8 out of 10 Aussie Bitcoin traders are men
Eight out of 10 people trading cryptocurrencies in Australia are men, according to joint research by the Australian Digital Commerce Association and Accenture. Eighty-three per cent of the 312,633 customers registered across seven Australian exchanges at the end of 2017 were male, according to joint research by the Australian Digital Commerce Association and Accenture. The exchanges processed more than 2.7 million transactions in 2017 worth a total $A3.9 billion, at an average of $A1,430 per trade. Source: 8 out of 10 Aussie Bitcoin traders are men – SBS News
‘Beware bitcoin tax scammers’: Tax Office
The Australian Tax Office (ATO) has warned Australians to be vigilant about scammers impersonating the ATO and demanding debts be paid in cryptocurrency. Following the end of the financial year, scammers email victims falsely claiming to be collecting tax return debts on behalf of the ATO. Assistant commissioner Kath Anderson said the ATO has recorded over $50,000 lost to scammers from unwitting victims. “Cryptocurrency operates in a virtual world, and once the scammers receive payment, it’s virtually impossible to get it back,” said Anderson. “Scammers are constantly adapting their methods to maximise their chances of picking your pocket. “Unfortunately it was inevitable that scammers would target cryptocurrency given its current […]
Ripple wants to invest in startups that will put its XRP cryptocurrency to work
Payments company Ripple says it plans to invest in startups and technology companies to develop more uses for XRP, its cryptocurrency that is currently the third largest digital token behind bitcoin and Ethereum based on total market cap. The value of XRP shot up in December and January following a crypto market rally that saw bitcoin reach nearly $20,000 per coin. The collective value of XRP was worth more than $128 billion at peak before a market crash in January walked those prices back significantly. Today, the token has a total market cap of around $30 billion but Ripple has come under fire for a perceived lack of use for […]
Digital currency exchange opens Australia’s first OTC desk for institutions
Independent Reserve, the Australian Digital Currency exchange, has opened Australia’s first over-the-counter trading desk for institutions wanting to make large digital currency trades. CEO Adrian Przelozny said the lack of block trading venues had been a barrier for institutions to participate in digital currency investment. “Digital currency markets are just like any other asset class, in that when the market sees a big trade coming through it will move the price against whoever is making that trade,” he said. “In equity markets they solve that problem with dark pools and sales trading desks, but there is no digital currency equivalent in Australia as yet. By establishing an OTC desk with […]
Bitcoin Trading: Where to Start?
Bitcoin divides opinion. Some think it’s the most revolutionary development in global finance ever, whilst others are all too eager to demonize it as “fraud” or Ponzi Scheme. Whatever your opinion of the world’s first truly decentralized money, one thing is certain: the price is incredibly volatile. It’s not uncommon for Bitcoin to see 20% moves in just 24 hours. In fact, the largest swing ever in the price of Bitcoin was in 2013. It dropped from $233 to $67 in a single night. For investors, a crash of 71% such as the one experienced that April will have been heart-wrenching to endure. However, not all would have lost money […]
What caused the Cryptocurrency Boom of 2017?
Bitcoin, which is a digital currency (cryptocurrency), saw a 2000% increase in value from January 1, 2017, to December 16, 2017. Today, cryptocurrencies are the world’s fastest-growing asset class with a market cap of $645 billion, up from just $15 billion in 2017. The lightning rise of Bitcoin led to an accusation by JPMorgan CEO Jamie Dimon, who called it a “fraud worse than tulip bulbs,” referring to the Dutch tulip bulb bubble that burst in 1637. Other critics like investor Warren Buffet labeled Bitcoin a “mirage,” and cautioned people to “stay away from it.” These are both serious accusations. So why are some people so critical of cryptocurrencies? Up […]
How to safely buy and sell cryptocurrency
Cryptocurrency exchanges and theft have been regular news since Bitcoin went big, but that hasn’t deterred investors: The number of digital cryptocurrency wallets in existence by the end of 2017 was 21.5 million. That’s a huge increase from 2015, when only 5.4 million wallets were around. Along with the new popularity of cryptocurrency has come a new breed of cryptocurrency criminals. In 2016 $95 million worth of Bitcoin was stolen, and in 2017 the amount stolen exploded: $115 million was lost to phishing, $103 million to exploitation of software and storage, $7.4 million to hacks, and $4,000 to Ponzi schemes. That’s a lot of lost cryptocurrency—so how are criminals doing […]
Fintech – The evolution of modern financial technology in the 21st Century
Financial procedures have evolved drastically over the last 100 years. We have seen a huge change in how many aspects of finance are processed such as payments, investment, data storage and types of currency. A term that has sprung up in the last couple of decades and gained prominence is ‘Fintech’ – this articles details exactly what Fintech is, and why it is essential for the modern world. What is Fintech ? Fintech = financial technology This is the basic meaning. Fintech is much more than that however – it is any new type of innovative technology that competes with or precedes traditional financial methods; particularly the delivery of financial […]
