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Bitcoin Businesses – Eye $40 Trillion FX Margin Trading

The government made bitcoin a legal payment system on 1 April 2017. After that, it continued to boom in Japan. As it became very popular and trending, now there is a rush for bitcoin business to register with the FSA Japan. Retail investors currently favor the $40 trillion foreign exchange margin trading market.

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On May 17th, 2017 in Zug, Switzerland Monaco Technology GMBH revealed its revolutionary Monaco VISA card and app.

Not only traditional sources, but, Monaco can also be funded with Bitcoin, Ethereum, and other ERC20 tokens. Monaco allows users to spend and send money worldwide at absolutely perfect interbank exchange rates, saving EUR30-40 on every EUR500 equivalent spent. Ethereum Futures on the delta.exchange can be found here.

Kris Marszalek, Founder of Monaco Technology, said: “The team worked incredibly hard over the last year to bring the Monaco VISA Card & App to the market.

It’s a beautifully simple product that allows users to avoid all the bank charges and currency exchanges impose on them.

We believe that every single person who holds Ether or Bitcoin needs one. It brings amazing value, transparency and peace of mind.

You will never have to worry about exchange rates again, always getting the best deal physically possible. It’s an incredible feeling!”

Indian bank Kotak Mahindra implements blockchain in trade finance:

Kotak Mahindra Bank Blockchain

Kotak Mahindra bank which is India’s one of the largest private banks has completed an end-to-end trade finance transaction with a client over a blockchain.

In the Indian context, experiments with blockchain applications are going on in various areas of transaction journey and processes. It also includes paper-intensive processes of Trade Finance and Supply Chain financing segments.

Some other banks also like Yes bank has completed a blockchain trial to digitalize vendor finance with the help of technology sourced from the Linux Foundation-led open-source blockchain project, Hyperledger.

ICICI bank has also started dealing with blockchain pilots.

Bored with Banking, this former Citi trader went full crypto:

In the year 2013, Arthur Hayes was utilizing his time as an equities trader for Citigroup Inc., in Hong Kong.

Six years earlier, he had an interface with something like a golden age in banking when he worked in the “snake pit”. At that time, the markets were on fire. Traders were taking helicopter trips to the casinos of Macau to celebrate their triumphs.

He liked the crowd and rush of the trading floor. After a few years, there was a financial crisis at Citi. At that time, Hayes was about to lose his job in one of the periodic culls, but, he discovered bitcoins.

Today, he is the co-founder and chief executive officer of BitMEX. BitMEX is a cryptocurrency exchange that operates out of Hong Kong.

Goldman says it may trade more than just digital currency futures; Cryptos prices rebound:

While the lack of enough security might play an important role in the exchange of hacks, the transitional processes make bitcoin and other cryptocurrencies main target for hackers.

The main disadvantage of bitcoin is immutability. Once a transaction takes place, it can never be undone. This can be one of the most probable reason for hackers to target cryptocurrencies.

Final words:

So, this was all about Bitcoin Businesses Eye. We tried our best to share all the necessary details about Bitcoin Businesses Eye, Bitcoin trading and Bitcoin analysis. We also shared a story so that you can get to know about the Bitcoin experience. If you still have any doubts or queries, just feel free to contact and ask us. If you have some other information and details about Bitcoin Businesses, must share with us. It will be good to have a two-way conversation.…

Intel Releases Patent for New Cryptocurrency Mining Accelerator

Intel has come up with a bitcoin mining chip accelerator and is trying to patent the innovation. World’s largest semiconductor company has filed a patent which was it acknowledged in September 2016. The recently released chip is titled – “Bitcoin Mining Hardware Accelerator with Optimized Message Digest and Message Scheduler Datapath.

Cryptocurrency has often been accused of using a tremendous amount of energy to function. Iceland confirms that mining bitcoin consumes more energy than powering its residence. To combat the situation, bitcoin-friendly cities like New York and Plattsburgh have imposed strict rules to decrease energy consumption and demands of bitcoin miners.

According to a report in bitcoinmagazine.com Intel has claimed to find a solution to the problem. The new bitcoin mining chip is efficient in reducing energy consumption and costs in bitcoin production. It also says that up to 35 percent energy would be saved while mining more number of bitcoins in the same process.

Intel releases patent for new cryptocurrency mining accelerator

The document states, “Because the software and hardware utilized in Bitcoin mining uses brute force to repeatedly and endlessly perform SHA-256 functions, the process of Bitcoin mining can be very power-intensive and utilize large amounts of hardware space. The embodiments described herein optimize Bitcoin mining operations by reducing the space utilized and power consumed by Bitcoin mining hardware.”

As per Intel finding the 32-bit field is the most expensive and burdensome step in creating a bitcoin. Block hash contains a solid set of zeros or a nonce under a fixed value. After computation, these zeros are tied to the hash of the transaction hashes in the blockchain”. Numerous 32-bit additions and 32-bit words are pushed to work together by the message digest and message scheduler blocks which trims the energy use.

On the one hand, energy costs are getting out of control in the US while China is clamping down bitcoin production by limiting their energy supply on the other. Due to bitcoin’s underperformance in the last week experts do not see it as profitable anymore. Most of the miners are not able to stretch the gap between their investment and earnings.

Intel is not the only company developing mining chips.

Coindesk.com earlier reported that Samsung is creating specialized cryptocurrency mining chips. Samsung now provides application-specific integrated circuits (ASIC) to a Chinese mining company.

The problems for Intel have increased with the rise of BDPL, Blockchain Defensive Patent Licence. It orders bitcoin-based companies to submit their patents with other license holding members of the group. BDPL has laid down strict rules that prevent blockchain companies from having particular rights over specific products and patents. It also holds the power to penalize licensees who charge against patents licensed by other members.

If Intel can create value for bitcoin miners while working under BDPL’s guidelines, it will undoubtedly change the crypto market forever. It should also be noted that rival companies are also trying to mold the cryptocurrency in their favor. There are many chances of different chips being used by various miners in future.