Prescott Regency – Ethereum Co-Creator Is Convinced That Cryptocurrency Value Will Triple In 2018

Investors were under Bitcoin’s spell last year. Progressive upward growth in prices made many early investors wealthy. During the first week of 2018, there was a slight slump in Bitcoin after an announcement from regulation authorities. A cryptocurrency which was silently getting stronger in the shadows was Ethereum. Prosperity of Ethereum as a cryptocurrency doesn’t follow the trend of demand and supply like Bitcoin, but for its protocol.

Ethereum may dethrone Bitcoin

Co-creator of Ethereum, Steven Nerayoff, shared that the increasing number of projects that are being created on cryptocurrency could lead to a flippening in 2018. Bitcoin, until recently, was unchallenged, and had held the top position since 2009. In February 2017, Bitcoin clocked a market capitalization of 86.74%. Although, the price of each unit has risen since, and market shares perilously hang below 60%. In the meantime, the value of other cryptocurrencies have rapidly accumulated market share. Usefulness, importance, and value of a cryptocurrency are defined by several factors. Flippening is the point where Bitcoin could be replaced by another competitor. A power shift from Bitcoin, the pioneer of the current system, is inevitable. The most likely adversary to Bitcoin is Ethereum, and Ether token.

Ethereum is more useful than Bitcoin

Prescott Regency has found that Ethereum is swiftly attracting projects with many lined up for the upcoming year. Public interest in cryptocurrency, and Ethereum’s higher utility are the primary motivation for its exponential rise. According to Narayoff, the cryptomarket will strengthen only after a momentary fall. He believes that all investors will reap a consolidation after a crash. There are many investors and markets that aren’t streamlined to withstand a market upheaval. Such ventures are more likely to run into a wall, and disintegrate owing to their weak foundation.

Technology backing Ethereum’s Blockchain rely on smart contracts. It is emerging as a real-world cryptocurrency, as large companies adopt to it. There is a consortium called ‘Enterprise Ethereum Alliance’ created by powerful establishments like J.P Morgan and Microsoft, involved in the development of applications based on Ethereum Blockchain. Market sentiments are moving on to find new altcoins that are more profitable. 2017 saw an increased interest in Initial Coin Offerings (ICO). A process where a company raises money through the issue of digital tokens. Most ICOs are developed on Ethereum protocol.

Get in touch with our experts at Prescott Regency today, for an understanding of the cryptocurrency market.

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Prescott Regency – Japanese Tech Conglomerate to Pay Salaries in Bitcoin

A multi-billion-dollar conglomerate in Japan called GMO Internet Inc, is set to disburse salaries to over 4,000 full-time workers in the form of Bitcoin. The Japanese company has released an official statement sharing that the employees in the parent company as well as in its subsidiaries can opt to have their salaries paid in the form of Bitcoin in the future, with its freshly integrated and innovative payroll system.

Employees can opt for Bitcoin

The statement made by GMO Internet was procured by Bitcoin.com. The group has decided to launch a new system, which will enable its employees to receive their partial salaries as Bitcoin, to promote the ownership of cryptocurrency among them.

Initially, the conglomerate will try to restrict the Bitcoin amount its employees will receive monthly, to 881 USD or 100,000 yen. When the number of its Bitcoin-receiving workers grows, as well as the upcoming payroll system starts operating smoothly, they will increase the maximum cap.

Exchange launched by the conglomerate

In May 2017, the company introduced a digital currency exchange called Z.com Coin. The exchange targets retail traders and institutional investors, so that the increasing demand for Bitcoin from investors within the financial sector of Japan can be addressed effectively. Since then, the Z.com Coin exchange of GMO has been operating a digital currency trading platform and a cryptocurrency FX. GMO has already noted that the digital currency market in Japan may attain a valuation of around one trillion JPY (Japanese yen) in the coming few years. Prescott Regency have found that GMO appear optimistic that the cryptocurrency market in Japan will experience phenomenal growth.

A few months ago, GMO shared the long-term plans of the company to compete and participate in the global mining industry of Bitcoin. The declaration came as a challenge for the existent key players in the market like Bitmain. They further revealed plans of designing, as well as manufacturing their own mining equipment and ASIC miners, in collaboration with a local manufacturer of semiconductors.

The importance of GMO’s Bitcoin integration in their payroll system

The move taken by the Japanese group to integrate Bitcoin in its payroll system is extremely crucial, as thousands of their workers will participate in the scheme. The step is also an unprecedented one in Japan, as well as for various other dominant Japanese conglomerates. Since Bitcoin is a legitimate digital currency in Japan, a growing number of conglomerates may embrace the virtual currency as a method of payment.

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Prescott Regency – Blockchain Is Ushering In an Exciting Era of Online Financial Investments

The Blockchain is a revolutionary technology that can be easily accessed at any time and any place. All information recorded is public and can be easily verifiable. These features make it an excellent way to manage finances. Several companies have used traditional financial institutions to handle such transactions. Today, Blockchain technology possesses the necessary potential to revolutionize the way finances are managed.

An increasing number of businesses today are using Blockchain. Prescott Regency have witnessed this era have financial investments go digital. Many big brands are leading the way in incorporating these changes.

Conversion into Bitcoin smart contracts

The Blockchain technology is used by Bitcoin to conduct P2P(peer-to-peer) transactions. For instance, the Zen Protocol offers a platform where P2P trading can be conducted. The company has smart contracts that hold enforcement and escrow agreements. Zen Protocol is not against a merge, and is integrated. So, it has the potential to merge with Bitcoin. That signifies that any smart contract can be converted into a smart contract with Bitcoin.

A significant positive of Blockchain technology is its ability to include transparency in every transaction. Thus, if you think about the kind of problems that are prevalent in banks, you can track these issues such as money laundering, easily with Blockchain.

Blockchain-based solutions to control anti-money laundering activities

That is precisely the reason why Primechain Technologies have created such a massive difference. It is a company that is based in India, serving banks located in various parts of the country. The aim is to ensure that its clients can deploy Blockchain-based solutions to enforce anti-money laundering activities, syndication of loans, asset registry, and the transfer of cross-border payments. It is possible that the technology will be used by several banks in the coming years, to complete tasks such as background checks on clients with a higher efficiency level.

Blockchain in payroll efficiency

A crucial financial aspect of any business is how it chooses to pay its employees. It is especially relevant for remote employees, and is becoming highly popular. It can be an expensive proposition to make payments to people located in remote places around the world. Most companies today use an automated payroll process for their wage payment activities. For instance, a company based in Europe may need to deposit wages in American bank accounts for its remote employees. Fortunately, a company called Bitwage has implemented a new solution. It is the first payroll service based on Bitcoin. It means that an employee can avoid the expenses related to transferring their money between two countries. Plus, the time taken for completing the transfer process is also reduced significantly.

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Prescott Regency – The Steps To Protect Yourself From a Possible Cryptocurrency Scam

The world of digital currency is expanding quickly. Hence, it is little surprise that fraudsters are constantly looking out for opportunities to mint money. None of the digital currencies including Bitcoin are immune from this vulnerability.

The sophistication of these people is growing as fast as the growth in the cryptocurrency market. Thus, prior to investing in any of the available cryptocurrencies, you should be familiar with the red flags that hint that a digital currency is a scam. Prescott Regency want to avoid you getting caught up in one of these scams. To do so, keep the following details in mind.

1. When you are unable to find any concrete background information on the digital currency

When you can’t track any kind of solid background data on the coin, chances are there could be a scam lurking ahead. You can be sure that any digital currency that conceals or is unwilling to share fundamental information such as the address of its head office, or the owner’s name, will be a virtual coin scam

If you are serious about investing in a cryptocurrency, it is recommended to conduct comprehensive research about the background of that coin, before going ahead. If the coin lacks in-depth background information, you should steer clear of engaging with it.

2. When the digital currency only has an internal exchange but no local exchange

A genuine cryptocurrency coin should always be able to be exchanged into a fiat or local currency. For instance, popular cryptocurrencies such as Ethereum and Bitcoin have local exchanges. These cryptocurrencies can be exchanged for fiat currency in those exchanges. When a community facilitates the exchange of cryptocurrency coins internally, there is a high possibility that it is a Ponzi scheme.

3. Constant value appreciation of a cryptocurrency

This can be another strategic technique to extract money from your pocket. If you ever come across a virtual coin that’s value only appreciates, chances are it is a scam coin. The reason for this is one of the key features of fiat or digital currency is its volatility. On various occasions, the value swings up and down due to various market factors. Scamsters are familiar with human psychology, which is maximizing profit. Hence, they have come up with many virtual coins, that exhibit a daily appreciation of value. They know that many investors will fall for this. A genuine altcoin will never behave in this fashion.

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Prescott Regency – Cryptocurrency Beats Visa In Becoming The Most Valuable Payment Channel

Who would have thought that a white paper released by Satoshi Nakamoto would surpass visa? Hard to believe isn’t it? But that is precisely what happened: the cumulative market value of cryptocurrency over took the market cap of financial service provider, Visa. Leading by $30 billion, this grants the entry of cryptocurrency into the main stream financial sector.

The number game: Cryptocurrency vs Visa

Prescott Regency’s research discovered that Visa’s annual report of 2016 states that the network processing carried out per year is approximately worth $5.8 trillion. Visa credit and debit cards in circulation around the world, account to 3.1 billion. Last year, above 83.2 billion transactions were settled on the network.

The cryptocurrency market, witnessed fewer transactions on a daily basis. Most would think that Bitcoin makes the most transactions, but it is Ethereum that contributes the most to the 1 million/day. In a year, there are around 360 million transactions conducted. Core developers of the Ethereum and Bitcoin network are currently working on deployment and development of a secondary network, for payment to accelerate the process. A secondary network channel like Plasma or Lightening will permit Ethereum, Bitcoin and other cryptocurrencies, to remain secure. While channels carry out a similar operation of payment like Visa, over the token. Theoretically, a secondary layer of payment can support a minimum of 800 million users with the present infrastructure. A research paper published by the Blockstream research team titled, “Scalable Funding of Bitcoin Micropayment Channel Networks,’ explained that in the event of an increase in block size, the capacity of the block chain would restrict usage to only 800 million users – owing to the on-chain transactions mandatory to open and close channels. If the micropayment channels were optimized, irrelevant information would be eliminated, and freed space would accommodate an increased transaction capacity.

Day to day cryptocurrency trading

Daily trading volume of cryptocurrency is close to $10 million worth of tokens to fiat money, or vice versa. Globally, the processing rate of the cryptocurrency market is $3.6 trillion worth of trades per annum. The volume of cryptocurrency trading is inching closer to visa transactions. Both markets are now comparable, given the similar metrics and handling preferences.

Cryptocurrency will overtake Visa in the long term, if scaling solutions for off-chain and on-chain are implemented.

If you have any queries on cryptocurrency and Bitcoin trading, contact our experts at Prescott Regency today.

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Prescott Regency – Bitcoin And Cryptocurrency Have Free Speech, Here’s Why.

Since the inauguration of Bitcoin, there has been conflict between the popular cryptocurrencies and banks. CEO of J.P. Morgan, Jamie Dimon, went as far as to label the digital currency as a ‘fraud’. According to Dimon, Bitcoins are controlled by banks, and when they get bigger, the institutes will be shut down. Though many enthusiasts, including Prescott Regency have pointed out that Bitcoin is not centralized, and therefore cannot be shut down. If anything, Bitcoin represents free speech, and even the U.S. law deems that it simply cannot be shut down.

Bitcoin works on a de-centralized concept, thus, there is no third party involved. Transactions take place between customers, and on a software network which is encrypted. Therefore, closing it down is virtually impossible. It operates on a global scale, and is accessible to anyone in the world with a computer and hi-speed internet connection.

According to the first amendment, Bitcoin cannot be made illegal in the US. Bitcoin is basically a string of codes, and a string of codes is speech in the computer world. In fact, any misuse of it can be used for negative purposes. Phil Zimmerman was charged with criminal conduct for writing the encryption software PGP. The government argued that such language could be used like guns, to spread fear or cause widespread panic.

Though with computer language, like speech, it too can be used for diverse purposes. Since technology has become a life-line for many, it is obvious that this language can be used for the greater good.

The First Amendment also protects the rights of those who keep their Bitcoin holdings in paper, or personal wallets. Bitcoin owners have the right to use the digital currency however they see fit. Though the situation is not the same across every state in the US. While some have more relaxed laws, others are stringent. It’s remarkable how much it represents free speech. Everyone wants it, but at the same time are afraid to use it. Moreover, the government are wary about its misuse.

With most countries opening up to the idea of transactions via Bitcoins, it becomes only evident how much it represents free speech. Bitcoin is at the end of the day a string of code, a language, to achieve a desired end. Just like speech. Banks and other financial institutes have proved it even more by opposing its use.

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Prescott Regency – Even ATMs Can Help With The Adoption Of Digital Currency

One of the simplest ways to inspire new people to embrace cryptocurrency is by facilitating easy access. Today, a person must approach a Bitcoin exchange to create his or her account to buy cryptocurrencies. There may be stringent verification checks that could be quite intimidating for beginners. However, visualize a scenario when one can deposit 20 dollars in any ATM, and receive cryptocurrencies in return by just keying in a simple text verification. Although ATMs could charge high fees for such transactions, it is a simple and effortless step to purchase digital currency.

There are many people who tend to discard their pocket change. In 2017, ATMs accept bills only, thus many people have a tough time getting rid of change. What if an ATM could accept your pocket change? This type of ATM should have a special off-chain ledger that may be cashed at a later point in time. Alternatively, the ATMs should mainly use a digital currency, that has minimal transaction fees.

Using an off-chain ledger

Prescott Regency have discovered that this is precisely how most online exchanges function. The approach helps in “instant” transactions. Newcomers would only need to become familiar with confirmations when they decide to cash out. With this approach, it needs to be ensured that there is a phenomenal user experience. Plus, the operator requires the necessary lobby to support it.

An issue with an off-chain ledger is that users must download a second app that would move currencies and check balances. Thus, it will act as an exchange that could be an obstacle to entry for quite a few. The process is also likely to become centralized. There could be a threat of an off-chain transaction, and it may not be recorded in the Blockchain. There could be other issues too, such as users being unable to reach the threshold level to withdraw.

Use of digital currency

However, there is less likelihood of this happening on a mass scale immediately. After all, an ATM of this kind should be downgraded to different altcoins. Yet, one of the digital currencies called Dogecoin has an associated ATM. It is a cryptocurrency that is inexpensive per transaction. In fact, the fee is lower than a penny. If a user is entering the digital currency space for the first time, it is an excellent place to begin due to its community quality.

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Prescott Regency – Why Is the Price of Bitcoin So High In Zimbabwe?

With the recent military rebellion and discard of its ruling political party, Zimbabwe is currently experiencing political turmoil. However, that does not mean there is bad news for cryptocurrency in this African country.

Political and economic turmoil in Zimbabwe

Research conducted by Prescott Regency discovered that the nation did not have its own currency, and has been using US dollars for quite some time. The economy of this nation has been in bad shape with hyperinflation at its peak. Thus, it is no wonder many residents have found more security in the form of digital currencies like Bitcoin.

The latest army operation on its capital has aggravated the situation of the nation even further. Though the good news is that prices of Bitcoin have increased 10 percent, to a figure of 13,499 USD on Golix. The latter is the only exchange for trading cryptocurrency in Zimbabwe. If you analyze this figure, you will find that it is almost double the price of Bitcoin in the United States, which is at around 7,000 USD on the country’s exchanges like Bitfinex.

Potential cause of the price surge

The massive soar in the coin’s price has been triggered by the investors in Zimbabwe trying to find a secure haven from banks in the country, during its ongoing monetary and political upheavals.

Although the nation did have its fiat currency, it began using currencies from multiple stable economies in 2009, after the country’s hyperinflation had a negative impact on its own currency – deeming it almost valueless. While the political situation in the country has further aggravated the country, Zimbabweans have been hoarding their money and putting it into assets like Bitcoin. It is a move, which has further intensified the scarcity of hard cash being circulated in Zimbabwe’s economy. The country’s citizens are worried that the recent introduction of the ‘bond note’ in the country may fuel a fresh round of hyperinflation.

While it is not precisely an overflow of investors flocking into the country’s Bitcoin space, Golix has observed around one hundred and forty-six Bitcoin trades in the last one month in Zimbabwe. Another potential factor to influence the massive swing in the price of Bitcoin on the exchange is the presence of low liquidity. It is surprising to note that despite the weak economy of Zimbabwe, investors are also showing interest in equities as a protection against future inflation.

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Prescott Regency – Founder Of LatiumX Claims Digital Currencies Are The Future Of Finance

The founder of cryptocurrency, LatiumX, believes it is just the beginning of a cryptocurrency revolution. Stating that cryptocurrencies such as Bitcoin, are the real future of finance.

Digital currencies have been taking over the financial headlines the past few weeks, with significant spikes in its value, and increasing mainstream curiosity. Though despite this good news, Bitcoin has yet again proved that it is a volatile asset, with risks involved in its investment.

However, the co-founder and Chief Executive Officer of Latium, David Johnson, is sure that there will be a time when cryptocurrencies will change the notion of how money should be used.

Johnson was interacting with Express.co.uk recently, when he shared his prediction of the beginning of a revolution. In fact, the CEO further added that just a decade from now, the world of finance will be unrecognizable. He is aware that some will not like the way digital currencies will shape up in the future.

David Johnson disagrees with Jamie Dimon

Jamie Dimon, CEO and chairman of JP Morgan, lashed out at Bitcoin. His remarks triggered a chain of reactions during September, when he referred to Bitcoin as a “fraud”. Adding that “Bitcoin will not end well”. It led Johnson to believe that certain Wall Street veterans are not quite comfortable with recent trends. The entrepreneur does not agree with the claims made by Dimon, whereby Dimon refers to Bitcoin as a criminal currency used for carrying out illegal activities online. Disagreeing with references to cryptocurrencies being of use to solely criminals, Johnson believes that Dimon is a smart man who sees digital currencies as a threat to his ventures.

Prescott Regency has witnessed cryptocurrencies begin a new revolution, and while at times they are misused, it does not mean they are a fraudulent means of currency.

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Prescott Regency – The Mining Terms You Ought To Know

Bitcoin investors often wonder whether mining is profitable. Well, mining is only profitable if the user is willing to invest time. Profits made through mining depends on many factors, which can be accounted for by using ‘mining profitable calculators.’ Prescott Regency have provided you with the different terminologies commonly used in Bitcoin mining.

• Bitcoins per block: For every mathematical problem solved, a set number of Bitcoins are generated. The number created starts at 50 and is reduced to half when it reaches 210,000 blocks. Currently, Bitcoins added per block is 12.5.
• Hash rate: The processing power of a given Bitcoin network is measured by hash rate. Complex mathematical algorithms are set up to ensure security. If a network states that it has reached the rate of 10 TH/s, it means that the calculations are computed at a speed of 10 trillion/second. Hash rate is directly proportional to the number of active miners. The varied hash rates and unit of measurement is GH/s (giga hash/ s), MH/s (Mega hash/ sec), TH/s and PH/s (Peta Hash/s).
• Bitcoin difficulty: The Bitcoin network is designed to generate a set number of coins every 10 minutes. When a network’s hash rate rises, the ambiguity of solving problems must increase. Meaning that when the number of miners increase, mining Bitcoins becomes difficult.
• Pool fees: Mining can begin only after the miner joins a pool. A mining pool is a collection of miners working together to improve the efficiency of the process. Maintenance fees are paid to ensure that the platform is functional. Bitcoins mined are distributed among the participants according to individual effort and time spent.
• Power consumption: Power consumed by each miner varies according to their hash rate. Accurate profitability is calculated based on power consumption. The unit of measurement for power consumption is Watts.
• Conversion rate: Determining the profitability of Bitcoins is difficult because the exchange rate is constantly in flux. If the primary intention of mining is to accumulate coins, the conversion rate is not a factor.
• Time frame: Bitcoin profits must be calculated by keeping in mind a fixed time frame.
• Profitability decline per year: The most elusive variable in mining is profitability decline per year. Since a definite number of miners joining a pool is impossible to predict, projecting mining difficulty is not definite. The conversion rate is also not helpful given the nature of BTC/USD exchange rate fluctuation.

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