A freedom of information petition has been filed demanding that the banks reveal their policies on accounts for proceeds of cryptocurrency trading. Holders of digital currencies in Israel, whose numbers have been growing by leaps and bounds in recent years, have an acute problem. In many cases, the local banks refuse to allow them to open an account in which to deposit money obtained from the sale of bitcoin or other cryptocurrencies.
It appears, however, that local bitcoin holders have reached the limits of their patience. They have begun to take action against the banks’ refusal to cooperate with them. Several lawsuits have recently been filed against banks that refused to deposit customers’ money from the sale of a digital currency, people trading in bitcoins are demanding that the Bank of Israel and the commercial banks should make their policy in this matter public.
A major step on the issue was taken this week with the filing of a freedom of information petition in the Jerusalem District Court by the Israel Bitcoin Association asking that Bank of Israel should be required to disclose to the Bitcoin Association copies of policy documents from each of the banks in Israel concerning money from digital currency, sources inform “Globes.” Bitcoin Association chairman Meni Rosenfeld told “Globes” this week that the Bank of Israel had refused the Bitcoin Association’s request to require the banks to publish their policy on digital currencies, saying that this constituted “commercial secrets.”
The Bitcoin Association earlier issued a call to local holders of bitcoin asking anyone with relatively small amounts of digital currency whose bank had refused to deposit money in their accounts to contact the Bitcoin Association for the purpose of taking legal action in the matter. Holders of small amounts of digital currency were specified because these individuals usually lack motivation for taking their own action against the banks because of the heavy costs involved.
Sources further inform “Globes” that the Bitcoin Association is now funding a legal proceeding aimed at enabling a customer of Union Bank to deposit money from the sale of bitcoin in his account. This petition states: “The bank did not conduct an examination of the petitioner’s specific circumstances. As far as the bank is concerned, the fact that the money came from the sale of bitcoin is enough to rule out in advance the option of depositing it in the petitioner’s account.”
No court in Israel has yet issued a ruling requiring a bank to accommodate activity by a customer dealing in digital currencies. Nevertheless, last June, as reported by “Globes,” Bit of Gold, an Israeli company, posted a significant achievement – a compromise settlement with Bank Leumi bearing approval from the Supreme Court. Under this agreement, which reversed a ruling by the District Court, Bit of Gold can continue holding its account at the bank for purposes of digital currency trading.
Why You Should Mix Your Bitcoin
Cryptocurrency hackings are at all-time highs in 2019, meaning proper security of your bitcoin is of the utmost importance. Bitcoin thieves are smarter than ever, using means to identify accounts belonging to you that are for the most part unknown and unconsidered by the average cryptocurrency user. Because the blockchain is a permanent ledger of all transactions, it may be easier than you think for a thief to locate the source of your bitcoin funds and trace them back to a wallet which they may then attempt to hack. It is also easy for parties who are the recipient of your bitcoin address to track and study the movement of your bitcoin, revealing your spending habits. This is why it is important to make use of a bitcoin mixing service such as SmartMixer in order to throw unwanted attention off the trail of your bitcoin or other cryptocurrency funds.
What is a Bitcoin Mixer?
A bitcoin mixer (or bitcoin mixing service) such as SmartMixer is a service that anonymizes a person’s bitcoin by mixing it with other bitcoin and depositing it into a new, unrelated address. Bitcoin is sent to the mixer address, combined with coins from several other sources, shuffled around, and redistributed in different amounts to different addresses. This helps to disguise the source of the bitcoin, making it hard to trace back to its origins.
How Does SmartMixer Work?
SmartMixer offers a few different options to go about mixing, depending on the level of security of which the user is interested. The first, most basic option is known as the “Standard Pool” option. In this option, a user’s coins are mixed with coins from other users who have selected the same method. The second option is “Smart Pool.” This option combines coins from different Smart Pool users along with private coins from SmartMixer’s own reserves, as well as coins from their investors. The most secure option is known as “Stealth Pool.” This option mixes user coins with coins only from SmartMixer’s reserves and their investors, excluding coins from other users.
How Do I Get Started?
First, it should be noted that no account is needed to use SmartMixer. Simply visit the website and select the type of coin you wish to mix (SmartMixer currently supports BTC, ETH, LTC and BCH) to begin. Next, you will be asked to enter in one (or several) receiving addresses at which you want your mixed coins to be deposited. There are a couple of different customizations from which to choose if more than one deposit addresses are being used, including setting the length of time between each deposit and the percentage of total coins sent to be deposited at each address. You will also choose the percentage fee which you wish to pay, with different fee ranges corresponding with different mixing strength options. After you have finished customizing your mixing setup, click “Continue” to be presented with the address to which you will deposit your coins to be mixed. After your coins have been received, the mixing process will begin.
For an additional layer of privacy, users can access the SmartMixer website through the tor browser in order to remove any trace of their IP address or location from the process. Users can also take advantage of SmartMixer’s referral program and earn commission by sending others to SmartMixer.
Simply put, using a bitcoin mixer is a standard security practice that should be employed by anybody who is serious about maintaining the privacy of their cryptocurrency funds and usage. SmartMixer is making this process safer and simpler than ever before, meaning that cryptocurrency users, both new and experienced, can enjoy enhanced levels of privacy and protection without the worry of losing their coins.
For more information and to begin mixing your coins now, visit the SmartMixer website at https://www.smartmixer.io.
The BitMEX Insurance Fund is up 50% since the beginning of 2019
The BitMEX Insurance Fund has increased to holding over 31,300 bitcoins or approximately $314 million. This means the fund managed by the derivatives exchange BitMEX holds nearly 0.15% of the total supply of bitcoins. The fund has experienced a 50.7% increase from its holdings since the beginning of 2019.
The BitMEX Insurance Fund is used to alleviate unfilled liquidation orders on the platform. Due to how BitMEX’s platform and products are structured, the exchange does not require payments from its traders who have negative account balances when they are liquidated in a levered trade. Instead, the exchange uses its Insurance Fund to ensure the winning party of a trade receives their expected profits even if the losing party’s losses do not cover the winning party’s gains.
BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM
Bitcoin (BTC) has formed a series of higher lows in the past few weeks, which is a positive sign. It shows that bulls are not waiting for the price to fall to strong supports to buy, but are buying a little higher each time. As a result, we find a symmetrical triangle pattern developing on the chart.
The bulls will now attempt to push the price to the downtrend line of the triangle. A breakout of this level will indicate a resumption of the uptrend. Therefore, traders can buy on a breakout and close (UTC time) above the triangle with a stop loss of $9,000. The pattern target is $17,233.92, The rally might face resistance at $13,973.50, but we expect it to be crossed.
Our bullish view will be invalidated if the BTC/USD pair turns down either from the moving averages or from the downtrend line of the triangle and plunges below $9,080. Such a move will indicate selling at higher levels. The next level to watch on the downside is $7,451.63. Both moving averages are flattish and the RSI is just below 50, which shows a balance between buyers and sellers. Hence, we are not proposing a buy at current levels.
Ether (ETH) has broken out of the downtrend line. This shows that selling pressure has reduced in the short term. The bulls will now attempt a recovery, which will pick up momentum on a breakout and close (UTC time) above 20-day EMA.
Aggressive traders can buy on a breakout and close (UTC time) above 20-day EMA and keep a stop loss of $174. The target to watch on the upside is $235.70. There is a minor resistance at the 50-day SMA, but we expect it to be crossed. This is a counter-trend trade, hence, the position size should be kept at 50% of usual.
If the ETH/USD pair fails to ascend the 20-day EMA and turns down, it will retest the recent lows. A breakdown of $174.461 will resume the downtrend and a fall to $150 will be in the cards.
When a breakdown of a critical level fails to pick up momentum, it shows a lack of sellers at lower levels. This increases the probability of a pullback, catching many bears off guard. The failure of bears to capitalize on the breakdown of the $0.27795–$0.24508 support zone is a bullish sign. If buyers can propel XRP above the 20-day EMA and sustain the level, it will indicate strength.
Aggressive traders can buy on a close (UTC time frame) above the 20-day EMA and keep a stop loss of $0.24. If the price sustains above $0.27795, it will re-enter the range. We then expect it to gradually move up to $0.45 in the medium term. However, at current levels, this is a counter-trend trade, hence, we suggest traders keep the position size at about 50% of usual.
On the upside, there might be a minor resistance at the 50-day SMA, but we expect it to be crossed. The short-term target is $0.34229. Contrary to our assumption, if the XRP/USD pair reverses direction from the 20-day EMA and plunges below the yearly low, a drop to $0.19 is possible.
The bulls have successfully defended the trendline of the ascending channel for the past two days, but have failed to propel the price above the 20-day EMA. Bitcoin Cash (BCH) is stuck between the trendline of the channel and the moving averages.
A breakout of the moving averages can carry the price to $360, above which we expect the BCH/USD pair to pick up momentum. Conversely, on the downside, if bears break below the neckline of the developing head and shoulders (H&S) pattern, the trend will turn negative. The next support on the downside is at $166.98 and below it, a fall to $105 is possible. We suggest traders wait for the price to break out of $360 before attempting long positions.
Buying when the price is below down-sloping moving averages might result in quick losses because it is difficult to predict the bottom in a downtrend. Though Litecoin (LTC) has held the support at $69.9227 for the past few days, a failure to rebound sharply shows a lack of conviction among buyers.
Unless the LTC/USD pair bounces above the 20-day EMA within the next three to four days, the likelihood of a breakdown below $69.9227 increases. If this support breaks down, the decline can extend to $58. Conversely, a breakout above the downtrend line will be the first sign that the trend is changing. Until then, we suggest traders stay on the sidelines.
Binance Coin (BNB) has held the support at $26.202 for the past two days. However, the lack of a strong bounce suggests that bulls are not aggressively buying at current levels. A breakdown of $26.202 can result in a fall to $24.1709, which is an important support. If this level gives way, the trend will turn negative.
Conversely, if the BNB/USD pair rebounds sharply from current levels, the important resistance to watch is the 50-day SMA, because bulls have not been able to scale this in the past few weeks. A breakout and close (UTC time frame) above the 50-day SMA will signal a probable resumption of the uptrend. The pair might face minor resistance at $32.50, above which a retest of lifetime highs will be in the cards. Traders can wait for the price to sustain above the 50-day SMA before initiating long positions with a stop loss of $26.
EOS again held the support at $3.30 on Aug. 21. This is the third time the support has held since July 16, which makes it a critical level to watch out for. If bulls can now scale above the 20-day EMA, it will increase the probability of a rally to $4.8719.
Nevertheless, if bears defend the 20-day EMA and the EOS/USD pair declines to $3.30 once again, the probability of a breakdown increases. Feeble rebounds from a strong support and repeated retests of the support level within a short span of time show a lack of demand. Below $3.30, the support levels to watch are $2.69 and below it $2.18. We are currently neutral on the pair.
Bitcoin SV (BSV) has been trading between the 20-day EMA and $130 for the past few days. This tight range is unlikely to sustain for long. Soon, we will see an expansion in volatility. If the price breaks out of the downtrend line and the 50-day SMA, a quick move to $188.69 is likely. We might suggest a short-term trade if the price sustains above the downtrend line.
However, if the price breaks down of $123.67, the BSV/USD pair can plunge to $107. This is a critical support to watch on the downside. If it breaks down, the pair will turn negative. As long as the price remains below the downtrend line, we do not find any buying opportunity because it indicates that bears have the upper hand. We will wait for the trend to change before recommending a long position.
Monero (XMR) continues to trade inside the $98.2939–$72 range. The price action inside the range is usually volatile and difficult to call, hence, it is best to either establish a long position on a breakout of the range or wait for the price to correct to the support to buy.
The XMR/USD pair has formed a symmetrical triangle and will make a decisive move after breaking out or breaking down of it. A breakout of the triangle can offer a buying opportunity with a target objective of $120, while a breakdown of the triangle can result in a fall to $60 and lower. Currently, we do not find any reliable buy setups, hence, we suggest traders remain on the sidelines.
Stellar (XLM) is stuck in a tight range of $0.072545–$0.065. While bulls are supporting the price at the lower boundary of the range, bears are defending the upper boundary. After a major breakdown, if the price does not follow through to the downside, it offers a buying opportunity because it indicates a lack of sellers at lower levels.
A breakout and close (UTC time) above the 20-day EMA will be the first sign that markets have rejected the lower levels because the XLM/USD pair has not closed (UTC time) above the 20-day EMA since breaking down of it on June 25.
Therefore, aggressive traders can buy on a close (UTC time frame) above the 20-day EMA and keep the stop loss at $0.065. This is a counter-trend trade, hence, we recommend keeping the position size only about 50% of usual. The first target on the upside will be a move to the 50-day SMA and above it $0.097795.
Conversely, if the XLM/USD pair breaks below $0.065, it will resume the downtrend that can extend to $0.05.
Market data is provided by the HitBTC exchange.
Shock Bitcoin Data Reveals Stark Ethereum, Litecoin And Ripple XRP Warning
Bitcoin’s dominance, a measure of bitcoin’s value compared to the wider cryptocurrency market, is hovering around 70% after climbing this year, according to CoinMarkCap and most traditional measures—a level not seen since April 2017.
The bitcoin price has been treading water over recent months after surging higher earlier this year as many bitcoin rivals, including ethereum, litecoin and Ripple’s XRP, struggled to make similar gains.
However, the market may be even more weighted towards bitcoin than previously thought, with shock research suggesting bitcoin’s real dominance may be above 90%.
Researchers found that if bitcoin’s dominance is adjusted for liquidity by calculating the volume-weighted market capitalization it soars to over 90%, reducing the rest of the cryptocurrecy market, including major tokens ethereum, Ripple’s XRP and litecoin, to a combined less than 10%—and making their ultimate success more unlikely.
“Every day bitcoin stays ahead, it becomes less likely that any other cryptocurrency can compete as a money,” warned Bendik Norheim Schei, an analyst at Arcane Research, who carried out the study.
“That is important to understand not only for investors and those building out payment infrastructure, but also those building out solutions leveraging the security of a public blockchain.”
Bitcoin currently has a market capitalization of $180 billion, compared to ethereum’s $20 billion, litecoin’s $4.5 billion, and $11 billion for Ripple’s XRP.
“The main reason is that one could easily create a cryptocurrency with 1 billion premined coins, and do one trade at say three dollars each,” Schei wrote. “This would lead to a total market capitalization of $3 billion, which would represent 1% market dominance with today’s valuations and inflate the total market capitalization.”
“The problem is that the calculation does not take liquidity into account. One might be able to sell one token for three dollars, but what happens if you want to sell 1 million? Without accounting for liquidity, market capitalization becomes a meaningless measure.”
Researchers found similar results when looking at the 10 exchanges identified by Bitwise as those having “real” (not wash trade) volume and if using volumes as recorded on CoinMarketCap, excluding stablecoins.
Seoul to Release Native Cryptocurrency by November in Blockchain Smart City Transition
Seoul is nearing several significant milestones in its journey towards becoming a blockchain smart city, blockinpress reports. By November, it aims to have the following in place:
- Public services accepting Korea’s national blockchain ID system as valid documentation.
- A blockchain system for managing part-time worker labour contracts, insurance and work history.
- A native city-wide cryptocurrency, dubbed S-coin.
According to blockinpress, S-coins will be redeemable for rewards and given to citizens when they use public services and participate in citizenship duties, such as paying taxes and participating in public opinion polls.
Beyond that, the potential applications of a digital currency such as S-coin are almost limitless, as a way of shaping people’s behaviour and streamlining interactions in the smart cities of the future.
The value of S-coin
To understand the value of the S-coin – the real rather than speculative value – it’s important to understand that one of the guiding principles of Seoul’s smart city program is to put engaged citizens at the centre of everything. After all, a city (and the entire planet for that matter) is for the benefit of its inhabitants first and foremost.
A native cryptocurrency is an excellent way of incentivising desirable behaviour in an organic way.
As people have previously said, government incentives have historically been oriented almost solely around punishments. Citizens behave because they get punished if they don’t. But just about every piece of behavioural research on the planet says a combination stick and carrot approach is by far the best way to instil desirable behaviour in humans and other animals.
Iran Announces New Rules to Regulate Cryptocurrency Market
New rules have been introduced by the Iranian government for regulation of cryptocurrency market as more people become interested in mining digital coins as a way of accessing international currencies at the time US sanctions.
A bill ratified by the Iranian Cabinet and released on Sunday said that the government will not recognize as lawful any trade activity carried out inside Iran involving cryprocurrencies.
It said the government and the banking system would not view the digital coins as legal tender and the Central Bank of Iran would not guarantee their value.
However, the bill said mining digital currencies would be allowed inside Iran under certain conditions, including if miners obtain the approval of Iran’s industry ministry, do not mine the currencies inside a 30-kilometer boundary of all provincial centers except for the capital Tehran and the central city of Esfahan where tougher restrictions apply.
It said the miners should also observe rules set by Iran’s standardization and communications authorities for mining machines, adding that certain fees will be applied for the energy used for mining the currencies.
Discussing the fees, the bill said authorized mining farms should be charged for the electricity, or the natural gas used to generate electricity, based on prices applied for the export of energy from Iran.
It said mining farms would be taxed like industrial manufacturing units unless the owners return the money earned from the export of their digital currencies back to Iran’s economic cycle.
The bill said Iran’s ministry of industry shall be free to devolve its powers to authorities in special economic zones if foreigners want to set up mining farms in those areas.
The new rules comes more than a month after reports suggested that mining farms were mushrooming across Iran in places where subsidized electricity was on offer.
Authorities had hinted in the midst of a crackdown on those farms that they would recognize cryptocurrency mining as it could ease government’s access to sources of foreign currency at a time of US sanctions.
PrimeXBT Meets Growing Demand for Bitcoin Margin Trading with New iOS App
Over the last few years, the popularity of margin trading in the crypto industry has grown extensively and blossomed into its own competitive space of well-established crypto exchanges all vying for a slice of the pie.
But one trading platform, again and again, stands out from the rest of the pack. PrimeXBT has repeatedly taken steps to improve its value proposition to traders in the market, offering advanced trading tools, and an ever-growing list of financial assets that include crypto, forex, commodities, stock indices, and more.
PrimeXBT Launches New iOS App Following Successful Android Launch
Ahead of even more features hitting the platform with a planned copy-trading module through a partnership with Covesting, PrimeXBT has rolled out the iOS version of their mobile app, following the success of the Android app release.
After the Android app released on the Google Play store, traders voiced their desire for PrimeXBT to launch an iOS counterpart, so iOS users could access the advanced trading platform while on the go from their iPhones and iPads. Apple devices are among the best selling smartphones and tablets on the market, with hundreds of millions of customers across the globe, many of which are PrimeXBT clients.
PrimeXBT quickly responded by providing traders with the tools they need most and launched an iOS app last week.
App Launch Represents Milestone Moment for PrimeXBT
The mobile app release represents a milestone for the brand – a culmination of months of work coming to a climax. PrimeXBT has expanded from five of the most popular crypto assets – Bitcoin, Ethereum, Ripple, Litecoin, and EOS – paired against USD, to a full slate of crypto/BTC pairs, commodities, stock indices, and 18 of the world’s most popular forex currencies.
The company also secured a partnership with Covesting to bring its cutting-edge copy-trading technology to PrimeXBT through the Covesting module. Soon, traders will be able to launch their own fund, amass a following, and discover new income streams from their regular trading daily activities.
Through regular, impactful updates, listening closely to their client’s needs, and providing the most stable and secure experience in the Bitcoin-based margin trading space, PrimeXBT has seen its trading volumes surge, and new user registrations spike.
The boost is two-fold, PrimeXBT is gaining popularity through word of mouth over the trading tools, assets, and lucrative referral system, but also due to traders fleeing BitMEX over fears of shutdown or worse.
What to Expect from the PrimeXBT iOS Application
The PrimeXBT iOS app has all of the same features of the desktop experience with a slightly modified UI that’s just as simple-to-use an easy-to-understand. All available assets are included for trading at up to 100x leverage (up to 500x for forex trading), and performance can be tracked in real-time.
Traders will be able to do everything from read charts, to place and modify orders, set stops and take profit prices, and so much more.
The iOS app is available on the Apple App Store for iPhone and iPad. An Android app is also available on the Google Play Store. Both are offered to clients for free as a courtesy from PrimeXBT and a genuine urge to give their clients the best possible options for success.
Because Bitcoin-based margin trading has grown into a sort of industry and competitive space of its own, it demonstrates just how far ahead the trading platform is compared to the rest of the participants in the market.
How PrimeXBT’s iOS Stacks Up to the Crypto Competition
The main leaders in this area, are BitMEX, PrimeXBT, ByBit, and Deribit. Other platforms such as Poloniex, OKEx, and even the recent addition of merging trading on Binance, offer anywhere from 2% to 5% leverage, making them a poor option for those seeking more from a trading platform.
Out of the Bitcoin-based margin trading leaders, only PrimeXBT and Deribit offer iOS applications for their clients to manage their positions and portfolio while on the go. Oftentimes, during extreme volatility, mobile sites can be difficult to work with making a native iOS or Android mobile app extremely valuable to traders. But only PrimeXBT and Deribit make things easy for their clients.
But when comparing Deribit to PrimeXBT in terms of overall features offered, there is no competition. While Deribit may not lack an iOS app as the others do, they only offer Bitcoin trading – no additional crypto assets or financial assets are included for trading on the app, or on the platform at all for that matter.
Due to the clear advantage PrimeXBT has over the others, the addition of the iOS app is the metaphorical icing on the cake of an already attractive trading platform, designed for the world’s best and most profitable traders.
With PrimeXBT so far ahead of the competition both in terms of accessibility and purely from a features perspective, the trading platform becomes the most logical choice for traders seeking the most from their trading experience.
From advanced trading tools, an iOS app, to an unparalleled diversification opportunity, and so much more, PrimeXBT should be a regular part of any trader’s arsenal of profit-generating tools, and this new iOS app makes it even easier and faster to access those tools.
Paxful Is Building Infrastructure for an Era of Finance Fueled by Bitcoin
Paxful has been making it easier and safer for the world to buy bitcoin since 2015. By connecting buyers and sellers to one another, Paxful cuts out the middleman while broadening payment options and is available almost everywhere in the world. In 2019, bitcoin is well on its way to becoming a universal currency, offering its users an unprecedented degree of financial control and freedom. Paxful is here to ensure that those who want bitcoin can get it safely, securely, and at a fair price.
Describing themselves as “PayPal + Uber,” Paxful is a peer-to-peer digital marketplace where people can trade bitcoin directly with one another, accommodating over 300 different payment options. Bitcoin can be purchased instantly with debit, credit, cash, PayPal, or just about any currency, as well as with a wide selection of gift cards and other digital currencies. This means that unlike traditional bitcoin exchanges, Paxful customers don’t need a bank account in order to buy and sell bitcoin. This makes it a great utility for the 2.5 billion people in the world that have limited or no access to conventional financial services.
Paxful isn’t just a business
Since its inception, the Paxful team has been working hard to promote the usefulness of bitcoin as a digital monetary instrument, spreading awareness of its ability to empower those looking for alternatives to traditional banking systems. Whether it’s for investing, trading, spending, or even funding a business, Paxful is on a mission to increase understanding of the many beneficial uses of bitcoin on a global scale, providing people with a simple, fair, and secure platform for trading bitcoin in the process.
In 2018, Paxful launched the #BuiltwithBitcoin charitable initiative to demonstrate bitcoin’s ability to help people around the world. Paxful set a goal to build 100 schools, water wells, and community gardens for sustainable agriculture all across the continent of Africa and funded entirely by bitcoin donations. On July 18 of this year and in honor of Nelson Mandela International Day, Paxful donated over 13,000 South African rands worth of bitcoin to the GROW with Educare Centre project as their first charitable contribution to South Africa.
Projects like these demonstrate the usefulness of bitcoin as not only a currency but a successful vehicle for the development of remote regions around the world.
Whenever a new customer signs up with Paxful, they receive a free digital wallet that allows them to send, receive, and store bitcoin. They are also given access to a highly responsive 24/7 customer support system, with every trade protected by Paxful’s secure escrow service. Those who are planning on introducing their friends and family to Paxful are encouraged to take advantage of their generous affiliate program, which rewards users for referring new members.
In short, Paxful is building the infrastructure for the next era of finance and economics. They are committed to bringing financial inclusion to the underbanked and unbanked through peer-to-peer finance, making the most out what Bitcoin technology has to offer. Through connecting bitcoin with several other financial systems and instruments of value, Paxful serves as a universal translator for money, rendering their goals in line with Satoshi Nakamoto’s original intentions for that which bitcoin should be used.
Opening your own Paxful account is an extremely simple and straightforward process. To get started, visit their website by clicking here and choose the “Create an Account” menu option.
Earn Interest on Bitcoin and Other Cryptos with Amon
Take a step back and acquire interest on your crypto wallet; whether you are holding Bitcoin or other cryptocurrencies, the Amon Earn product allows you to earn interest for simply depositing cryptos. Instead of storing assets in an exchange such as Binance or Coinbase you simply deposit them in the Amon Wallet – doing so you will earn a percentage of interest every week.
What is Amon Earn About?
With more than 95% of crypto users using digital currencies as part of their investment portfolio, a smaller number spend cryptocurrencies day to day – the future remains bright for crypto finance.
So what has Amon done to help crypto investors and users? As easy as it sounds, they created an innovative Earn Product – by placing your cryptocurrencies in the Amon Wallet you can earn interest every week.
Whether you are adding Bitcoin (BTC), Ethereum (ETH) or LiteCoin (LTC) to your Amon Wallet it is really very simple – every Monday without fail you will receive an additional interest payment for those currencies – you can earn more with Amon.
And these are not the only cryptocurrencies, you can earn interest on more than 15 other cryptocurrencies!
How Does Amon EARN Work?
You might be wondering how Amon is able to provide interest from your deposited funds? It is quite straightforward – Amon has some great partnerships with Hedge Funds, professional trading companies that require large amounts of capital to place their trades. They borrow cryptocurrencies to third parties to pay their capital interests.
Amon keeps only 20% of the proceeds and shares 80% with the community. Amon Earn is both easy and straightforward:
- Deposit your digital currencies in the Amon Wallet
- You will receive interests on deposited funds every Monday
- Want to withdraw? No problem – there is no locking period
- 20+ Coins – Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), BitcoinCash (BCH), LiteCoin (LTC), DASH, and other coins in the pipeline.
How do I Calculate my Interest?
Wondering how much you can earn? With the Amon Calculator, you can work out the potential interests from your deposited crypto funds.
Simply insert the type of cryptocurrency you want to estimate as well as the amount and the calculator will give you an assessment of the weekly, monthly and annual yields that you could receive.
Based on market conditions the level of interest may change a bit, on average Amon Team estimates a yearly yield of 3-10% per annum.
The rates are updated every week and displayed on the APP.
What Else Can You do with the Amon Wallet?
The Amon Wallet is not just an interest-earning wallet, it is much more. You can also use the wallet to:
- Buy & Sell over seven cryptocurrencies
- Deposit / Withdraw Euro with a unique Virtual IBAN
- Exchange crypto-crypto and crypto-Euro
- Track the performance of your coins
- Pre-Order Card, Amon is shortly launching a debit card with a fully integrated powerful AI System to convert cryptos at the time of purchase
Who is Behind the Amon Wallet and How Secure is it?
The Amon Wallet is secured by the SEC regulated provider BitGo. BitGo is a supplier of custodial services that works with the top blockchain companies around the globe, handling millions of transactions and crypto assets. For additional piece of mind, they are also insured for up to $100 Million against loss and hacks.
As a top-level partner known for its reliability, Amon decided to work with BitGo to provide real security for the users – your funds have never been safer in the Amon Wallet.
Who is Amon? Starting its journey in 2017, Amon raised $1.5 Million via a successful ICO – in March 2019 Amon was proud to announce that they joined the Innovation Fund of MKB Bank, the fourth largest bank in Hungary.
Amon Vision and Awards
Amon’s journey started in November 2017 when they began to build a unique Wallet that offered unrivaled services.
Over the past year and a half Amon has been able to create different products for the needs of different crypto users:
- By holding your cryptos you can use the Earn product and make good interests
- You can buy Bitcoin or cryptos with Euro/swap between different cryptos – Amon is connected with a number of different exchanges and provides only the best rate for your exchange
- Amon will also be releasing a debit card backed by the Amon AI system to optimize users spending at the point of sale
Amon is proud to announce that they were awarded the Top Disruptive Company in 2019 at the Malta Blockchain Summit in May 2019 along with two other important projects, Bitcoin.com and HoloChain.
Exchange Token BIKI Poised to Continue Upward Surge
The first half of 2019 has seen good performances from platform currencies BNB, OKB and HT. Not resting on its laurels, the BiKi token (BIKI) reached a peak of 0.1394 USDT on July 5th, an impressive increase of 44 times over the course of 6 months, an indication of investor demand and recognition of the token’s value.
Primarily used to pay for services and fees when trading on the exchange, using BIKI grants the trader discounts over using other payment methods on the exchange.
BIKI follows the 4 principles of “daily buyback, quarterly burn, tokens in locked position, steady deflation”. This motto guides the platform’s goal of bringing value to BIKI through a three-step process.
Reduced Supply from Buybacks
BiKi.com has pledged to use 100% of its platform fees to repurchase and burn the token until it decreases to a supply of 100 million from its initial token issuance of 1 billion. BiKi repurchases tokens on a daily basis and burns them quarterly.
Currently, BIKI’s apportioned repurchase is five times that of BNB and HT, an indication of BiKi’s commitment to creating value for its platform token. It is also a statement of its ambitious positioning of BIKI against other platform tokens. BiKi’s scheduled coin burn on July 1st destroyed 70 million BIKI, a market value of approximately USD 7.5 million. To date, a total of 344 million BIKI has been cumulatively burned, which accounts for 34.4% of the total supply.
Lowered Liquidity from Locked-in Partner Positions
BiKi’s Community Partner Program requires its partners to lock in at least 30,000 BIKI for 1 year (with 10% interest) to be eligible for 60% cashback on trading fees as well as a host of bonus rewards, dividends and token airdrops. The program incentives invariably attract an influx of partner members which is a good source of investor traffic to the platform. The locked position also prevents extreme inflationary pressures on BIKI prices, preventing the formation of economic bubbles. According to reports, there are presently locked-in positions of more than 50 million BIKI, accounting for 15% of the overall circulation.
Both aforementioned steps are instrumental in reducing the total token supply in circulation, thereby increasing the token’s value and subsequently creating demand for it.
Increased Demand from Additional Use Case Scenarios
The value of a platform token is intrinsically and inextricably tied to the developments on the platform and BiKi is no different. BiKi has announced that it will launch a BIKI transaction pair in the future, whereby projects will then raise funds in BIKI instead of in ETH. This move once again increases demand and value for the token simultaneously.
While many other platforms regard the fees that platform currencies bring in as profits, BiKi has devoted 100% of its fees to buybacks in a bid to raise the value of its platform currency. High quality platform coins strengthen trading platforms and attract more users and investors to the platform.
Six months into 2019, BiKi’s unique set of implemented strategies has indeed given the token a strong start thus far. Decreased supply has inevitably increased demand, and the token has established a generally upward trajectory in value and looks poised to continue its upward surge. More users and investors on the platform results in more community partners (and in turn more referrals) who believe in the rising value of the locked-in BIKI token – a self-sustaining cycle that guarantees the vitality of the platform. All of this can only be good news for listed projects who can tap into the strong framework and growing user base of the exchange.
Headquartered in Singapore, BiKi.com is a global cryptocurrency exchange that provides a digital assets platform for trading more than 100 cryptocurrencies and 220 trading pairs. Since beginning operations in June 2018, BiKi.com is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 1.5 million registered users, 130,000 daily active users, and daily trading volumes of USDT 20 – 100 million.
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