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Crypto Prediction Markets Face Competition From Facebook ‘Forecasts’

Crypto-enabled prediction platform Augur is all set to launch its second version. But Facebook, being the ever-evolving company has launched its prediction platform dubbed as “Forecasts”.

It is a prediction market and currently competes a crypto platform Augur. The social media giant is stepping up into the crypto market and it seems similar to that of Augur. The platform conducts a poll on a particular topic and it gives rewards to the participating audience with a social badge. Lastly, the poll results are published on the platform.

It is available in the form of iOS app and users can easily poll through their phones. It is somehow different than the crypto prediction market Augur. The poll results are then made available publicly on the Facebook website.

COVID-19 Prediction Market By Facebook

Facebook’s Forecast platform is in its beta stage. The app is available only to the users in the United States and Canada. It is an invite-only app available for iPhone users. Before officially launching its beta testing prediction market app Facebook tested it among its employees.

The beta launch of the app is available to only the healthcare and research users in both of these countries. The beta testing of the prediction market is related to the Covid-19 pandemic.

Competes With Crypto Prediction Market

Augur, the cryptocurrency prediction market is emerging as a successful platform. It uses two cryptocurrencies, ZRX and DAI. It has a mobile user interface, off-chain scaling, and fiat on-ramps among its many other features. These features are set to launch for decentralized betting markets ahead of the U.S. elections to be held in November.

Facebook, on the other hand, can launch its stablecoin Libra through the Forecast platform. If this happens there is a chance that it can provide a better prediction market to the users in the future. Libra will also be integrated with WhatsApp as a payment method.

Facebook is a user-centric platform and there are billions of users of the social media solution throughout the world. If Forecast becomes popular and comes with advanced features, it can give a tough competition to crypto prediction platforms.

On the other hand, Waves a crypto exchange platform has also begun to host multiple prediction markets in the wake of Covid-19 outspread. The results are not public yet.

Has Facebook Forecast Proven Its Claim?

Although it is crucial to have a prediction handy at such a situation where millions of people are fighting with a pandemic. But somehow Facebook predictions are just “predictions”, not actual data.

It is a serious matter where billions of lives are at a risk. A slight piece of misinformation can be life-threatening. Many other tech companies are also under a fake new spreader radar. The platform is based on guessing and any guess can be dangerous.

People tend to believe social media more than a news agency today. Thus, guess-only data is not feasible. What’s happening on the Forecast app is, they invite certain healthcare, academic, and research experts and conduct a COVID-19 poll.

The participants answer only according to what they think, not what’s the truth. After the poll, the result goes live on Facebook without any validation. Some of the polls can seem valid for example, Is there a chance that the US election will be postponed?

In this case, users can predict and answer according to their guess. But where is the validation to these forecasts? Facebook receives a forecast request, edits if it needs clarity and publishes a poll to its users. The results are then displayed according to the supporting data.

Although the guess is an educated guess by healthcare experts COVID is no joke. Users can believe these polls to be true while in actual these are just based on individual guesses.

The app presents the poll in a presentable forecast but strict background research should be done if the poll is related to the pandemic hypothesis. A peer-reviewed forecast will be an accurate prediction.

Binance Is Supporting New 15 National Ruling Currencies Now

If you are largely inclined to the cryptocurrency realm, you must have heard about Binance. It is a cryptocurrency exchange availing a prominent spot for dealing with several cryptocurrencies.

In 2018, Binance got the recognition for being the most worldwide triumphant cryptocurrency exchange in terms of trading volume. This malta-based cryptocurrency exchange started to reinforce 15 very recent governmental fiat currencies at present. Let’s go through some more details regarding this.

The Update

Recently, Binance has made a confirmation through reports. The reports say that it has adhered to the support of the fresh currencies by way of a coalition with crypto assets plus fiat money conventional warden Etana-Custody. It has added 15 currency units to its platform in order to spread it into various new territories.

15 New Currencies Binance Supports

An announcement was made which stated that new fiat currencies, Binance has added with itself. The 15 currencies are listed below.

  • Franc of Switzerland
  • Czech currency Koruna
  • Euro
  • Dirham of UAE
  • Euro
  • Australian dollar
  • Krone of Norway
  • New Zealand dollar
  • Polish złoty
  • Canada Dollar
  • Swedish Krona
  • Forint of Hungary
  • Dollar of Hong Kong
  • Danish krone
  • Peso of Mexico
  • Pound of Great Britain

Binance has added these currencies with the being partnered with Etana-Custody. According to the words of the CFO of Binance, Wei Zhou, each and every user will be capable of transferring their fundings with the use of a wire transfer through SWIFT.

He also said in the report that after building up a link of the Binance accounts with the accounts in Etana, the users of Binance would be able to wire funds straight to Etana from their bank accounts. Then, they can have their fiat balance in Etana accredited to the correlated Binance accounts at once and without any charge by instigating a request for a fiat deposit on Binance.

It is a More Approachable Platform Now

The onboarding process of Etana represents Anti-Money Laundering and Know Your Customer checks. They are accommodating with the act of Bank Secrecy.

The co-founder cum the CEO of Binance, Changpeng Zhao, stated that he is sure about the fact that being partnered will turn this cryptocurrency to be more approachable than before. On its segment, Etana renounced protection and security payments for amounts that are more than 1000 USD until the 5th of August. Nonetheless, a wire transfer in a bank worth 35 USD payment is still applicable.

The highest amount of patent and debit limit is subjected to the associated Binance account’s level. The least amount you can credit or debit is 150 USD.

Conclusion

This was all about the recent act of Binance in order to make cryptocurrency more accessible than before. Zhao confirmed and clarified about the plans at the beginning of June this year.

According to him, crypto trading needs to get habituated with a worldwide psyche which makes sense. Binance will definitely evolve to be one of the ruling crypto trading brands and service providers in many new international markets in case this expansion is victorious enough.

Is It Possible To Earn Profit From Crypto Trading Without Considering Tax Implications?

A broker or a merchant buys the dip and sells it at the peak. It is the only hypothesis for earning an enormous profit. But, the investors do not have to apply this principle each and every time.

Because of the tax rated purposes, various horizons and predictions influence dissimilar optimum investment strategies. If you are wondering if trading cryptocurrencies can be profitable, then yes.

Due to its distinctive tax rules, cryptocurrencies are an interesting piece of equipment for investment that all investors should take into consideration.

Summing up the Basic Crypto Tax Essentials and Taxable Events

  • Each and every cryptocurrency is categorized as property.
  • Each and every cryptocurrency is studied as capital assets that produce capital profits and losses.
  • Taxable affairs constitute: earning coming from earning cryptocurrencies, with the use of crypto as a means of transaction (purchasing or acquiring goods and services) crypto marketing and bartering your cryptocurrency for decree currency.

One can come to the final decision that transactions and marketings are taxable only if there is a realization of capital gains or losses. On the basis of the classification of your transactions and marketing, there are other tax consequences.

Over and above that, transforming on the basis of holding period means allocating proportions of your portfolio to different time horizons, raising the conformity of year-end benefit or profitability objectives.

Here is An Example to Show the Incorporation of Crypto Taxing Analysis

Here is an example that shows incorporating crypto taxing analysis in your trading scheme.

In case bitcoin was purchased at the time of a low Spent Output Profit Ratio, SOPR in short, paired with upward thrust on the Glassnode Network Index, also known as GNI, showing solid on-chain and network rudiments, you should take into consideration turning up your profits in the long term.

This is because tax conditions are more favorable for investments held over a period of one year.

Here’s Another Piece of Instance for a Better Comprehension

Here is another scenario for a better understanding. As a hard-working investor, you have built up profit targets for the year ending. However, because of the Covid-19 pandemic caused by the deadly Coronavirus causing economic downfall and a continuous sideways trend, it seems that your profit targets are not in reach.

If you are deciding to cut losses by avoiding further expenses and chance and put a well-judged taxing strategy into effect, which means deciding to liquidate your crypto investments prior to the fiscal year-end, you will see that there would be less profit worsening. The losses mentioned can be favorable on the grounds of tax provided a lowering of your year-end taxable profits.

The Ending Note

The final thing that has to be said regarding this subject is that it is a topic of understanding short term and long term involvements and the results it shows on your profit goals. The very right key to make a profit is to keep up a balance between the holding periods of your crypto redeeming features.

On the basis of your local taxation policies, strategies of investing, and time horizon, you may desire to own a larger proportion of the money you invested for a longer period of time or vice versa.

75% of India’ Young Population Trades and Holds Cryptocurrency

The recently carried out study revealed that India’s Young population holds and carried out the trade using the crypto assets. The survey has been carried out on the NEO banks and cryptocurrency exchanges to learn about the people who are trading cryptocurrency the most. The NEO banks such as Pocketbits, Cashaa, Oropocket, WazirX, Coin DX, and so on stated that many middle-aged and youngsters are showing interest in trading the cryptocurrency. They found these trades to be lucrative options.

After analyzing the responses, it is clear that 75% of users are youngsters who hold cryptocurrency trades, whereas 25% are middle-aged people. When it is segregated gender-wise, there are only a few female users who are trading cryptocurrency. Unocoin has seen 15% of the young population trading cryptocurrencies, Bitbns 11%, and Pocketbits is just 2%. When it comes to Neo banks, the statistics will differ. The Oropocket has 39% of youngsters, followed by Cashaa, which has 30% and Bank of Hodlers, 5%.

There is an increase in the number of users due to Covid-19 and lockdown. Many people are earning a considerable amount of money trading cryptocurrencies. The number of users is growing at a rapid pace. However, the volume of traders is not disclosed by the Bank of Holders, Bitbns, and Unocoin. However, Cashaa revealed that the number of users trading is increased by 800%.

According to the report submitted by Sohail Merchant of Pocketbits, it is clear that the number of traders is increased as there is ample time for people to research and then carry out the trade.

CEO and founder of WazirX, Nischal Shetty, disclosed that their platform had seen a rise in 470% of trading volume, and many users are getting registered to the platform.

According to the report of Sumit Gupta of CoinDCX, due to COVID-19, many Indians are investing the time in cryptocurrencies. There is also a favorable decision from the Supreme Court verdict for this currency. There are many benefits that people got to learn about Crypto and are now engaging in this trade. There is a growth from Q1 to Q2 in the number of users registered to CoinDCX. There are around 15 million dollars that are getting traded daily. It is the record-breaking volumes in the crypto exchanges. Signup has been increased rapidly. The number of active users every week is also growing. Pre-lock down the trading volume was just USD 1 million, and it has spiked ten times more in 2 months.

With millions of people not having the chance to go and work outside are finding Crypto to be an excellent opportunity to trade and earn the right amount of money in India.

Sathvik Vishwanath, the CEO of Unocoin, stated that the trading of cryptocurrency is increasing rapidly. The cryptocurrency industry that was opened a few months ago is delighted to see the spike in the number of traders.

Vikram Rangala, who is the Chief Marketing Officer in Zebpay, has seen a rise in the trades at the exchange. The business of Zebpay does not have any impact due to the lockdown. The opportunity to stay at home gives people an excellent opportunity to go through the books and learn more about Crypto. Many are showing interest to join the exchange. There is a record volume of trades happening in the exchange. The new registrations, along with KYC checks, are going on. The automation is done to handle the KYC load and deposits. Indians are showing interest in crypto assets, and this is the best and effective way to have control over the wealth. These are a few factors that gave rise to the growth of the cryptocurrency market in India and trading volumes.

Ethereum wallet will let you easily host your decentralized website

The development of technology leads human lives in this era. There are ample avenues where one can find the supremacy of technology, and people, as a common user, loves to use provided options. For the business community, the technology focuses on some platforms with the help of which it becomes easy to deal with different currencies via blockchain and digital wallets. If you are planning to launch your website on a decentralized platform, you can now choose MyEtherWallet to allow integration with IPFS. In this way, users can upload their website to the Interplanetary file system and keep it away from censorship. The websites will get a blockchain domain like “.eth” or “.crypto” which will be very attractive for many websites. This is the easiest way to host your website on a decentralized platform.

Peer to peer computer network

The most lucrative feature of this network is it connects people on an equal level. Hence one feels it easy to use and communicate. One can easily pass on any content in a few seconds. The decentralized network consists of peer to peer computer networks, which makes it easy for users to host any sort of content without restrictions. In this way, free speech gets a new dimension on the web as this usually gets blocked on the traditional web platform. If you are also looking forward to hosting such sites, you can consider this platform as it is easy to upload the website in a static form.

Upload website to an interplanetary file system

The MyEtherWallet integration makes it easy for you to use the app to upload the website to IPFS. All you need to do is to use the .zip file, which has the files regarding your website. The dedicated app will handle the rest of the process and make it easy for you to upload the website to IPFS. It will be associated with a blockchain domain that you get in the market.

Get a blockchain domain

The blockchain domains now become functional for many users with this option. Earlier, it was difficult to host blockchain domains as many platforms restricted their usage and put a lot of restrictions. The ethereum based domain name services are tied to IPFS based websites in this manner through the app. Users can easily choose to host their websites without many technical hassles.

Only static pages allowed

The technology is still in its early stages as only static pages are allowed at the moment. If you are planning to host a WordPress site, you can convert it to static pages and then upload the website on this platform. It is interesting to note that using regular wordpress features will require a backend server that is not possible to get on this platform. In this way, you cannot run a full-fledged WordPress site on this platform but use the alternative option to host your sites. It is very easy to use third-party plugins to upload WordPress sites to IPFS.

Does it work on all browsers

This is the most important question asked by many users who would like to use such services. The clear answer is NO. It does not work on most popular browsers, and only opera supports few blockchain domains. This is the current situation, and it may change in the future when restrictions with regards to blockchain domains are eased by market players. However, all the blockchain domains are accessible when you use proxies along with the “.link” domain, even in the normal web environment. Using this hack, you can easily use the websites even in normal browsers, which regularly restrict blockchain domains.

Apple Removes The Blockchain Wallet App From Its iOS App Stores Leaving Its Users Fuming

This seemingly inexplicable move by Apple has left iPhone and iPad users with no bitcoin wallet options whatsoever for their devices. 

Apple has also not offered any explanation for this action and has left no option to appeal. All it deemed to say about this important issue was that it was due to an unresolved issue. This is not the first time that Apple has shown an inclination against bitcoin wallets. It had banned bitcoin wallet apps CoinJar and Coinbase earlier. It had also insisted that the encrypted messaging app, Gliph, should remove an option that allowed users to send bitcoin. CoinJar, though, is still available on the local Australian Apple Store.

The Blockchain apps had been available on the iOS App Store for more than two years. They had been downloaded more than 120,000 times, which means they were fairly popular. The native Blockchain app for desktops was also removed simultaneously from the Mac App Store. 

Backlash Against Apple

 

Blockchain has been bitterly scathing in its criticism of Apple’s strange decision. It posted a statement against Apple on its blog, which says that these “anti-competitive” actions of Apple show that it is focused on preserving its own need to control payments and that the move was monopolistic, and it also went against the desires and needs of their users.

They also added that their Blockchain app had no customer complaints, and was very popular. They also alleged that bitcoin has become competitive to Apple’s payment system and that by removing this app, which was the only bitcoin wallet application on the App Store, Apple was getting rid of any competition to their own payment systems. Blockchain also called this high-handed and monopolistic in the extremes.

Blockchain is the company behind the Blockchain app. Ben Reeves, a British developer, started it. The site Blockchain.info was built as an academic research tool, but since 2013, it has become the most regularly referenced site for strange goings-on, crime, mistakes, and other anomalies related to bitcoin.

Blockchain was the only bitcoin wallet app available to users of the Apple mobiles. It was launched in April 2012 and was allowed on the Apple store. It was a stable app and had a wide user base. 

What Could be Behind This Move?

The allegations by Blockchain ring true. After removing bitcoin wallet apps from its App Stores for vague reasons, Apple seems to be on slippery ground. Many others are also asking whether Apple might be trying to launch its own payment gateway and enter the mobile payment ecosystem.

And that’s not all; Apple even blacklisted Coinbase’s iOS app just three weeks after its launch. This was a popular bitcoin payment processor in America.

How Are the Apple Users Placed?

The users who downloaded the bitcoin wallet apps can continue to use them, though updates are not possible now, and a device reset would mean that these apps may disappear forever. There are also fears that Bitcoiners are all set to abandon Apple. They may move to Google’s Android platform, which has several bitcoin wallet options. All of these continue to be developed and updated to meet bitcoin’s increasing popularity head-on.

Google has its payment app Google Pay, but it seems unfazed about the competition. 

In many ways, say bitcoin savants, this move by Apple is an attack on an innovative, new technology that is empowering more than 2.5 million users worldwide and one which gives them complete control over their money, while simultaneously disrupting centralized payment systems controlled by big Corporates.

This, if you ask us, does ring true. 

Study Shows UK Blockchain Companies Are Shifting Back To Traditional Funding Strategies

Traditional Funding Or ICOs?

Traditional Funding

Blockchain is a technology that has interested almost all investors worldwide. Traditional investors are willing to invest in the blockchain companies. Soon when blockchain technology erupted, most sought after investors started to fund blockchain companies.  As a result, the investment fund was far more than expected. For instance, 1.3 billion dollars were raised in the first quarter of 2018.

ICOs Funding

Through ICOs funding, a startup can sell their equity or utility tokens to raise the fund. The ICO funding has many benefits over traditional funding such as:

  1. Lower competition to raise the funds.
  2. There is a greater number of investors to fund startups rather than large players.
  3. It is almost similar to pitch ICO investors to that of venture funding investors.
  4. As ICO investors can be accessed online, there is no extra cost involves in traveling and startup presentation. Thus, it is cost-effective to get funding through ICOs.

Was ICO Funding Worth A Hype?

Although ICO funding became insanely popular in the initial stages, soon its weaknesses started to disrupt the market. It fell prey to hacking and scammers. The investors who were once really excited to invest in the blockchain companies through ICO method, they realized that sooner or later they are going to lose their money.

Many investors also lost a huge amount of money through technology vulnerabilities. Blockchain technology is undoubtedly the most secure to date. It’s the endpoint errors that caused the ICO funding method to fail.

Undoubtedly ICO method became immensely popular in the beginning but due to scams and hacks, the investors became stricter with accepting pitches and white papers.

The startups are no longer willing to try this method to raise funds for their business. The traditional funding method is the only “safe” choice for gaining extra capital to run a blockchain company in the UK.

Does It Have Any Effect On The Blockchain?

The cryptocurrency was the first among the blockchain applications. Startups started to explore this technology in retail, education, transportation, financial, healthcare, and consumer goods. The blockchain technology showed so much potential to improve present business practices.

The result was exponential growth in the blockchain technology. Everyone started to recognize technology. Every other investor was willing to invest in the blockchain companies. But there was only one question, how to invest in the blockchain?

That’s when ICO investment was formed. It had many pitfalls but still, startups started to fundraise by using this method. When the ICO investment emerged along with it the blockchain technology became popular. Initially, startups preferred ICO funding over traditional funding. But soon when its potential harms came into existence the blockchain companies moved towards traditional funding again.

What Study Tells About The UK Blockchain Companies?

The funding strategies have changed in the past year. According to a study, UK startups raised 656 million USD from equity funding. Whereas some blockchain companies in the UK raised a whopping amount of 1.5 billion USD from ICOs (Initial Coin Offering). Both of these statistics were measured from 2017 to 2019.

The price of cryptocurrencies was increasing rapidly during 2017. People started to get attracted to this new technology that can be used as a funding method. The cryptocurrency is also being used as an unregulated entity in many countries. This means there is no one to report if someone gets cheated through cryptocurrency funding fraud.

All of these were the reason cryptocurrency became the hottest funding method during the period of 2017 to 2019. But the scenario is entirely different this year. A venture capital firm MMC Ventures confirmed that blockchain companies are now shifting towards the traditional funding methods.

As a result, the ICO funding model is facing degradation. The business owners are aware of how valuable it is to use ICO as a funding resource. But after proper calculation, they have found that traditional funding methods are more convenient and cheaper.

Other than these discrepancies, the ICO method also has loopholes. According to a study, out of the ICOs conducted in the year 2017 almost 80% were scams. These numbers have shattered the confidence of the blockchain companies to apply for funding through ICO.

After all these issues that were emerged for the businesses in the UK, the ICO funding method slowed down at the end of 2018. But this funding system has also been proven to be a boon for some companies. When the blockchain companies were funded with ICO, the business owners had plenty of time to focus on the fundamentals. Although the UK is considered to be the hub of blockchain companies, the number is substantially less as compared to other businesses. Bitcoin companies in the UK require more funding in the later stage of the operations. The main reason for moving towards ICO funding is the requirement of capital. Because European investors perform strict traction before providing funding to such companies