DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 3482

Indonesia authorities crack down on Bitcoin miners stealing electricity from National Grid

By
Paul Ugbede Godwin
-
0

Indonesia is one of the countries with the highest demand for Bitcoin and other cryptocurrencies, but also one of the most challenging places to mine them. The reason is the high cost and scarcity of electricity, which has led some miners to resort to illegal means to power their operations.

Bitcoin mining is a process that involves solving complex mathematical problems to verify transactions and create new coins. It requires a lot of computing power and energy, which makes it expensive and environmentally unfriendly. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin mining consumes more electricity than many countries, such as Argentina, Norway and Switzerland.

According to a recent report by the Jakarta Post, the state-owned electricity company PLN has detected and cut off more than 1,800 illegal connections used by Bitcoin miners in the past year. The company estimates that these connections have caused losses of up to 175 billion rupiah (about $12.3 million) for the national grid.

The PLN said that most of the illegal connections were found in Java, Sumatra and Kalimantan, where the electricity tariffs are lower than in other regions. The company also said that it has intensified its monitoring and enforcement efforts to prevent further thefts, and that it will cooperate with law enforcement agencies to prosecute the offenders.

The authorities in Indonesia have been cracking down on these illegal activities, raiding and confiscating hundreds of mining rigs that were using stolen electricity. The perpetrators face up to five years in prison and hefty fines for violating the law. The government has also warned the public about the risks and regulations of cryptocurrency trading, which is not recognized as a legal tender in the country.

The crackdown on Bitcoin miners is part of the broader efforts by the Indonesian government to curb the use of cryptocurrencies for money laundering, terrorism financing, and tax evasion. The government has also been developing its own digital currency, which is expected to be launched in 2022. The digital currency will be backed by the Indonesian rupiah and will be regulated by the central bank.

The future of Bitcoin and other cryptocurrencies in Indonesia remains uncertain, as the government tries to balance the innovation and opportunities of the digital economy with the protection and stability of the financial system. While some enthusiasts see Bitcoin as a way to democratize finance and empower people, others see it as a threat to the sovereignty and security of the nation.

Some experts have argued that Bitcoin mining can be beneficial for developing countries like Indonesia, as it can create jobs, boost innovation and attract foreign investment. However, others have warned that it can also pose risks for the national security, financial stability and environmental sustainability of these countries.

The Indonesian government has not yet issued a clear regulation on cryptocurrency mining, but it has banned the use of cryptocurrencies as a means of payment since 2017. The central bank has also warned the public about the potential dangers of investing in cryptocurrencies, such as fraud, hacking and volatility.

SEC is ready to approve spot bitcoin ETFs as BlackRock names JPMorgan as Authorized Partner

By
Paul Ugbede Godwin
-
0

The U.S. Securities and Exchange Commission (SEC) has signaled that it is open to approving spot bitcoin exchange-traded funds (ETFs), but only under certain conditions. In a recent letter to the industry, the SEC outlined the requirements that spot bitcoin ETFs must meet in order to obtain regulatory approval.

One of the key requirements is that spot bitcoin ETFs must have clear and prominent disclosures regarding the creation and redemption process, which must be cash-only. This means that the ETFs cannot use bitcoin futures or other derivatives to create or redeem shares but must rely on physical delivery of bitcoins.

The SEC also stated that spot bitcoin ETFs must have a signed agreement with an authorized participant (AP), which is a market maker that facilitates the creation and redemption of ETF shares.

The SEC’s letter is a response to several applications for spot bitcoin ETFs that have been filed in recent months, as the demand for bitcoin exposure among investors has increased. The SEC has already approved several bitcoin futures ETFs, which track the price of bitcoin futures contracts traded on regulated exchanges, but has not yet approved any spot bitcoin ETFs, which would track the actual price of bitcoins.

The SEC’s letter indicates that the regulator is concerned about the potential risks and challenges associated with spot bitcoin ETFs, such as market manipulation, custody, valuation, liquidity, and arbitrage.

The SEC also noted that spot bitcoin ETFs may face additional regulatory hurdles from other agencies, such as the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC).

The SEC’s letter does not guarantee that any spot bitcoin ETF will be approved, but it does provide some clarity and guidance for the industry. The SEC also invited further feedback and engagement from interested parties on the topic of spot bitcoin ETFs. The letter may encourage more applicants to file for spot bitcoin ETFs, or prompt existing applicants to revise their proposals to align with the SEC’s expectations.

BlackRock names JPMorgan as an authorized participant for its Spot Bitcoin?ETF

BlackRock, the world’s largest asset manager, has announced that JPMorgan Chase & Co. will be one of the authorized participants for its Spot Bitcoin?ETF, which is expected to launch in early 2024. This means that JPMorgan will be able to create and redeem shares of the ETF, as well as provide liquidity and market making services for the product.

The Spot Bitcoin?ETF is a novel type of exchange-traded fund that will track the price of bitcoin directly, rather than relying on futures contracts or other derivatives. The ETF will hold physical bitcoins in a segregated custodial account and will use a transparent and auditable process to verify the ownership and integrity of the underlying assets.

The ETF will also have a low expense ratio of 0.5%, making it an attractive option for investors who want to gain exposure to the cryptocurrency market without the hassle and risk of buying and storing bitcoins themselves.

BlackRock’s decision to partner with JPMorgan is a significant endorsement of the Spot Bitcoin?ETF, as JPMorgan is one of the most influential and respected financial institutions in the world. JPMorgan has been gradually warming up to the crypto space, after initially being skeptical and dismissive of it.

In 2017, JPMorgan CEO Jamie Dimon famously called bitcoin a “fraud” and said he would fire any employee who traded it. However, since then, Dimon has softened his stance and admitted that he was wrong about bitcoin.

In 2020, JPMorgan launched its own digital currency, JPM Coin, to facilitate cross-border payments and settlements. In 2021, JPMorgan started offering bitcoin exposure to its wealthy clients through various funds and trusts. And in 2022, JPMorgan became the first major U.S. bank to offer bitcoin trading to its retail customers through its mobile app.

By becoming an authorized participant for BlackRock’s Spot Bitcoin?ETF, JPMorgan is signaling its confidence and commitment to the crypto industry, as well as its recognition of the growing demand and acceptance of bitcoin among investors of all types and sizes. The Spot Bitcoin?ETF is expected to be a game-changer for the crypto market, as it will provide an easy and regulated way for mainstream investors to access bitcoin, potentially boosting its adoption, liquidity and price.

The ETF is also likely to spur more innovation and competition in the crypto space, as other asset managers and financial institutions will follow BlackRock’s lead and launch their own spot or futures-based bitcoin ETFs.

The Spot Bitcoin?ETF is still awaiting approval from the U.S. Securities and Exchange Commission (SEC), which has been notoriously cautious and reluctant to greenlight any bitcoin-related products. However, BlackRock is optimistic that it will receive the SEC’s blessing soon, as it has been working closely with the regulator to address its concerns and meet its standards.

BlackRock is confident that its Spot Bitcoin?ETF will offer investors a safe, secure and transparent way to invest in bitcoin, while also contributing to the maturation and legitimacy of the crypto market.

Reviewing the Easter eggs in VanEck’s ETF teaser

By
Paul Ugbede Godwin
-
0

VanEck is one of the leading investment firms in the cryptocurrency space, and they have recently released a teaser video for their upcoming bitcoin exchange-traded fund (ETF).

The video is full of hidden references and clues that hint at the potential benefits and features of their product. In this blog post, we will reveal all of the Easter eggs in VanEck’s bitcoin teaser and explain what they mean for investors.

The first Easter egg is the title of the video itself: “The Bitcoin ETF: A New Chapter”. This suggests that VanEck is confident that their ETF will be approved by the Securities and Exchange Commission (SEC) and that it will mark a new era for bitcoin adoption and innovation.

The SEC has repeatedly rejected or delayed bitcoin ETF proposals in the past, citing concerns over market manipulation, liquidity, custody, and investor protection. However, VanEck claims that their ETF will address these issues by using a transparent and regulated structure, a diversified basket of bitcoin sources, and a robust custody solution.

The second Easter egg is the opening scene of the video, which shows a bookshelf with several books on it. The books are:

The Bitcoin Standard by Saifedean Ammous: This is a popular book that explains the history, economics, and technology of bitcoin and why it is superior to fiat money and gold as a store of value and medium of exchange.

The Age of Cryptocurrency by Paul Vigna and Michael J. Casey: This is another influential book that explores the social and political implications of cryptocurrencies and how they can empower individuals and communities around the world.

Digital Gold by Nathaniel Popper: This is a journalistic account of the origins and evolution of bitcoin and the people who shaped its development and adoption.

Mastering Bitcoin by Andreas M. Antonopoulos: This is a technical guide that covers the fundamentals of bitcoin and how to use it as a developer, user, or investor.

The Truth Machine by Michael J. Casey and Paul Vigna: This is a sequel to The Age of Cryptocurrency that focuses on the potential applications and challenges of blockchain technology beyond cryptocurrencies.

These books indicate that VanEck has done extensive research on bitcoin and its underlying technology, and that they are aware of its historical, economic, social, and technical aspects. They also suggest that VanEck is aligned with the vision and values of the bitcoin community, which values decentralization, transparency, security, and innovation.

The third Easter egg is the scene where a woman opens a laptop and types “VanEck Bitcoin ETF” on a search engine. The results show several articles with headlines such as:

“VanEck Bitcoin ETF Could Be a Game-Changer for Crypto Investors”
“Why VanEck’s Bitcoin ETF Is Different from Others”
“How VanEck’s Bitcoin ETF Will Boost Bitcoin Adoption”
“VanEck Bitcoin ETF Receives Positive Feedback from SEC”

These headlines imply that VanEck’s bitcoin ETF has generated a lot of positive buzz and anticipation in the crypto space, and that it has received favorable feedback from the SEC. They also highlight some of the key selling points of VanEck’s bitcoin ETF, such as its potential to attract more institutional and retail investors to bitcoin, its innovative design and features, and its compliance with regulatory standards.

The fourth Easter egg is the scene where a man walks into an office with a sign that says “VanEck”. The sign has a logo that consists of three blue circles connected by lines. This logo resembles the symbol for the Lightning Network, which is a second-layer solution that enables fast, cheap, and scalable transactions on top of the bitcoin network.

The Lightning Network logo also consists of three circles connected by lines, but with different colors and orientations. The similarity between the logos suggests that VanEck supports the development and adoption of the Lightning Network, which is widely regarded as one of the most promising innovations in the bitcoin ecosystem. It also implies that VanEck’s bitcoin ETF will leverage the Lightning Network to offer faster and cheaper access to bitcoin exposure for investors.

The fifth Easter egg is the scene where a woman holds a smartphone with an app that says “VanEck Bitcoin ETF”. The app has several features, such as:

A dashboard that shows the current price, performance, volume, and market cap of VanEck’s bitcoin ETF. A chart that shows the historical price movements and trends of VanEck’s bitcoin ETF. A calculator that allows users to estimate their potential returns based on different scenarios.

A news feed that provides updates on VanEck’s bitcoin ETF and other relevant topics. A button that allows users to buy or sell VanEck’s bitcoin ETF with one tap.

These features demonstrate that VanEck’s bitcoin ETF will provide a user-friendly and convenient way for investors to access bitcoin exposure through their smartphones. They also show that VanEck’s bitcoin ETF will offer transparent and reliable information on its performance and market conditions, as well as educational and analytical tools to help investors make informed decisions.

The sixth and final Easter egg is the closing scene of the video, which shows a man holding a physical coin that says “VanEck Bitcoin ETF”. The coin has a QR code on it, which is a type of barcode that can be scanned by a smartphone or a camera. The QR code could represent several things, such as:

A link to VanEck’s website or app, where users can learn more about their bitcoin ETF or buy or sell it. A digital wallet address, where users can send or receive bitcoin or VanEck’s bitcoin ETF tokens. A private key, which is a secret code that grants access to a digital wallet or a bitcoin account. A public key, which is a public code that identifies a digital wallet or a bitcoin account.

The coin symbolizes that VanEck’s bitcoin ETF will bridge the gap between the physical and digital worlds, and that it will offer both the security and convenience of a physical asset and the flexibility and innovation of a digital asset. It also signifies that VanEck’s bitcoin ETF will be compatible with various platforms and devices, and that it will enable users to interact with bitcoin in different ways.

These are all of the Easter eggs in VanEck’s bitcoin teaser. They reveal that VanEck has a deep understanding and appreciation of bitcoin and its technology, and that they have designed their ETF to meet the needs and expectations of both the crypto community and the regulators. They also indicate that VanEck’s bitcoin ETF will be a game-changer for the crypto industry, as it will open new doors for bitcoin adoption, innovation, and integration.

Crypto Wallet Types and Security

By
Paul Ugbede Godwin
-
0

Cryptocurrency wallets are a safe place to store your digital assets, like coins; Bitcoin, WikiCatCoin, Defi Tiger Token, NFTs, winnings from Gamefi can be saved on a crypto wallet. A few of the most popular types of cryptocurrency wallets include hosted wallets, non-custodial wallets, as well as hard drive-based storage devices.

Depending on what you plan to do with your cryptocurrency and how much security you need, you may want to use one or the other. This guide will show you how to create a custodial and non-custodial wallet.

Crypto custody is the term used to describe the process of holding and managing your cryptocurrencies in a safe and accessible way. There are different types of crypto wallets that offer different levels of security, convenience and functionality.

In the world of cryptocurrency, the safety of your funds is determined by the security of your secret key storage. People are always searching for trustworthy wallet solutions and thinking of how to store their private keys.

There are two keys associated with your cryptocurrency wallet: First is your Public Keys and the other — Private Key. The Public Key is similar to your email address, you can give your Public Key out to anyone safely for transactions and without fear of having your wallet compromised, and anyone can use your Public Key to transfer cryptocurrency to your wallet.

The main types of crypto wallets are:

Hot wallets: These are wallets that are connected to the internet and allow you to access your funds quickly and easily. They are usually software applications that run on your computer, smartphone or web browser.

Hot wallets are convenient for frequent transactions and trading, but they are also vulnerable to hacking, phishing and malware attacks. If your device is compromised or stolen, you may lose your funds or expose your private keys.

Cold wallets: These are wallets that are not connected to the internet and store your funds offline. They are usually hardware devices or paper wallets that generate and store your private keys in a secure environment. Cold wallets are more secure than hot wallets, as they are immune to online attacks and unauthorized access.

However, they are less convenient for frequent use, as they require physical access and manual operations. If you lose or damage your cold wallet, you may not be able to recover your funds.

Custodial wallets: These are wallets that are managed by a third-party service provider, such as an exchange or a broker. They hold your funds on your behalf and provide you with an interface to access them. Custodial wallets are convenient for beginners and users who do not want to deal with the technical aspects of crypto custody.

However, they also entail some risks, as you have to trust the service provider with your funds and private keys. If the service provider is hacked, goes bankrupt or acts maliciously, you may lose your funds or access to them.

Non-custodial wallets: These are wallets that give you full control over your funds and private keys, good example is a Ledger Nano. You are responsible for generating, storing and backing up your private keys, as well as for securing and maintaining your wallet. Non-custodial wallets are more suitable for advanced users and users who value privacy and autonomy.

However, they also require more technical knowledge and diligence, as you have to ensure the safety and functionality of your wallet. If you forget or lose your private keys, or if you make a mistake in using your wallet, you may lose your funds permanently.

As you can see, there is no one-size-fits-all solution for crypto custody. You have to weigh the pros and cons of each type of wallet and choose the one that best suits your needs and preferences. You may also use a combination of different types of wallets for different purposes, such as keeping some funds in a hot wallet for daily use and some funds in a cold wallet for long-term storage.

By following these tips, you can reduce the risks of losing your funds or compromising your privacy. Crypto custody is an important aspect of investing in cryptocurrencies, and you should take it seriously and responsibly.

Bitcoin ETF approve tipped to be ‘Sell the News’ Event

By
Paul Ugbede Godwin
-
0

The long-awaited approval of a Bitcoin exchange-traded fund (ETF) in the US is widely expected to boost the price of the cryptocurrency in the short term. However, some analysts and traders are cautioning that the ETF launch could also trigger a ‘sell the news’ event, where investors take profits after a rally driven by anticipation.

A Bitcoin ETF is a type of investment product that tracks the price of Bitcoin and allows investors to buy and sell shares of the fund on a regulated stock exchange. Unlike buying Bitcoin directly from a crypto exchange or a wallet, an ETF investor does not have to worry about the security, custody, or technical issues of holding the digital asset.

A Bitcoin ETF is seen as a way to attract more institutional and retail investors to the crypto space, as it offers a more convenient and familiar way to gain exposure to Bitcoin. It also adds legitimacy and credibility to the cryptocurrency, as it implies regulatory approval and oversight.

The US Securities and Exchange Commission (SEC) has been reluctant to approve a Bitcoin ETF for years, citing concerns over market manipulation, fraud, and investor protection. However, the agency has recently signaled a more open stance, as it has allowed several Bitcoin futures ETFs to launch this month. These are ETFs that track the price of Bitcoin futures contracts, which are derivatives that bet on the future price of Bitcoin.

A Bitcoin futures ETF is not the same as a Bitcoin spot ETF, which would track the actual price of Bitcoin in the spot market. A spot ETF is considered more desirable and efficient, as it would have lower fees and less tracking error than a futures ETF. However, a futures ETF is still a significant milestone for the crypto industry, as it shows that the SEC is willing to approve some form of Bitcoin ETF.

How could a Bitcoin ETF affect the price of Bitcoin?

The approval of a Bitcoin ETF is widely regarded as a bullish catalyst for the price of Bitcoin, as it could unleash a wave of new demand and liquidity for the cryptocurrency. According to Bloomberg Intelligence, a Bitcoin ETF could attract as much as $50 billion in assets in its first year, which would be equivalent to about 10% of Bitcoin’s current market capitalization.

Some analysts have compared the potential impact of a Bitcoin ETF to that of the launch of gold ETFs in 2003 and 2004, which helped drive the price of gold from around $400 per ounce to over $1,900 per ounce in 2011. Similarly, a Bitcoin ETF could accelerate the adoption and appreciation of Bitcoin as a store of value and an alternative asset class.

However, not everyone is convinced that a Bitcoin ETF would be an unequivocal positive for the price of Bitcoin in the long run. Some argue that a Bitcoin ETF could also introduce more volatility and downside risk to the cryptocurrency, as it would make it easier for investors to sell or short Bitcoin when the market sentiment turns bearish.

Moreover, some warn that a Bitcoin ETF could trigger a ‘Sell the News event, where investors who have been buying Bitcoin in anticipation of the ETF approval would take profits after the launch. This could create a temporary dip or correction in the price of Bitcoin, as seen in other historical events such as the Bitcoin halving or the Coinbase listing.

How to trade a Bitcoin ETF?

The launch of a Bitcoin ETF could create new opportunities and challenges for traders who want to capitalize on the price movements of Bitcoin. Depending on their view and strategy, traders could use different instruments and platforms to trade a Bitcoin ETF.

One option is to trade the shares of the Bitcoin ETF directly on a stock exchange, such as NYSE or Nasdaq. This would require opening an account with a broker that offers access to these exchanges and paying attention to the trading hours, fees, and liquidity of the ETF.

Another option is to trade contracts for difference (CFDs) on a crypto platform, such as Binance or eToro. CFDs are derivatives that allow traders to speculate on the price movements of an underlying asset without owning it. Traders can use CFDs to trade both long and short positions on a Bitcoin ETF, as well as leverage their trades to amplify their returns or losses.

A third option is to trade Bitcoin itself on a crypto exchange or a wallet, such as Coinbase or Ledger. This would involve buying or selling actual units of Bitcoin based on their expectations of how the ETF launch would affect its price. Traders would have to consider factors such as security, custody, fees, and volatility when trading Bitcoin directly.

Whichever option traders choose, they should be aware of the risks and rewards involved in trading a Bitcoin ETF. A Bitcoin ETF could be a game-changer for the crypto industry and the price of Bitcoin, but it could also bring more uncertainty and complexity to the market.

1...3,4813,4823,483...8,217Page 3,482 of 8,217

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy