Category: Bitcoin

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Bitcoin Sponsored Article Tether

3 Benefits of Tether

Tether is one of the most successful cryptocurrencies in the world. It’s currently the fourth largest crypto in terms of market capitalisation, and the top-rated stablecoin currently in circulation. Its market cap is more than $10,000,000,000, with a 24-hour trading volume of almost $29,307,000,000 at the time of writing. In fact, this trading volume makes it the most widely traded cryptocurrency of all – beating even Bitcoin to the top spot!

Whether you’re considering investing in Tether or simply want to know more about this stablecoin, read on. In this article, we’ll be guiding you through the threemain benefits of Tether from a trader’s point of view.

1. Tether is a stablecoin

What is a stablecoin?

Have you come across the term ‘stablecoin’ online but aren’t sure what it means? A stablecoin is an alternative form of cryptocurrency which was developed to bring traders the benefits of crypto with the security of fiat currency. (Fiat currency is a type of currency that maintains its value in the form of money, generally by government regulation. An example of this would simply be the Aussie dollar, US dollar, British pound, or Japanese yen).

More ‘traditional’ forms of cryptocurrency are infamously volatile. You’ve probably seen reports of Bitcoin’srecord volatility levels, which hit a staggering 8% in 2017. It’s this volatility which often puts people off from investing in digital assets – even experienced traders who follow the markets carefully.

Stablecoins are an innovative solution to this problem. Instead of deriving their market value from the number of traders, exchanges, and coins in circulation, stablecoins are tied to a fiat currency. This means that their value is designed never to fluctuate from a fixed amount – for example, 1 AUD or the price of a stable commodity.

What is the value of Tether?

Tether (USDT) takes its value from the US dollar. According to the company which owns the stablecoin, Tether Holdings Ltd, 1 USDT will always be equal to $1, with an additional $1 held in reserve. This means it’s nowhere near as volatile as Bitcoin and other cryptos, making it a far safer investment.

Tether can be easily exchanged

As a stablecoin, another benefit of Tether is the fact that it can be easily exchanged. Although this hasn’t always been the case, it’s currently possible for Tether investors to exchange each Tether token in their wallets for $1, making it simple to convert their digital assets into ‘real’ money.

Tether is ‘the digital dollar’

For this reason, Tether is often known as ‘the digital dollar’ and a ‘digital-to-fiat currency’. Because its value is relatively consistent in comparison to cryptos such as Bitcoin, Litecoin, or Ethereum, many traders treat it straightforwardly as an alternative form of fiat currency. This makes it a convenient intermediary stage between other cryptocurrencies and hard cash. Simply exchange your Bitcoin reserves for Tether, then convert it into dollars.

There is no fixed number of Tether tokens

For many people, one of the most confusing aspects of Bitcoin is the fact that the total number of Bitcoin tokens is fixed. There can only ever be 21 million tokens in circulation. This might sound like a lot, but reserves seem a lot thinner when you consider that there are already roughly 18,500,000 in circulation, just over 10 years after the launch of Bitcoin in 2009 – and that this number is predicted to change every 10 minutes.

Bitcoin halving

To help regulate the circulation of Bitcoin, a process known as ‘Bitcoin halving’ occurs every four years. This is when the price of Bitcoin is cut in half, happening most recently in May 2020. Before this point, miners earned 12.5 Bitcoin (BTC) per ‘block’. They now earn 6.25 BTC.

Because the value of Tether is fixed, the number of Tether tokens in circulation makes no difference to its worth. This arguably makes it a more secure long-term investment than Bitcoin, which has an inevitable expiration date.

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Bitcoin Press Release

Welcoming BTC to AUD Transactions on CoinMetro

From now on, you can exchange Bitcoin to Australian Dollar on CoinMetro. CoinMetro is your one stop shop for crypto trading. Products vary from a quick buy widget to a pro margin trading platform to copy trading and an STO marketplace launching very soon.

They have just added AUD deposits, withdrawals and  BTC to AUD trading pairs.

BTC to AUD – Why Local Currency Support Matters

CoinMetro is working towards making crypto accessible for everyone. They have been offering BTC to EUR transactions for a while now. A few months ago, they added BTC to GBP among the currency pairs. Starting from this week, conversions with the Australian dollar are also available. 

One of the pillars of making crypto accessible for everyone is local currency support. This is why CoinMetro is continuing to add more currency pairs to their platform. A big part of their strategy is to offer fiat on and off ramps for people trading or investing in crypto.

Being able to trade in their native currency is great news for all Australian traders. The new currency pair lets you move in and out of crypto right from your local bank and currency. This is a game changer on many levels, such as cost-efficiency and security.

Local Currency Trading Saves You Money

The logic behind this is simple. Local currency support eliminates the need for conversions. To this date, there was a lack of crypto exchanges that enable trading in AUD. So, traders had to convert their funds from BTC to AUD and vice versa. First off, this is time consuming. Every additional step makes the trading process more tedious. And secondly, every conversion costs money. So, traders lost funds in conversion fees. 

Trade Bitcoin to Australian Dollar Securely 

There is no way to bypass security when talking about trading. Having certainty in your funds being safe is just as important and saving on fees and time. With CoinMetro, you don’t have to worry about this. CoinMetro is a fully licensed EU exchange with an excellent track record and holds licenses in Australia as well. 

Excellent Service at the Core

Customer service has a crucial role in their operations. Trading and investing into crypto is a financial activity. As such, customer service is key. they know how important it is for traders to have support on any questions that relate to their funds. Their support team is available 24/7 and ready to help traders with any questions about the product. 

Head over to CoinMetro crypto exchange and start trading BTC to AUD! They support all major cryptocurrencies – take your pick from ETH to AUD, LTC to AUD, XRP to AUD and many more.

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Australia Bitcoin Scams

Netwalker Crypto Ransomware Threat Widespread in Australia

New data published by international cybersecurity platform McAfee reveals that the highly prolific Netwalker ransomware, which encrypts the files of victims and demands ransom in Bitcoin, is highly active in Australia.

A report published by McAfee indicates that the activity of the advanced ransomware threat has increased over Q2 2020, developing a complex ecosystem of affiliates and gangs that are earning millions. 

McAfee data reveals the global prevalence of the NetWalker ransomware.

The Netwalker threat was first identified in August 2019, with several variants of the original ransomware tool subsequently appearing around the world. Microsoft’s Threat Intelligence Protection platform isused a warning in April 2020 that Netwalker was used to attack a variety of healthcare and critical service providers around the world.

Interestingly, Netwalker provides victims with access to human operators in order to negotiate ransoms and guide affected individuals through the decryption process after paying their ransom. Groups using the Netwalker ransomware also threaten to exfiltrate sensitive victim data and publish it online if individuals do not pay ransom fees in Bitcoin. 

Aussie Aged Care Providers Hit By Ransomware Data Breach

Netwalker isn’t the only ransomware threat to hit Australian in 2020 —ASX listed aged care provider lost a significant amount of data to overseas-based ransomware platform Maze earlier this week, with the company announcing that it had suffered a breach that saw the hackers copy “some data from (the) IT system and release certain personal data publicly.”

The attack prompted a response from the ACSC on Sunday, highlighting the importance of remaining vigilant against ransomware threats — especially in the aged care and healthcare sectors:

“The Australian Cyber Security Centre (ACSC) is aware of recent ransomware campaigns targeting the aged care and healthcare sectors. Cyber criminals view the aged care and healthcare sectors as lucrative targets for ransomware attacks.”

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Australia Bitcoin Real Estate

Bitcoin Reenters Aussie Real Estate Market: Melbourne Property Goes on Sale for 70 BTC

A Victorian man has taken a bullish stance on the near future of Bitcoin — placing his Melbourne property on the property market for a quote of 67-73 BTC.

The Aussie property owner is offering a Reservoir house for a price that, at late July to August 2020 Bitcoin values, would see the property sold for between $850,000 to $950,000. Announced in a highlight published in the Herald Sun by Samantha Landy, the four-bedroom house, complete with a four car garage, pool, and “man cave” has been placed on the market by a vendor that considers Bitcoin “better than cash”

In an interview with the Herald Sun, the homeowner stated the opinion that now is a great time to accumulate Bitcoin:

“Bitcoin, tomorrow, could jump to $20,000. There is no other better asset class that has outperformed Bitcoin in the last 10 years”

Australian Bitcoin Real Estate Action Hints Toward 2017 Bull Run Repeat

Australia has maintained a crypto-friendly regulatory stance regarding the sale of property for Bitcoin and other cryptocurrency assets. An Australian property sold in 2019 was the first property in the world to go under the hammer in first-ever cryptocurrency real estate auction.

The auctioned house sold for a massive 457 Bitcoin, amounting to over $2.4 million at April 2019 prices.

The increased adoption of Bitcoin in the real estate market hints at increasing trust in the digital asset. The recent surge in property sales focused on Bitcoin and other cryptocurrencies follows trends expressed in mid 2017, with market action hinting toward a repetition of the 2017 Bitcoin all-time high of $20,000.

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Bitcoin Sponsored Article

Violation of privacy is a crime loophole. How to protect yourself with a Bitcoin mixer

Bitcoin can be sent without providing personal information, and therefore it is often called anonymous currency. However, this is an extremely erroneous wording – the privacy of the Bitcoin user in practice is a big question, if not to say that it is often simply impossible.

A more correct definition of Bitcoin would be pseudoanonymity. In Bitcoin, the pseudonym is the address to which the user receives coins or from which he sends funds. Each transaction involving this address is forever stored in the blockchain, and if the address is associated with any user, all other transactions will also be associated with him.

The white paper of Satoshi Nakamoto recommends using a new address every time a new transaction is made. This recommendation remains relevant today, but often this is not enough to ensure the privacy and anonymity of users.

Since its inception, Bitcoin has never provided true privacy. And while Satoshi Nakamoto’s document says that privacy is the goal of the protocol, governments, hackers and other stakeholders who spy on crypto users can analyze the public blockchain by grouping Bitcoin addresses and linking them to IP addresses or other identifying information.

Lack of privacy is a real problem in today’s world. For example, Bitcoin users may not want someone to know what they are spending their money on, how much they earn and what they own, and companies may not want information about transactions to go to competitors, while the lack of anonymity carries a real threat of digital funds loss and even physical harm to their holders from criminal structures and elements. In addition, lack of privacy can lead to a loss of fungibility in monetary units, meaning that each has the same value as any other.

Is there a way out of danger?

The owner of Bitcoins has the ability to create many addresses that are not tied to a person. Bitcoins that will be sent to these addresses have their own public transaction history, and everyone who has ever owned these Bitcoins can de-anonymize themselves, as well as the person or organization from which he accepted these Bitcoins, and to whom he sent them.

In the blockchain, the address of the owner of the Bitcoin is visible, and his identity must be established using additional methods. If such traces are not left, then relative anonymity can be maintained in the blockchain system. The point at which Bitcoin can move from anonymity to identification is trying to convert it into fiat currency through exchanges or wallets. You can de-anonymize yourself by exchanging Bitcoin for cash. But there is a way to keep your actions private on the blockchain.

Bitcoin mixing service BitMix.Biz

Bitcoin mixer is a tool with which you can increase the degree of anonymity in working with cryptocurrency. The algorithm is very simple: the user sends cryptocurrency to the mixer address, which is generated separately for each client, his coins are mixed with transactions of other users or distributed among hundreds of thousands of wallets within him. After that, Bitcoins clean from the information of previous transfers, go to the storage necessary for the sender, returning back to the owner or transferring to the wallet of the new owner.

Bitcoin mixing service BitMix.Biz provides an instant process of mixing your Bitcoin, Litecoin and Dash coins, regardless of the amount of digital currency that you want to clear, since it has the large pool of prepared, that is, pre-cleared cryptocurrency units among others. This eliminates the need to wait for confirmation of the entire set of transactions involved in the mixing.

The solidity of the service is confirmed by the many positive user reviews that BitMix.Biz has gained over several years, a letter of guarantee confirming the crypto addresses of the mixer using 1BitmixQRMUHYYEi11KBRhSfACa1BtcZrZ key, as well as deposits of $ 15,000 on some special forums (if you want to know which ones, write a letter to service support).

For mixing large amounts of digital funds, there is an optional randomization option that provides the safest mixing currently available. Use mirror on the TOR network as an additional safeguard to prevent surveillance of the movement of your digital assets.

When clearing crypto, use the features offered by BitMix.Biz to help you buy time in the race against hackers and a variety of spies who want to poke their nose into your finances. The random fee for the service makes it difficult to track the amount of the transfer, and the delayed time for sending coins blocks the ability to track your identity at the time of sending. Both functions described are available in automatic mode, but you can also select their values yourself manually.

Website: bitmix.biz/en
FAQ: bitmix.biz/en/pages/faq

Tor: bitmixbizymuphkc.onion

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Australia Bitcoin Scams

Crypto Fraudsters Impersonate Dick Smith, Kochie to Push Bitcoin Scams

Is Dick Smith trying to sell you a Bitcoin investment scheme that has big banks terrified? Have you found Kochie’s secret crypto investment plan? If so, then you’ve spotted one of the latest strategies used by crypto scammers to separate you from your crypto capital — impersonating Australian celebrities to push crypto Ponzi schemes.

The Australian Securities and Investments Commission has recently published a warning directed at potential crypto investors, stating that Bitcoin scammers are now using the names of popular Australian celebrities, government agencies, and prominent news sites in order to legitimize scams. 

Some of the celebrity name based scams directed towards Aussie investors include scams purportedly supported by Waleed Aly, Mike Baird, Celeste Barber, Andrew ‘Twiggy’ Forrest, David ‘Kochie’ Koch, Michael Rowland, Dick Smith, Karl Stefanovic and Virginia Trioli.

A report published by the ASIC on July 29 states that scammers are using fake celebrity endorsements to create fake websites, offering investors crypto trading bots that promise guaranteed profits. Other techniques used by scammers include “pump and dump” scams, in which scammers use a fake celebrity endorsement to artificially inflate the value of otherwise low-value cryptocurrency tokens.

While many of the offending scam sites are no longer live, it’s still possible to find many false celebrity endorsed crypto scams online today. Some scam platforms specifically identified by the ASIC include Bitcoin Evolution, Bitcoin Revolution and Bitcoin Trader.

No, Dick Smith Doesn’t Want to Share His Secret Crypto Strategy With You

Sites that claim to deliver profits using the names of celebrities such as Dick Smith remain online, promising unsuspecting investors access to “wealth loopholes” through a “secret investment” as illustrated below:

Dick Smith clarified his position on Bitcoin and cryptocurrency investments earlier this year via Twitter, stating in no uncertain terms that Dick Smith does not, in any way, endorse crypto investing.

With crypto scams capturing more than $4 billion in 2019, performing due diligence and extensive research on any crypto product before getting involved is more important than ever. ASIC notes that, once lost to scammers, crypto is virtually impossible to recover:

“Fraudsters are often based overseas and so are their scam websites, which makes them notoriously difficult to close down. It also makes it almost impossible to track, trace and recover lost money.”

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Bitcoin Crypto News Cryptocurrencies

Bitcoin Breaches $10,000 as Australia Faces Down Worst Inflation Numbers On Record

Australian investors appear hesitant to dive into traditional markets this week, anticipating the release of the worst inflation records on record — as Bitcoin breaks through the $10,000 ceiling, hinting at potential bull run.

The SPI futures index dropped 0.45 percent, or 27 points n Sunday, revealing a potential easing on the S&P/ASX200 for Monday morning. The benchmark equity index hovered near the 6,000 point position late last week, ending the week 1.16 percent down at 6,024 points.

Australian market movements mirror US and European movements, with the Dow Jones Industrial Average falling 0.7 percent. 

Trepidation surrounding the impact of the COVID-19 pandemic and its impact on the Australian economy has seen both CBA and AMP capital forecast Australia’s consumer price index — a critical inflation benchmark — to drop two percent.

Inflation data in line with CBA and AMP Capital forecasting would represent the largest quarterly fall since inflation records began in 1948, taking the annual rate in a negative direction for the first time since 1997.

Digital Asset Markets Fire Up

While traditional markets may be taking a slow turn this last week, digital currency investors have displayed none of the hesitation present in their institutional counterparts. Bitcoin reached a two-month high of $10,135 at 10:05 UTC on Sunday, the highest value demonstrated by the crypto market leader since June 2.

The rapid price size saw Bitcoin capture 8 percent gains on a week to week basis. Similarly, Ethereum’s price skyrocketed to a 13-month high of over $300, reaching $319 early Friday afternoon. 

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Australia Bitcoin Crypto News Regulation

TikTok Could Hack Your Bitcoin Wallet Right Now — Australian Government Considers “National Security Risk” App

The Australian government has stated that popular Chinese-owned social media platform TikTok is under scrutiny for any potential risks it may pose to user privacy or potential national security risks as new evidence emerges that TikTok could compromise user security — including cryptocurrency wallet data.

The social media app, owned by China-based Bytedance, recently opened new offices in Australia amidst international privacy concern that saw TikTok banned in India and US President Donald Trump promoting a campaign to ban the app as part of a new presidential re-election campaign.

Prime Minister Scott Morrison has stated that the Australian Government is currently “having a good look” at TikTok, hinting that an Australian TikTok ban is not out of the question:

“If we consider there is a need to take further action than we are taking now, then I can tell you we won’t be shy about it”

TikTok Accused of Leaking User Data

Concerns regarding the potential security issues presented by TikTok aren’t limited to national security, however. Independent penetration testing and cybersecurity firm Penetrum has published extensive documentation focusing on TikTok, condemning the app for spying on and gathering the personal information of all users.

Penetrum data, published via a public data repository and presented via a security analysis white paper, levels concerning claims against TikTok, claiming that over 37 present of known IP addresses linked to the platform are based in China and that the application harvests and shares data with third party vendors and business partners.

What does this mean for cryptocurrency holders, investors, and traders that use smartphone-based wallet applications, though?

Independent Audit Highlights Severe Security Risk

Penetrum data indicates that TikTok presents a severe security risk due to:

  • Always-enabled remote webview
  • OS-level command access
  • Compromised device information and GEOlocation data
  • User activity monitoring

Based on the evidence presented by Penetrum, TikTok is able to read and share clipboard — or copied and pasted text — on user devices, or access camera functionality without altering the user. 

While many wallet apps generate cryptocurrency wallets without user string input, there are many extant apps in use today that allow users to paste private keys when importing wallets — potentially revealing them to malicious applications.

While Penetrums findings have yet to be backed up by additional studies by other third-party cybersecurity firms, the international concern directed at TikTok due to privacy concerns should cause smartphone crypto wallet users to consider whether the social media platform is worth the risk.

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Bitcoin Cryptocurrencies Cryptocurrency Tax

Over 340,000 Australians Won’t Be Getting a Tax Refund — Including Aussie Crypto Traders

The Australian Taxation office has received over 1.7 individual tax returns in 2020, a 12 percent increase over last year. As online lodgements spiked over 640 percent on July 1, however, the ATO has been quick to remind Australian taxpayers that not everybody is going to get a tax return, based on the rate of mistakes made in this year’s returns.

Tax returns filed from the 1st of July have broken an all-time record for online lodgements, with the ATO receiving in excess of 740,000 returns, compared to the 100,000 returns received in the same time period in 2019.

Despite a large number of early tax return lodgers, it’s highly likely that many Australian taxpayers won’t receive a tax return in the first batch of payments —of which $1 billion has already been distributed — due to a number of common mistakes.

The ATO has highlighted a number of major errors that are commonly made in tax returns, which are likely to prevent over 20 percent of early lodgers from receiving a payment. 

ATO Warns Crypto Holders to Declare Crypto Gains

ATO assistant commissioner Karen Foat highlighted the importance of manually adding any and all sources of income when lodging a tax return in a statement this week — specifically mentioning cryptocurrency gains.

“We are asking taxpayers to add any amounts that aren’t automatically included to your return. This includes cash wages, foreign-sourced income, or even gains from cryptocurrency,”

While cryptocurrency gains can be accessed in a wide variety of ways, the ATO has recently taken specific measures to combat cryptocurrency-based tax evasion — notably issuing over 350,00 tax warning letters to Australian taxpayers associated with cryptocurrency usage. 

Cryptocurrency tax can be relatively complex in Australia. If you’re not sure of your tax obligations regarding cryptocurrency in Australia, check out Crypto News Australia’s cryptocurrency taxation guides.

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Australia Bitcoin Bitcoin Mining

South Australian Electricity Now Cheapest in Aus — But Bitcoin Mining Remains Unprofitable

South Australian electricity prices are set to fall below Victorian and NSW prices for the first time in almost seven years, providing SA residents with significant reductions in power costs. 

Despite the significant price decrease in electricity costs, however, Bitcoin mining across Australian remains largely unprofitable for Australian Bitcoin miners. 

Major Australian energy supplier Origin is set to provide South Australian residents with savings of 5.6 percent this year, with default contracts falling 4.4 percent. AGL, similarly, will be lowering average household electricity prices by 2.7 percent during the 2019 to 2020 financial year.

SA energy regulator ESCOSA has published data that indicates an average saving of $62 per household in the state. SA Minister for Energy and Mining, Dan van Holst Pellekaan, highlighted the importance of providing South Australian households with affordable energy rates amidst the current health and economic crisis:

“Cheaper wholesale electricity is very good news for South Australian businesses large and small and will assist our economic recovery as we emerge from the coronavirus lockdown”

Australian Bitcoin Miners Operate at a Loss After Halving

Energy prices may be falling in South Australia — but it’s not yet time to break out the ASICs. 

Even at Australia’s lowest energy rage, equivalent to 20.47 US c/kWh, Bitcoin mining remains largely unprofitable, with even the most advanced and efficient ASIC units running at a loss.

One of the most profitable ASICs in the market at the moment — the Bitmain Antminer Z15 — operates at a loss in Australia. With best-case Australian energy prices hovering around $0.29/kWh, the Z15 would cost roughly $10.34 daily to run, with a total daily income of 0.000072 BTC, yielding a daily loss of $9.40 and an annual loss of roughly $3,430.