Cryptocurrency - The Hero encouraging Globalization

Cryptocurrencies have grown and expanded significantly over the years. In a span of merely five years, a number of Digital assets have emerged in the global financial market system.

The popularity of cryptocurrencies has increased marvelously and is affecting the world economy. Even though it is still not accepted as a legal medium of exchange and is still to reach the mainstream market, it is having significant effects worldwide.

Let us briefly analyze a few ways in which the virtual currencies have stimulated Globalization.

1) Global Transactions Sans Documentation

The biggest and the most eminent benefit of cryptocurrency lies with international (global) payment transfers. Using cryptocurrencies for international remittances (the Money sent back home by workers living abroad) provides a big advantage as the average fee using traditional banking services is as high as 9%, which is not the case with virtual currencies. As such migrants are utilizing cryptocurrencies so as to curb the transaction costs and also, it allows transfers without long and tedious paperwork. Crypto-assets also, remove the risk of credit card frauds.

2) Speedy Transfers

Cryptocurrencies are making international payments and transfers easy, secure, hassle-free and fast. Individuals and companies are finding the utilization of these digital currencies beneficial as the transactions are done almost immediately without any hefty documentation.

Unlike the traditional banking system, cryptocurrencies are specially developed to provide security guarantees and credit conveniences without any extra fees, taxes, and delays.

3) The power of Decentralization

Cryptocurrencies work on the very efficient Blockchain technology and are based on a peer-to-peer network. This implies that no central authority has any control over its transactions or no third-party intervention is entertained. The transactions take place on a public ledger and are available to all the cryptocurrency holders.

However, the bank transactions are controlled and regulated by the central authority of the country.  As such the decentralization provides an upper hand and allows people across the nations to make transactions fair, easy and fast, without losing the value of the product in currency conversion.

4) Accounting for a huge population.

The accounts maintained by different banks (local, national and international) are not stored in a manner that can be compared easily. It becomes a difficult task to dig out proper and accurate information from the scattered records.

However, since cryptocurrency transactions are registered on a public ledger from the day the transaction of a particular cryptocurrency has started, it becomes easier for comparisons and measurements. Also, it provides a high-end transparency, thereby reducing risks of illegal uses and fraudulent activities.

The World of Cryptocurrencies

Every time you hear the term cryptocurrency the first word that comes to your mind is Bitcoin. Naturally, being the pioneer of Digital currencies globally, Bitcoin has gained massive attention and popularity. However, the crypto-world is has a number of members which often are left out of one's acknowledgement. 

Apart from the Leading cryptocurrency - Bitcoin, the other virtual currencies in the global financial market are Altcoins i.e. alternate coins. These digital currencies are inspired from Bitcoin and are usually underpinned by the very efficient Blockchain technology. However, each of them has some unique and unusual features to offer the crytocurrency holders and each come with their own goods and bads.

Let us have a look quick look at the other crytocurrencies that are slowly and steadily emerging as a winner and giving a tough competition to Bitcoin.

1) Litecoin (LTC)

Litecoin was introduced in the crypto-space merely 2 years after Bitcoin in the year 2011. It was founded by Charlie Lee and  is often referred to as the 'silver to Bitcoin's gold.'

Litecoin functions on the scrypt algorithm and provides one of the fastest generation rates and transaction speeds. One factor that sets Litecoin apart is that it's overall supply market capitalisation limit is set at 84 millions. The process of mining Litecoins is simple, easy and can be solved sans any particular mining equipment.

3) Ethereum (ETH) 

Ethereum was initially released in the crypto-space in the year 2015. Ethereum was co-founded by a Russian-Candian Programmer, Vitalik Buterin in 2013. 

Ethereum is an open software platform based on the cutting-edge Block-chain Technology that allows developers to build and utilise decentralised applications.

Ethereum blockchain has exceptional abilities. It allows one to build smart contracts. It is a contract that self-executes and the contract handles the enforcement, the management, performance and payment.

Unlike the other cryptocurrencies, Ethereum permits developers to create whatever operations they want. Simply, it implies that developers can build thousands of different applications that follows way beyond anything we have witnessed previously.

3) Money Trade Coin 

 Money Trade Coin was introduced in the financial market system September 2017 by the Money Trade Coin Group  steered by Dr. Amit Lankhanpal. MT Coin is a virtual currency built on the efficient block-chain technology; offering safe, secure and transparent system to cryptocurrency holders for all their financial transactions.

Money Trade Coin is a unique cryptocurrency that enhances the cross-border money transfer procedure. It transfers encrypted money across borders with SWIFT( wire transfer) and also become Secured Alternate Local Currency . It is a partially pre-mined coin using JavaScript APIs, with the focus of making money transfer a hassle free decentralized process. With MT Coin you can easily transfer pre-mined cryptocurrency to any person.

What sets Money Trade Coin apart is that it offers Know Your Customer (KYC) and Anti Money Laundering services to safeguard all the transaction, thereby providing a high-end transparency. 

New players foster Crypto-economy

Cryptocurrencies have now become an alternate for most of the digital transactions. Though used on a large scale, there have always been concerns about its volatile and unstable market structure. The ups and downs in the market capitalization of leading Cryptocurrencies have led to a number of debates about cryptocurrency credibility and reliability.

In order to bring about a certain level of stability, security and steadiness in the global virtual market space, the greater Blockchain community has introduced new digital assets - Stablecoins.

Stablecoins are developed with an aim to be utilized as a nice unit of account and a proper store of value. They work on the very efficient block-chain technology and are aimed to make optimum application of this technology.

The recent news comes in that a team of experts have developed a USD-backed stablecoin. 'TrueCoin Project' is a team effort from Stanford, Palantir and Google.  Stablecoin stands out as it is cent percent collateralized, legally protected and transparently audited.

It is notable here that Money Trade Coin – an emerging cryptocurrency also started its journey with the robust and cutting-edge Blockchain Technology. Money Trade Coin sets itself apart from all the other cryptocurrencies in the market system as, it is the first ever cryptocurrency to be registered as an Algorithm (meaning an “Owned Cryptocurrency”). Also, since its nascent stage Money Trade Coin is providing Know Your Customer (KYC) and Anti-Money Laundering Facilities to secure and safeguard the transactions. Money Trade Coin works on a peer-to-peer network that is not controlled by external forces, thereby increasing Transparency. Money Trade Coin provides high-end security and freedom to financial enthusiasts; it is slowly and steadily forming a strong threshold in the global financial market system.

With the use of the Blockchain Technology, the crypto-market will soon expand and there are chances of it entering the mainstream financial market system soon.

Cryptocurrency- A new entrant in the Real Estate Market

Cryptocurrency is slowly emerging as the king of the financial market system, leaving no place and sector untouched. Considering the outreach in every sector, digital tokens are being used in our day-to day life fulfilling all our needs. Cryptocurrency uses a decentralized process and records all the transactions in a peer-to-peer ledger to maintain transparency in the business. This transparency allows every business provide a fair and just platform to consumers and traders.Additionally, it also maintains the ethics as well as the decorum in the business.

Slowly and steadily cryptocurrency is reaching every corner of the industry. Recently, it is making way and spreading its wings in the Real Estate Sector. Experts from the crypto-space have written extensively on the investments and purchasing of crypto assets, authoring a complete guide for real estate planning and for cryptocurrency investors. People are still cautious  about using cryptocurrency as it is an intangible asset and its market structure is highly volatile. One can secure his hard earned money by purchasing homes and lands you are solidifying your digital assets and keeping it safe from the unknown hacks. 

A cryptocurrency holder has the  fluency to liquidate the crypto-assets and invest in the real estate. ‘MTCX property’ is one of the platforms providing these services in 5 major Eastern countries and will soon provide its services globally.

Bitcoin exchanges to introduce KYC and AML guidelines, Money Trade Coin leads the path

The announcement of the Indian Financial Budget for the  FY18 and the Finance Ministers remarks on cryptocurrency has stirred up a new anxiety in the Indian Cryptocurrency markets.

Since Mr. Arun Jaitely did not clear the government's stand on cryptocurrency, whether it is accepted as a legal tender or completely discarded as an illegal tender. However, the speech by the FinMin has made the Bitcoin Exchanges cautious as they are now planning to introduce a Central Repository of Users to collect their database from the which will aid them to maintain and access the actual record of transactions.

As per the idea, the cryptocurrency holders will have to register their Aadhar ID or Permanent Account Number with the exchange service, which will provide them the details of the total number of cryptocurrencies held by the users, it's total value and the pattern of buying and selling a pattern of the user's.

This proposal by the Bitcoin exchanges will soon be produced by the Government.

However, it is notable that Money Trade Coin, one of the fastest emerging cryptocurrencies in the market is already a step forward from the Leading cryptocurrency -Bitcoin exchanges, as Money Trade Coin has initiated the Know Your Customer (KYC) and Anti- Money Laundering (AML) provision since its inception. As such, cryptocurrency holders associated with Money Trade Coin,  receive high-end security and safety of their transactions and the group is putting all its efforts to prevent the illegitimate and unlawful utilization of cryptocurrencies.

Australian High School set to Organise 'Information Night on Cryptocurrency'

Cryptocurrencies have stepped in every nook and corner of the world. From daily transactions to E-commerce portals, this Digital Currency has not left anyone/anything away from its light. Since its demand is surging remarkably high with each passing day and it is steadily penetrating into the mainstream global financial economy, it is imperative to have an understanding about the new phase in the financial market system.

With a view to informing and educating people in its region about this new era of digitization, an Australian High School is preparing to host an "Educational Presentation" on cryptocurrencies. St. Laurence's College intends to conduct a non-compulsory program for the schools' staff and students of an 11th and 12th standard.

The aim is to spread awareness and educate coming generation about the basics of cryptocurrency, it features, the technology used,  the current market structure revolving and ways to secure investments.

The idea to hold the presentation came into being after the school authorities were notified that some of its senior students were involved in Cryptocurrency transactions. 

The initiative to Educate and Inform them about this new space of financial system proves to be a boon to avoid future consequences.

Abu Dhabi eyes on Bitcoin Regulations

The widespread usage of cryptocurrencies has raised concerns about its security and safety. Since quite some time, discussions regarding control and regulation of cryptocurrencies have been doing rounds globally.

According to latest reports, the Financial Regulators in Abu Dhabi is planning to launch a Cryptocurrency framework to regulate the use of virtual currencies. The Financial Services Regulatory Authority (FSRA)  of Abu Dhabi is currently assessing the development of a regulatory framework with the pertinent official authorities.

The idea behind introducing the regulation is to keep a close check on the activities and utilities of the virtual currency by the Cryptocurrency holders and intermediaries.

Earlier, in October, the Abu Dhabi Government had introduced certain guidelines for cryptocurrencies and ICOS in UAE. However, at that time, the Financial Regulator of Abu Dhabi did not support the idea considering ICOs as a security and Cryptocurrency as a Commodity.

The FSRA in its plan to develop a proper financial framework to supervise cryptocurrency also, it is still gaining immense popularity and interest worldwide as a medium of exchange.