monday.
“If the digital assets are not exempted from GST, the digital currency exchanges in India are going to have a standoff with the tax authority,” Praveenkumar Vijayakumar, CEO of cryptocurrency exchange Belfrics World, was quoted by the information outlet as saying. He elaborated:
Within the wake of the current supreme courtroom ruling, we’ve got additionally approached the RBI for readability on this, as if we pay GST on the entire transaction, then most platforms wouldn’t be capable of survive.
A number of Indian tax authorities have been inspecting how one can tax bitcoin and different cryptocurrencies. The oblique tax division has been investigating whether or not cryptocurrency could possibly be introduced beneath GST and the way a lot to tax crypto exchanges. The gross sales tax division and VAT authorities are additionally trying into cryptocurrency taxation.
What do you concentrate on how briskly the Indian crypto sector is rising? Tell us within the feedback part under.
banking ban, bitpolo, coinswitch kuber, cryptocurrency exchanges, India Bitcoin, india crypto, india cryptocurrency, indian cryptocurrency, launch, RBI, Supreme Courtroom
Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. Fintech Zoom doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, instantly or not directly, for any injury or loss induced or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or companies talked about on this article.
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rbi cryptocurrency ban: Latest News & Videos, Photos about rbi cryptocurrency ban
rbi cryptocurrency ban08 May, 2020, 09:29 PM IST
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Gold standard for rating CSR activities by corporates
IAMAI had argued in the SC that the RBI circular was disproportionate. “They (Three-judge bench) have cited the ground of proportionality which is the doctrine that the fundamental right cannot be infringed upon in a disproportionate manner – in other words a measure has to be rationally connected to the ends,” said Jaideep Reddy, lawyer at Nishith Desai Associates.
The central bank said this in a response to a petition filed by the Internet and Mobile Association of India (IAMAI), which wanted it to reconsider a 2018 circular directing regulated entities not to deal in cryptocurrencies. RBI said it had not banned crypto but only ringfenced regulated entities like banks from risks associated.
Even as Coronavirus spread, with sectors such as retail, travel, aviation, realty and others hunkering down to face prolonged economic pain, the small club of cryptocurrency players stood out. They are hiring and are witnessing customers, particularly millennials, flocking in to buy virtual money.
Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service
Crypto top up
Yobit.net Review 2020: Cryptocurrency Exchange Is on the Rise
Yobit cryptocurrency exchange is one of those exchanges that have been around for a while and will be around for long. It offers one of the simplest and most secure platforms in the crypto space.
Yobit cryptocurrency exchange has been one of the world’s premier cryptocurrency exchanges. Though many people seem to have a contrary view, the global cryptocurrency exchange industry would not have reached these heights without forebears like Yobit.
Incorporated in 2014 in Panama, Yobit has been at the forefront of the exchange of digital assets. It is known for its simplicity in the design of its interface. Yobit has become the preferred cryptocurrency exchange that many users love for its features.
Its exchange to and from fiat money is one such feature. The ease with which money can be exchanged is to enable the users to focus on the business of cryptocurrency trading.
Yobit also offers anonymous trading. Most cryptocurrency exchanges trample on their users’ rights to privacy to pass KYC or similar verification procedures. Yobit as a cryptocurrency trading exchange doesn’t do this. The exchange realizes that many users love their privacy. This feature enables the users to get that.
Security on cryptocurrency changes is critical. So much so that in the last few years many exchanges have been hacked. Yobit has a clean record. The cryptocurrency exchange has never been hacked. This track record has made it to become one of the most popular cryptocurrency exchanges.
When it comes to registration, only basic information for the exchange is required. Data sets required for information have only the login, e-mail, and password as fields. Once this is done, e-mail confirmation then occurs. After that, the setting up of the 2-factor authentication is the next thing to do. Two-factor authentication protects the digital assets that are in a user’s account.
After that, trading can resume on what is known to be one of the most stable cryptocurrency trading platforms in the world.
There are about nine cryptocurrency and currencies that are accepted as deposits on the platform. Once a deposit is made, then trading of the pairs can then begin. YoBit supports both crypto and fiat for depositing and withdrawal. Users can transfer fiat money using VISA/Mastercard, Payeer, AdvCash and Perfect Money.
Yobit has a minimalist interface. This is to allow the trader to trade without too many bells and whistles. It does not mean however that the trading platform doesn’t come with a powerful engine.
Yobit’s trading platform allows for the immediate execution of trade orders. The engine hasn’t been known to slow down even at times of huge volatility in prices which are event-driven.
Once a currency pair is selected, the candlestick charts load up and the user can then decide to make a trade.
Yobit charges a minimal 0.2% currently per trade. The commission is added to the lot size. The trade can now continue depending on the allotted position and the funds available in the account.
The features of Yobit cryptocurrency exchange are uniquely designed. They enable the user to have a great customer experience. Yobit’s features include investbox, coinsinfo, trade, markets, wallet, history, support, and even PMs. Instead of trading, YoBit provides crypto-games YoPony and Dice where users can try their luck and win Bitcoins. The exchange also holds a reward campaign in collaboration with the CryptoTalk forum: users could receive payments in BTC for posting messages on this website.
Trade orders on Yobit are simplified and simple buy/sell orders can be executed on the platform. This allows for immediate trading to ensue.
One great thing about Yobit is that the cryptocurrency exchange has many trading pairs. Many of these pairs aren’t found in most cryptocurrency exchanges. The reason for this is that many altcoins aren’t popular. Yobit has taken this into account and created such pairs.
No one can tell. Today’s forgotten altcoin could become the leader of the crypto-space tomorrow. It is this ideology that has allowed for Yobit to keep the vast number of cryptocurrency pairs on its platform.
Yobit feature about 8,566 cryptocurrency pairs. These pairs have covered the spectrum of the crypto-space. They also allow the trader to make trades on many exotic cryptocurrency tokens.
Several aspects of market movements may occur within certain cryptocurrencies. Yobit has ensured that those kinds of price movements within smaller but profitable markets are covered.
The Yobit community is also something else. The community of traders always work together to see how everyone on the platform can make progress. With its 80,000 strong Telegram English channel and 60,000 Russian language channel, there is always something to gain. Besides, traders could use Telegram community to get support and contact administrators directly in private messages. Commonly, support responds very quickly and responsibly, all difficulties are resolved in a matter of minutes.
The reviews don’t lie. Yobit is one of the cryptocurrency exchanges that have stood the test of time. Trust pilot reviews indicate that the cryptocurrency exchange has many achievements. According to one of the biggest and most reliable exchanges list CryptoWisser YoBit has a 4.53/5 rating. The security level of the exchange was rated at a maximum “A” grade.
Yobit has had a daily average trading volume of about $50 million. This kind of constant liquidity indicates that the cryptocurrency trading experience is great. It can only get better.
The special features on the Yobit platform extend the activities of general trading. Users get to have an unforgettable experience.
Yobit’s investbox allows investors to put their spare assets in investment programs on the exchange. Rates may vary but they usually range between 0.1% to 10%. Customers’ assets are protected by Yobit. The duration of such investments also varies.
Some rules are designed to protect users. For example, there is a maximum return of about 5% on investments in investbox. This is in place to protect users’ investments.
The coins info section provides information on the various coins that can be traded. There is an “add token” button that allows anyone to list new coins on the exchange. Such listings are subject to the terms and conditions of the platform’s administration. Those that don’t cut are removed.
The wallet section of the Yobit contains all the cryptocurrency wallets that users can use as the base currency. Deposits that are initiated from other cryptocurrency wallets arrive in the wallets automatically. They aren’t subject to any interruptions from the Yobit administrators.
In the wallet section, there is the option to hide wallets with zero balances. This is to allow the trader to focus on the active wallets and make quick decisions.
Withdrawal requests allow the trader to make them easily and seamlessly. According to the Yobit rules on withdrawal, traders withdrawals are automatically processed. The commissions for withdrawals are also automatically deducted. The trader is also responsible for the input of the correct address for withdrawal.
Yobit seems to be on balanced footing when it comes to the future of cryptocurrency trading. They could also create a new paradigm. One where anything is possible.
To sum it up, let’s see what benefits Yobit can offer to its users:
- Simple interface
- Secure trading engine
- Anonymous trading
- Automated deposits and withdrawals
- Investment options
- Many cryptocurrency pairs
- Minimum charges
Yobit has everything that every cryptocurrency trader needs!
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Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
Author: Muhaimin Olowoporoku
What do y’all think about the correlation between Bitcoin and the stock market? i.e. if there is a big stock market crash is Bitcoin going to be pulled down with it? Or are there angel whales keeping things safe/manipulating things in the background lol
KCS: Let’s have another look at KCS. Following the hack, the KCS price has dropped below our Target area, all the way out of the Gann Fan. Currently in Accumelation between Support and the lowest Trend line. This is the perfect area to redraw the Grid of your Bot, or start one. guide: https://medium.com/@Knepala/exact-steps-for-setting-up-the-sbot-for-kcs-btc-4a0afe6b2f07?source=friends_link&sk=42c2ec8556d247b01dc464e51846c1b6
Bitcoin supply is now becoming depleted on major exchanges. Institutions, large corporations, high net worth private investors and just about everyone else you can think of are buying faster than Bitcoin is mined. Leading the charge in the buying frenzy are the likes of Grayscale buying around 1,200 Bitcoins every day, Micro Strategy who now hold around 40,000 Bitcoins, Square just announced yesterday their purchase of $50 million worth of Bitcoin. If you still can’t see what is happening then you are going to be left behind. The smart money in the world is buying faster than ever before. They are flocking to the best performing asset in the world to protect themselves from the coming financial catastrophe which will unfold during 2021. The train is already leaving the station people you had better get onboard. The chance for regular every day retail buyers like you and me to buy bitcoin is evaporating fast. There are only 21 million Bitcoins, around 4 million have been lost forever due to complacency. Demand is higher than ever before. The halving just took place dropping block rewards from 12.5 BTC down to 6.25 BTC mined from each new block making it instantly 50% more scarce. Scarcity people! You WILL look back in a few years and literally throw up when you think back to this opportunity you carelessly threw aside. Don’t be on the wrong side of history! 🤢🤮🤑💰