NEW YORK, Oct. 16, 2020 /PRNewswire/ — Global peer-to-peer (P2P) cryptocurrency marketplace Paxful is highlighting the partnership with South Korea’s leading cryptocurrency exchange Bithumb Global. With 8 million registered users, 1 million mobile app users, and a cumulative transaction volume of over 1 trillion USD, Bithumb Global is the most influential digital currency exchange in the country. Like Paxful, they’re committed to providing opportunities to everyone in the world – the pooling of resources will help even more people gain access to financial freedom.
South Korea is an important component of the cryptocurrency market, with an abundance of technological developments and digital currency exchanges in the country, as well as a high number of crypto adopters among its population. Following the recent announcement of a test distribution of digital won (CBDC) by the central bank, the country is on the way to becoming one of the major crypto nations.
“We are pleased to partner with Paxful to provide our users with a fast, secure, and more convenient fiat-to-crypto gateway. This collaboration marks another milestone in our global expansion,” said Javier Sim, co-founder and Managing Diretor of Bithumb Global.
Paxful will provide a fiat channel for Bithumb customers, giving access to over 300 different payment methods for buying cryptocurrencies. Acting as a fiat-to-crypto on-ramp, Paxful hopes the alliance will increase adoption, scalability, and real-world use cases for the entire cryptocurrency ecosystem.
“Paxful is proud to be joining hands with another industry leader whose goal is to remove the barriers for global transactions and bring financial inclusion to everyone. With growing global interest in digital currencies and blockchain technology, this partnership signals a move towards creating a truly global economy,” says Ray Youssef, co-founder and CEO of Paxful.
To seal this exciting agreement, Paxful and Bithumb Global launched a 5,000 USDT giveaway; users who use the kiosk trading system will have the chance to win from a pool of 5,000 USDT for successful transactions in an event that will run till 31 October 2020.
Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. Their mission is to empower the forgotten underbanked around the world to have control of their money using peer-to-peer transactions. The company, founded in 2015, has over 4.5 million users globally who you can instantly buy and sell Bitcoin (BTC) and Tether (USDT) using over 300 payment methods.
As part of their mission, Paxful launched #BuiltWithBitcoin, a social good initiative to build 100 schools funded entirely by bitcoin all across emerging markets.
About Bithumb Global
Bithumb Global, part of the Bithumb family, is one of the biggest cryptocurrency exchanges based in Asia. Since its establishment, it has served millions of users around the world. Bithumb Global provides users with BTC, ETH, XRP, LTC, BSV, BCH, and other trading services like Spot and Margin Trading.
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New York polls crypto firms on security measures after Twitter hack
The New York Department of Financial Services (NYDFS) has released a lengthy report analyzing the impact of July’s high-profile Twitter hack, which resulted in the theft of over $118,000 worth of Bitcoin (BTC).
Far beyond the immediate material impact, the NYDFS states that the incident exposed the deep cybersecurity weaknesses of a publicly-traded social media company valued at $37 billion, which counts over 330 million monthly active users. This has consequences in light of the platform’s ever-expanding influence on both financial markets and the political sphere.
Two key sections of the NYFDS report, published on Oct. 14, tackle the Twitter hack’s impact on the Department’s cryptocurrency licensees, and how these companies responded to protect their clients from the fraud. NYFDS also surveyed and compiled crypto firms’ recommendations for how to prevent a similar cyberattack from succeeding in the future.
The agency notes that in the third phase of the hack, the attackers took aim at the Twitter accounts of crypto companies, which included NYDFS-regulated entities. These “responded quickly to block impacted addresses, demonstrating the maturity of New York’s cryptocurrency marketplace and those authorized to engage within it. Their actions show that New York continues to set a high standard and attract only the most responsible actors.”
Coinbase, Gemini and Square, all of whom provide wallet services and whose Twitter accounts were hacked, rapidly blocked the Bitcoin addresses posted by the hackers posted on Twitter. According to NYFDS’ survey, each of the companies blocked the relevant addresses within 40 minutes of their accounts being hacked.
15 surveyed crypto firms in total blocked transfers to the addresses, while seven did not. The report notes that some companies have different business models and do not directly handle custody and transfer services, which accounts for their inaction.
Among those that did, Coinbase blocked around 5,670 transfers, valued at roughly $1,294,000; Square blocked 358, valued at roughly $51,000; Gemini blocked two, valued at roughly $1,8000; and Bitstamp blocked one, valued at $250.
The other focus of the NYFDS survey and report was to analyze which security measures the crypto firms took to protect their social media accounts following the hack, and gather key recommendations to cement security going forward.
These included using strong and unique passwords; monitoring social media accounts for unauthorized posts; using multi-factor authentication, but avoid SMS-based MFA, which is more susceptible to hacks; and limiting employee’s access to social media accounts.
Placing the hack in context, NYFDS notes that in 2019, millions of people worldwide lost over $4.3 billion to cryptocurrency scams — up from just $650 million in 2018. Exploiting the pandemic, scammers have already stolen over $380 million in the first half of 2020. One scammer tactic that intersects with the Twitter hack, “impersonating Elon Musk on Twitter,” has cost reportedly already victims almost $200,000 in Bitcoin. Such incidents have spurred the entrepreneur to warn his followers:
Report as soon as you see it. Troll/bot networks on Twitter are a *dire* problem for adversely affecting public discourse & ripping people off. Just dropping their prominence as a function of probable gaming of the system would be a big improvement.
— Elon Musk (@elonmusk) February 1, 2020
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‘Enormous Wall of Money’ Coming Into Bitcoin, Price to Reach $1 Million in 5 Years, Says Raoul Pal
Macro strategist Raoul Pal says the price of bitcoin will reach $1 million in five years. He attributes the price increase to adoption by large pools of investors and the “enormous wall of money” coming into bitcoin, rather than because “the world is collapsing.”
Former hedge fund manager Raoul Pal shared his view on the economy, gold, and bitcoin last week in a podcast interview with Daniela Cambone of Stansberry Research. Pal previously co-managed the GLG Global Macro Fund in London after departing Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe. He then founded Global Macro Investor and Real Vision Group.
“The economy is not going to recover for a lot longer than we expect,” he began. “There’s no stimulus around and we’ve got more problems to come in Europe, the U.S. and elsewhere. And businesses don’t have enough cash flow, they’re closing in droves and that’s what I called the insolvency phase.” The former hedge fund manager added, “The only answer is more from the central banks, so that’s why I started to buy more and more bitcoin.”
His portfolio used to be equally distributed between U.S. dollars, gold, equities, and bitcoin. However, he revealed during the podcast that his bitcoin allocation is “probably above 50% now.” While acknowledging that this BTC allocation exposes him to a 50% downside, he said it is ok for him because the upside is “so much bigger.”
Pal explained that he has reduced his cash holdings and put the funds into bitcoin. “My trading positions are relatively small because I don’t think there’s as much opportunity as the room is in bitcoin. So really, mainly a bit of cash, some gold, and bitcoin. And I’m even toying with the idea of selling my gold to buy more bitcoin,” the founder of Global Macro Investor shared, elaborating:
I don’t dislike gold but when you get to the macro opportunity … if bitcoin starts breaking out of these patterns that it’s been forming, it is going to massively outperform gold. I’m 100% sure of that so in which case why would I have the gold allocation.
The former Goldman Sachs manager clarified that he is “not fearful of hyperinflation, default or anything else,” adding that he is interested in people “adopting a different monitoring unit for their savings and reserve assets.”
Pal has a bullish forecast on the price of bitcoin, predicting that it will be $1 million within five years. He explained:
It’s going to be not because the world is collapsing [but] it’s because there’s gonna be adoption by the real large pools of capital.
He sees bitcoin adoption happening in waves, starting with retail and moving into hedge funds. However, he noted: “We are not there yet. You can’t prime broke bitcoin assets but that’s coming. We’re starting to see family offices in the space. Next is the institutions, the endowments, the pension plans, and within that you’ll find some government … suddenly say we have allocated 5% in bitcoin.” He believes that it will be a country such as Nicaragua or one with constant problems of currency devaluation. When that happens, he says it will be “another huge story,” much like the story of Microstrategy moving $425 million treasury reserve into bitcoin.
Emphasizing that “the pipes aren’t there” to allow large institutional investors to invest in bitcoin yet, he said, “but that’s coming … it’s on everybody’s radar screen and there’s a lot of smart people working on it.” Pal further shared:
From what I know, from all of the institutions, [and] all of the people I speak to, there’s an enormous wall of money coming into this.
Do you agree with Pal? Let us know in the comments section below.
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GBP/USD Makes A Quick 100 Pip Bearish Reversal on No Brexit Deal Comments – Forex News by FX Leaders
The GBP has been very volatile recently, as comments about Brexit keep coming from every direction. When comments lean towards the positive side, such as postponing negotiations further, the GBP rallies, and when comments are negative, the GBP tumbles lower, such as earlier today, when we heard the UK Prime Minister’s BoJo say that they should prepare for a no-deal Brexit.
- I have concluded that we should get ready for a no-deal Brexit
- The latest EU summit suggests that a Canada-style deal won’t work
- The EU has refused to negotiate seriously, we should get ready for no-deal in January
- It is clear from the EU summit, that we will not be offered same terms as Canada
- I have concluded that we should get ready for an Australia-style deal i.e. no-deal
Reuters reported on the headlines, and this was a bit of a surprise outcome, all things considered. That said, there are still ten more weeks before the actual deadline, and Johnson could very well be posturing here to get the EU to move their red lines. The GBP turned bearish immediately and the GBP/USD declined around 10o pips, from 1.2960 to 1.2860, due to the headlines.
EP03 – Crypto Investing | Tamil | Best Wallet & Exchange | India,US,UK,Europe,Asia |138$ Free Crypto
5 Videos published on Crypto Investing series in Tamil & English (4th video is a combined video) below. Please make sure to watch EP01 and EP02 before EP03 & EP04 and deciding to invest for the risks involved in Crypto Investing.
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