exchange Archives

Dubai exchange BitOasis Raises Limits for Card Purchases of Bitcoin

Posted on May 10, 2017 | by [email protected]

BitOasis is the first digital currency wallet and exchange service in the Middle East that enables one to buy, sell and secure bitcoin. BitOasis exchange recently announced for UAE users that they have increased weekly bitcoin buy limits using credit/debit cards up to 500 AED (around 1300 USD).

Back in February 21st, BitOasis first introduced instant card transactions with an initial limit of 2000 AED.The founder , Ola Doudin and the developer Daniel Robenek who came up with the idea of creating BitOasis that allows Middle East countries like Saudi Arabia to carry out bitcoin transactions using cards like other financial institutions such as bank.

Other Dubai Based Exchange platforms

The other Dubai exchange platforms include Sharaf Exchange, NASDAQ Dubai Fixed Income Trading platform, Dubai Mercantile Exchange, Dubai Diamond Exchange and others that keenly help in transactions of bitcoins. Dubai a city regarded by many as an upcoming technology Hub of the world has numerous investments in cryptocurrencies and Bitcoin. Dubai has a dwindling oil wealth which is expected to be economically non-viable in the few coming decades. This has pushed the sheiks who rule the city to think of an economic activity that would put their country on the global map with regards to tourism and entertainment. This has led to massive investments in the FinTech sector of the economy. Many exchanges popped up in Dubai in recent years and hundreds of transactions are being processed daily. This is still estimated to hike as the economy is still expanding signaling that Dubai still has a wider market for Bitcoin exchange services.

Why could have BitOasis raised its limits

BitOasis raised its limits to allow users to go for a higher weekly buy, sell and withdrawal limits. BitOasis hopes to attract more trading on their platform and it is an online exchange based in the Middle East(UAE) to allow the Islamic countries like Saudi Arabia to carry out bitcoin transactions rather than going to banks to carry out the financial transactions. This, however, will affect users dealing with small volumes of Bitcoin. Majorly Bitcoin exchanges and Hi-tech firms dealing in bitcoin are the ones dealing in massive volumes of the cryptocurrency. People dealing with smaller volume of Bitcoin like freelance online workers would find it expensive. However, this would open ways for smaller exchanges to cash in from the people who transact in smaller volumes. Furthermore, this hike could have been due to peripheral taxes levied on every transaction passing via other partners like banks or mobile money services. Many users still have not bitterly complained about the raise indicating the less effect the rise has on the users of the exchange.

Effects of this Hike

Most of the effects, however, is expected to be in the positive sense but not what every would perceive. It’s seen that money laundering will be bitterly checked by this new improvement since users would legitimately order for lager buy and sell trade so as to cover the high cost. But still as seen before microtransactions will be hampered a lot and users who transact with small volume of bitcoin will find it difficult to carry out exchange into fiat currencies. Transactions between Bitcoins and other fiat currencies via banks will become much easier allowing remittance of funds from abroad to the economy or from Dubai to families of foreign workers.

Bitcoin May Become Currency of Choice on Mars

Posted on April 10, 2017 | by [email protected]

Edited by Munpriya Samra

Bitcoin companies are taking space exploration to new heights. With the level of support that these companies have pledged, Bitcoin may become new Gallactic currency.

Space exploration is the age old struggle to satisfy our insatiable curiosity to know what lies beyond our planet. For many years, scientists have searched the sky for this reason. The first major breakthrough was in 1969 when Neil Armstrong stepped on the moon’s surface. It seems curiosity grows with every achievement. Fifty years later, the struggle is harder than before. This time space exploration is aiming past the moon, all the way to Mars with an eye towards survival. Basing on how much Bitcoin companies and leaders are backing up space exploration, Bitcoin as a decentralized currency may be used by Martians in years to come to stay connected to our home planet’s reconciliation processes and programmed for smart contracts to power critical communication and economic processes. Space X was the first to join the race on Jan 27^th, 2017 followed by Virgin Orbit as a subsidiary of Virgin Galactic, both promising absolute assistance towards space exploration. Leaders who own these businesses like Richard Branson support the spread of Bitcoin’s decentralized technology. Many wonder if the ticket to and from Mars will be paid in bitcoins or another digital currency.

Is space exploration worth any support?

Like the Space Revolution, space exploration is an escapade to eradicate fear for our survival as well as an opportunity to spread the use of efficient, environmentally friendly technologies throughout our galaxy while inspiring communities to join in on the innovation. Investors are beginning to understand the possibilities and two billionaires, Elon Musk and Jeff Bezos, are reducing the cost of executing space-based business plans currently. As the expenditure on explorations in space decline, the funding from investors will rise and more good ideas will be implemented globally to be spread to the masses. Imagine riding to space, helping do research, and living there for the cost of your first starter home at $200,000. This is one possibility among many.

How are Bitcoin companies supporting space exploration?

These Bitcoin companies help by creating software to power the technology that will be used in space in manufacturing and for garnering donations from the larger public.

How will Transactions be Done on Mars?

Payments will be performed normally just like any other blockchain transaction. The only challenge is that there may be a slight delay of between 10 to 15 minutes in transactions from Mars to Earth. This is due to the effect of distance to the radio signals. All in all, this might become a new exchange methodology just like the one that exists between countries but this time between planets like a Gallactic payments system, if you will.

Watch the video of Elon Musk’s original vision for Paypal and his views on digital currencies here.

Bitfinex moves out of Washington State citing regulatory problems

Posted on March 7, 2017 | by [email protected]

Regulations, especially not well thought out might be a hindrance to innovation in any form. Such constricting regulations are hindering the development of fintech companies currently in US. The latest state to join this list is the State of Washington where regulations on digital currency startups have made significant impact on businesses. Owing to these regulations many companies have ceased to serve the residents of the respective region and Washington is no different. The latest to join the list of exchanges pulling out of the state would be the Honk Kong based exchange Bitfinex. After suffering a massive hack in August, Bitfinex has managed to reimburse the stolen money to their clients through redemption tokens and was able to re-establish client’s faith in the exchange. Though the strong reason behind this move is still unclear, let’s look into the details of the exit:

The Regulatory debacle:

A Washington based user has revealed on Reddit that Bitfinex has withdrawn from the State owing to a regulatory debacle which it eventually lost. The statement released by the exchange read as follows:-

“Over the past few months, we have been in discussion with representatives of the Washington State Department of Financial Institutions(DFI) about Bitfinex’s business and specifically to provide Washington customers with service. DFI representatives have made it clear that for offering the services, Bitfinex has to acquire a state money transmitter license.”

Bitfinex’s problem:

The exchange underwent a massive hack attack in August 2016, losing more than $70 Million after which there have been facing consistent trouble. The exchange issued blockchain debt tokens to its users in August as a way to pay them back for losses it incurred in a debilitating hack. The exchange announced that it would purchase the tokens at an above-market value of $1 each. This is roughly double the market value when the redemption took place. The exchange has been good on its promise so far but they have experienced a DDOS attack pretty recently which has been fended off.

Regulations and Bitcoin businesses:

Bitfinex notified that it wouldn’t be obtaining the money transmitter license in Washington and, accordingly, will no longer be doing business with verified Washington customers, effective immediately. Washington-based traders have only until Wednesday to withdraw their funds, Bitfinex added. Earlier last week Coinbase suspended its services for customers in Hawaii owing to authorities intervention. Early December last year, Bitstamp also left Washington State citing regulatory reasons. The problems with regulation for cryptocurrency startups started with BitLicense NewYork which saw the mass exodus of the startups from the state. Whether regulations and business would be able to find a middle ground in US where the innovation would get a push rather than hampering is to be seen.

Bitstamp exits Washington State: Regulation hampering innovation?

Posted on December 7, 2016 | by [email protected]

Tightening regulations are hindering the development of fintech companies currently in US. The latest state to join this list is the State of Washington where regulations on digital currency startups have made significant impact on businesses. Following regulations many companies have ceased to serve the residents of the respective region and Washington is no different. Following the same, Luxembourg-based bitcoin exchange Bitstamp has announced effective 20 December, it will stop serving residents of the state. The exchange operates out of U.K and U.S with good volumes and has been one of the leading exchanges in the market of cryptocurrencies. Though the strong reason behind this move is still unclear, let’s look into the details of the exit:

Regulation in the past:

Most notable step towards regulation took place in 2015 with the introduction of BitLicense in New York. While most people saw it as a ‘necessary evil’, this move saw a huge impact on various bitcoin based businesses. Exchanges like Coinsetter, MonetaGo payed the licensing fee and decided to stay and serve the customers in the area. Many small businesses like Poloneix exchange and GoCoin ceased their operations in New York due to cost and many other factors. Many companies like ShapeShift stopped their operations after seeing that they would have to drive up their service charges.

Washington and Regulatory moves:

In the State of Washington, Nations capital Washington DC has been a very pleasant environment for the development of Bitcoin and Blockchain ecosystem. In September, Coin Center, a Washington D.C.-based non-profit and advocacy center focusing on public policy issues facing bitcoin started a Congressional caucus. The function of the caucus is to study bitcoin and blockchain technology deeply and resolve the issues. It also aims at making policy makers to understand open technologies like bitcoin and ethereum.

Is Bitstamp withdrawing proactively?

Bitstamp has launched the trading of the biggest traditional currency trading pair – Euro/Dollar in June. This marked the entry of the exchange into mainstream trading apart from cryptocurrency trading. After such a move, this move came out to be suspicious. There has been speculations around this that after federal Judge approving IRS summons, Bitstamp is protecting itself. In this recent incident, the Judge has instructed bitcoin wallet and exchange Coinbase to disclose transaction records of bitcoiners. Hence this can be seen as a preemptive move on part of Bitstamp.