Blockchain’s Perfect Storm: Removing Money Laundering from the Financial System

Blockchain’s Perfect Storm: Removing Money Laundering from the Financial System

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Today, banks and financial markets refuse to share information that can prevent money launderers and fraudsters from operating in the shadows, in the gaps between market participants. But now the situation is changing. As Grant Blaisdell, co-founder and COO of Coinfirm.io says: “Blockchain has the potential to completely eliminate fraud, money laundering and criminal activity from our financial and banking systems.” This is the first in a three-part report that looks at Anti-money laundering (AML) and the efforts of the Blockchain community to bring everyone together to rid the financial markets of fraudsters, criminals and those who seek to use the financial system for the bad ends. Compliance costs skyrocket Remembering back to 2012, HSBC had to pay the U.S. authorities $1.9 bln in fines for not identifying and distinguishing bad actors from good, through the handling of a huge volume of questionable transactions from unreliable sources. The question remains: did they really know or were the systems that are meant to flag the risks inadequate? How did HSBC get this so wrong over a long period across many sovereign jurisdictions? Does this continue to highlight the fundamental issue for banks and all financial institutions the challenge to accurately identify each party …

The Five Most Confusing Things About Bitcoin That Hold Back Its Adoption

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Bitcoin has been around now for eight years and is maturing with a sizeable market capitalization, with more than 25 mln wallets in circulation. Adoption has benefited from post-Brexit activities, the U.S. elections and in the past week has been further boosted by events in China with currency exit and with India’s new currency reforms. Things are hotting up for Bitcoin. But is terminology holding it back? Misleading language The language used by the Bitcoin and Blockchain communities is misleading and conjures up all kinds of thoughts and images in people’s mind, often creating the wrong impression. One of the big challenges for any new technology, apart from it being mocked by the incumbents, is that people try to compare it to what they know, their reference point. The obvious is fiat currencies – the current banking system and the process of how bank accounts work. So here are the five most confusing things about Bitcoin and the answers that decode this technology and clear up the misconceptions to make it clear for all Bitcoin enthusiasts. 1. Gold coins is what it looks like Many mistakenly believe Bitcoin is a physical currency, Gold Coins with a letter B and two vertical …

Major Franchise Installs 11 Bitcoin ATMs in Cafes Across Canada

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Prominent Bitcoin ATM operator BitNational, has installed its signature two-way Bitcoin ATMs in the headquarters and branches of Waves Coffee House, a major franchise founded in 2005. The corporation operates 38 cafes across British Columbia and Alberta, and was selected by over 1,500 coffee retailers as the “best of brands” in Canada. As Bitcoin progresses towards mainstream adoption, major corporations and established institutions are attempting to familiarize its employees and customers with the leading global digital currency. Drew Glover, co-founder at BitNational stated: “The latest in a string of corporations now acknowledging the fledgling digital currency Bitcoin, Waves Coffee House, has installed a Bitcoin ATM in their corporate headquarters in New Westminster, BC.” As demonstrated in BitNational’s Bitcoin ATM locator map, 10 branches of Waves Coffee House, or what the company likes to call “Waves,” currently have Bitcoin ATMs installed. The 11th Bitcoin ATM is installed in the headquarters of Waves Coffee House, for the benefit of its employees. The presence of Bitcoin ATMs in the branches of Waves Coffee Shop, which is recognized by the Brand Coaches as the “Hottest Brand in Canada,” is favorable for the Canadian Bitcoin market and for the exposure of the digital currency across …

What’s Next For Bitcoin, Hot Startup Ideas 2016

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What’s Next For Bitcoin, Hot Startup Ideas 2016 We have prepared a review of the projects that the Bitcoin industry requires right now. These projects have no strong competitors in the market and could attract a lot of new cryptocurrency owners. Angels, funds and private investors will willingly invest their money in such projects. We offer to choose more simple, profitable and less risky way. The market of cryptocurrency projects is rapidly changing, and the products which were up-to-date a few years ago, are not interesting for the target audience any more. Strong leaders settled in the most profitable segments of the market (mining, trading, e-commerce), and nobody can move them unless they have a budget of more than one million, genius idea and a great deal of luck. We all know how difficult it is to find a good idea for a startup and to configure the product which meets requirements of clients and corresponds to ideas of investors about what a profitable investment is. From the general to the special: solutions for local markets Non-competitive conditions and interested local investors are very attractive factors for a startup. The main thing is that you do not need to reinvent …

4 Reasons Why Your Nation Will Kill Cash For A Digital Currency

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Yes, I’m talking to you. Yes, I’m talking about your country, whether it is Russia, China, or the United States. The more modern and advanced your economy, the faster it is coming your way. The discussions have been going on for a couple of years now on how to do it. The only question is when to spring it on the masses. If you are in a less than a state-of-the-art economy, like Pakistan or Guam, you probably have a lot more time left with the paper. Most of us aren’t so lucky. Cash has been on the clock in the most advanced nations for years, with central banks limiting how much cash you can get, even from your own account. Limits have been dropping to as low as 5000 units of paper in some nations, and even then you will have to surrender your ID or go through some level of interrogation. The future of money does not include paper, and here are four reasons why digital currencies will become your official national currency. Reason #1 – The best way to control a nation is to control its money supply Governments are all about control. Whether it is doling out …

Joe Rogan to Andreas Antonopoulos: I’m All In, I’m on Team Bitcoin

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In episode 844 of the Joe Rogan Experience podcast featuring security expert and author of Mastering Bitcoin, Andreas Antonopoulos, stand-up comedian and sports commentator Joe Rogan expressed his optimistic views towards Bitcoin, stating “I’m all in, I’m on team Bitcoin.” Rogan’s final remarks at the very end of the show were amassed throughout the podcast, during which Antonopoulos examined and evaluated the vulnerabilities and inefficiency of today’s financial systems in great detail. In particular, he referred to the outdated services and products of banks which grant several financial institutions a complete monopoly over a country’s monetary system and economy. Control of banks: bloated economy The focus of the talk was established primarily on the control of banks over a country’s monetary systems and how that is abused to create a bloated economy. When an economy is struggling from dealing with financial instability or poor performance from major stock markets, the solution which is often presented by the central bank is to print more money. For instance, the Federal Reserve Bank would print trillions of dollars to be sprinkled on top of a troubling economy which is essentially distributed to the country’s banks and government agencies. One major misconception behind this …