Myths about the Bitcoins and how can they be Busted: Expert Takes

Expert Takes has voiced the opinion of their leaders from the inside and outside of the crypto industries who have expressed their views, also have shared their views on their experience and gave their professional advice. Expert Takes had covered everything from the Blockchain technology and ICO who are funding the taxation, regulation and cryptocurrency adoption in different sectors of the economy.

The Prices of Bitcoin when goes way too high

The fact cannot be ignored that the Bitcoins have always more than 60 percent from its high time, the price of      1 Bitcoin- around $ 7,000 at some time of writing, this discouraged a lot of people from entering the market. Since the mid of 2017, it is only Bitcoin which has been on the front pages of most of the newspapers still most of the people of the world are clueless as to how can they buy the Bitcoin even if not a whole but even a fraction of it. So let’s set the record straight: 1 Bitcoin can be divided into 100 million satoshis (the smallest Bitcoin unit). Just because one cannot afford a full gold bar - which are $600,000 a piece - does not mean one cannot buy a gold coin or invest as little as $126 through a Gold ETF to get exposure to gold. The same thing can be done with Bitcoin.

The Price of Bitcoin is very Unpredictable 

No arguments can be made on the statement that the price of the Bitcoins varies a lot in nature. So before investing in it, the investors have to think a lot as all they hope is to gain profit instead of gaining losses after such a huge investment. It is for the first time in the history of currencies that a currency is not under any central bank or country. Cryptocurrency is a stand-alone individual currency which doesn’t have an owner above its head.

Cryptocurrency is very volatile and they have a large speculation around the world. Also, its assets have a large spread in the world of finance. So if someone wants to invest in cryptocurrency they should know about it thoroughly and should only invest if they can afford to face some loss in the trade. The most valuable thing you can invest in it is time. If we have time then there are very fewer chances for someone to face loss in their investment.

Bitcoin is very harmful to the Finance Environment

It is said that if the origin of something is unknown to us it can never be good for the health and environment around us. The saying is a perfect for the Bitcoins as it is said to be mined by Satoshi Nakamoto, back in 2009 whose identity is unknown to the world except for the name.

The mining of this cryptocurrency took only 10 minutes to be mined through a simple laptop and has mined a block for itself as it does today. The puzzle through which you mine is pretty difficult for a person to crack as the algorithm used for it is quite different and difficult for people to understand. But after solving it we receive a reward within the span of 10minutes that is the average time required to gain the reward.

The reason why the miners have invested billions of dollars in Bitcoins because due to its demand the price of the currency keeps rising high and high and then people gain profits from it. For e.g.- At $7,000 per Bitcoin, the current annual cost of the Bitcoin network is $4.6 bln, and a sizable portion of it spent on electricity bills. But what the Bitcoin network provides for this cost is a Blockchain that is unhackable by any existing computer or technology on the planet.

The currency is misused by the drug dealers and money launders

When the transaction of one bitcoin is made public, which is not exactly ideal as if you are looking to engage in illegal activities. There has been a release of two reports stating that only 1 percent of all Bitcoin transactions are used for money laundering and 44 is being used for other illegal activities. These anonymously as many exchanges follow Know Your Customer (KYC) and Anti Money Laundering (AML) procedures when registering users. This is where criminals using cryptocurrencies will get caught as law enforcement agencies are monitoring these exchanges. So cash will probably remain the currency of choice for criminals for the time being.

RBI's ban on Cryptocurrencies leaves one crypto-asset unaffected.

With RBI's announcement today of the Ban imposed on all cryptocurrency sale or purchases
through banking and e-wallets regulated by them, the whole cryptocurrency market and the
crypto-economy has been shaken, stirred and many investors shattered.

 

"Your bank will not allow you to buy bitcoins anymore" reads an article from ET Online,
Bloomberg flashed "RBI Bans Regulated Entities From Dealing In Virtual Currencies", "RBI Bans
Indian Banks from dealing with Cryptocurrencies, plans own Crypto" was reported by CRYPTO
News and similar such news sent the cryptocurrency market in a tizzy. Many investors and
HODLers lost huge sums due to the ripple-effect of the news.

 

 

With Traders, Investors and HODLers selling their units of cryptocurrencies in an attempt to
salvage whatever funds they can, the market has seen a steep decline in cryptocurrency prices
in the latter half of the day.

 

 

Despite only a small fraction of the Indian populace dealing in cryptocurrencies, India accounts
to over 10% of the Global Bitcoin trade as per exchanges. There is no account of how much
Bitcoin is being traded in hard cold cash in the country.

 

 

Other than Bitcoin, India is home to a sizeable number of Investors in Altcoins such as
Ethereum, Ripple, Bitcoin Cash, Bitcoin Gold, Litecoin, Monero, Dash, Zcash, etc., of which all
have displayed a substantial drop in prices due to the move from the Apex Bank in the nation.

 

 

Amidst all the chaos one crypto-asset, that has been gathering a lot of attention recently,
stands unaffected. Money Trade Coin(MTCX) is one crypto-asset that has constantly been
evolving ever since its launch on 17th September 2017 at Burj Al Arab, Dubai - UAE. Dr. Amit
Madanlal Lakhanpal, the founder and creator of Money Trade Coin and an avid propagator of
"Cryptocurrency correct knowledge" is known for his dynamism in terms of taking Executive
Business Decisions.

 

 

Dr. Lakhanpal is an Indian entrepreneur, property developer and author. Dr. Lakhanpal is the
founder and CEO of the Money Trade Coin Group. He has also authored the book "The World of
Crypto Currency".

 

 

While the Indian crypto-market experiences what may amount to a Black-Day, Dr. Lakhanpal's
Money Trade Coin is relatively relaxed due to its conversion to a crypto-asset instead of being
merely a cryptocurrency.

 

 

With the upcoming launch of the world's first Blockchain based Diamond Trading platform, Dr.
Lakhanpal joined hands with a Member of the Private Office of His Highness Sheikh Ahmad Bin
Owaid Al Maktoum - the Al Kasir Group. The news of this upcoming partnership brings about
great relief for those who have invested or hold any amount of MTCX, for they have the option
available to redeem their MTCX for purchasing Diamonds from the Al Kasir Group. Investors of
Money Trade Coin have the option available to trade their MTCX for purchasing Diamonds.
With the redemption of 50% of the purchase value in MTCX and remaining 50% may be paid in
Fiat Currency, buyers get Certified Real Diamonds valued at par with market price.

 

 

Apart from Diamonds, MTCX Investors will have the option to trade MTCX against three new
Crypto-Assets. Al Kasir Group Crypto Solutions is a Blockchain based Crypto Asset Company
offering three unique Crypto Assets: Al Mas Coin (AMD), Al Haqeek Coin (AHP) and Al Falah
Coin (AFO). These three Coins are Crypto-Assets/Coins built on the Ethereum Blockchain. The
Coins are backed by an equivalent value of Diamonds.

 

 

With the value of these Coins being a function of not just market forces but also the value of
natural Diamonds, owners of the Coins benefit from enhanced downside protection as their
Coins can be exchanged for real diamonds on completion of the ICAO. Also, AMD, AHP and AFO
Coins are perfect counter-cyclical asset offering investors in the crypto universe protection
against adverse market movements similar to gold or bonds in conventional markets.

 

 

Al Mas Coin, Al Haqeek Coin and Al Falah Coin holders will receive physical delivery of Real
Diamonds equivalent to the Amount of purchase from Al Kasir Group's Shopping Portal which is
due to go live by 15th August 2018. Holders of Al Mas Coin may use their holding to purchase
Certified Real Diamonds from the Company’s Online Portal by utilizing 50% of the product
purchase value in Coins and the remaining 50% via Fiat Currency Payments. The same is
applicable for the other two Coins where holders will be able to redeem their Coins for Precious
Gems against Al Haqeek Coin and for Oud, Bakhoor and Attar against Al Falah Coin in a similar
ratio of Crypto-Asset and Fiat.

 

 

 

This brave new move opens a plethora of opportunities for similar businesses to take
advantage of the disruptive Blockchain Technology. However, the Money Trade Coin Group
seems to be ahead in their game already

 

Crypto Exchange OKEx to Reverse ‘Irregular’ Transactions Post Bitcoin Crashes

The global cryptocurrency exchange platform OKEx has announced that it is holding back a number of Bitcoin future transactions to address and tackle the string of sporadic sell-offs that took place recently  from their trading site.


The exchange has a major platform in Hong-Kong and has declared last Friday that it would undo the crypto transactions made earlier that morning around 4:47 AM to 6:30 AM (HKT). This was the specific time around which the value of Bitcoin drastically dropped to a price of 4,755 dollars on the OKEx platform. This was especially low for Bitcoin, considering other exchanges valued Bitcoin at an average price of 7,000 dollars.

Since the value of Bitcoin was remarkably lower than otherCs for this time period of the crash, there are speculations towards manipulation in the market. Some users blame the OKEx trading platform itself. The extreme fluctuation of the price, especially on this particular exchange, has led to the liquidation of many users assets as they have been margin called. There were reports of a trader having lost more than 1 million yuan or 1.8 million dollars in the process and threatening to commit suicide outside the OKEx office.

OKEx has officially stated that, “In order to protect the interests of customers, after a careful discussion, OKEx will roll back weekly, weekly, and quarterly contract data for all currencies”.  The rollback had occurred at 3:30 PM HKT on Friday.

This large scale sell off is specific to only to OKEx as other markets in Hong Kong and worldwide have dropped but steadily made a comeback over the past few days. Bitcoin’s price is currently listed at 6,897 dollars on Bitfinex with a lower range drop at 6,614 dollars. Bitcoin’s market range is around 117 billion dollars, a low range from its previous $325 billion in December 2017.


Many major altcoins like Ether, Ripple, and Bitcoin Cash have also been trading at their all time lowest prices. Bitcoin is maintaining a moderately higher price than these altcoins but depends heavily on the trends of the crypto market as a whole. OKEx holds the rank as fourth most popular cryptocurrency exchange and holds a daily trading volume of 1.3 billion dollars.

Cryptocurrency Mining Can Aid Sustainable Farming- The Advent of ‘Cryptomatoes’

Cryptocurrency mining energizes Tomato Greenhouse

A new startup has been set up with an ecological premise by the Czech new age crypto exchange, NakamotoX. There are not very many uses for excess heat produced from digital machinery or cryptocurrency mining devices. However, this startup has managed to combine Blockchain technology with farming and has produced an edible batch of tomatoes by diverting the heat of mining machines to a customized greenhouse. Cofounder, Kamil Brejcha, and staff have built a separate space for their Bitcoin mining servers and utilized their excess heat production for growing tomatoes. The project is likely to be followed by a new type of farming technology called ‘Agritechture’, and the results so far have been entirely fruitful with the success of the first batch of what they call ‘cryptomatoes’. Brejcha explains in a tweet, “We have developed something called ‘Cointainer’ which is being placed in the basement and the heat is blown into the greenhouses. More details will be revealed soon”.

One downside to the crypto mining industry is the effect of the machinery’s heat generation on the environment. Most companies do not utilize this heat energy for any productive use which raises the concern for sustainable development among environmentalists and crypto user alike. The initiative that Brejcha and company have taken can create an energy cycle loop where heat from mining helps grow crops and biowaste from the harvest help power machinery. The project solves numerous growing concerns and provides an ecological and self-sustaining solution. Brejcha commented on the cryptomatoes saying, “You will be able to buy (cryptomatoes) in common shops soon but I cannot reveal more details about the brand now”.

The large-scale impact of Agritechture could help build on sustenance farming and energy conservation, two globally alarming problems putting pressure on the environment today. With the significant application in future crop cultivation, cryptomatoes could start a worldwide transformation in farming as we know it.

Elon Musk Could Change the Way We Use Blockchain Forever

Inventor and technology expert, Elon Musk, is one of the world's most innovative personalities. He has contributed all sorts of infrastructure and inventions to SpaceX, Tesla, SolarCity, Hyperloop, OpenAi, Neuralink and his current initiative, The Boring Company. Elon is a visionary who aims to create the technology of the future and designs that he believes will help the human race. Some of his projects have helped to curb car emissions with Tesla electric cars, as well as aid in research for space exploration through the SpaceX company.

He is very influential and always trending, which is why he stirred up commotion when spotted carrying a book on cryptocurrencies. The book is by Julian Hosp and called "Cryptocurrencies Simply Explained". It is an easy guide to the world of cryptocurrencies, the blockchain, ICO, and more. The author himself is a cryptocurrency expert having worked in the field for years at TenX. His primary goal is to help teach at least a billion people worldwide about blockchain and cryptocurrencies by the year 2025.

Rumors among the crypto community speculate that Elon Musk is simply passing on the book to someone, while other claims he may be doing research into blockchain in order to incorporate it into his companies in the form of digital tokens or smart contacts. Whether their speculations are right or not, Elon is certainly no stranger to online payment platforms, with his digital financial company X.com being bought by PayPal way back in 2000. He was even appointed the CEO of PayPal for a short period before leaving due to clashes of interest with the other leaders. He was one of the biggest shareholders of PayPal stock and in 2002 when the company was sold to eBay, he made a huge return with 165 million dollars.

To think Elon was reaching into Crypto territory is not far-fetched at all. He has enough experience with online payment systems and technology, so blockchain is not too far ahead of him. If he incorporates Blockchain or digital tokens into his companies or starts a cryptocurrency company of his own, those that know his history will not be surprised. Over the years, it has become public that Elon holds 0.25 of Bitcoin that was given to him as a gift many years ago. The value of this amount is roughly two thousand dollars, which is a small amount for a personality like Elon Musk.

Despite his presumed lack of interest in cryptocurrency at present, the chances are high that this tech giant will embrace blockchain in the near future. The crypto community waits in anticipation for his next project that would surely make a dent in the industry.