Cryptocurrencies

How African Users Can Buy and Trade Bitcoin Cash Without Facing KYC or Geoblocking Hurdles

13/04/2021 by Idelto Editor

Africa remains the home to a large proportion of the world’s population that is unbanked according to a 2017 World Bank Global Index survey. Many of those who are unbanked cite their lack of official identification particulars as one of the main reasons for their predicament.

Cryptos Narrowing Financial Exclusion Gap

Therefore, in their effort to reduce the number of people that have no access to banking services, Satoshi Nakamoto created Bitcoin, a decentralized digital currency and network that is available to anyone. Now, more than ten years later, the crypto asset has had successes in narrowing the financial exclusion gap as some financial services are now available to those lacking identification documents.

How African Users Can Buy and Trade Bitcoin Cash Without Facing KYC or Geoblocking Hurdles — Local.bitcoin.com is a peer-to-peer bitcoin cash (BCH) marketplace that’s available in every nation in the world.

However, the rising fees on networks such as bitcoin (BTC) or ethereum (ETH) mean the respective crypto assets may eventually become less accessible. Further, the imposition of KYC requirements by some centralized crypto exchanges or the enforcement of FATF rules means millions of individuals including many from Africa will soon be blocked from trading cryptocurrencies.

Nevertheless, some crypto exchange platforms like Local.bitcoin.com continue with their quest of making it possible for African users to have access to cryptocurrencies like bitcoin cash. Also, African users or traders will transact with the full confidence that the other party to the transaction will perform as agreed. Local.bitcoin.com’s blind escrow system ensures all parties play their part.

How to Start

So how can a prospective trader safely buy or sell bitcoin cash on Local.bitcoin.com? The first step would be to go on local.bitcoin.com and create an account. Creating an account on Local.bitcoin.com only requires one’s email address, a username, and a password. There is no KYC, an ID verification process, or geoblocking which often forces users from certain regions to use VPNs. Once an account has been created, the user is now ready to start trading.

To start trading, a prospective BCH buyer simply selects a trader from a list of sellers shown on the offers page. If the two traders agree on the sale, the transaction will proceed with the seller sending the BCH to a blind escrow account. The buyer is then expected to make the payment as agreed and once this has been received by the seller, the assets held in the escrow account will be released to the buyer. Every country in Africa is listed on Local.bitcoin.com’s peer-to-peer bitcoin cash (BCH) market like Nigeria, Zimbabwe, Ghana, South Africa, Kenya, and specific populated cities as well.

No Censorship

Meanwhile, because Local.bitcoin.com is a peer-to-peer platform, traders can agree on a payment method that satisfies both parties. Since Local.bitcoin.com is decentralized, there is no way even the company’s staff can censor or stop certain transactions. Like onchain bitcoin cash (BCH) transactions, exchanges between two parties should be censorship-resistant as well.

To Illustrate, BCH buyers from countries like Zimbabwe, which is blocked from accessing the global financial system, will state their preferred methods of paying. A seller that is amenable to these conditions will then respond to the offer. After the same process as described above has been repeated, the seller will receive his payment while the Zimbabwe-based buyer gets his BCH.

For prospective African crypto traders that wish to trade on centralized exchanges but lack access to Visa or Mastercard, Local.bitcoin.com provides a secure alternative means of funding a trading account. For peer-to-peer traders, Local.bitcoin.com enables even small traders to trade as the fees on the BCH network make this possible.

Is it easy to buy BCH via local.bitcoin.com? You can share your thoughts in the comments section below.

Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

13/04/2021 by Idelto Editor

Spanish authorities are enforcing their tough stance on the cryptocurrency industry, and the national tax agency seems to be taking it very seriously. Now, the Hacienda issued 14,800 warning letters to Spaniards under their watch for allegedly having failed or need to declare crypto holdings.

Fines Could Be ‘Over $5,900’ if a Crypto Holder Fails to Declare Mandatory Tax Filings

According to Telemadrid, Spain’s tax agency was clear on making cryptos taxable, and notifications have already arrived to their correspondent receivers.

Spanish crypto holders should declare their earnings in the tax filings, and if they fail to do it, Hacienda said they could incur fines of over 5,000 euros ($5,900).

However, Hacienda clarified domestic crypto holders are not accountable for their crypto buying operations, but only the profitable sales. Experts quoted by the local media outlet explained that Spaniards should declare profitable sale operations “made over 2020” on this occasion:

Either because we have exchanged them to euros to another cryptocurrency or because we have used them to buy a good, a flat, or a car.

That said, according to the experts, if somebody bought 10 bitcoin (BTC) in 2017 worth 10,000 euros ($11,880) which were sold for 200,000 ($237,700) euros in 2020, then the crypto holder should “we will have to declare a capital gain of 190,000 euros ($225,800).”

Tax Agency Targeted 66,000 Crypto Owners in 2020

But the number of letters sent this time by the Hacienda is by far lower than the batch sent in 2020. Spain’s tax authority did a similar campaign of sending notices to crypto owners last year, but it targeted 66,000 crypto holders.

Such a figure represented a massive increase from the 14,700 tax letters the agency sent to crypto owners in 2019.

As Bitcoin.com News reported in February 2021, Ana de la Cueva, the Spanish Secretary of State for the Economy, said cryptos such as bitcoin carry “a risk of default, given that the user does not have the protection offered by traditional payment systems against a default by the counterparty.”

That same month, the State Agency for Tax Administration of Spain published guidelines to reduce tax evasion for cryptocurrencies.

What are your thoughts on Spanish tax authorities sending tax letters to 14,800 crypto holders? Let us know in the comments section below.

Wildly Popular Live Casino Games from Evolution Now Available on Bitcoin.com’s Gaming Portal

08/04/2021 by Idelto Editor

Bitcoin Games adds live casino games and shows from the most sought-after gaming software provider.

Play Live Casino Games with Real Dealers

Bitcoin Games is a one-stop gaming portal for players to enjoy a variety of casino games playable with cryptocurrency. There is something for everyone – from slot lovers to jackpot chasers, the online casino offers all kinds of exciting video games that members can play and win cryptocurrencies.

The premium crypto gaming portal is now expanding its arsenal with the addition of live casino games and shows from the leaders of video-streamed live experiences – Evolution Gaming. The newly added live casino games include a variety of classics such as Baccarat, Blackjack, and Roulette, along with many other exciting games that promise players an unmatched gaming experience.

Play live game shows like ‘Crazy Time’ and ‘Deal or No Deal’ to win Bitcoin with up to 20,000x multiplier!

Building upon the existing library of games, Bitcoin Games is also bringing a new way of experiencing online casinos. An entirely novel idea that combines traditional money wheel games with wildly popular game shows for an immersive gaming experience. Players can now participate in highly engaging real-world game shows such as Crazy Time, Deal or No Deal, and Dream Catcher right from the comfort of their devices – with Bitcoin!

Bitcoin Games has established itself as one of the top crypto casinos where players can expect a smooth gaming experience while having access to world-class customer support and excellent account managers. With a perfect payout rate, the premium casino regularly dishes out millions in Bitcoin to lucky players every month.

Check out these newly added games or try out the exciting range of casino classics available only on Bitcoin Games.

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Another Hedge Fund Gets Crypto Exposure via Grayscale’s GBTC

08/04/2021 by Idelto Editor

Millennium, the U.S.-based alternative investment management firm, has become the latest hedge fund to get exposed to cryptocurrencies via Grayscale Investments’ bitcoin trust. However, the extent of Millennium’s exposure to the crypto asset has not been disclosed as both Millennium and Grayscale executives have refused to comment.

Nevertheless, a report by The Street says two sources claiming to have knowledge of the deal have confirmed Millenium’s acquisition of the shares. The report also quotes one of the two unnamed sources suggesting that Millennium, which has $48 billion worth of assets under management (AUM), could have been drawn to the crypto asset by the lingering discount on GBTC shares. At the time of writing, the discount on GBTC shares had dropped further to 11.45%.

In the meantime, the sources in the report assert that Millennium’s indirect investment into BTC represents yet another big endorsement for the crypto asset. The report said:

The fact that Millennium having skin in the GBTC game, to begin with, is likely another bullish indicator for bitcoin as an asset class. The holdings also suggest that Millennium’s synthetic crypto exposures are more substantial than what has previously been reported.

In the meantime, the same report suggests that Millenium might just be “the largest asset manager yet to emerge in the crowded GBTC trade, likely a bullish indicator for bitcoin itself.” Yet despite this bullish signal, Grayscale recently revealed its plan to eventually convert “the trust into a bitcoin exchange-traded fund (ETF).” An ETF enables the direct holding of BTC and this provides more favorable liquidity terms than a trust structure.

What are your thoughts on the revelations that Millennium is invested in crypto via GBTC? You can tell us what you think in the comments section below.

JPMorgan Boss Says ‘Emerging Issues’ Like Cryptocurrencies ‘Need to Be Dealt With Quickly’

08/04/2021 by Idelto Editor

JPMorgan’s boss Jamie Dimon has a bone to pick with cryptocurrencies, shadow banking, and the financial technology (fintech) economy. In a letter to JPMorgan shareholders, Dimon explained that banks are “playing an increasingly smaller role in the financial system” and there’s a list of items like digital currencies he’s named that needs to be “dealt with – and rather quickly.”

Jamie Dimon’s Letter to JPMorgan Shareholders Says Banks Need to Focus on the Future

Jamie Dimon has written a comprehensive letter to shareholders about the company’s accomplished goals and future concerns. Dimon’s letter, of course, meets the needs of his friends in Davos and the World Economic Forum’s 2030 playbook. The JPMorgan CEO addressed many of these targets like addressing climate change and lending more money to minorities who have limited access to banking.

In addition to the accomplishments and future changes, Dimon noted that financial incumbents are “bogged down in the past” and a concentration needs to be dedicated to the future.

Dimon highlights that U.S. banks have grown much smaller in comparison to shadow banks, fintech, and the magnitude of the ‘Big Tech’ companies. The JPMorgan CEO thinks however that it is “more important” for payment transactions to flow through the U.S. banking system than these alternatives.

“Transactions made by well-controlled, well-supervised, and well-capitalized banks may be less risky to the system than those transactions that are pushed into the shadows,” the letter to shareholders insists.

Competition and Dealing With Cryptocurrencies Rather Quickly

Still, Dimon recognizes the need for competition in the financial world.

“We need competition – because it makes banking better – and we need to manage the emerging risks with level playing field regulation in a way that ensures safety and soundness across the industry,” he stressed. Despite the competition, Dimon believes there are “serious emerging issues” that need to be “dealt with” soon.

“Not only are we slow in dealing with the past, but it distracts us from dealing with the future,” the JPMorgan boss emphasized. “There are serious emerging issues that need to be dealt with – and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, the tremendous risk that cybersecurity poses to the system, the proper and ethical use of AI, the effective regulation of payment systems, disclosures in private markets, and effective regulations around market structure and transparency.”

Dimon has been well known for disliking cryptocurrencies and bitcoin and even called the leading crypto asset a “fraud” a few years ago.

Despite this, JPMorgan has shown strong interest in bitcoin (BTC) and the digital currency economy during the last year. In February even after calling cryptocurrencies the “poorest hedge for major drawdowns in equities” it said investors can allocate 1% of their portfolios in crypto assets.

What do you think about Jamie Dimon’s opinion about bitcoin needing to be “dealt with” rather quickly? Let us know what you think about this subject in the comments section below.