Bitcoin code, how to get it?

Although the history of Bitcoin code is short (began in 2009), much has happened since its launch. Its creation has always been surrounded by a certain aura of mystery, because it is not known who created it. Satoshi Nakamoto is only a pseudonym he used the person who gave birth to the project.

But still, eight years after its creation, Bitcoin code is not entirely mainstream. Many were surprised that the creators of ramsonware affecting Telefónica and other companies want to charge in Bitcoin code. We will explain everything about this coin.

Bitcoin code, technology and economy

Bitcoin code is a curious technological idea . Combining computer networks, cryptography and software you can create a fully distributed virtual currency without a central entity to issue and control. Eight years later cryptography remains resilient and use of Bitcoin code has exploded.

The economics behind this coin is the same as that behind any: scarcity and confidence. That is, there is a solid foundation for a Bitcoin code cost money, at least as solid as fixing gold prices .

Although Bitcoin code was the first cryptocurrency there are many others . True, Bitcoin code remains the most popular although while others like ethereum are rising valueother value – added services they offer.

Bitcoin code, how to get them

Clearly, if we want to get euros enough to work in a country whose currency is euros or go to a currency exchange office. But how do we get Bitcoin code? Of course not working because it is not oficinal currency in any country in the world.

The beginnings of any currency are complicated. There must be an issuing bank, people have to trust and accept the coin and gradually is getting into circulation.Instead Bitcoin code there is a transmitter, the distributed computers the positive reviews are all fake that ensure that transactions are correct obtained, occasionally, as a prize coins. This is called mining, and the way money is created with Bitcoin code.

But before you put your computer to work to create money I have to say that mining is crazy right now. Those who get money with this technique have clusters of computers with dedicated graphics cards and in areas where electricity is cheap or even subsidized. Make Money with mining is passé.

So? Where do we get Bitcoin code? Because as in the real world, in the exchange of currencies. On the Internet there are many and allow us to change standard money (euros, for example) Bitcoin codes. Coinbase is a site change (and purse, as discussed below) quite popular.

Bitcoin code, save them

Now we come to the big question: how and where Bitcoin code saved? Well, the criptomonedas as Bitcoin code are completely virtual. To access them were originally using a software. This software allows us to see the balance we have in our account and make and receive transfers.

The good thing is that Bitcoin code is an open protocol, there are many software to manage our money. There is for Windows, Linux, Mac, Android, iOS … I personally recommend take on mobile and Android inside me like Android Wallet .

However use software has a hazard. If for some reason we spoils the device or is deleted or reformatted, we lose all the money . Bitcoin code say that the money is in “the cloud of Bitcoin code” ( so- called Blockchain ) and what software keeps a copy of the key to access it. If you use a software it is advisable to make a backup of these keys.

Another option to take control of our Bitcoin code is to use a web wallet. In this way a website is responsible for keeping our keys and will access our accounts with a user name and password. Basically what these sites is the function of a bank .

Coinbase is a good choice for this, it also allows buy and sell Bitcoin codes. The only bad thing is that if we use this method we lose part of the fun of having Bitcoin codes, using a completely decentralized system without relying on trust in any entity.Requisarnos no one can steal our money without keys. However if you have money in a web we have to trust her.

Bitcoin code, swings quote

Now it may seem that the Bitcoin code is very expensive, more than 2000 euros to change. And it’s not a good time to invest in it. But in the past we have seen similar times, and the board should be the same: careful because it is a pretty good speculative .

Bitcoin code has suffered many bumps in the road. The first was the closing of the Silk Road, a market for illegal exchanges that the FBI closed in 2013 . The transaccciones were made with Bitcoin codes and the share price plummeted.

Just one year after the largest Bitcoin code exchange in the world, MTGox, suffered an attack and stole 744,000 Bitcoin codes, of its members. Soon he had to close . Again the price down.

But Bitcoin code was not a fad. And although still many challenges ahead , he has managed to overcome every setback. So must be taken into account in the future either as an asset or as a currency to pay.

The BitCoin Code it is a medium!

We have long been talking about the financial world and above all, we usually devote to analyze brokers who offer their services so that we can carry out our investments.

Typically that, when making our investments, we decide to choose a suitable broker that serves us as a support to carry them out.

Logo Bitcoin code

The truth is that in the market we find a large number of them have strong financial services, however, as this sector has been gaining in popularity, have appeared many brokers who try to rip us off using all kinds of tricks to gain our money.

In this case, today we will talk about The BitCoin Code, it is a medium that seems to be time consuming stage, since the alarm jumped us not long ago.

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This broker of you may have heard is a real fraud and have demonstrated it once we’ve gotten on their home page, as the lack of information is more than evident as well as all the tools and fraudulent tricks that to get our attention and gain all our money.

Lest we fall more into these traps, then we will discuss point by point all that appears in this broker, so that, know what kind of support before us and exclude directly.

The BitCoin Code is another broker that’s going to stop our already famous blacklist. Let’s start!

THE BITCOIN CODE UN BRÓKER ¿O LEGAL FRAUDE?

To analyze thoroughly the broker, one of the first things we have done is take a look at Before investing money at Bitcoin Code their website so you know what is the origin of this support.

At first glance it looks like we will not get any information about it but if you dig a little deeper, you may obtain data to give us some clue to the experience of this broker in the sector.

The truth is that from the first moment we entered the page, The BitCoin Code has not given us a very good feeling and it’s not surprising that we have not got information about the broker.Bitcoincode

Whoops! It seems that we have finally found something, or at least so we thought, because we have played in all those links and has not quite come up with anything, all they do is refresh the homepage, therefore, we have already encountered the first lie.

Nor are we surprised too, considering that the design of this website is quite suspicious and messages that we have found in it are not very reliable, but hey, we have to move forward with our analysis, we might have passed something overlooked.

Nothing, nothing where Scratching, The BitCoin Code does not provide any information about its origin, therefore we are already beginning to be clear that this is a scam, since the legal BROKERS, always available to us all types of documents so we can resolve without problems emerging doubts us.

If this support gives us absolutely nothing, it is clear that something hidden, so our thought is corroborating slowly, although the page have not found anything, we will not cease in our efforts to obtain information about the broker.

Amazing in the network have not seen anything interesting, there are many sites and portals that talk about brokers and economy, but precisely The BitCoin Code are silent

WILL A CONFIDENTIALITY AGREEMENT?

Nothing is further from reality, what happens is that this support is a major brand fraud and therefore do not find truthful information about it.

Of course, what we have seen on the net is a large number of criticisms of this broker, Thymus not down the road so we have to take while performing the analysis of this broker is clear.

Besides the lack of clear information on the page, it has also drawn attention not seal or signature of any regulatory body to ensure the proper functioning of this economic activity appears.

Bitcoin landing

Typically , we see each other, to the Comisión Nacional del Mercado de Valores of Spain(CNMV), the Authority British Financial Conduct (FCA) or the Commission on Securities Markets Cyprus (CySEC) which are often the bodies most are in the presence brokers.

The BitCoin Code but do not appear, therefore, the legality of this support leaves much to be desired, if not we have the support of any of these entities, we have no hesitation, this broker is a real scam.

Well, at this point, it is logical to think that The BitCoin Code is a complete rip off, but as we like things well done, in the following sections we will analyze some relevant aspects of this broker in order to confirm all our suspicions. Let’s unmask these liars.

EL CREADOR DEL SOFTWARE DE LAS CRIPTOMONEDAS

The presentation of this broker has not been wasted, but neither will have the following points we will emphasize on this support.

Now that we know we do not have any information about The BitCoin Code, it is time to continue work if we find something that we can serve in our analysis.

In this regard, we must recognize that we are looking forward to meeting the great mind that has created the wonderful system that presents this broker, because of course, do not know how you can have so much imagination.

He has not done we need to look too hard , there we have it in the middle of the page, our financial savior, that he will do that we become millionaires in record time, we are delighted to introduce you to Sergio Marlon , which they call a ” genius”.

Bitcoin Code scam: it is better to stay away

Leer este Bitcoin code revisión imparcial, dejar de invertir con este bit estafa Código de la moneda de aplicaciones. Sentí curiosidad cuando me encontré con que hay muchas opiniones negativas de Bitcoin code en el Internet y el pensamiento de comprobar yo mismo antes de escribir una revisión del código de Bitcoin. ¿Qué pensaría usted de un sitio web se hizo Al indicar hizo de robot de comercio de automóviles puede hacer que $ 13,000.00 cada 24 horas? ¿Lo creen? Esperamos que no! El sitio oficial de la moneda Bit código de la aplicación está diciendo exactamente esto. Los farsantes que están detrás de él, incluso ir tan lejos como para garantizarlo. El código de software Bitcoin no es de fiar; que está repleta de inconsistencias, por lo tanto esta detallada Bitcoin revisión de código.

Bitcoin code opinión: La realidad detrás del software estafa!

Para convencer a la gente, aún más, el sistema de revisión de Bitcoin code viene acompañado con una garantía más, uno que promete $ 550.00 cada hora. Esperamos que no caiga en esto tampoco. ¡Es una trampa! Cuando un sitio pasa a decir Bitcoin Code opiniones de buenas a cuánto va a ser capaz de obtener cuando se opta por un sistema, sea positivo que va a jugar con un software que no vale la pena.

Bitcoin Revisión del Código

¿Cómo funciona el Bitcoin función del sistema de código?

Supuestamente, que le permite bitcoins el comercio, sin tener que comprar realmente bitcoins. ¿Tiene esto algún sentido para ti, especialmente cuando esa es la única información que el sitio de la estafa Bitcoin code tiene en exhibición? Esta grita ‘estafa’ a nosotros!

aplicación de Bitcoin code no es libre!

A pesar de que el sitio web de revisión de Bitcoin code afirma que se trata de un software libre, no lo es. Usted tendrá que hacer una inversión de “utilizar” la misma. Hemos utilizado comillas porque no va a ser capaz de usarlo, no importa cuánto invertir. La razón por la cual el sitio sistema de código de Bitcoin menciona que sea libre es conseguir que introduzca sus datos personales en la primera página; al hacerlo, incluso si no se inscribe, van a ser capaces de hacer un montón de dinero de usted. Van a vender sus datos a terceros, a los que desea enviar correo no deseado, así como se le enviará correos electrónicos todos los días, tratando de llegar a probar la estafa Bitcoin code. En caso de que no eran conscientes, casi todos estafa por ahí hace esto; Por lo tanto, hay que ser muy cuidadoso en cuanto a qué sitios se opta Enlace a la página por compartir sus datos personales, sobre todo cuando se trata de su dirección de correo electrónico.

¿Cuál es la tasa de éxito del Programa Bitcoin code?

De acuerdo con las declaraciones que son supuestamente de Steve McKay, que es el supuesto nombre de la persona que creó el Código estafa Bitcoin, con las señales de código de Bitcoin, que siempre va a ganar. Esta es otra garantía de que esta falsa está dando a gente inocente! No hay manera de que un robot de auto-negociación puede venir acompañada de una garantía siempre-ganar, ya que no se sabe cómo va a ser el mercado al día siguiente y lo que sus acciones serán en él. No hay manera de que uno puede decir cuántas victorias usted será capaz de obtener.

Sin embargo, cuando se trata de un programa que ha sido declarado como legítimo y analizado, una tasa de éxito aproximada puede ser proporcionada porque no hay pruebas disponibles que muestra cómo funciona; este no es el caso del software de revisión del Código de Bitcoin que se ha dado mucho que hablar en diferentes sitios web, especialmente los foros y blogs.

Bitcoin revisiones de código son extremadamente negativo!

El código de Bitcoin críticas son extremadamente negativo, por lo que no se ofenden. La gente es muy molesto que este desastre es todavía en funcionamiento. Cada día, la gente sigue cayendo por ella. Parece que no se detienen a preguntarse a sí mismos-es Bitcoin code es una estafa? Si se detuvieron a preguntarse esto, se llevarían a cabo una búsqueda simple y darse cuenta de lo que es una estafa descomunal que es, uno que debe ser evitado a toda costa.

Bitcoin code App estafa

¿Quién es Steve McKay?

Este hombre se dice que es el que diseñó y desarrolló este desorden de un sistema. Se dice en la página web Bitcoin code Bitcoin que el software de Código opinión le aporta $ 18 de millones de personas cada seis semanas. ¿Dónde está la evidencia de esta afirmación? Damas y caballeros, no hay lugar dónde se encuentran! La foto de Steve McKay no es otro que una foto de archivo, uno que fue robado de otro sitio. El nombre de Steve McKay es un ser fabricado. El nombre real de la persona que creó el programa Bitcoin code y las personas que están ayudando irá desconocido! Está claro que las leyes no se han establecido para castigar este tipo de estafador. Mientras los propietarios reales de estafas no son castigados por lo que están haciendo, por desgracia, no van a parar.

Bitcoin code estafa Sitio ir al agua con mentiras

Usted notará que hay unos pocos Bitcoin code testimonios de vídeo actual. La gente en ellos están diciendo que van a ser capaces de hacer millones de dólares en tan sólo unos meses de tratar este lío de una plataforma de auto-negociación, pero ¿cómo puede ser esto si se acaba de establecer el mes pasado por la vista del público? Uno de los testimonios de revisión del Código de Bitcoin no proviene de un hombre que se pueden encontrar en fiverr.com.

Su perfil en ese sitio afirma ‘Voy a dar un testimonio verdadero mirar o comentarios. Ha recibido decenas y decenas de críticas positivas por sus “buenas” habilidades de actuación docenas. Se cobra $ 5.00 por testimonio. La culpa es de la economía! Las personas están optando a ponerse por ahí, la prestación de servicios “que actúan” con el fin de tener algo que comer en la cena. Este llamado el actor parece ser de unos 70 años, y por lo tanto, es fácil llegar a la conclusión de que no recibe una gran cantidad de beneficios, ya que tiene que recurrir a la mentira para hacer dinero para mantenerse a sí mismo en este mundo lleno de otros mentirosos.

Siempre comprobar mi página sistemas binarios estafa  , Evita caer en la falsa aplicación de. Para la lista de software de confianza, compruebe mi señales binarias Recomendado página

Blockchain ID Innovation Night – a blockchain prelude to EIC2018

The Blockchain ID Innovation Night took place on 14 May. At this event, which took place before the European Identity Conference 2018, various company representatives presented ID projects related to Blockchain.

A jury, in which Bitcoin formula was also involved, selected one of these winners

Identity is not simply a culturally overloaded word, but the beginning of freedom, self-responsibility and property. If you think about it more carefully like in this review, one of the most rudimentary characteristics of Bitcoin formula and a crypto currency is that individuals can dispose of their property without a middleman. To do this, they must prove that they have a right to it.

Identity is a term associated with the rights and duties of individuals. This term plays a role in database accesses, transactions, in the context of know-your-customer regulations or more recently with regard to the DGSVO.

The idea of organising the rights and obligations of digital identities without a central intermediary is appealing not only to anarchists but also to companies. In this context, representatives of ten different companies presented their ideas, products and visions in the complex of topics “Blockchain and ID”. The event was a prelude to the “European Identity Conference”, which started the next day and was organized by KuppingerCole. KuppingerCole was founded in 2004 and focuses on identity management and digital identity.

In a relaxed atmosphere with wine, beer and tasty dinner, these speakers did not just come out for fun: besides a keynote speech, there was the opportunity to win a whopping 150 ETH. The mixture of a relaxed atmosphere and competition was reminiscent of science slams, so that one can speak of a blockchain slam.

An evening with beer, blockchain and a prize in Ether

The thematic range was broad: from decentralized workflows stored on a blockchain to decentralized identifiers to automated, blockchain-based KYC processes, many different aspects were touched on that touched on the complex of issues of digital identity.

As this was a competition, Dr. George Beridze of KuppingerCole paid strict attention to the time limit of 10 minutes. Some speakers did not come to the actual take-home message.

After the presentations, the speakers had to answer questions from a jury that included Martin Kuppinger, one of the founders of KuppingerCole, as well as representatives from PwC Europe, Meeco, AXA IT, CA Technologies and BTC-ECHO.

First and foremost, the audience chose the winner of the evening, which was possible with the help of an app from KuppingerCole. From the first two places, the jury finally chose the final winner.

The finalists were Dr. Torsten Lodderstedt, CTO of YES.com AG and Balázs Némethi, co-founder of Taqanu. Torsten Lodderstedt spoke in detail about various forms of centralization in the context of identity management. Unfortunately he could not finish the presentation within the given time.

Bitcoin news: Scammers mime support from Exchanges

The FBI warns of crypto currency fraud. The scammers claim to be technical support for Exchange platforms and demand access to the accounts of their victims.

The phishing of sensitive data is certainly not new – mails from Solomon Odonkoh show that even classic phishing mails still meet attentive readers – even if in the linked example the comedian James Veitch.

Nevertheless, the warning Bitcoin news show that the scam is still quite successful

The Bitcoin news report about 11,000 complaints regarding fraud by false tech support sites in 2017 alone. According to Bitcoin news victims of these scams complain of a loss of nearly 15 million US dollars. This is an increase of 86% compared to the previous year. The majority of victims come from the USA, but IC3 has also received complaints from 85 other countries.

The fraudsters’ approach
According to IC3, the fraudsters’ approach normally follows a clear scheme:

“The fraudulent support asks for access to the victim’s wallet and then transfers the victim’s credit to another wallet for temporary security during maintenance work. The credit is never returned to the victim and the criminal terminates all communication.”

IC3 adds that fraudsters can also use personal information and credit cards to purchase additional crypto currencies.

Precautions against fraud

Fraudsters often position their falsified support data in the sponsored area of search engine results. So be careful here. Furthermore, passwords and personal data should never be passed on to strangers. Official support does not ask for this information either. In addition, it should be ensured that your own software is kept up to date.

Official support does not initiate customer contact on its own initiative. Unwanted contact is therefore also a warning signal for a possible phishing attempt. In the case of treacherous pop-ups and malware that freezes the screen, the IC3 recommends switching off the affected device immediately. Affected persons report that after a short waiting period the pop-ups and screen locks have disappeared when the device is restarted.

A Bitcoin owner reacted creatively to a request for a Bitcoin donation: Neil Murphy demanded in return for 0.15 Bitcoin that his counterpart disguise himself as a raccoon and dig through the garbage. After receiving the photographs, he published them but refused to pay. One can find that funny, one can ask oneself, who is the cheater in this case and one can feel compassion. In any case, the example shows how much effort some people take on for the crypto money of others.

Surely James Veitch’s or Neil Murphy’s strategies are humorous. But it is more helpful, especially when such scam attempts take place via social networks, to make these fraud attempts public.

Transfer of ownership

The idea that the blockchain could digitize paper-heavy processes was also raised by Vignesh Raja, a private equity specialist at Viktor Koenig LLC.

Raja presented a proof-of-concept of the Singapore start-up DXmarket. The concept is still under development and is intended to help physical goods merchants, such as antiques merchants, digitize their illiquid assets and thus better connect to larger recycling exchanges, such as DMCC.

“Illiquid assets are not easy to secure and manage,” Raja said.

“With the blockchain, we want to create new digital assets and use tokens to digitize assets [and] smart contracts to improve trading efficiency.

Raja said automatic certification and ownership transfer would make the recyclables market more robust. At the same time, the principles of Islamic finance would be respected, as tokens could be covered by values in the real world.

Business registration of Bitcoin loophole

Ola Doudin, CEO at BitOasis, presented this pilot project in partnership with the DMCC to improve Bitcoin loophole internal processes. Since its first announcement by onlinebetrug, it has been trying to find ways for companies to easily participate in the DMCC trading system. This is to be made possible by customized identification evidence as part of the Flexi Desk program.

“When you go to the bank and open an account, you have to take copies of your papers with you and go through an insane process that makes all your efforts harder and harder,” she said.

“Now it only takes a few minutes and a few clicks on the blockchain and you have the documents certified and signed by the owner.

Doudin said that the project is currently in a demonstration phase and that her start-up is looking for banks, telecom operators, free zones and other potential business partners to continue the proof-of-concept.

This announcement follows news from last week that BitOasis led an undisclosed financing round supported by Wamda Capital and payment service provider PayFort.

Digital Testament

Pinaki Aich, Vice President of Strategy at the Dubai International Financial Centre (DIFC), a government-administered free trade zone, presented an idea that will improve the transfer of corporate property.

The majority of companies in the MENA region are family businesses. For the GCC, this accounts for 98% of their businesses. Aich said that 75% of family businesses fail if their management is transferred to the next generation.

“Only within the MENA [and South Asia] region do we have $1 trillion in value exchanges between one generation and the next,” he said while describing the severity of the upcoming problem.

With regard to these facts, Aich sees that blockchain-based wills and contracts can help overcome these problems for MENA companies and those founded by emigrants. The business could thus pass from one generation to the next, while complying with local regulations.

The project was developed in collaboration with DigitUs, a blockchain app and service specialist.

Tourism
Blockchain Startup and GC member Loyyal (formerly Ribbit.me) presented a concept how technology can help promote tourism in the region by enabling visitors to collect loyalty points more easily and quickly.

The loyalty points called Dubai Points are the pilot project for the blockchain-based program and are designed to boost tourism according to the goals of the Dubai Future Foundation.

“What if I was given the incentive to visit certain places and earn points,” asked Loyyal CEO Geg Simon. “Dubai is ranked 4th among the most visited cities in the world, you can make a game out of this experience. Points could be redeemed at places I want to see, no matter where I got those points before”.

Simon sees smart contracts as an important factor that will enable companies to communicate programs with each other. This way, points can be awarded for a photo taken at a certain location, and these programs can also determine how (loyalty) points can be exchanged between each other.

The Proof-Of-Concept is currently being developed by Loyyal and its regional partners “du”, Jumeirah, Flyin, Privity, International Culinary Centre for Culinary Arts Dubai, SquareCircle Tech and DigitUs. Together they develop an app for the concept.

7. improved shipping
As a late encore to the audience, Iqbal Alikhan, Strategy and Development Executive at IBM, spoke. He gave a small oversic

Otto Philipp Braun supports blockchain research at the University of Kassel

HOME TECH RESEARCH OTTO PHILIPP BRAUN SUPPORTS BLOCKCHAIN RESEARCH AT THE UNIVERSITY KASSEL
More and more universities in Germany, including the University of Kassel, are taking up research into blockchain technology. An interdisciplinary working group is investigating questions of stability, acceptance and the need for regulation of blockchain applications. This working group can now look forward to a donation of 750,000 euros from the entrepreneur Otto Philipp Braun.

It is very important for the research group to investigate the full potential of Distributed Ledger Technology (DLT), i.e. to go far beyond the possibilities of the Bitcoin blockchain and payment processing.

In particular, Smart Contracts are considered to have great potential, whether in e-governance or the news spy

Prof. Dr. Dr. Walter Blocher, Head of the Department of Civil Law, Corporate Law and Information Law at the University of Kassel, for example, predicts that this will be the news spy: “DLT is bringing about profound changes in the way we use the Internet and how we do business. It will have at least as lasting an impact on many areas of society as it did on the commercialisation of the Internet in the 1990s. The ‘Internet of Information’ will now be joined by the ‘Internet of Values’.”

In the spring of 2016, a DLT research group was founded in which more than 20 disciplines are represented, including computer scientists, business computer scientists, economists, business economists, lawyers and – last but not least – musicologists (who research the effects of blockchains on the music industry, among other things). In the meantime, it has identified several dozen research topics related to DLT, which will initially be dealt with in four clusters, but will subsequently be researched in multidisciplinary collaborative projects.

Otto Philipp Braun, who recently founded Metamorphoses Braun GmbH based in Munich, is a practical companion. The company’s objects include smart contracts, blockchain and distributed ledger technology, the mining of crypto currencies as well as the development and marketing of Internet- and blockchain-based technology solutions and corresponding apps. Metamorphoses Braun GmbH, whose founders expect DLT to improve the exchange of information and values between people as well as to be more citizen-oriented and transparent in decision-making processes, intends to cooperate closely with the DLT research group of the University of Kassel in the future.

The company is now funding their basic research with 750,000 euros for the investigation of three major topics

Changes in market structures and processes through the use of blockchains / smart contracts – C2B instead of B2C (under the direction of Prof. Dr. Dr. Walter Blocher, Prof. Dr. Andreas Mann and Prof. Dr. Georg von Wangenheim);
Trusted Blockchain: Secure Blockchain Technology through Third-Party Certification (led by Prof. Dr. Ali Sunyaev and Prof. Dr. Andreas Mann);
Crypto-Assets – blockchaing-based assignment of rights to persons (under the direction of Prof. Dr. Dr. Walter Blocher and Prof. Dr. Georg von Wangenheim).
A part of the funds, which is dedicated to the financing of events, conference trips etc., is linked to the course development of Bitcoin and Ether, so to speak to the success as well as the importance of the two outstanding blockchains. According to Prof. Blocher, this also opens up new avenues in the financing of university research projects.

The University of Kassel confirms the impression that blockchain technology is increasingly finding its way into German universities. Just this week, we reported on a Blockchain conference at the University of Münster. The Mittweida University of Applied Sciences was also particularly active in blockchain research and was able to attract attention with its blockchain idea competition in September.

BaFin President Hufeld: Regulation in the “tension relationship between innovation and safety

HOME TECH SAFETY BAFIN PRESIDENT HUFELD: REGULATION IN THE “EXCITING RELATIONSHIP BETWEEN INNOVATION AND SAFETY

Felix Hufeld, President of the German regulatory authority BaFin, last week made a speech on crypto currencies and the blockchain. He also discussed the role of his authority in the regulation of technology and applications. Innovation must be promoted, but financial market stability must also be maintained.

On Thursday, 7 June, the President of the Federal Financial Supervisory Authority (BaFin) gave a speech in Berlin with the title topic “Bitcoin, Blockchain: What is hype and what remains? As the title suggests, it was on the one hand about the challenges crypto currencies present from the point of view of the financial market regulator. On the other hand, Hufeld also addressed the possibilities that the technology offers in his opinion.

Hype or future cryptosoft technology?

“At this point I cannot and will not conclusively answer the question of what is only hype about Bitcoin and cryptosoft Blockchain and if it is a scam and what actually has the substance to disruptively change the financial markets. However, as a financial supervisor, I can offer you some assessments and observations.”

This is how Felix Hufeld introduces his remarks on the blockchain. As the best-known application of the blockchain, he highlights the Bitcoin as representative of all crypto currencies. He still does not regard it as a currency, since in our jurisdiction the term currency is classically reserved for central bank money. Although Bitcoin was once created as an alternative currency, it should be regarded more as a unit of account.

BaFin must act in a regulatory capacity
He sees BaFin in the role of the regulator, which sets the necessary framework for blockchain and crypto currencies to develop securely. However, in order not to overshoot the mark and over-regulate, the first step is to learn more about the technology. “Innovations need space, especially at the beginning, in order to develop. A market economy is characterised by giving them this space,” says Hufeld, pointing out his guidelines. Out of fear of risks, opportunities must not be allowed to fade into the background.

BaFin also wants to protect the interests of consumers and investors. Therefore, Initial Coin Offerings are the main focus of the authority. The financing method ICO is so far still extremely unregulated, uncertain and highly speculative. However, the maxim of action is not to protect individual investors, but to ensure financial stability and prevent systematic damage to consumers.

The blockchain can be used in a variety of ways

Hufeld describes the temporary price gains of the crypto currencies as a hype, he sees the blockchain as somewhat more stable. He mentions Estonia and Sweden as examples where the blockchain is already used in public administration. There, the technology is particularly suitable in countries with a lower level of development, where structures are still in the process of being set up. He describes the blockchain for “some African countries” as a “real quantum leap”, for example in the documentation of property rights.

But the blockchain can also contribute to securing growth and prosperity in industrialized nations. The financial sector in particular, as an obvious field of application, is of particular interest here. Small and medium-sized enterprises can benefit from free cross-border payment transactions without intermediaries. He also mentions borrower’s note loans and insurance as fields of application for block-chain applications such as Smart Contracts. However, he also warns against looking for a solution for all problems in the block chain. One has to ask oneself exactly who can benefit from the technology.

As clarified at the beginning of the speech, Hufeld cannot say exactly where the promise of the blockchain ends and the irrational hype begins. However, he shows a clear will on the part of BaFin. It wants to promote technology where it can be used profitably. For the serious part of the cryptoscene this is good news.

Good BaFin, bad BaFin – Why the Bitcoin secret has many facets

The Federal Financial Supervisory Authority, BaFin for short, supervises and controls all areas of finance in Germany within the framework of financial supervision – at least this is what Wikipedia says. It is therefore obvious that the crypto-economy falls under the jurisdiction of BaFin. Its reputation, at least among many blockchain start-ups and crypto investors, is, however, only moderate. But why? And what can the BaFin do in this context?

One accusation that is often made against BaFin is that it tends to have a negative attitude towards the Bitcoin secret

Consumer warnings against Bitcoin secret support this image of a skeptical authority. Many forget thereby: It is the duty of every regulatory authority to draw attention to risks. If it does not do this, it will be in greater need of explanation to the Ministry of Finance and the government. It would be completely untrustworthy if an authority were to call on the population to invest in such assets. The same applies to central banks and other public institutions around the world, all of which have communicated the risks of crypto-trading and Bitcoin secret. It is therefore wrong to accuse an authority of being negative about an asset simply because it issues a risk warning – unfortunately it is not that simple.

BaFin is too strict
It should be noted here that BaFin does not make any laws, but only implements them. Its room for manoeuvre is therefore limited to the interpretation of existing law. Nevertheless, it is not an exhilarating statistic if there is only one blockchain startup in Germany that has managed to obtain a BaFin licence (Bitbond) and there has not yet been a regulated ICO on German soil. So the question is: Is the blockchain start-ups lacking in competence or is the BaFin trying to avoid decisions?

There is no simple answer here either. The BaFin itself understands the subject of block chains and crypto currencies very well. There is also no law that forbids ICOs or the release of tokens. One challenge that is being fought against, however, is the differentiation between utility and security tokens – a topic on which we have often reported. The debate about token categorization is currently leading to heated discussions around the world. Accordingly, the BaFin is afraid of a decision. This impression at least comes to mind when talking to blockchain start-ups that have to wait a long time for answers and requests. If you do nothing, you don’t make any mistakes – at least as far as decisions are concerned, this mantra unfortunately seems to be far too popular with the Financial Market Authority.

Time is of the essence

Especially small jurisdictions such as Liechtenstein or Gibraltar benefit from the hesitation of a BaFin or other financial market supervisory authorities in other, larger European countries. In countries like Gibraltar, the mills do not grind so slowly. Short distances allow a quick implementation of crypto-friendly regulatory guidelines. Although this is initially negative for Germany, Germany cannot be compared to a country that is only a few football pitches in size and can be described in the broadest sense as a tax haven – the EU or not.

The question here is: Do the adopted regulatory guidelines allow an adaptation or testing of a new technology or do they only further restrict it? In the first case, it is desirable that an authority hastens with its decisions and shows courage. If, on the other hand, there is a tendency to regulate something prematurely in such a way that innovation is nipped in the bud, then in many cases it is advisable to ignore the issue of regulation for the time being.

Germany is not Gibraltar
A country like Germany cannot be compared to a British overseas territory on the Spanish border. Stricter regulation is not only a disadvantage. Regulation made in Germany could fully exploit its advantages, especially in terms of legal certainty and consumer protection, since companies can rely on the German state or the German jurisdiction. If the BaFin says something, then it carries weight. This reliability and the high requirements that have to be met in Germany help companies to establish stable business relationships with banks. In countries with lower regulatory requirements, one or two crypto startups had to experience that the business relationship with the bank was terminated because the bank got cold feet. Such a scenario would be in Germany at e

Share issue via blockchain: Overstock leads the way

Online giant Overstock announced during the International Futures Conference that it will issue its own shares via the tØ Blockchain platform.

Launched in August 2015, the tØ Blockchain platform aims to revolutionise asset trading and transaction by issuing shares and bonds as digital and blockchain-based assets.

According to company statements, Overstock intends to issue the shares in two different ways: the traditional way (Nasdaq) and the tØ Blockchain.

Overstock’s Cryptocurrency Manager Judd Bailey pointed out that 100% of the Blockchain shares are traded, transferred and recorded via the Blockchain and are therefore processed entirely via the decentralised account book.

Bagley says in a crypto trader interview with CoinDesk

“We have tested the security of the crypto trader output several times and we can say with a clear conscience that the output is secure and fully meets the SEC’s high standards”. Read more about it: Is Crypto Trader a Scam? Beware, Read our Review First

Bailey referred once again to the July 2015 test in which the $5 million Cryptobond was issued via the blockchain. At the time, CEO Patrick Byrne and the New York-based trading company FNY Managed Accounts were involved in the test. They successfully demonstrated how financial instruments can be digitized and settled via the blockchain.

Overstock will use an eligible ledger to issue the tØ share, but the transactions will be batched and hashed on the Bitcoin blockchain due to the transparency.

In total, Overstock will issue 1 million Blockchain shares with a total value of $25.29 million.

“We have chosen 1 million shares because this is a significant size to prove the concept,” said Baily.

Two different markets

Due to the issuance on two different markets, it can happen that the value of the share differs on both markets.

For example, there is no link between the blockchain stock and the stock that is issued in the traditional way. Traders can therefore trade the stock on two different markets.

So far Overstock has not publicly announced a precise timetable.

Author’s comment (Mark): “I must say Overstock has real eggs. Already in the past we have heard a lot about the retail giant from the USA. Overstock was one of the first large companies to decide to accept Bitcoin as a means of payment and has had a close relationship to the digital currency ever since. CEO Patrick Byrne has become a true pioneer in the industry. I look forward to seeing which companies will follow suit after the hopefully successful launch”.