Wikicoin Darryn Pollock

Bitcoin Buckles to New Year Low — Here’s What’s Caused it

📚 Wikicoin
Bitcoin has dropped down to $3,400 a coin — a new low for 2018 — and there are a few reasons why
Bitcoin Buckles to New Year Low — Here’s What’s Caused it
Contents

The downturn in the Bitcoin market — looking back from it's all time high which was just short of a year ago on December 17, 2017, at around $20,000 — has continued towards the back end of 2018. The price of the cryptocurrency reached a new low for 2018 as it dropped to $3,400 a coin.

It has been a long a steady road of decline through most of 2018 with a few key moments and distances pushing the entire cryptocurrency market downwards. Overall, there has been increased regulatory scrutiny, the speculators market has bubbled and popped, and there has been a fall in general interest as such.

But there have been some more direct and noticeable catalysts for the downturn in the markets. In fact, the most recent fall which took Bitcoin away from a strong $6,200 resistance was partly down to a Bitcoin Cash hardfork.

Because of the bear market, or even the cryptocurrency winter as some are labelling it, there has been hardly any instances of good news being able to prop up the flagging market, rather seeing it respond to negative news with much more vigour.

Losing hype

To understand why the Bitcoin market is flagging like it is, it is important to know why it reached a stage of mass hysteria and hype almost exactly a year ago. Bitcoin and the resulting cryptocurrency boom, which was also fueled by an ICO explosion, was due to spectators and hopeful market chasers.

Bitcoin came into the general market offering ease of access and total inclusion to all who wanted a piece, as well as crazy volatility, which at that stage was almost always going up. This meant that anyone could enter the game, put money into it, and get quick returns.

There was a boom of get-rich-quick hopefuls which propped up the market based purely on speculation. This maret was also unregulated, so it moved at incredible speed — speed that was never sustainable.

Regulators catch up

Soon though, the regulators and governments started cottoning onto the cryptocurrency market and looked to stamp out some of the more troubling aspects of it. Many, like the entirety of China and the SEC in the USA, stamped down hard on things like ICOs, making many investors double take as they realized they could be in some trouble here.

Exchanges, companies, and other aspects of the cryptocurrency market were then taken under regulatory scrutiny, and this scared off a lot of speculative investors who started to wain as the market plateaued and dropped.

No favours

These reactionary moves from investors saw the market shrink and slowly deflate, but there have also been instances where the cryptocurrency market has not helped itself in the popping of a bubble.

The recent Bitcoin Cash hard fork has turned into an ill-advised and nasty battle which has painted the entire ecosystem with a bad brush. Its battle between the two forked chains has led to a hash war and has sullied the little reputation Bitcoin Cash had.

These moves have seen the price of Bitcoin go tumbling, and this latest example shows the price of Bitcoin nearly halving from before the fork and the resulting drop.

Wikicoin
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Exchanges Guide George Shnurenko

Kraken review

🎓 Exchanges Guide
Kraken, a San Francisco-based exchange that has been on the market for seven years
Kraken review
Contents

What is Kraken?

Kraken is one of the oldest cryptocurrency exchanges that was founded back in 2011 by its current CEO Jesse Powell. This US-based exchange has come a long way from an unambitious start-up to a global exchange with the highest Euro volume. San Francisco is the current Kraken exchange location.

It is worth mentioning that Jesse Powell was inspired to create Kraken currency exchange after what he had seen at Mt. Gox’s offices. Mt. Gox, a now-dead Japanese exchange, was responsible for almost 70% of all Bitcoin transactions back in 2014, but it didn’t stand the test of time and was closed after about $350 million were stolen due to a huge cyber attacks. Powell saw that the exchange was poorly managed and realized that it was on the cusp of collapse, so he decided to create his own alternative.

Kraken Bitcoin exchange is available in the US (except for New York because of BitLicense regulations), Canada, numerous European countries and Japan. However, the company has recently announced about its plans to quit the Japanese market due to a lackluster demand. After adding the Japanese Yen to the list of its available fiat currencies in 2014, the exchange hasn’t managed to meet its financial goals. As of July 5
th, the daily BTC/JPY trading volume reached $18,242 which is only 0.02% of Kraken’s total volume (for comparison, it was 0.9% back in April). The company doesn’t rule of the possibility of returning to the Land of the Rising Sun again, but Kraken exchange is not working with Japanese customers at that moment.


Kraken Review

There are 18 cryptocurrencies that include Bitcoin (BTC), Litecoin (LTC) and Ripple (XRP). Apart from the aforementioned coins, Kraken also features trading pairs with five fiat currencies.

That’s a major advantage since the majority of other exchanges do not support fiat money and require you to buy Bitcoin beforehand.

While doing a Kraken exchange review, it is important to mention that it has five account levels (which are also called ‘tiers’). There is a direct correlation between the account level and the daily trading limit: the higher your tier, the bigger amount of money you are able to withdraw. Also, pay attention to the fact that increasing your account tier also lowers the trading fees which will be discussed a bit later.

The ID verification is required in order to get to the third level (you are to send them the scans of your ID and hold a hand-written text in front of you). There are also some emergency situations when a certain user may be asked to confirm his identity.

Is Kraken exchange safe? In the good ol' days, the majority of exchanges were anonymous, but as the crypto market grew bigger, they have to comply with anti-money laundering (AML) regulations. Now is it a mundane policy, so do not be shooed away by Krakens’ demands. This exchange is reputable enough to trust it with your personal details.


ow to Use Kraken?

  1. Fill out the sign-up form and confirm your e-mail address.
    sign up

  2. The drop-down list in the top left corner of the main page displays the list of available trading pairs (all in all, there are 41 trading pairs).
    list of coins

  3. Click on the ‘Chart’ section at the very top of the page to see the graphs which vividly depict the recent price fluctuation in terms of the chosen trading pair.
    charts

  4. Click on the ‘Funding’ where you can deposit or withdraw money.

  5. Go to the ‘Security’ page in order to enhance protection with 2FA and API keys. The neighboring tab helps you to adjust any account settings.

If you go to ‘Get Verified’ sections, you can see the information about your account status and withdrawal limits (daily and monthly).
 

Tier

Daily Withdrawal Limits

Requirements

0

$0

E-mail

1

$2,500

Phone number, a full name

2

$5,000

Address

3

$50,000

ID, utility bill

4

$100,000

All of the above + a support request

How to Buy on Kraken?

Before purchasing any crypto, you obviously have to deposit money to your newly created account with the help of the abovementioned ‘Deposit’ section. When it comes to payment methods, the only available option is a wire transfer.

  • ACH for Americans and Canadians;

  • SEPA for Euroepan customers.

  • SWIFT for international payments.

That means that credit/debit cards and PayPal are not accepted on this exchange. If you are looking for a variety of payment methods, consider such exchanges as Coinbase.

Those who do not want to engage in margin trading, can place a simple order. Simply specify the amount of Bitcoin that you would like to purchase and press a large green button to place your order.
simple order

How to Trade on Kraken?

Kraken exchange launched margin trading in 2015 that allows you to trade with 5x leverage. Go over to the ‘New Order’. You have to choose either ‘Intermediate’ or ‘Advanced’ mode in order to see the leverage buttons which are situated on the right.

Now have a look at the ‘Leverage’ section (for example, by choosing 3x leverage you will be able to triple your buying power). Then you can choose a limit order or a market order (in the first case you wait until the market reaches the requested price). At the bottom of the page, you will be able to see your pending order. If the market moves in your direction and you get profit, you call close out the current order by creating an opposing order for the same amount of money. Basically, it means that you have to sell crypto that you have recently bought by choosing the right leverage. Once you’ve done that, the profit will be added to your balance.


NB! You can open multiple positions that will be closed out in the same order.

leverage

 

Is Kraken Safe?

Kraken exchange reviews are mostly positive, so is Kraken a good exchange when it comes to security? While being on the market for more than 7 years, Kraken has never been experienced to a single security breach. In January 2018, Kraken was down for a couple of days, but that was due to maintenance. Almost all of its assets are securely kept in a cold storage eliminating the possibility of a hack. Users’ accounts are protected with two-factor authentication (TFA).

In 2016, some Kraken traders claimed that their accounts had been compromised by hackers and their funds had been stolen, but later it turned out that all these users had failed to enable two-factor authentication. In this situation, the users clearly suffered because of their own negligence. At the same time, it would be a nice solution for Kraken to make TFA mandatory.

Kraken‘s transparency doesn’t draw an ounce of criticism in any Kraken exchange review. Back in 2014, the company successfully underwent a “proof of reserves” audit which was aimed at checking the total amount of BTC held by the company. On top of that, Kraken became the first exchange that appeared on Bloomberg’s ticker which only adds more credibility.


So, is Kraken a safe exchange? Yes, definitely. With Kraken coin exchange, the only security drawback is probably is that the exchange holds your private key to your cryptocurrency address. A private key confirms that you are the owner of the currency.

Kraken Fees

Kraken cryptocurrency exchange offers extremely competitive fees which vary from 0% to 0.36%. The particular amount of the fee is not fixed – it depends on your trading pair, account level and the desirable payment method. For example, European customers only have to pay €0.09 if they want to withdraw money via a wire transfer which is extremely cheap which is ridiculously cheap. ACH transfer will set you back $5 per transaction. Pay attentions to the fact that both makers and takers are charged with Kraken exchange fees.

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📈 Pricewise Andrew Strogoff

Bitcoin, Litecoin, Monero Giving Out Promises, NEO Looking Shy

Pricewise
Bitcoin, Litecoin, Monero and NEO seem to be more optimistic, but bears are still trying to change the situation
Bitcoin, Litecoin, Monero Giving Out Promises, NEO Looking Shy
Contents

All the reviewed currency pairs started to grow today. BTC/USD, LTC/USD, XMR/USD crossed a couple of levels and seem to restore their local uptrends as they are higher than their local ascending trend lines. Neo is still hesitating, indicating that bulls don’t have enough power to change the situation.

BTC/USDD:\Пробы пера\sergeytn\14.05 follow up\btc hourly.jpg

Bitcoin tested the support area at $8,373 during the European session and bounced off the line. The price has broken through the resistance area at $8,529 and moved above the next resistance area at $8,697. BTC/USD is above the local ascending trend line, meaning the upside tendency is likely to resume.

The currency pair is above the Ichimoku cloud as well. All those indicators signal the possibility for the bulls to take the initiative in the short term. Current scenarios for Bitcoin are the following:

  1. The price goes further upside towards the resistance area at $8,890 as there are no serious obstacles on the way. There, is may bounce off the resistance area and return to the ascending trend line, or progress towards the next resistance area at $9,034.

  2. Bitcoin falls below the support area at $8,697 and tests the ascending trend line. Bears will have more opportunities to push BTC/USD even lower if successful.

LTC/USDD:\Пробы пера\sergeytn\14.05 follow up\ltc hourly.jpg

Litecoin looks rather optimistic as the price managed to rebound off the support area at $138, crossed the Ichimoku cloud and the local ascending trend line and finally, jumped above the resistance area at $146. LTC/USD is above the local ascending trend line meaning the price returned to the uptrend in the short term.

There are two main scenarios for Litecoin at the time of writing:

  1. The price will test the ascending trend line, rebound off it, cross the resistance area at $147 and go higher, towards the next resistance area at $153.

  2. Litecoin will break through the ascending line, indicating that the bears are taking control over the market. The currency pair will probably fall towards the Ichimoku cloud and even further, to the support area at $138, which coincides with the lower boundary of the Ichimoku cloud.

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XMR/USDD:\Пробы пера\sergeytn\14.05 follow up\xmr hourly.jpg

Monero is trading below the ascending trend line, but above the descending mid term trend line, meaning the bulls have almost gained the momentum and have the opportunity to change the situation. XMR/USD is above the Ichimoku cloud and crossed two levels within several hours, indicating serious intent.

The main two scenarios for the next 8-10 hours are the following:

  1. The price will break through the ascending trend line and go towards the next resistance area at $219. If this happens, buyers will finally restore their domination and bulls can expect an even greater rally.

  2. XMR/USD bounces off the ascending trend line from below, crosses the support area at $214 (the price is testing it now) and declines towards the mid term descending trend line.

NEO/USDD:\Пробы пера\sergeytn\14.05 follow up\neo hourly.jpg

NEO looks like a “shy guy” as compared to the other assets. The currency pair attempted to test the ascending trend line, but failed even to make a fakey and still stays below the mid term trend line. However, the good news for bulls is that NEO/USD is above the Ichimoku cloud.

There are two main scenarios for the currency pair:

  1. NEO/USD crosses both mid term descending and short term ascending trend lines and the resistance area at $68. The currency pair will be able to target the next resistance area at $72 without any visible obstacles on the way.

  2. NEO falls towards the Ichimoku cloud, crosses it and tests the support area at $62.

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Alex Morris

Cryptocurrency & Bitcoin News Aggregator Review: Keep It Simple

Our comprehensive review of a newly launched crypto news aggregator. Is it better than existing alternatives?
Cryptocurrency & Bitcoin News Aggregator Review: Keep It Simple

Keeping in touch with the highly volatile cryptocurrency industry is a must for every investor. However, following every news outlet may not seem like an easy feat. Luckily, there are plenty of news aggregators that allow users to have all the most recent news on one platform.

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Crypto news is a single click away!

Cryptocurrency & Bitcoin News, a brand-new Android app that has been rolled out by SV Software LLC, is one of such aggregators that allows getting updates from all major cryptocurrency websites, including U.Today. This app is perfectly suitable for investors, traders and crypto evangelists who want to get the latest news on their smartphone as well as thought-provoking opinions and reviews.

Major features

One of the major advantages of this very app is its very straightforward and intuitive design. The news is presented in the form of an outlay of the latest headlines (simply click “All Entries” in order to see all the latest headlines).

Major features

If you would like to see the latest updates that are published on a specific crypto-oriented outlet, simply choose any tab below. The most important news items can be bookmarked with the help of the corresponding option.

Major features

Other features include the ability to automatically refresh your feed (the refresh interval can vary from 5 minutes up to 1 day). Similarly to Google News, this app also allows you to remove all duplicate headlines from your feeds so you can only focus on relevant information. Moreover, you also have the ability to filter news items that contain certain keywords.

Major features

Our take  

Generally speaking, Cryptocurrency & Bitcoin News is just your run-of-the-mill crypto app, which has enough features to satisfy the needs of crypto enthusiasts who want to keep their finger on the pulse of this quickly evolving industry.

Of course, there are plenty of other similar crypto news aggregators on the market that offer the same features and much more. For instance, Berminal also displays current prices and technical indicators on top of that, and if you simply want to stick to news, the above-mentioned app also features a larger amount of sources.

Still, Cryptocurrency & Bitcoin News is currently in the development process with only three reviews on the Google Play store, so it is not fair to compare it to more established apps.  

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SingUlarity Katya Michaels

Become What You Are: How New Online Communities Boost Self-Identification and Social Mobility

SingUlarity
“The only person you are destined to become is the person you decide to be.” Why this is more possible now than ever
Become What You Are: How New Online Communities Boost Self-Identification and Social Mobility

The word “birthright,” when defined as an individual’s entitlement to particular benefits or possessions conferred at birth, has nearly faded from use. Indeed, it sounds anachronistic and almost un-American – “entitlement” itself has accumulated a multitude of negative connotations in recent years. We still believe certain truths to be self-evident and certain rights inalienable, at least in theory, but the concept of having a birthright to opportunities– or responsibilities– seems archaic.

These days, even in developed countries, most families are struggling to maintain a middle-class lifestyle at best, and have very little birthright, if any, to bestow on their offspring. On the other hand, it’s probably good news that we are inhabiting increasingly open and diverse societies, where we no longer view children as being destined for various privileges or deprivations by the context of their birth.

And yet, we cannot discount the role played by the circumstances of early life in determining an individual’s path and sense of place in the world. Thanks in part to the technological advances of the last few decades, that sense of place is becoming less dependent on geographical location or social status.

However, our identities are still forged through socialization– the process of internalizing societal and cultural norms that ensures the survival of individuals and the continuity of civilization.

We learn who we are and what our future lives may hold through the frameworks and narratives of our communities. As Internet technology changes the nature of our communities, so it must change the nature of our identities– and the way those identities can evolve over a lifetime.

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Bring your own self

In the 19th-century, industrialization led to the formation of entire strata of new job categories. The change in the economic model permeated the social structure, leading people to question their place and purpose in it. Most were finding that although their awareness of life’s possibilities increased, the rigid socioeconomic framework prevented them from moving outside the bounds of the situation into which they were born.

In 1835, one of the great thinkers of the time Karl Marx, then 17 and just setting out on his own path, wrote in Reflections of a Young Man on The Choice of a Profession:

“We cannot always attain the position to which we believe we are called. Our relationships in society have to some extent already begun to be established before we are in a position to determine them.”

Learning opportunities were extremely limited, and even if one managed to attain the knowledge necessary for social and professional advancement, the barriers to entering– or leaving– communities were too high.

Community boundaries gradually became more permeable through the 19th and 20th century, but the decisive shift happened when growing Internet adoption fostered the emergence of online communities that required no qualifications for entry aside from internet access and were unrestricted by geographic or demographic considerations. For the first time, individuals could introduce themselves on their own terms to a supportive group of people with shared beliefs, interests and codes of conduct– even if most of them would never meet face to face.

Internet technology made the editorial composition of one’s online identity and facilitated connections far beyond the reach of “natural-born” communities possible. The user, represented through networks of social connections in different digital environments, was liberated from the restrictions of real life, free to choose community affiliations and abandon them at will.

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Community mix and match

Communities are central to a healthy society, and though they may vary in their form and implementation, certain factors contribute to the feeling of belonging that forms the basis for self-definition. An influential 1986 study by David McMillan and David Chavis found that there are four enduring elements that contribute to a sense of community: membership, influence, integration and fulfillment of needs, and shared emotional connection.

Throughout life, the relative significance of those elements is likely to shift– while influence and agency may be more significant at some stages, an emotional bond is paramount during others. Not only do people change over time, but their community needs may be wide-ranging and even contradictory. Now, we can find a community to support our every interest, to validate every side of our personality.

As the technology of remote communication improves and online communities proliferate, the search for the right community becomes more refined, the choices more nuanced. This variety translates into freedom to be completely unpegged, fully customized– not fitting neatly into any category, yet finding communion in a multitude of settings.

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Beam me up: decentralized mobility

Another great 19th-century thinker, Ralph Waldo Emerson, envisioned the ideal path of self-identification– “The only person you are destined to become is the person you decide to be.” The realization of this vision is more possible now than it has ever been in human history, although recently indicators of socioeconomic mobility have been falling in many nations, including the US, due to a combination of economic and political factors.

While online communities have allowed members to be who they decide to be socially and professionally, they have been powerless to release members from the constraints of centralized financial institutions– until recently. Now, the integration of decentralized solutions with community platforms has the potential to provide increased financial independence as well.

Transparent transactions, accessible investment tools, smart contracts and rewards for added value can give users control over their finances in the same way that online communities have given them control over their identities.

Moving to perfection

Perhaps wider participation in community platforms that use advanced technology to make membership more transparent, secure and promotive of social mobility could help us finally bring to life the dream of a young Karl Marx, as he formulated it in the same work from 1835. He spoke about profession, but it serves equally as inspiration for the pursuit of any calling, passion or identity:

“If the conditions of our life permit us to choose any profession we like, we may adopt the one that assures us the greatest worth, one which is based on ideas of whose truth we are thoroughly convinced, which offers us the widest scope to work for mankind, and for ourselves to approach closer to the general aim for which every profession is but a means- perfection.”

Learn More

SingUlarity
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Darryn Pollock

Cryptocurrency Havens Growing Across the Globe With Regulatory Support

While some countries are not sure what to do with cryptocurrency, others are trying to become the best place for them to grow and be adopted
Cryptocurrency Havens Growing Across the Globe With Regulatory Support
Contents

Since cryptocurrencies have made their way into the mainstream and thus forced themselves on regulators who have had to make a decision as to how to control these financial tools. They have polarized opinions. Some have gone as far as to ban them outright, like China, but there are those fighting to be at the top of the other side of things with regulatory support.

Countries like Malta, Bermuda, Switzerland and a bunch of others are working hard to make their country totally open and accessible for the Blockchain and cryptocurrency space in an attempt to cash in on a potential technological revolution.

Switzerland’s Zug valley

Much like Silicon Valley in the States, Switzerland has been working hard to become a hub of Blockchain and cryptocurrency with their epicenter being a small town called Zug. The prime minister of Switzerland has also been pushing Blockchain friendly legislation with the so-called Blockchain Act coming out this summer.

Switzerland was one of the first countries to really go towards making cryptocurrencies and Blockchain legal and build an environment for startups and companies to explore the technology further.

Blockchain Island Malta

Recently, Malta has joined a group of small nations and principalities that have seen the potential of getting into the Blockchain space early to help them assert themselves on the world stage.

Malta has been in the headlines as many exchanges have shifted to the Island because of its gentle regulations that are allowing the likes of OKEX and even Binance grow without barriers.

Bermuda and ICO support

In Bermuda this year, the legislature passed a law that lets startups doing initial coin offerings apply to the minister of finance for speedy approval.

“We are 65,000 people and 20 square miles, but we have a very advanced economy,” the premier of Bermuda, E. David Burt. “We want to position Bermuda as the incubator for this industry.”

Gibraltar, gambling and crypto

Gibraltar is another little nation that is looking to embrace cryptocurrency and they believe they have the know how to maneuver through this quagmire of difficult regulation because of their online gambling laws which have been building for over 25 years.

“For every one license we’ve issued, we’ve probably said no to 10,” he said. “When you’re considering a new sector, to bring in big names is extremely attractive, but they’ve got to be good names. So you’ve got to be willing to say no to even some of the bigger ones,” Albert Isola, Gibraltar finance minister, said.

Liechtenstein and less crypto regulation

The small principality of Liechtenstein is also an attractive prospect for cryptocurrency projects as they have stated they will not be coming down hard on Blockchain and rather be looking to support it with their regulations.

“The planned regulations will make us one of the first nations worldwide to regulate this topic this broadly, laying the groundwork for extensive economic applications,” said Prime Minister Adrian Hasler.  

Changing attitude

It has become apparent that in the bigger nations, such as the US, China and Russia, it is difficult for the regulators to set supportive regulations because of the financial institutions and traditions in place.

But, smaller nations looking for a chance to leapfrog themselves, such as Malta, Gibraltar, Liechtenstein and others, this is a perfect opportunity to use Blockchain to jump-start their fintech economy.

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