Tag Archives: crypto

Cryptocurrency adoption is key to financial inclusion

Cryptocurrency adoption is key to financial inclusion "CoinDCX CEO"

Providing financial inclusion for all is Markethive’s main objective.

The answer is Markethive’s blockchain technologies, and integrated entrepreneurial ecosystem.


In a recent article for Nasdaq, Sumit Gupta, CEO of CoinDCX, one of India’s largest cryptocurrency exchanges, wrote about how cryptocurrencies could hold the keys to financial inclusion. In the article, Gupta cited the World Bank’s most recent Global Findex report which stated that as many as 1.7 billion people worldwide do not have access to formal financial services. However, Gupta noted that two-thirds of unbanked individuals have access to a mobile phone.

The CoinDCX CEO argued that in such a “highly globalized, technology-driven world,” one with 5.11 billion unique mobile phone users and 4.39 billion Internet users last year, “cryptocurrencies could be the answer to ensuring greater financial inclusion and opportunities for all.”

According to Gupta, the vast majority of the unbanked live in poverty-stricken areas with emerging economies. This dual-threat of poverty and economic hardship makes the barrier to entry for traditional financial services too high for low-income individuals and traveling to physical bank offices can prove “inconvenient and costly for those living in rural areas,” he said. Gupta added,


Gupta also spoke of how there are no costs for holding or managing cryptocurrencies which, unlike banks, don’t require a lengthy approval process to get hold of. Further, he claimed that adopting cryptocurrencies can be advantageous to countries where volatility and non-existent financial infrastructure is the norm. Venezuela is one such example, a country where Bitcoin and Dash usage has spiked in an attempt to combat the devaluation of the local fiat currency.

“For these Venezuelan citizens, cryptocurrencies are not just a means for protecting their wealth, but also an alternative medium for conducting everyday transactions.”

Sumit Gupta also said that an inclusive financial system could inadvertently boost socio-economic growth, lifting communities out of poverty. Additionally, he also said that if cryptocurrencies are to have the desired impact in bringing the unbanked into the financial ecosystem, promoting mainstream adoption and a coordinated approach between global regulators and policymakers will be key.

Gupta also spoke of how there are no costs for holding or managing cryptocurrencies which, unlike banks, don’t require a lengthy approval process to get hold of. Further, he claimed that adopting cryptocurrencies can be advantageous to countries where volatility and non-existent financial infrastructure is the norm. Venezuela is one such example, a country where Bitcoin and Dash usage has spiked in an attempt to combat the devaluation of the local fiat currency.

“For these Venezuelan citizens, cryptocurrencies are not just a means for protecting their wealth, but also an alternative medium for conducting everyday transactions.”

Sumit Gupta also said that an inclusive financial system could inadvertently boost socio-economic growth, lifting communities out of poverty. Additionally, he also said that if cryptocurrencies are to have the desired impact in bringing the unbanked into the financial ecosystem, promoting mainstream adoption and a coordinated approach between global regulators and policymakers will be key.

Sumit Gupta also said that an inclusive financial system could inadvertently boost socio-economic growth, lifting communities out of poverty. Additionally, he also said that if cryptocurrencies are to have the desired impact in bringing the unbanked into the financial ecosystem, promoting mainstream adoption and a coordinated approach between global regulators and policymakers will be key.

“Smart regulation is crucial to ensuring a secure and equitable system in which cryptocurrency holdings are protected, without hindering the potential of the technology.”

Markethive is leading this revolution and has the very real potential to be on par as the top utility coin with Bitcoin being the top FinTech coin.

 

Thomas Prendergast
Markethive

Content from AMBCrypto

Plagiarist Those Dam Plagiarist

Plagiarism, Identity Theft, And False Promises All Too Common In Cryptocurrency Market

A Wall Street Journal analysis of 1,450 cryptocurrency offerings has unveiled unchecked plagiarism, rampant identity theft, and false promises of impossible financial gains.

‘LIES, DAMN LIES, AND STATISTICS’

Though it might not come as much of a surprise to those more intimately familiar with the cryptocurrency space, a Wall Street Journal review of 1,450 documents for digital coin offerings as unveiled 271 indicators of fraudulent tactics — including “plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams.”

Investors have reportedly dumped more than $1 billion into the flagged projects, with $273 million already claimed as losses.

RED FLAGS

Plagiarism is one of the most rampant signs of fraudulent activity in the cryptocurrency space. The Wall Street Journal explains:

Of the 1,450 white papers downloaded from three popular websites that track coin offerings, the Journal found 111 that repeated entire sections word-for-word from other white papers. The copied language included descriptions of marketing plans, security issues and even distinct technical features such as how other programmers can interact with their database.

Swiss-based UTrust has had its whitepaper plagiarized numerous times –  something CEO Nuno Correia already knows. “We get a lot copies of our white paper,” Mr. Correia told The Wall Street Journal, “My picture, my description, my team, even our website was copied.”

Even high-profile projects like TRON (TRX), the 10th most valuable cryptocurrency by market capitalization, has been accused of plagiarism by many in the blockchain space, including Ethereum founder Vitalik Buterin.

The Wall Street Journal also found that “at least 121 of the projects didn’t disclose the name of a single employee and several of them listed team members who either didn’t appear to exist […] or were real people who said their identities were being used without their knowledge.”

Companies promising unrealistic returns – such as weekly payouts or doubled returns – without any risk are also running rampant in the cryptocurrency space, despite such practices being prohibited by the US Securities and Exchange Commission.

All of these red flags should be serious “warning signs for investors,” Bradley Bennett, a former enforcement chief at the Financial Industry Regulatory Authority, told The Wall Street Journal. Bennett explained:

There are going to be some legitimate players that emerge from this but it’s going to be a handful – a lot of it looks like penny-stock fraud with lower barriers to entry.

What do you think about the rampant fraud currently present in the cryptocurrency marketplace? Do you think this trend will continue, or die out as the cream rises to the top? Be sure to let us know in the comments below!

Author:
ADAM JAMES · MAY 19, 2018 · 8:00 AM
PLAGIARISM, IDENTITY THEFT, AND FALSE PROMISES ​

 

Alan Zibluk Markethive Founding Member