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Robinhood Cryptocurrency Support Raises Concerns

Robinhood has announced that they will allow zero fee Bitcoin and Ethereum (more coins to be added later) trading with the Robinhood app. Robinhood is a very popular stock trading app that allows zero fee stock trading and instant funding of your Robinhood account for up to $1,000. While it is always nice to see …

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Robinhood has announced that they will allow zero fee Bitcoin and Ethereum (more coins to be added later) trading with the Robinhood app. Robinhood is a very popular stock trading app that allows zero fee stock trading and instant funding of your Robinhood account for up to $1,000.

While it is always nice to see a company like Robinhood offer easy access to Cryptocurrencies, this move comes with some red flags.

Red Flags & Concerns

Some of the concerns and red flags about trading Cryptocurrency on Robinhood are as follows:

  • Trading to only be allowed in California, Massachusetts, Missouri, Montana, and New Hampshire initially. This means that State laws more than likely play heavily into what Robinhood will be allowed to offer for trade on their platform. Privacy focused coins like Monero will likely face large obstacles to making it on a platform such as this.
  • You can not deposit existing Bitcoin or Ethereum into your Robinhood account.
  • You don’t own your coins. This is the biggest issue with Robinhood. Not only do you not control your private keys but you are unable to transfer your coins outside of Robinhood without further verification.

    Yes. To get started with this process, you’ll need to send additional verification to customer support for security purposes. We’ll need a copy of:

    • Your bank statements
    • Two government issued IDs (front and back)
    • A selfie with your ID

    Keep in mind, transfers and withdrawals can take up to one week. Any fees incurred in this process, such as network and mining fees, will be passed along to you.

If you simply want to trade fiat to crypto back and forth then Robinhood isn’t a terrible option for you.

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Blockchain

Increasing Stability of the Utopia P2P Network

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The number of full nodes in the Utopia P2P ecosystem has passed the 30,000 mark.
This means that more than 30,000 nodes are working for the security and resilience of the network.

Stability

The number of full nodes within the Utopia decentralized ecosystem has reached 30,000 and is moving forward. This number is an indicator of the stability of internal processes and a guarantor of reliability.

Nodes in the blockchain have one of the most important roles – they are responsible for checking the legitimacy of blocks, approving transactions, and ensuring the smooth operation of the network. To a large extent, this responsibility falls squarely on the full nodes. In other words, the more nodes involved in supporting the network, the harder it is to trick, hack or crash the system. As a consequence, better connection quality, safer operations, cleaner and more honest mining.

When you install and run Utopia ecosystem mining bot, you automatically increase the number of nodes, thereby contributing to the stability of the network. Everyone involved in this process receives Crypton Cryptocurrency (CRP).

Benefits

Crypton is the unique currency of the Utopia peer-to-peer network. Coin mining does not burden your PC and is eco-friendly as it is done through an ecosystem. All you need to mine is a computer and a bot installed.

By launching the app, you start receiving collective rewards every 15 minutes – that’s how long it takes to form a new block. Users also receive a Proof of Stake reward to their minimum monthly balance. CRP is already listed on a number of exchanges and is available for sale.

– Anyone can mine, send and receive Cryptons. Cryptocurrency mining is available to all Utopia ecosystem users. CRPs are provided for being on the network and. Mining participants are rewarded for supporting the ecosystem – forwarding packets and providing RAM for caching purposes,” according to 1984 Group, the developer of the Utopia P2P network.

At the time of writing, 4,672,181.975674 CRPs have already been mined by Utopia network users, with the total number of transactions steadily approaching 300,000.

Security

The creators of Utopia Network have built an independent ecosystem, which doesn’t ask for your personal information even when you register and doesn’t track your activities or geolocation.

The server is basically not involved in data transfer and storage. The Curve25519, XSalsa20, and Poly1305 algorithms are used to encrypt, sign, and authenticate packets, objects, and peer-to-peer connections.

This way, you don’t have to worry about the security of your personal data and are free to use the Utopia ecosystem. In addition to in-network mining there are anonymous messenger, browser, email, and e-wallet. All functionality is focused on user anonymity and is available to all registered in the Utopia P2P decentralized network.

As far as we know, in the near future the developers will release an encrypted anonymous Utopia ecosystem app on IOs and Android.

Download Utopia: https://u.is/en/download.html
Website: https://u.is/
Crypton Exchange: https://crp.is/


Click here for Free Trial.
Source: https://www.livebitcoinnews.com/increasing-stability-of-the-utopia-p2p-network/>

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Blockchain

Investors must brace themselves as Bitcoin Cash goes downhill in the coming weeks

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Though off to a strong start in September, Bitcoin Cash seemed to have taken its foot off the pedal. Caught between two corrective phases on 7 and 20 September, the price steadily declined after forming a local peak above $800.

Moreover, BCH’s latest drawdown towards 38.2% Fibonacci level identified vulnerabilities in the market which could extend all the way back to July lows. With sentiment also expected to be sour due to a recent death cross, BCH bulls certainly faced a tall mountain to climb. At the time of writing, BCH traded at $549.2, down by 4.8% over the last 24 hours.

BCH Daily Chart

Source: BCH/USD, TradingView

A near 16% decline from the 50% Fibonacci level pushed BCH to the all important 38.2% Fibonacci level. Back in late-June, BCH suffered a 31% sell-off after it pierced below the aforementioned level on the back of a descending triangle. Hence, to dissuade short-sellers from the market, BCH would need to keep its neck above the $540-mark.

However, certain factors in the market could not be overlooked. For instance, each of BCH’s indicators slipped below their equilibrium points for the first time in nearly 2-months, while a negative crossover between the 20-SMA (red) and 200-SMA (green) created some more uncertainties.

Reasoning 

Even though corrective phases have been overserved previously in the market, BCH’s RSI held above it mid-line. This was not the case anymore after the RSI shifted below 45 and into bearish territory. In fact, the RSI was yet to touch the oversold territory, which meant that BCH could see some more losses rather than an immediate reversal. Such was the case with the MACD and Awesome Oscillator as well, which slipped below their equilibrium levels. If sentiment continues to be weak, the 23.6% Fibonacci level and $400 would come back into play.

Conclusion 

Bitcoin Cash’s long term narrative took quite a hit after prices declined below the 50% Fibonacci mark. In fact, this also negated a bullish setup which was highlighted in an earlier article. BCH’s indicators also fell into bearish zones  after this retracement. Considering these factors, BCH was open to a further sell-off towards the $400-mark in the coming weeks.

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Source: https://ambcrypto.com/investors-must-brace-themselves-as-bitcoin-cash-goes-downhill-in-the-coming-weeks

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Indian government cautious about crypto-adoption, CBDC is a possibility

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Indian traders and exchanges might be bullish about the crypto market, but the Indian  government doesn’t seem keen on rushing into the scene. At least, not until studying its homegrown fintech industry and the anti-Bitcoin protests in El Salvador.

Tracking global news

Indian finance minister Nirmala Sitharaman in a recent interview with Hindustan Times explained why the country seemed to be falling behind when it came to crypto adoption.

Though she admitted, El Salvador wasn’t “the best example,” Sitharaman said,

“You’d think common people don’t care about digital currency; but the public took to the streets against the move. It’s not a question of literacy or understanding – it’s also a question of to what extent this is a transparent currency; is it going to be a currency available for everyone?”

Sitharaman referred to CBDCs as a “legitimate” cryptocurrency and admitted there could be a “possibility,” in hat regard. She noted that India held the “strength of the technology” and acknowledged the need to formulate a Cabinet note. However, Sitharaman wondered if India was ready to follow El Salvador’s way.

Facts on the ground

Though accessibility is a pressing concern, more Indians have discovered crypto than perhaps expected.

Nischal Shetty, CEO of the Indian crypto exchange WazirX – a subsidiary of Binance Holdings – has stated that WazirX sign-ups from India’s tier-two and tier-three cities overtook those from tier-one cities this year. Even so, sign-ups from tier-one cities themselves saw a 2,375% rise. Furthermore, WazirX added one million users in April 2021 alone.

Adding to this, the cost of electricity and Internet data in India are relatively cheaper, which could boost both crypto trading and mining in the future. However, at the last count, there was only one Bitcoin ATM in the whole country.

As per data by Useful Tulips, which combined data from Paxful and LocalBitcoins, India saw transfers worth around $4,502,369 in the last two weeks.

Could anti-Bitcoin protests happen in India?

There is evidence to support both sides. India has a strong history of mass protests, with the farmers’ protests against the government’s agricultural laws being one such example. The 2016 demonetization of part of the country’s paper currency still haunts many, and Internet penetration is yet to cross 50%.

However, India also has the largest diaspora in the world, with approximately 18 million people living outside the country. Crypto innovation could lead to hundreds of millions of dollars being saved on remittance charges as money is sent across borders.

But for the time being, it seems India’s urban residents are more bullish about crypto than its government.

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Source: https://ambcrypto.com/indian-government-cautious-about-crypto-adoption-cbdc-is-a-possibility

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