The world’s first blockchain toothbrush lets you mine coins by brushing your teeth

32Teeth aims to make your teeth really clean by applying not only blockchain technology, but also facial recognition, sensors, and big data.


This article The world’s first blockchain toothbrush lets you mine coins by brushing your teeth by Masha Borak originally appeared on TechNode, the leading English authority on technology in China.

Blockchain is the biggest buzzword of the year. However, we are just now beginning to see what silly creative ways will this technology be applied. The newest example from China is a blockchain-based toothbrush by a Shenzhen-based 32Teeth, currently crowdfunding the project through the JD Finance platform.

The company aims to make your teeth really clean by applying not only blockchain technology, but also facial recognition, sensors, and big data. If the company delivers its promise, the toothbrush is likely to become a favourite among OCD sufferers superheroes. The toothbrush app offers precise identification of 16 tooth surface cleanliness levels, analyzes users’ brushing activity data, and offers a powerful intelligent reminder. It even has AR function which gives you an inside look (literally) into how you brush your teeth.

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32Teeth blockchain toothbrush app lets you identify where you should be brushing harder. Image credit: 32Teeth

The toothbrush also tries to make each of your 32 teeth—the average number of teeth in an adult—a cryptocurrency mine. Brushing your teeth regularly rewards you with AYA tokens (爱牙币, literally “love teeth coins”) which can be exchanged for more toothbrushes, toothpaste, and dental hygiene services.

Although some have ridiculed the product—one commentator worried that his mother might give it to the dog to chew so she can mine as much free stuff as possible—many consumers seem excited with the idea. The high tech toothbrush has already exceeded the RMB 100,000 (US$15,900) crowdfunding goal required for the project. The crowdfunding will continue until May this year.

China has recently become the birthplace of other odd blockchain ideas. One example is this triangle-shaped cryptocurrency miner made by Acute Angle which —besides the triangular design— promises a “stable blockchain spirit,” according to the video on their website.

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Acute Angle PC. Image credit: Acute Angle

However, we shouldn’t be too quick to discard futuristic sounding blockchain projects. Blockchain has the potential to play a significant role in the development of IoT devices since it provides a secure way to transact and record information. Companies such as Huawei and Lenovo are already looking into blockchain-based smartphones. Chinese smart devices company Life Sense has also announced a high-end smartwatch based on blockchain technology last week.


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Carverr Wants to Embed Bitcoin Private Keys into Strands of DNA

Cryptocurrency enthusiasts are always looking for ways to secure their holdings. While hardware wallets have begun to gain traction in recent years, it seems the next logical evolution may not require external hardware. A company called Carverr is looking into ways to store and back up Bitcoin wallet keys in one’s DNA.


USING DNA TO KEEP BITCOINS SAFE

It is evident Bitcoin holders have plenty of threats to worry about. Anyone relying on software to keep their cryptocurrency wealth safe is at risk of being scammed, hacked, or robbed of their private keys through malware, ransomware, and so forth. The number of threats has grown exponentially, and it is more than evident new solutions will need to be found sooner rather than later.

For most people, using a hardware wallet has become the new normal for this reason. As all funds are kept offline at all times, it is a far more secure solution compared to using a regular software wallet on one’s computer or mobile device. Even so, hardware wallets are not always an option for some people, and manufacturers have been having a hard time keeping up with demand.

Carverr is a company exploring many different technologies and concepts. Although they do not have a direct link to cryptocurrencies, it seems that situation will come to change in the future. More specifically, the company is apparently working on a new solution which lets users store and back up their Bitcoin wallets’ private keys into DNA. That in itself is a very different development when it comes to securely storing crypto, albeit a very interesting one.
By relying on DNA to store a Bitcoin wallet’s private key, a user can transfer this wealth to future generations. It also helps address most issues which arise when someone dies and has no plan in place to transfer their Bitcoin to the family members left behind. While it remains to be seen how convenient this solution really is in the long run, it does open up a lot of new opportunities.

Since DNA is not at risk of becoming obsolete, it seemingly makes for a secure data storage solution. We recently saw a researcher embed a Bitcoin wallet private key into a strand of DNA, which had to be decoded by third parties. One talented student successfully completed this challenge, which goes to show the business model seems to hold up.

According to Carverr, nearly 30% of Bitcoin wallet keys are lost at some point. That is a rather worrisome number, although it is evident that addressing this problem may not be all that difficult when looking at different solutions. Whether or not DNA storage for cryptocurrency wallet private keys will ever take off is a different matter altogether. It is an interesting concept to keep an eye on, though.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Understanding Lightning Network using an Abacus

Understanding Lightning Network using an Abacus

I’ve received a lot of positive feedback following my previous article, Lighting Network is the Future of Bitcoin. However, while reading some of the feedback, it became clear to me that some people don’t fully understand how Lightning Network (LN) actually works. In this article, I will try to demystify the concept behind LN and its payment channels using an abacus as a metaphor, without getting into the technical specifics of LN implementation.

This is an abacus:

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Now, think of an LN’s payment channel like one wire of an abacus, where the beads represent the bitcoins inside the channel. When Alice and Bob create a payment channel between them, Alice deposit bitcoins from the Blockchain inside the channel. For now, these bitcoins (e.g. 10 bits or 0.00001 BTC) belong to Alice. In this example, each bead equals one bit:

bob11.png

An abacus wire and a payment channel have shared characteristics:

  • Bidirectional: like beads on an abacus wire can be moved from left to right and vice-versa, bitcoins can be moved from Alice to Bob and vice-versa.
  • Ownership: in an abacus, beads can be either on the left or on the right, never in the middle of a wire. In the same manner, bitcoins in a payment channel can either belong to Alice or Bob.
  • Fixed: similar to the way beads cannot be added or removed from a wire, Alice and Bob can exchange between them bitcoins up to the number that was set when opening the payment channel. If they want to exchange a larger number of bitcoins, they will have to perform another on-chain transaction.

This is how the payment channel looks like after Alice sends 2 bits to Bob:

bob2.png

Alice now has 8 beads and Bob has 2 beads. Now, let’s say that Bob is also connected in LN to Carol using 10 bit payment channel:

bob3.png

With LN, Alice can pay Carol via Bob. Using the Abacus metaphor, if Alice wants to send 2 bits to Carol, she moves 2 beads in Alice-Bob wire to the right (to Bob), and Bob moves 2 beads in Bob-Carol wire to the right (to Carol). This is how it looks like after Alice sends Carol 2 bits:

bob4.png

It’s important to mention that if Bob agrees to participate in this transaction, he can’t accept Alice’s beads without moving the same number of beads to Carol.

Using the abacus metaphor, it’s easy to explain the nature of off-chain LN transactions in general, and specifically what are the requirements a payment channel needs to meet in order to process a transaction. For example, it’s easy to see how Alice can’t send Carol more beads than Bob can handle. Then again, maybe in the future she would be able to do it using AMPs, but that’s a story for another article…


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Trump Bans Petro, a Pacquiao ICO and the Caribbean Goes Crypto: Week in Review

What happened in crypto this week?

Price Watch

  • Bitcoin is up 16% this week to $9,000. This comes as part of an increase across the entire cryptocurrency market. It’s also likely the result of higher trading volumes. Fundstrat’s Thomas Lee made a price prediction of  Bitcoin reaching $91,000 by March 28, 2020. Morgan Stanley likened Bitcoin to the dotcom crash.
  • Ethereum is up 4% this week to $539. As usual, it’s trailing Bitcoin in its recovery. Barring any sudden crash from Bitcoin, many analysts expect a strong week.
  • The entire crypto market is up 10% this week. Although the market was mostly sideways, it appears to have finished strong.

Regulation

  • More Ad Bans: Twitter announced this week it’s banning cryptocurrency ads with limited exceptions. This comes on the heels of a similar ban from Google last week. Competitor Facebook had banned the ads in January.
  • No Petro: Trump signed an executive order this week banning US residents from engaging in transactions related to Venezuela’s “Petro”. It’s ambiguous at the moment how this will be enforced. Petro has faced many obstacles after reportedly raising $5 billion. It’s been declared illegal by Venezuela’s Congress despite support from the President. It’s also been linked to Russia which some consider a reason for Trump’s ban.
  • G20 Calls for a Report on cryptocurrencies to be released by July. Cryptocurrencies have had mix reactions from G20 countries. Some nations, like Brazil, have already announced they will not regulate cryptocurrencies. This has been an area of great concern for governments seeking to prevent money laundering.
  • Hong Kong: Hong Kong this week ordered a shut down the highly anticipated Black Cell ICO. Despite repeated warnings, this was the first actual enforcement action in China. This comes on the heels of local news reports citing the many workarounds Chinese citizens and investors have been using to participate in the crypto markets.

Startups

  • The Carribean goes Crypto: Overstock announced it will be investing $3 million into Barbados based Bitt is a blockchain based payments provider that caters to the Carribean. The Carribean is well known to have underdeveloped financial institutions and investors hope Bitt can change that.
  • ICO Packs a Bunch: World famous boxer and Phillipino Senator Manny Pacquiao has become the latest celebrity to promote an ICO investing in Singapore-based Global Crypto Offering Exchange(GCOX). The startup allows celebrities to create their own cryptocurrencies which fans can then use to pay for access to exclusive celebrity-related content.
  • VCs love CryptoKitties: Wildly-popular Ethereum application CryptoKitties has raised $12 million in a funding round led by venture capital firms Andreessen Horowitz and Union Square Ventures (USV).

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Coinbase Bug Allowed Users To Steal Unlimited ETH, Wallet Paid $10K Bounty For Discovery

Major US crypto wallet provider and exchange service Coinbase has rewarded a Dutch company with a $10,000 bounty after it discovered a smart contract glitch allowing users to steal “as much as they want” in Ethereum (ETH), according to a report made public today, March 21.

The issue, which VI Company reported to Coinbase December 27 of last year, revolved around exploiting a smart contract that involved a faulty wallet.

Users were technically able to credit themselves with unlimited ETH funds. “By using a smart contract to distribute ether over a set of wallets you can manipulate the account balance of your Coinbase account,” VI Company described in the report, continuing:

“If 1 of the internal transactions in the smart contract fails all transactions before that will be reversed. But on Coinbase these transactions will not be reversed, meaning someone could add as much ether to their balance as they want.”

Coinbase has faced continued technical difficulties for almost a year. Since a mass influx of new users in mid-2017, the US’ largest exchange and wallet provider’s technical capabilities have been stretched, resulting in delayed and missing funds, system outages and other problems.

Despite promises to beef up performance, the reaction to a bug that could technically have drained billions of dollars in cryptocurrency is telling; Coinbase only fixed the issue a month after the original report on January 26.

“Analysis of the issue indicated only accidental loss for Coinbase, and no exploitation attempts,” it wrote as part of its commentary.

Loopholes of this type have previously affected major businesses interacting with cryptocurrency. In January, Cointelegraph reported on a website glitch at Overstock.com, which allowed users to pay and request refunds in either Bitcoin (BTC) or Bitcoin Cash (BCH), resulting variously in huge savings or huge profits. Overstock uses Coinbase’s merchant integration API.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Twitter founder: Bitcoin to become the world’s single currency in 10 years

Jack Dorsey, founder of Twitter and its current chief executive, does not exclude the future scenario in which Bitcoin becomes the world’s single currency. This extremely bullish statement on Bitcoin has been cited by Times.

“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be Bitcoin,” Jack Dorsey said.

The representatives of central banks at G20 summit might have to say a word or two about this view, as they have just discussed the matter of Bitcoin regulation and among other conclusions reached agreement that Bitcoin is not an efficient currency today. However, Jack Dorsey thinks Bitcoin has a long road ahead to become a good currency as the quantity of user will grow over time.
Meanwhile, the price of Bitcoin is growing and has returned to $9000, gaining +6% in 24 hours. The G20’s balanced approach towards digital currencies demonstrated at the aforementioned discussion might have played a part in this growth – no country categorically demanded to cease all Bitcoin activities tomorrow, as some investors could have feared.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Stellar Lumens [XLM] Might Go Up To 275% By The End Of 2018

For the last few weeks, cryptocurrency market has become a nuisance for all investors involved; some selling their holdings, some taking the chance to buy more while the prices are low- but all in need of good news. In this case, experts being concerned and trying to be prudent, are constantly attempting to find satisfying information to bring motivation and hope on the market. Somebody that was noticed trying to do such thing has been the CEO of WishKnish, Alisa Gus. Gus has taken into consideration Stellar Lumens, claiming that the value of this specific cryptocurrency might have the capacity to go up to 275% by the end of this year.

“The price might rise along with that of Bitcoin, but unless it corners a huge piece of the market it hasn’t been known for before, an independently powered rally is unlikely to materialize, although it really should. I like what they are doing a lot,” Gus told Finder.com

Are trustworthy enough Gus’s speculations?

Being the CEO of WishKnish, Gus seems to have much experience on this field; she has an outstanding reputation in the cryptosphere and also she has been requested to analyze many cryptocurrency issues for many years. Nonetheless, there is also information that she has record tracks of acclaiming some cryptocurrecies and when the predictions failed to develop, her side changed immediately.
A few of months ago, she showed praise for the future development of Dogecoin, and after a couple of months, no development was seen, consequently, slightly she moved to Stellar Lumens.

What Gus actually means?

Gus’s information on Stellar Lumens doesn’t seem to be much reliable, but her prediction is based on the underestimation of its value. Most cryptocurrencies have maintained to resist the recent descent on the market and also have handled to secure substantial investment and also partnerships from other developers.
The vast majority of these have been traditional financial institutions that inadvertently had caused stress among cryptocurrency observers. Currently, there are some expectations that Stellar Lumens might receive backing at any moment. Accordingly, it is not very clear where Gus expectations of the coins growth, are based on.

Cryptocurrency market constantly surprises us, therefore, the chance that Gus could be right is possible. However, currently, it is hard to see where exactly these gains will come from.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Reddit user says he owes the IRS $50,000 thanks to bitcoin — here’s how to avoid a surprise tax bill

The rise and fall of bitcoin during recent months has been eye-popping. The digital asset’s price shot from below $1,000 at the beginning of 2017 to over $19,000 in December, before plummeting in early 2018 to close at $8,630.65 on Monday, according to CoinMarketCap.com.

But investors who cashed out around the height of the frenzy were left with a big tax bill. Without advance planning, it was an expensive shock to some.

In fact, trading cryptocurrencies reportedly left one Reddit user with a $50,000 debt to the IRS, which he says he’s unable to pay.
“I feel like I might have accidentally ruined my life because I didn’t know about the taxes,” Reddit user Thoway, who says he earns $47,000 a year as an office assistant, posted March 14.

Thoway says he first got involved with cryptocurrency in the beginning of 2017 and bought eight bitcoin for $7,200. By December of last year, says Thoway, that initial investment soared and he decided to cash out.
Since the IRS views cryptocurrency as property — not currency — that sale triggered a “taxable event,” leaving Thoway obligated to pay taxes on the appreciation of his investment. The income tax he owes, “adds up to about $50,000 if I add up state (California) and federal,” according to the post.

Unfortunately for Thoway, it appears he didn’t set aside any money to pay those taxes. In fact, he writes that he then invested his windfall into other cryptocurrencies.

“I got caught up in the alt-coins frenzy,” he wrote, referring to alternative digital coins like litecoin or ethereum, “and sold most of my bitcoins (about $120k worth) to buy a bunch of different coins.”

Many cryptocurrencies have since fallen sharply, leaving Thoway too broke to pay the tax bill. “I added up my alt-coins and I only have like $30,000 worth. I only have about $5k in other savings,” he writes.

Thoway did not respond to CNBC Make It’s requests for comment.

Thoway’s mistake is an expensive lesson to learn, says Ryan Losi, a certified public accountant and the executive vice president of Virginia based accounting firm Piascik, but not an uncommon one.

“[If] you’ve come into a large amount of wealth … by having an asset appreciate that you acquired at a low value, and you think you do not have large tax consequences, you’re fooling yourself,” he tells CNBC Make It.

That rule applies not just to cryptocurrencies, but any income you make — selling stocks, cashing out of bonds or even selling your house. Generating wealth means you owe the IRS.

But for many inexperienced investors, tax repercussions can be a surprise. Cryptocurrency in particular attracts younger investors, Bloomberg reports, with 58 percent of bitcoin investors falling between the ages of 18 and 34 years old.

“For younger people who don’t have taxes top-of-mind, or have never invested before, they’re shocked,” Cathie Wood, CEO & CIO at ARK Invest tells CNBC. “People had huge gains last year, and they [now] don’t have enough in crypto to pay those.”

To avoid finding yourself in a position where you can’t pay the IRS, Losi has some straightforward advice: If you’ve seen a large increase in wealth in a calendar year, from cryptocurrency gains or the appreciation of other assets, set a portion of it aside in anticipation of tax payments.

“If your business is doing well, or you sell property or whatever it is — set 30 percent aside of the gross amount of the proceeds,” he says.

Put the cash in something liquid like a money market account, says Losi, so that you can easily take it out when you need to pay taxes, but you don’t have to worry about it decreasing in value.

“If you do that, you’ll never be surprised,” he says.

Spending the entirety of your windfall or reinvesting it in something risky can leave you in a lurch come tax time.

“If you don’t [put 30 percent aside] and you spend on personal [items] like a house or a car, or if you put it in securities, you’ve really got only yourself to blame,” Losi adds.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Telegram’s Native Token Gram Could be Worth $200B in 5 Years, Thinks Aaron Brown

Though there is still not so much precise information about Telegram’s ICO and its Gram coin, experts are already making predictions about its fortune.

Telegram’s cryptocurrency called Gram is predicted to reach a $200 billion market cap in five years. Nevertheless, some experts believe that Telegram’s ICO is still overvalued. There is different information on how much the company hopes to raise, some reports say Telegram team has a goal to attract $2.6 billion during its ICO while some others believe that their aim is $4–5 billion.

That was Aaron Brown, a former managing director at quantitative investment firm AQR Capital Management, who supposed that the native token of the Telegram Open Network could achieve a $200 billion market cap in quite a short period of time, which will bring ICO investors good profits. Being an experienced player on the crypto arena, Brown doesn’t gamble on the Telegram deal for himself personally. And one of the reasons is that it’s overvalued.

According to Brown’s forecasts, in 5 years there will be 300 million users of cryptocurrencies and their aggregate market cap will increase to $5 trillion. In such conditions, Telegram has a potential to attract 4 percent of these people to its platform.

Brown said that Telegram has chances to become one-third the size of giant internet companies while crypto will get a share of one-third of the value of internet businesses. Nevertheless, such a situation is just a best-case scenario and there is a wide range of obstacles for making it a reality.

In accordance with Brown’s most positive estimates, Gram can reach a $1 billion valuation at launch or even more. The expert said that Gram’s value will be derived from the users’ transactions balances, it means from the sum that they have in their accounts.

Telegram provides an encrypted-messaging service that has gained popularity with people interested in crypto trading and investing in ICOs. As it has reported in the beginning of the year, the platform has 180 million active users and can boast 500,000 new sign-ups and over 70 billion messages sent per day. And now the team plans to create the ‘third generation’ Telegram Open Network offering support to thousands of decentralized applications, the raised funds will be allocated namely to the development of this initiative.

It’s worth mentioning that in the pre-sale round Telegram has already managed to raise  $850 million which significantly exceeds their initial target. There were also talks about a second secret pre-ICO sale aimed to raise exactly the same amount as the first round.

But the opinions of experts on this issue really differ. Some of them do not consider it right to offer an opportunity to buy Gram only for accredited investors with at least a half a million dollars and not to approach the public directly in a crowdsale method. Others do not understand why Telegram need to attract such a huge sum of investments for its project and think that Telegram is just cashing its image.

Nevertheless, the hype around Telegram may contribute to attracting more money into another startups’ ICOs which are predicted to reach combined $18 billion in 2018.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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European Brokerage Robomarkets Adds Cryptocurrency CFDs for 24/7 Trading

Robomarkets, a brokerage that operates in the European markets, has added access to trading CFDs based on cryptocurrencies for its clients. Some of the most popular cryptocurrencies such as bitcoin, bitcoin cash, dash, ethereum, litecoin, and ripple, have been added to the list of available trading instruments.

24/7 Trading

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Robomarkets offices in Cyprus

Robomarkets, a Cyprus Securities and Exchange Commission (CYSEC) registered investment company, has announced that the following CFDs (contracts-for-difference) are now available to its clients: BTC/USD, ETH/USD, BCH/USD, DASH/USD, LTCUSD, and XRP/USD. With a maximum admissible leverage of 1:5, the above-mentioned instruments may be traded on the Metatrader 4, MetaTrader 5 and Webtrader platforms as well as on the company’s own R Trader terminals. In addition to that, the R Trader platform now offers clients with an option to buy cryptocurrencies without swaps (overnight fees common in FX) with a leverage value of 1:1.

Introducing the new concept to its clients, the company explained that unlike the trading instruments most CFD traders are used to, cryptocurrencies may be traded 24/7, including on the weekends when fiat currency pairs, commodities and stocks are not available for live trading operations. The brokerage says that this factor provides traders with an opportunity to use more trading strategies, which require some extra time to add to a usual business week.

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Screenshot of BCH on R Trader terminal

Keeping Up With the Times

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Konstantin Rashap, the company’s development manager in Europe commented: “RoboMarkets always keeps up with the times and implements cutting-edge technological solutions. Continuing our expansion on the European market, we’re pleased to offer our clients a new class of trading assets. By adding cryptocurrencies to the list of more than 8,700 instruments that are already available to RoboMarkets clients for trading, we’re not only responding to their demands, but also systematically expanding the list of our services and improving their quality.”

The European brokerage’s international sister company Roboforex first launched bitcoin and ethereum trading back in September 2017. The Belize-licensed firm also added CFDs based on bitcoin cash, dash, litecoin, and Ripple’s XRP earlier this year.

Images courtesy of Shutterstock.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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