Category: Australia

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Australia Bitcoin Ripple

Report By CPA Australia Singles Out XRP For CBDC Potential

A recent report commissioned by CPA Australia has singled out Ripple’s XRP as a good token on which to possibly build a CBDC.

The report takes a look at Bitcoin and Ethereum as well, and outlines why they are not as attractive a choice for a potential CBDC.

Volatility Not Welcome

The RBA has been see-sawing for a while on the issue of CBDCs – first researching them, then deciding that there is no reason to work on one before stating that they’re continuing their research anyway. In the meantime, other countries have also been carrying out CBDC-related research independently.

In the new report, CPA states that in their opinion, Bitcoin is far too volatile to ever host a CBDC – which should match the value of current legal tender.

“Despite it not being legal tender, Bitcoin is popular, and it is accepted as a medium of exchange in many places. Bitcoin’s price has been subject to spectacular volatility in recent years and this volatility has resulted in a lack of confidence in Bitcoin as a medium of exchange or as a store of value and raised concerns among central banks as to the viability of cryptocurrencies as CBDCs.”

The report goes on to state that although Ethereum is in a better spot due to its’ capability of hosting smart contracts and the like on its network, Ethereum is too decentralized to be able to be used safely by banks – however, it’s worth nothing that during the RBA’s CBDC experiments, tokens minted on the Ethereum blockchain were used.

CPA’s report appears to take a stance that greatly differs from that of the American SEC regarding Ripple. While the SEC claims that XRP’s more centralized nature could lead to it being more of a security than Ethereum, CPA states that this very centralization makes it a much more viable too for the creation of a CBDC.

CPA are not the only ones to claim that the nature of Ripple could spur on the creation of CBDCs – Banque de France reportedly believes the same thing, as pointed out in the report.

Categories
Australia Binance Tokens

Aussies Looking to Hold $AVA as Binance Australia Adds Three New Coins

Binance Australia will now allow Aussies to trade three new bullish tokens in its platform: XLM, AVA, and ATOM. Trading will go live on March 10, at 10:00 Sydney time.

These three coins experienced considerable growth in the crypto market since January, up to 10-15% in price, and 24h trading volumes reaching levels of 80%.

Aussies Looking to Hold $AVA

The community seemed excited to trade these three tokens, especially AVA, the native asset of Binance-backed Travala, one of the first blockchain-based travel agencies. The company implemented this blockchain technology along with crypto-payments in 2017.

Since the COVID-19 outbreak started, the travel industry suffered approximately 42% (nearly $500 billion) in losses, according to the U.S. Travel Association. But Travala has provided a blockchain infrastructure and support for crypto-payments for a while, helping the company avoid the effects of the pandemic and attracting crypto enthusiasts.

It’s worth noting that Travala recently allowed support for payments in LINK (Chainlink’s token).

Likewise, XLM, the native token of the open-source DeFi protocol Stellar, also experienced positive growth in January this year. And 24h trading volumes nearly reaching 30%.

On the other hand, ATOM, the native asset from the interoperable blockchain ecosystem Cosmos Network, has also seen positive community support. The platform reached January this year with a market cap of over $4,500,000, and trading volumes are currently 30% up in the last 24 hours.

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Australia Scams

AUSTRAC and ASIC Investigating Scammers Deceiving Aussie Crypto Investors

A new investigation by the Australian Financial Review has shown that millions of dollars in cryptos are being stolen by British scammers posing as crypto exchanges in Australia.

These scammers not only are disguising themselves as exchanges but also faking identities of financial corporations and Australian investment management companies, offering high-yield bonds.

Some of the alleged stolen identities are:

  • Citibank
  • Nomura
  • IFM Investors
  • Binance
  • Coinbase

According to the investigation, The AUSTRAC (Australian Transaction Reports and Analysis Centre) and the ASIC (Australian Securities and Investments Commission) will work together to track down these scammers.

Scammers Posing as Binance Australia and Coinbase

Not only scammers have been stealing and posing as major financial institutions, but also taking the same web infrastructure of several crypto exchanges.

These scammers have also been exploiting the potential reach of several search engines, appearing in the main pages of Google as top crypto exchanges.

Back in February, Jeff Yew, CEO of Binance Australia, warned people on Twitter over misleading emails all over the country.

Following his post, another user reply by uploading an image of SMSs with “Withdrawal codes” sent to him by “Coinbase”.

Australians should be careful when receiving emails and SMSs claiming to be crypto exchanges or investment funds. You can check out Crypto News Australia’s guide on how to stay safe in crypto and avoid wallet frauds.

Categories
Australia Cardano

More Australians May Flock to Buy ADA as Bullish Sentiment Grows

Cardano’s native crypto asset ADA, which taking a greater role in the crypto market is now entering the Australian mainstream. The asset was recently featured on 9 News Australia where they called ADA “The Next Bitcoin”.

Traders and investors who are seeking alternative assets with great potential may also consider Cardano, as there is a strong bullish sentiment in the market right now for ADA.

Investors are looking for the next bitcoin, meaning they’re investing in cheaper tokens like Cardano’s ADA, IOTA, and Tron, all of which are priced around the $1 mark. We believe this year could see this hunt for the next ‘bitcoin’ intensify, as the market widens and other coins gain their own following.

Simon Peters for 9 News Australia

Why is the Community so Bullish on ADA?

ADA is already up over 600% for 2021, and is now becoming one of the most lucrative cryptos for traders and the crypto development community.

ADAUSD Chart by TradingView

The ADA token had a successful bull run since the beginning of February in 2021. When Cardano started working on the Gogen Mary fork (a major protocol change in the network) on February 3, ADA increased massively in price, reaching an All-Time High of $1.47, and trading volumes of nearly $20,000,000.

A Multi-asset Blockchain

Cardano is also entering the DeFi space with its new multi-asset blockchain. This could also be a reason for the recent price rise. Developers from other DeFi firms can now build their own tokens on Cardano (just like Ethereum), making it a more useful crypto.

Categories
Australia Bitcoin Gold

Perth Mint Says Gold is Far More Decentralised Than Bitcoin

Australian bullion company Perth Mint, has stated in a recent report that they think the gold market is far more decentralized than Bitcoin.

The article, written by Jordan Eliseo – Manager Investment Research at Perth Mint, explains reasons why they think Gold is better than Bitcoin.

The gold market is far more decentralized, with the precious metal mined, refined, and owned by central banks, households and investors the world over. Bitcoin on the other hand is predominately held by a small group of owners, while mining is overwhelmingly concentrated in one country.

Perth Mint “Gold vs Bitcoin” article

Some key points in the article (with some commentary):

  • “Gold breaks its price correlation with Bitcoin – since August 2020 Bitcoin has been soaring, while Gold has declined.”
  • “Gold has a multi-millennia track record as a store of value and has been the best performing asset in equity market corrections over the past 50 years. In contrast, it is far too early to say that Bitcoin is a store of wealth.”
  • “Free storage options for gold can be much lower risk than free bitcoin storage options, given the counter-party risk inherent in the latter.” The free storage with Perth Mint is for “storage with the working inventory of the mint”.
  • “Gold is a lower cost investment than bitcoin, with gold ETPs like Perth Mint Gold (ASX:PMGOLD) offering gold exposure for 0.15% p.a., versus 1-2% p.a. for existing bitcoin products.” Bitcoin ETF EBIT is at 0.75% p.a.
  • “Gold’s network effect is far stronger than bitcoin’s, best evidenced by the perpetual marketing of bitcoin itself as digital gold. Gold is not marketed as analogue bitcoin!”
  • “there seems little compelling reason for institutional investors and large corporations to include bitcoin in diversified portfolios or on company balance sheets.” Many companies have already adding Bitcoin to their balance sheets. Large fund advisors such as Kevin O’Leary have publicly said that the reason they are holding a 3% allocation of BTC because it’s as a hedge against inflation. They also hold a basket of Fiat currencies, because they hedge against each other. He also said they he has owned Bitcoin for a long time but could not do or say anything due to regulations, and he believes with the introduction of the approved ETFs, these regulations are now being adopted by large investors.
  • “Bitcoin remains under threat, both from hard forks and corruptions of the bitcoin network itself, well as thousands of other cryptocurrencies.”
  • “By the end of 2015, more than 70% of all the bitcoin that will ever supposedly be issued had already been mined, and was held by a small group of people, before 99.9% of the world had ever heard of it”
  • “Research published by Glassnode in early 2021 suggest just 71% of bitcoin is controlled by the largest 2.1% of bitcoin network entities.”
  • “Bitcoin beats gold hands down from the perspective of generating speculative returns in rapid fashion — but it is 12 times more volatile than the precious metal.”
  • “Corruptions and or degradation of the Bitcoin network itself (for example, in 2010, someone altered the network and temporarily created more than 180 billion bitcoin, while there have been at least 40 bugs detected in its short lifespan). Gold on the other hand is not a piece of software. It is an inert physical metal. It will never evolve the way the Bitcoin network can and has. It will also never degrade.”
  • “The gold market is far more decentralized, with the precious metal mined, refined, and owned by central banks, households and investors the world over.” See video below for the debate between Bitcoin and Gold.

The Bitcoin vs Gold Debate

The debate between Bitcoin and Gold has been ongoing for quite a few years now with both having pros and cons. Bitcoin has been named “the digital gold” with investors large and small adding it to their portfolios.

For those of you that haven’t seen this debate between Peter Schiff and Erik Voorhees, it’s a great watch.

Categories
Australia Bitcoin Blockchain

Iris Energy Doubles Their Fund-Raising Target

An Australian company that splits its activities between bitcoin mining and operating a data center, Iris Energy has passed it’s pre-IPO funding target of AUD 20 million with flying colours. Following an unexpected financial commitment from Platinum Asset Management, they’ve decided to increase their target to AUD 40 million.

Double The Planned Revenue, Double The Planned Power

Platinum Asset Management has committed to offering AUD 13 million worth of capital ahead of the planned IPO.

At least a part of these funds will go towards building a 50 megawatt data centre in the Canadian region of British Columbia – which will supplement their currently funded data centre which will be capable of providing up to 30 megawatts – a move that will greatly increase their future capacity.

For now, their mining operation depends on only 9 megawatts of power – that is, until the capabilities of the current site are upgraded.

It is unclear whether the new data center will be used for mining Bitcoin as well – although the temperature of British Columbia would definitely seem suitable for anyone who’s dealt with racks of GPUs and servers.

In a separate statement, Iris Energy also informed investors of a planned change in management, hiring the former CEO and the former CFO of the energy and infrastructure business DUET Group, which is listen on the ASX and was worth approximately $13 billion in 2017, when the business was sold to CKI.

The two of them will most likely be occupying the position of independent chair and chief executive.

The company also has a marked interest in remaining as environmentally-friendly as possible – a trait that stands to further their success in a world ever more aware of the necessity of keeping the planet an inhabitable place for all.

Categories
Australia Cryptocurrencies DeFi

Australia Needs to Embrace Crypto Says Fund Manager Mark Carnegie

Mark Carnegie, venture capitalist and co-founder of the investment bank M.H. Carnegie & Co. has recently spoken publicly about how important cryptocurrencies could be for Australia. According to Carnegie, traditional Australian funds have “screwed up” and failed to recognise the current situation.

Carnegie admitted that it took a long time for him to fully accept cryptos but now admits that “it took too long, but I now believe that crypto is here to stay”. He says his portfolios “have a giant hole in them because they don’t include Bitcoin and Ethereum”.

Source: mhcarnegie.com

Crypto Might Be The Only Answer For Australia

The national Reserve Bank keeps rates on hold, a move that affected the Australian Stock Exchange negatively. Some analysts even argue that the housing market could be at risk of overheating.

Carnegie argues that while inflation, economic collapse, and possible bubbles like the housing market are a reality that the banks and traditional funds in Australia have failed to recognize. While this happens, Carnegie states that Crypto might be “the only answer” to address these issues, not only in Australia but globally.

Crypto is currently a sideshow for Australia, but as an effective protection from expropriation in many other countries where hyperinflation and economic collapse are potential realities, it might just be the only answer.

Stated Carnegie for Financial Review

DeFi is Coming

Moreover, Carnegie spoke about the current role of Decentralised Finance (DeFi), and what it can bring to the digital economy, and how it can potentially reshape the way people view finance as well.

While DeFi has a number of challenges to take care of, the decentralization and the independence from third parties and bankers are the main attractive feature of DeFi, but the main challenges rely on friction in human relations:

Will the promise of decentralised finance and smart contracts revolutionise transaction friction in human relations? The first place that this question is being answered is in payments and money transfers.

Stated Carnegie for Financial Review

Carnegie mentioned the outstanding growth of fintech and DeFi platforms in Australia, the number of crypto fintech and DeFi platforms have grown at least 16% in January, following the bull run for Bitcoin and DeFi-related tokens.

DeFi Will “Take Off” as Soon as People Use it Like Credit Cards

Not only Mark Carnegie is one of the traditional investors that spoke in favor of the crypto and DeFi space – Mark Cuban recently compared the boom of DeFi to that of the internet in 2000.

According to the magnate, DeFi can address several issues mentioned above, as well as the typical problems related to bankers, transaction speed, and effectiveness.

While it does present several challenges, Cuban believes once people can use DeFi as freely as they use their credit cards it will “take off” massively.

Categories
Australia Binance

Binance Achieves Record Growth in Australia, Dominating AUD Trading Volumes

Australia flag Binance logo
Australia flag Binance logo

Binance Australia has achieved record milestones in the past year and into 2021 – seeing tremendous growth in user base as well as trading volumes.

Binance Dominating Exchanges for AUD Trading

Binance Australia is currently the leading exchange in the country, topping BTC and ETH markets for 24-hour trading volumes.

As shown below, the platform outranked other exchanges, including closest rivals BTC Markets and Independent Reserve, with a BTC/AUD 24 hours trading volume at over AU$51 million.

BTC/AUD 24H Volume
ETH/AUD 24 Volume

Binance Crypto Users are Growing in Australia

It’s not only trading volumes that are increasing for Binance – the number of users and adoption have reached outstanding numbers in the last weeks.

Also it’s not only the number of individuals that are growing – Binance Australia also saw over 400% in corporate and SMSF users compared to the previous quarter, end of 2020.

Educating Aussies With Binance Masterclasses

As the crypto demand in Australia grows, so does the need for crypto education. Every day, more Aussies are keen to learn about cryptocurrencies and how they work.

Binance meets those needs by educating Aussies with a free online course, called “Binance Masterclass” —a series of free online educational videos for anyone interested in the world of crypto.

Getting Started with Binance

If you’re interested in finding out more about Binance Australia, you can read our review here. And if you’re looking to open an account you can checkout the how to get started guide.

Categories
Australia Bitcoin.com Games Gambling Press Release

Winner Cashes Out A$200,000 from Bitcoin.com Games

Bitcoin.com Games gave this player 200,000 reasons to be happy this spring!
Bitcoin.com Games gave this player 200,000 reasons to be happy this spring!

Lucky player bags two epic wins within minutes

What started as a perfectly normal month of March for this player turned out to be a life-changing experience when they won, not one, but two big rounds of The Dog House Megaways slot on Bitcoin.com Games.

Starting off with a small bet of A$28, the wheels of fortune started turning for the player when the reels started spinning in their favour, landing the player their first win of A$22,724. A chunky 788x of the original bet amount!

A win like that could take anyone’s head for a spin, but little did the player know what the future had in store for them. As they kept spinning the reels of this one-of-a-kind Megaways slot, Lady Luck decided it was time to bring massive fortunes to the player. Only this time the bet was A$14, and the win? A$211,974.

The Dog House Megaways
The Dog House Megaways – 13,870x and 788x multipliers applied to player’s bets resulting in a total win amount of A$234,700!

A celebratory pause would ensue as the player gathers themselves back into a winner’s composure and spins the reels a few times before cashing out A$200,000 from the crypto casino.

Online casino games are well-known for churning out massive amounts of money on the most unlikeliest of bets, no matter how small. The Dog House Megaways video slot on Bitcoin.com Games is loaded with over 100,000 ways that a player can win. With amazing graphics and great gameplay, this and many other slot games on the premium bitcoin casino offer big win multipliers that can land players in the lap of ludicrous fortunes.

Play popular casino games with big jackpots that you can exclusively play on Bitcoin.com Games.

Categories
Australia Blockchain Industries

APS Blockchain Conference To Promote Blockchain Adoption In Government

The first APS Blockchain event to take place in 2021 will be hosted on Friday, the 12th of March.

Presented by the APS Blockchain Network – in collaboration with MIT – the conference will aim to drive adoption of blockchain technology across all levels of the public sector.

Discussing New Ways To Implement Blockchain

Alongside the South Australian Government, MIT will be there to discuss their digital currency pilot – named Project Ubin. Project Ubin launched in Singapore in 2016 and is an international endeavour that seeks to improve the way clearances work, in the world of regular payments – and it aims to bring improvements in the financial area that deals with securities as well.

At the conference – which public servants from all over Australia are encouraged to attend – the presenters will be laying out the key takeaways from their research, and discussing ways that blockchain can be implemented in the public sector.

This conference comes not long after Blockchain Australia called for more government support for blockchain.

According to Steve Vallas – the CEO of Blockchain Australia – investors need more confidence that the government will support blockchain technology before committing to the same degree they do in the USA.

“Australia hasn’t had a Greyscale equivalent and that’s really prevented a lot of investors coming into the marketplace because they want to go through the process they usually go through. Having a familiar vehicle makes a lot more sense and that’s what we’re trying to bring to the market. I think there’s probably a well-understood investment cycle where Australia is 2-3 years behind US markets and that appears to be playing out in the crypto investment market as well.”

The meeting will be held online on the Webex platform in nearly 2 weeks’ time.