Cryptocurrencies Spread 4X Faster in Undeveloped Countries: Blockchain Analysis Report | Emerging Markets Bitcoin News

Cryptocurrencies Spread 4X Faster in Undeveloped Countries: Blockchain Analysis Report | Emerging Markets Bitcoin News

Cryptocurrency Network Effect Grows 4X Faster in Undeveloped Countries: Blockchain Analysis Report

During the month of April, the blockchain project Onfo initiated an experiment to see how fast crypto assets can gain popularity in four different countries. The team’s findings discovered that cryptocurrencies spread four times faster in developing nations as opposed to developed countries.

Last month, the blockchain team from the project Onfo, decided to run a social mining experiment in a number of different countries to see how crypto assets gain recognition and popularity. The researchers chose four different countries which include the U.S., Germany, Indonesia, and Russia. The U.S. and Germany represented the developed countries, while Russia and Indonesia are developing nations. Free crypto assets were sent to 100 individuals from each country and every person got ten coins each.

The individuals would also get more coins if they attracted other users to try the crypto asset and results had shown the spread was far larger in developing countries. According to the results, the network effect spread was four times faster in Russia and Indonesia than it was in the U.S. and Germany. Onfo detailed that in the United States, 100 people attracted 1,112 people. In Germany the 100 individuals told 763 new people and the 100 Russian participants attracted 2,304 new users. Indonesia’s spread rates were monumental, as the 100 Indoneisan users attracted a whopping 4,350 people.

“The spread index turned out to be almost 4 times higher than in the US, given that the two countries have similar population sizes,” explains Onfo’s report.

The founder of Onfo, J.R. Forsyth, believes the spread was faster in developing countries because small amounts of money are valued more in these regions. Forsyth noted that Indonesia shows an opportunity for “massive growth” and there are various factors that bolster the spread. “The absence of a national credit lending system, coupled with increasing smartphone penetration and the consequences of the coronavirus pandemic, are also making Indonesia a ripe market for cryptocurrency disruption,” the report highlights.

“Indonesia possesses the unique conditions that make it well-poised for Bitcoin adoption. As the world’s fourth most populous country, it’s home to a largely cash-based community, and huge swaths of the population — up to 80% — remain unbanked,” Forsyth stressed in the report.

The U.S. and Indonesia have close to the same population, and Onfo’s findings show 14% of the American population are cryptocurrency users. In Indonesia, with around 270 million residents, the number of crypto users is around 11%.

“In-depth analysis of the statistical data shows that Indonesians started getting involved in the crypto market 1-2 years ago, while Americans delved into the industry in 2008-2010. The results of the experiment conducted by Onfo demonstrate a rapidly expanding adoption level in Indonesia, meaning that the country can soon face its crypto renaissance,” the report details.

The report’s authors also note that Southeast Asia is ripe for crypto asset adoption, and there are also other developing nations that are seeing the beginnings of a “crypto renaissance.” For instance, the Onfo report shows that South Africa is currently experiencing the renaissance period and reports from Luno and Arcane Research highlight these findings.

“South Africa has the highest percent of cryptocurrency ownership or use among internet users in Africa, standing at 13%, followed by Nigeria with 11%,” Onfo’s report concludes. “The increase in volumes of cryptocurrencies across the continent has also seen P2P volumes from Sub-Saharan Africa overtake Latin America for the first time.”

What do you think about crypto asset popularity growing four times faster in undeveloped nations? Let us know in the comments below.

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adoption, America, Attraction, BCH, Bitcoin, bitcoin cash, BTC, Coins, Crypto asset, Cryptocurrency Spread, Digital Assets, Emerging Markets, Germany, Indonesia, J.R. Forsyth, Network Effect, New Users, Onfo, Russia, U.S.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: news.bitcoin.com

Author: Emerging Markets by Jamie Redman


Digital Asset Organisation BEQUANT engages with Cryptocurrency Exchange Huobi

Digital Asset Organisation BEQUANT engages with Cryptocurrency Exchange Huobi

Press release content. The AP news staff was not involved in its creation.

LONDON, UK / ACCESSWIRE / May 28, 2020 / BEQUANT, the London-based prime brokerage and digital asset organisation has engaged digital asset exchange Huobi as a counterparty for its digital asset platform aimed at institutional clients.

BEQUANT will be providing clients access to Huobi’s exchange facilities as part of its Prime Brokerage package. As one of the largest cryptocurrency exchanges in the world, Huobi is an important partnership for BEQUANT. Both companies are aiming to drive global adoption of digital currencies in the financial services space.

“We are proud to be partnering with Huobi and providing our clients with reliable and secure access to new opportunities in the digital asset space,” commented George Zarya, CEO of BEQUANT.

BEQUANT has been actively expanding its service line up for institutional and retail clients, launching its Prime Brokerage demonstrations last week. With this new service, BEQUANT’s institutional clients will be able to tap into Huobi’s spot and derivatives markets for unmatched market depth and liquidity in a safe and regulated trading environment.

Catering to institutional traders, Huobi’s derivatives exchange Huobi Futures offers a variety of trading features that enable users to create arbitrage and hedge risk like futures contracts and perpetual swaps. Huobi Futures also provides advanced security and risk controls to protect clients from unnecessary risk and extreme market volatility, including an on-chain monitoring tool, partial liquidation mechanism, and liquidation circuit breaker.

“The crypto market is at a critical juncture as more institutional investors enter the space. In both Huobi’s spot and derivatives markets, we’re seeing institutional trading volume grow at an exponential pace, so the institutional sector is a key market for us,” said Ciara Sun, Head of Global Business and Markets at Huobi Group. “Working with BEQUANT will allow us to expand our reach and help facilitate institutional growth as traditional asset managers and institutions increase their exposure to digital assets.”

BEQUANT partnership with Huobi is an extension of its recent collaborations including a content partnership with CFC St Moritz and educational webinars on the future of digital currencies upcoming mid-May.

About Huobi Group

Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established by Leon Li in 2013, the company’s Huobi Global exchange accumulative turnover exceeds US $3 trillion. Huobi proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 170+ countries.

About BEQUANT

BEQUANT is a one stop solution for professional digital-assets investors and institutions. Our breadth of products include prime brokerage, custody, fund administration enhanced by an institutional trading platform providing low-latency, liquidity and direct market access.

BEQUANT is dedicated to providing solutions that create market efficiencies by reducing friction while delivering exceptional client services.

The BEQUANT team is composed of experts from institutional, retail and digital financial services with experience in banking, derivatives, electronic trading and prime brokerage.

BEQUANT

Sunil Chauhan

T – +44 (0)20 3893 3214

E –

SOURCE: BEQUANT

View source version on accesswire.com:

https://www.accesswire.com/591880/Digital-Asset-Organisation-BEQUANT-engages-with-Cryptocurrency-Exchange-Huobi

Source: apnews.com


The Last Time This Happened, Bitcoin Surged From $3,150 to $14,000

The Last Time This Happened, Bitcoin Surged From $3,150 to $14,000

Leading crypto exchanges are holding around 1.36 million BTC, worth around $12,880,000,000. The last time major trading firms had such low Bitcoin reserves, the price of the dominant cryptocurrency surged from $3,150 to $14,000.

Market data indicates a growing number of investors are moving their Bitcoin holdings out of exchanges. It shows traders have no intention of selling BTC at the current price of $9,400.

Top crypto exchanges record 1-year low Bitcoin reserves. Source: CQ Live

In the first quarter of last year, the price of Bitcoin ranged between $3,150 to $4,500 for nearly four months. When the inflow of BTC from exchanges started to decline, the cryptocurrency began to rally. Within three months, BTC increased from $4,000 to $14,000, recording a 250% price surge.

At $9,500, Bitcoin is seeing the same BTC inflow volume into exchanges seen in early 2019. Fewer traders are depositing Bitcoin to trading platforms, which shows investors have no interest in risking their BTC to sell in the $9,500 to $10,000 range.

The 12-month low inflow of BTC into top cryptocurrency exchanges coincides with long-term indicators signaling the start of a new uptrend. Macro indicators like the golden cross and the Puell Multiple show Bitcoin is on the verge of a major bull run as seen at the start of 2019.

The Puell Multiple is a metric that considers the circulating supply by looking into miner revenue to measure if BTC is overbought or oversold. Currently, the Puell Multiple of BTC is hovering at 0.4. In mid-December 2019, when Bitcoin was at $3,150, it dropped to as low as 0.3.

The supply-focused metric shows Bitcoin could see another minor pullback in the short-term. But, in the short to medium-term, Bitcoin is expected to see a sizable rally.

What cryptocurrency will become the main one in a year?
BitcoinEthereum

Puell Multiple shows Bitcoin is nearing oversold levels. Source: LookIntoBitcoin

Bitcoin also recently recorded its seventh golden cross in history. Three out of the past six golden crosses led to a massive long-term rally. 

A golden cross occurs when two long-term exponential moving average (EMA) lines cross one another. It typically happens when BTC is recovering rapidly from a steep sell-off.

Bitazu Capital founding partner Mohit Sorout said:

We recently witnessed the 7th Golden CrossOx of bitcoin’s existence. Previous 3 out of 6 led to gigantic rallies. But sure any tool without a 100% win rate is a meme, must be shunned & discarded immediately.

Bitcoin sees its seventh golden cross in history. Source: Mohit Sorout

The ongoing rally of Bitcoin is fundamentally and structurally different from previous rallies seen in the last two years.

This time around, there are a significantly higher number of retail investors and institutions leading the upsurge of Bitcoin rather than investors in the futures market that trade with high leverage.

With a lower risk of a major long squeeze, long-term macro indicators hinting at a major uptrend in the coming months are considered a positive factor for the medium-term price trend of Bitcoin.

Source: cointelegraph.com

Author: Joseph Young


Top 5 Cryptocurrency exchanges in 2020 - What are the cryptocurrency exchanges that can be used in 2020

Top 5 Cryptocurrency exchanges in 2020 – What are the cryptocurrency exchanges that can be used in 2020

Crypto sphere is becoming increasingly popular among all kinds of people. To speak plainly, cryptocurrency is an electronic currency, that exists on the Internet only and doesn’t have any physical form. You can not fake this kind of money, it is protected by cryptographic methods. Crypto is decentralized and is under no one’s control. Now it is hard to find someone who didn’t hear about Bitcoin, the first cryptocurrency ever created. To date over 3,000 different kinds of them exist, and new ones are being launched constantly. You can purchase electronic currency for dollars on special exchanges and below you will find a detailed review of the top 5 best cryptocurrency exchanges.

1.Quickex

Quickex would be perfect for both beginners and experts in the crypto industry. It operates since 2018 and in these two years it has won the respect and the trust of thousands of its loyal clients. The service is very convenient and easy to use, to make the swap you have to follow only three simple steps and it won’t take long — an average transaction time is about 12 minutes. This platform is non-custodial, so you and your funds are absolutely safe here. Over 57 cryptocurrencies are available for exchange and the fees are remarkably low. You are also able to track the market value of currencies right on the website.

2.ChangeHero

On this swapping platform you can instantly exchange a large variety of electronic currencies  through a third-party service “Mercuryo”. The platform accepts credit cards, which is quite handy. It was also launched in 2018 and it managed to expand dramatically and become very popular in the community since then. This is another one non-custodial perfectly safe platform where you are in total control of your money. The website is available in many different languages.

3.Anycoin Direct

This service is on the market since 2013. It is very user-friendly and is a good choice for newcomers. The support team is here to help you 24/7 and it does its job very good. Anycoin Direct claims that its core values are: reliability, friendliness, transparency, passion. The service is quick and reliable, but you can’t really call its charges low.

4.Shapebtc.com

This cryptocurrency swapping platform is fast and fully automated. A wide range of different tokens is available for exchange on the site. The service offers high limits and the best rate chosen by the system. The platform is distinguished by extremely friendly customer support, which stands ready to assist its users 24/7.

5.CoinCraddle

CoinCraddle is one of the best instant crypto exchangers. The team tells that they are improving the service every day to give its clients the best exchange experience. To use the exchange you don’t have to registrate — the platform is absolutely secure and user-friendly. Transaction time is short and rarely exceeds ten minutes. The exchange rate is not fixed and can change due to the actual rate fluctuating by the time money have been transferred to the platform.

Source: winkreport.com

Author: Jonita Singh


India’s central bank says there are no curbs for banks to serve crypto traders

India’s central bank says there are no curbs for banks to serve crypto traders

The Reserve Bank of India (RBI) has clarified its stance on banks providing accounts to traders dealing with virtual currencies, saying “no such prohibition exists” for banks to serve these customers, the Economic Times reports.

The central bank was responding to a Right to Information (RTI) query sent by Indian bitcoin processor Unocoin’s co-founder BV Harish, echoing concerns raised by a handful of traders that banking channels were still freezing out cryptocurrency firms despite changes in regulation.

According to Decrypt, RBI did consider filing a review petition to the court in order to change its mind

In March, a Supreme Court ruling overturned restrictions imposed by RBI on banks and cryptocurrency firms which had been in force since April 2018.

These restrictions had prevented all entities – mainly banks – regulated by the central bank from dealing in virtual currencies, and had also prevented them from providing services to facilitate any person or entity dealing or settling in them.

When these restrictions first came into force, it led to a series of local cryptocurrency exchanges shutting down, including Cryptokart, Zebpay, Koinex, and Coinome.

Related: Bank of India selects Uniken REL-ID to secure digital channels

“RBI needs to show at least some semblance of any damage suffered by its regulated entities,” the court said in its ruling read upon lifting restrictions. “But there is none.”

According to Decrypt, RBI did consider filing a review petition to the court in order to change its mind, but this never happened.

“Bankers have been saying that they need new RBI circulars mentioning that there are no more restrictions for them to provide bank accounts for crypto businesses. Now, we have received a positive response from the RBI,” Unocoin’s Harish told the Economic Times.

During the ban, several international exchanges moved into India. Binance bought Indian exchange WazirX last November, and in October South Korea-based Bithumb Global said it was propping up local operators with liquidity.

The new regulatory landscape means both the local exchanges which survived the ban, and new entrant international exchanges can finally tap the majority of India’s 1.3 billion population.

Read next: India among major markets to see increase in ATM usage over 2019

Source: www.fintechfutures.com

Author: Written by Ruby Hinchliffe
28th May 2020


Cryptocurrencies Spread 4X Faster in Undeveloped Countries: Blockchain Analysis Report | Emerging Markets Bitcoin News

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