SpectroCoin provides easy, safe and quick access to Bitcoin for people and businesses. Firstly, SpectroCoin is a Bitcoin wallet which helps easily and safely send, receive and store bitcoins by providing easy to use interface to Bitcoin network.
Innovation and flexibility are key aspects of a successful business. For this reason, our team has been working in new functionalities and on developing their personal skills. As in previous months, we would like to present you an overview of the changes and improvements made within SpectroCoin.
Accept XEM through Payment Buttons
Collecting payments seamlessly and securely instead of sweating behind the keyboard while writing lengthy code lines sounds too good to be true? SpectroCoin is simplifying payments by providing you with Payment and Donation buttons, which allow you to accept bitcoins, Dash and now, XEM.
All you need to do is to add a simple HTML code snippet to your website or personal blog and your clients can checkout with one-click. No side-coding, no prolonged sign-up processes, no specific requirements per country (payment buttons are available internationally) – just a quick way to accept crypto payments. Learn how to create your first payment or donation button here.
We believe that a minimal setup and the simplification of online payments can increase your website’s conversion rates and, at the same time, make the checkout process faster and more efficient.
Free Tether wallet
Released during February, the SpectroCoin Tether wallet gives our customers the option of sending USD across the blockchain while avoiding the price volatility common to cryptocurrencies. At SpectroCoin, the Ethereum-based Tether (USDT) is available, meaning that all advantages of the Ethereum blockchain are accessible to users.
Clients can already send and receive USDT from/to SpectroCoin and other platforms. Please note that, due to the blockchain in which the transactions are carried out, the transaction fees are paid in ETH. Therefore, make sure to have funds on your ETH wallet.
The only preparation required is checking if the wallet you want to use to send or receive funds is a Ethereum-based wallet, since this is the type supported by SpectroCoin.
On SpectroCoin, it is already possible to exchange USDT with Bitcoin (BTC) and Banker (BNK) tokens but, if you wish to trade your USDT with ETH, Dash or XEM as well, you have the option to do so on Bankera’s exchange.
The next steps include expanding functionalities so that our users can have even more payment options within their reach. Merchants will also be able to enjoy the features of the latest addition to our crypto portfolio through SpectroCoin’s API.
Many of our users like to access and operate their blockchain wallet from anywhere, using our mobile applications whenever possible. In order to help them manage cryptocurrencies in a daily basis, SpectroCoin has recently presented the 1.7.0 version of its Bitcoin wallet for Android devices.
One of the first aspects users will notice is the new design, which includes an improved interface and wallet management. Other updates include the support to BNK and USDT, a feature our clients had been waiting for. Check our blog post if you want to know more about the new Android Bitcoin wallet.
We also want to know your opinion on the update! Drop us a message in our social channels telling us which new functionalities you liked the most and which ones you want to see next. We are looking forward to hearing your opinion!
Our website and mobile applications offer a number of services to help you manage your cryptocurrencies and fiat accounts. Sometimes, you might find yourself a bit overwhelmed and in need for some clarification about a topic or another. Thinking of that, SpectroCoin’s team has not only updated the Help section, but has included a new feature: the quick answers.
The quick answers, as the name suggests, give short information about a variety of questions related to SpectroCoin and its services. Some of them are “What is Bitcoin?” and “Why do I need to verify my account?”. While the complete answers provide more detailed information, users can opt to check the quick answers when in a hurry or to confirm that they will find the information they are looking for in that specific page.
Connecting the dots: risk mapping
The blockchain technology is here to stay. This means that all business aspects, including security, have to be developed to stay on par with it. For this reason, keeping SpectroCoin’s platform safe is our top priority. This involves not only the technical aspects of shielding our platform against cyber attacks, but also preparing our team to manage risk on a daily basis. We believe that understanding the company’s exposure to risk and how to manage it will give us various options on how to deal with potential problems.
For this reason, our AML team is undergoing Risk Management training in order to improve our processes. A thoroughly prepared team will be able to reduce barriers and identify opportunities in a more effective manner, which will have a positive impact in the way we conduct business. We believe that, by managing our risks, we will develop a range of options to help us through potential problematic situations. Most business rarely discuss “risks” openly, but SpectroCoin’s team is fully aware of the upcoming challenges we will face.
There recent developments are aimed at strengthening SpectroCoin’s platform in preparation for upcoming regulatory changes and for the improvement of our customer experience. For SpectroCoin, the ability to understand fraud patterns and trends is a vital feature of a financial service provider.
That was quite a bit of information to get through and we are glad that you made it all the way to the end. Where to go from here? We highly recommend checking the previous Development updates on our blog.
At SpectroCoin, we see security as one of the main parts that constitute our business. From our daily routines to the relationship with our customers, we are constantly working to improve our methods and make our ecosystem even safer. For this reason, we started a series of blog posts to raise awareness and share with you part of what we have learned so far in terms of cyber security.
In order to continue our learning process about such a relevant topic, today we bring you an interview with Karolina Žembė, Information and Cyber Security Specialist at SpectroCoin. She will share some of her knowledge in the field and present the point of view of a professional responsible for strengthening an organization’s cyber security.
What is cyber security and why is it important?
Over the past couple decades, technology has become a very important part of our lives. From personal phones, tablets and laptops to business computers – we all became dependent on the technology that we use. These devices contain our personal and business information, so they must be secured.
“Cyber-security is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks.”
Our entire lives being online and the number of cyber threats growing everyday make cyber security so important. It is really astounding that cyber security is not more discussed. The lack of cybersecurity awareness makes most people an easy target for any cybercriminal. That is why everyone should be familiar with the key points of data security.
What is the role of a cyber security specialist?
The cyber security world is constantly changing, so it is really important that a person working, or who wishes to work, with information or cyber security is eager to learn new things, is interested to know about the hottest security trends in the world, and is passionate about cyber security in general.
There are so many different cyber security roles: Security Analyst, Penetration Tester, Risk Analyst, Security Engineer, Auditor, Threat Intelligence Analyst, etc. All of these roles are essential to ensure good cyber security practices in a company.
While one team is monitoring the network, the other is educating employees. Each and every role is very interesting and important for the company.
What is your typical week on SpectroCoin like?
Every week feels like I am fighting crime and bullies in order to keep SpectroCoin and our customers safe. You have to know how cyber attackers act and understand their motives, targets and possible vulnerable areas in order to develop an effective defence and response strategy.
An Information and Cyber Security Specialist is the person responsible for identifying and fixing security issues within the company. In order to do that, you need to know the latest security trends in the world and keep a close relationship with other security specialists around the globe.
Collaborative threat intelligence allows us to deal with complex threats better.
Our priority is to make our company and our website safer, both for our employees and customers. As an Information and Cyber Security Specialist, I am performing security assessments in order to identify possible security gaps in the company, and also maintaining the bug bounty program to keep our website safe for our customers. I also provide IT Security training for employees in order to make everyone aware of possible cyber threats.
Why it is important to participate in bug bounty programs?
Usually, white and grey hat hackers with different levels of knowledge and experience are involved in bug bounty programs. By participating in a bug hunt, hundreds of eyes look at the website inside and out, so it accelerates the identification and fix of potential threats.
Community-powered searches analyse different parts and products in the system, as these hackers try to break into the system with various (un)systematic routines and tools. This way, we are able to fix issues and also to notice new patterns of how the system copes with the load, what can be improved and made even more secure.
What are the biggest cyber security threats to businesses?
Once in a while, we all hear about massive data breaches, ransomware and DDoS attacks on governmental or well-known companies. While highly skilled hackers still pose a significant risk to our business, hacking tools have become widely available for everyone to use.
That means that there is also a growing threat from less skilled individuals. The commercialisation of cybercrime has made it easy for anyone to obtain the resources they need to launch damaging attacks, such as ransomware and cryptojacking.
Since part of your job includes monitoring tendencies in cybercrime, what would be, in your opinion, the main cybercrime threats of 2019?
I believe that cybercrime will keep on growing in 2019. Data breaches will continue to increase in number and severity. Securing data continues to be the most important task for companies and individuals, as these trends will not go away easily and the need for response initiatives will be essential.
Targeted and more sophisticated malware attacks will also continue to grow during 2019. Ransomwares will still be constant, following the trend from the past few years. An increase in attacks on critical infrastructure, as well as on individuals, is expected. Which is why it is important to keep yourself well-informed and your data as secured as possible.
What are the best techniques to be safe?
Nowadays, everyone should be aware of the very basics of how to protect their devices and data. The following are just a few simple tips we can all use to be safer on the internet:
Keep software up-to-date
Do not install unlicensed software
Use a password management software
Connect to secure Wi-Fi only and use trusted websites only
Backup your data
Avoid sharing confidential information online
Install advanced malware and spyware tools
We hope you enjoyed learning more about cyber security and the work of an Information and Cyber Security Specialist. If you have more questions for Karolina or about cyber security in general, drop us a message in any of our social media channels.
SpectroCoin is always on the lookout for new coins with great potential to excel in the market. After analysing trending topics in the crypto-communities and market cap rankings, we noticed a large influx of stablecoins users, which influenced the decision of adding a new currency to our system. In mid-February, 2019, tether coin (USDT) will be introduced into SpectroCoin’s platform. We believe that by adding USDT we will diversify our crypto portfolio and bring another practical payment option to our customers.
What is a Stable Coin?
Stablecoins were created with the purpose of finding a middle ground between cryptocurrencies and fiat. When it comes to avoiding dependence on central institutions and making fast cross-border transactions, cryptocurrencies pop into our mind, but some customers still remain doubtful due to their volatility and scalability issues.
A stablecoin is a cryptocurrency pegged to other assets. In most cases, to fiat currencies but, in recent years, stablecoins backed by other cryptocurrencies and exchange-traded commodities (precious metals like gold and silver) were issued as well.
Stablecoins backed by fiat are widely accessible, have a fast transaction speed and add stability to a sector well known for its volatility, which all add to their appeal. We believe that stablecoins could make cryptocurrencies even more attractive for daily usage.
Why is a Stablecoin Stable?
If you already fully grasp what is a stable coin, it is time to figure out why it stays stable and how it works.
As fiat-backed stablecoins are pegged to traditional currencies on a 1:1 ratio, they do not experience roller-coaster-like prices, as often seen with crypto. In other words, financial institutions that serve as depositories of the currency used to back the stablecoin ensure that they will be redeemable at any time. These institutions are confident about crypto business models and take full responsibility for potential risks.
Some might say that the stablecoin model is not completely decentralised due to the involvement of financial institutions. Nethertheless, the stablecoins currently in circulation are as decentralized as any other cryptocurrency. They are issued on the blockchain, so all advantages of crypto-assets such as real-time transparency and anonymity, open source code, low costs, and global accessibility are guaranteed.
The number of fiat currencies held in Tether Limited reserves must always be equal to or greater than the number of USDTs in circulation.
SpectroCoin’s Newcomer: What is USDT?
Tether (USDT) is a cryptocurrency that falls under the category of fiat-collateralized stablecoins. The main purpose of USDT is to build a bridge between traditional currencies like the US dollar, euro or Japanese yen, and cryptocurrencies.
SpectroCoin is bringing tethers pegged against the US dollar in order to offer our customers the ability to send USD across the Ethereum blockchain without volatility swings. Every tether coin is 100% backed by a fiat currency, so the price parity between tethers and USD is maintained:
Let us assume that Tom bought 1000 USDT for $1000. After a while, Tom decides to invest his money into a small business, so he chooses to cash out his tether coins.
As the USDT value is tied to the USD on a 1:1 ratio, Tom’s USDT have kept the same value as before, $1000. If he decides to exchange his tether coins, he will receive an amount just shy of $1000 due to fees involved in the transaction.
Currently, the bitcoin-based tether is among the top 10 cryptocurrencies by market capitalization, with a total supply of 2,580,057,493 USDT and a quite significant daily volume of 3-4 billions USD. As a newcomer, the Ethereum-based USDTs are quickly gaining ground with a current total supply of 60,057,493.363429 USDT.
Now that we learned what is USDT, it is time to talk more about the blockchains on which Tether wallets are based.
Initially, in 2014, tethers were launched on the Bitcoin network with the use of the Omni Layer, but tethers have recently become available on the Ethereum blockchain as ERC20 tokens. Leveraging tethers on multiple blockchain platforms allows users to choose the best option according to their wallet, funds and other preferences.
Having in mind that tether coins were originally released on the Omni protocol, most of the USDT in circulation is spinning on the Bitcoin blockchain. However, the Ethereum-based USDT is gaining traction among users as a result of its faster confirmation times and lower fees when compared to Omni, and also due to the fact that smart contracts still fuel the growth of the Ethereum market.
In order to avoid the painful question “Where is my money?”, SpectroCoin wants to remind you that, before sending or depositing USDT, you must carefully check if the receiver’s Tether account is based on the Ethereum or on the Bitcoin blockchain. SpectroCoin supports only Ethereum-based USDT transactions.
SpectroCoin Tether wallet supports only Ethereum-based USDT transactions.
From a crypto market perspective, the diversity of blockchains expands Tether’s opportunities to be used as a medium of exchange – a tether coin can be easily moved, traded, converted to USD or exchanged to other cryptocurrencies, such as BTC, ETH, LTC, NEO, and XRP.
Don’t have a SpectroCoin account yet? Become a member of SpectroCoin, a global cryptocurrency solutions provider, and create your tether wallet to seamlessly store, sell or buy tether (USDT).
SpectroCoin has as one of its goals the development of financial services by creating a payment network accessible to people from all around the world. Recently, the international bank wire – an addition to deposit and withdrawal options for transferring funds outside and inside the European Union – has been added to our platform. To make the international wire transfer process clearer for you, we have prepared a blog post explaining step-by-step how to use it to make a deposit or withdrawal.
As a financial company, SpectroCoin commits to the standards of AML Directives: their purpose is to prevent the misuse of funds for money laundering and terrorist financing. By following their requirements, we have put AML and KYC procedures into effect.
The availability of international bank wire transfer in each country varies according to compliance, standards and risk management requirements. We apply such measures to protect our users and implement the best practices in the sector in order to ensure the security of the transfer.
In regards to the above, to make sure that you can transfer your funds via a international bank wire, please do the following:
1. Visit the page of SpectroCoin supported countries. There, check if your country of origin is on the list, then click on it and find all services available for you.
2. Verify your account. Only verified accounts can perform operations with fiat currency and, therefore, use the international bank wire. If you haven’t started your verification process yet, do so by clicking here, or read this blog post for more information.
One more step we recommend before you use the service is to check the “Fees and Limits” page – it contains information about deposits, withdrawals and its respective fees. At the moment, international bank wire transfers are available only for personal use, but we are working on enabling this option for merchants as well. We will keep you posted about our progress.
Send your Euros overseas
At SpectroCoin, international bank wire transfers can be made in Euros, which means you may send or receive only this currency. For exchanging, clients can use their bank services, but please note that your bank may apply additional fees which will not be visible on SpectroCoin’s platform.
Deposits are easy to complete! You will first need to log in to your SpectroCoin account. After doing so, please head straight to the “Deposit” page, where all SpectroCoin supported wallets will be displayed. Select your Euro wallet:
To initiate a deposit, select your country from the drop-down list and insert the amount you wish to deposit:
Double check if the amount of the deposit is correct and proceed to the next step. If you need to make any corrections, do them before clicking on “Next”, otherwise you will need to restart the process!
In the Deposit options window, click on International Bank Wire, as shown below:
That is it – in the Bank deposit window you can see all details needed to initiate an international bank wire deposit:
After logging in to your SpectroCoin account, click on Withdraw in the top menu. You will be forwarded to a window with all withdrawal options, where you have to select “Withdraw to bank”:
In order to send money overseas, you will need to fill in the details of your transaction in the form given and select the withdrawal type as international bank wire:
Make sure all mandatory fields are filled – they are marked with an asterisk. Also, double check if all details are correct. If you are certain that everything is correct – click on the “Submit” button!
Why details matter
Mistyping the receiver’s name or the account number while filling in the form is a quite common problem. Unfortunately, if you enter incorrect details, reclaiming your funds can be problematic and you might end up losing the funds.
If, unfortunately, you have mistyped a digit and sent your payment to the wrong place, act fast – contact our support team via the LiveChat as soon as you spot a mistake. It might not be too late to reverse your international wire payment.
Explore different ways to manage your funds
The diversity of choices is what makes SpectroCoin stand out from other exchange platforms. While international bank wire is a perfect fit for transfers overseas, it is just one of more than 30 different deposit and withdrawal options found at SpectroCoin. Log in to our website, and try it yourself by choosing your preferred currency and method.
If you need assistance when sending or receiving money through international wire transfers, our Support team is available 24/7 through the Live Chat on our website.
Since the last Development update, our IT team has rolled up their sleeves and spend some time perfecting functionalities all across SpectroCoin platform. A lot of small and big changes have happened – from security improvements in the back-end to adding some nice-to-have features to guarantee a user-friendly experience while using our services.
In this development update: happy news to our customers from the Netherlands and security improvements!
Wij spreken Nederlands!
It is a widespread opinion that English is the dominant language of business but, at SpectroCoin, we believe that the company must overcome language barriers and represent products to the customers in their native tongue. Offering a language alternative allows the customers to feel more secure and confident since they understand what they are using and know how to interact with the website.
For some of you, ‘Wij spreken Nederlands!’ might sound like jibber-jabber but for the Dutch, it should be music to their ears. SpectroCoin wants to give its clients the option to switch its site to a language that is comfortable for everybody to read.
Besides the Lithuanian, Russian, Japanese, French, Portuguese, Arabic and Chinese languages, SpectroCoin is happy to announce that the Dutch language has been introduced to our users and is now accessible at our website.
We see the addition of the Dutch language at SpectroCoin as a step in the right direction, as our customer base in the Netherlands has been growing rapidly. A wide range of local services provided by the SNS Bank, RaboBank, ING, iDeal, and BanContact to name a few, were already available at SpectroCoin.
SpectroCoin was initially launched with a few languages. Over time, as our services expanded, we wanted to make our website accessible to all our client base, so we continue to move actively towards a multilingual platform – we hope to have over 20 languages available in the long run.
A little peek into the future – the Italian language is coming soon to SpectroCoin!
Our goal – an error-free platform
SpectroCoin’s IT and Quality Assurance teams have been busy with improving our platforms security cycle. We believe that a strong security posture plays a crucial role in such a complex financial landscape. This includes multiple security layers: operational and storage services, hosting, data encryption, user accounts, authentications processes.
We run post-implementation reviews, evaluate risks and take reduction measures in order to prevent evolving threats in the system.
Internal security audits are mandatory steps, but we believe that audits conducted by third parties or the so called white-hat-hackers are a “healthy” way to have our security double-checked. As an ongoing measure, SpectroCoin is running a Bug Bounty program that encourages ethical-hackers to test our security model and claim rewards for the vulnerabilities discovered on the platform.
If you want go broad and deep into the hunt for security issues, submit your bug reports to firstname.lastname@example.org. We will not give you shiny medals or put your name on the Wall of Fame, but we can promise really nice rewards for each eligible bug reported!
SpectroCoin and its community is eagerly awaiting the Ethereum’s Constantinople hard fork. The ultimate goal of this improvement is to move from a Proof-of-Work to a Proof-of-Stake protocol, which will help to solve scalability and mining issues on the Ethereum network. The hard fork must be unilaterally implemented across all nodes in the Ethereum blockchain to function as intended. We would like to walk you through the upcoming changes and updates.
Blockchain rules: forks
Usually, people associate the term “fork” with releasing new coins to the network, but in the crypto-dictionary “fork” should be defined as a split of the original chain into two new chains that exist independently. Most of the crypto market participants are used to Contentious Forks – a democratic approach which allows users to choose to either stay with the original chain (if they do not agree with the software changes) or implement the new updates.
The Ethereum network has already gone through multiple planned and unplanned hard forks, and you can learn more about them here. The constant improvements of the Ethereum blockchain allowed Ether to gain a warm spot among top cryptocurrencies. Now, the Constantinople hard fork is the next one being implemented and it seems to be the most awaited upgrade by the crypto community so far.
The Ethereum Constantinople hard fork is unanimously supported by major players within the ETH ecosystem, which means that developers, miners and Ether holders are swiftly switching to the updated blockchain version.
Proof-of-Work vs. Proof-of-Stake
In the crypto world, the Proof-of-Work (PoW) and Proof-of-Stake (PoS) concepts are consensus mechanisms which are important for validating transactions on a block. In order to confirm Ether, bitcoin or other altcoin transactions on the blockchain, the consensus must be reached without participation of a third party or central authorities. Decentralised consensus across the network is reached through a process called mining.
Currently, Proof-of-Work is used as the main validator to prove the authenticity of the work. Although Proof-of-Work benefits miners by rewarding them with coins for their work, it has its downsides. The biggest issue is that mining requires a lot of electric power and expensive computing hardware. Also, more limitations apply to the amount of transactions that can be processed at the same time.
As a result, some of the popular cryptocurrencies, Ethereum included, is determined to shift to the Proof-of-Stake model. This model applies randomized-consensus algorithms to reach consensus and validate transactions on a block.
Basically, the PoS system requires validators to show ownership of a certain number of cryptocurrency units (stakes) in order to vouch for a block. Consequently, expensive hardwares are eliminated from the picture, electricity consumption is decreased and validations are faster.
The Ethereum Constantinople hard fork
The upgrade consists of 5 unique Ethereum Improvement Proposals (EIPs). Each of them will have a huge impact on the Ethereum code and will improve processing times, scaling, cost and the overall experience for Ether holders. The following section will explore the upcoming improvements in the Ethereum ecosystem.
Ethereum improvement proposals
The implementation of Ethereum improvement proposals into the Ethereum blockchain brings the ecosystem one step closer to the Serenity hard fork, a transition from a Proof-of-Work model to a Proof-of-Stake distributed consensus.
EIP 145: Efficiency & Speed – The modification of the Ethereum Virtual Machine will improve the speed of operations and will allow them to be executed more efficiently. This means that some of the activities on the chain will be accomplished faster, cheaper and easier than before.
EIP 1014: Scalability – This EIP will offer a scaling solution based on off-chain transactions. 4 stack arguments – endowment, memory_start, memory_length, salt – will be added to the code, which will enable transactions to be sent to the addresses that currently do not exist on-chain but, due to a particular piece of code, can be relied on, and transactions will be credited when a specific address is created.
EIP 1052: Speed & Energy – this EPI focuses on smart contract’s code verification improvement. In other words, the Constantinople hard fork allows the optimization of large-scale smart contract execution on the Ethereum blockchain. Now, in order to complete smart contract verification, you will need to pull the hash of a contract’s bytecode, not the entire code itself. Verification will be quicker, as less processing power will be used.
EIP 1283: Cost – This implementation upgrades smart contracts’ storage and reduces excessive gas cost. The proposal cuts off gas costs depending on net gas metering changes and mismachtes of the implementation works.
EIP 1234: Bomb Delay and Block Rewards – This EPI solves two current issues: firstly, it will reduce the block reward from 3 Ethers per block to 2 Ethers. This, in turn, will result in a reduction of the total supply of new ETH and decrease the inflation rate.
Secondly, it will delay the difficulty bomb for approximately one year and allow the Ethereum community to prepare for the Proof-of-Stake model. The term “Bomb” is known as Ethereum mining difficulty, a process that leads to higher consumption of resources when mining a new block and makes the process itself unprofitable.
Taking into account previous forks, SpectroCoin recommends you to be extra careful about the buzz around them. This is the perfect opportunity for fraudsters to fish for people’s private keys and personal information, steal their funds or trick them with an offer too good to be true.
We just want to warn our customers that there will be no free airdrops or free tokens due to the Constantinople Hard Fork. If you see sites or notifications that claim otherwise, you can be sure that they are trying to exploit uninformed ETH holders.
As a SpectroCoin Ethereum wallet holder, you should note that no preparation from your side is needed for the new fork. The Constantinople update will affect Ethereum blockchain, but should not be noticeable to Ether holders.
The upgrade will not affect daily ETH operations such as selling, buying, and exchanging on SpectroCoin’s platform or Android and iOS apps. Nethertheless, we kindly recommend that you do not move (deposit/withdraw) your funds until the Constantinople update is completed.
What are your thoughts on the Constantinople hard fork? Leave your comments on SpectroCoin’s social channels, we would love to hear them!
Most companies recognize the fact that the crypto market is constantly implementing the latest technologies, creating new opportunities to enhance the quality of its products and services – this includes looking at daily problems from different angles in order to implement changes that will lead to improvements in our everyday lives. As a financial company, SpectroCoin works towards innovation and always looks for favorable conditions and new jurisdictions for both businesses and individuals. We are delighted and proud to announce that SpectroCoin now officially holds so called crypto licences for “Providing services of exchanging a virtual currency against a fiat currency” and “Providing a virtual currency wallet service” in Estonia.
Estonia is well-known for supporting FinTech companies and for its liberal laws of governance, which in turn offer a high level of freedom and a vastly competitive, transparent environment for businesses. We see the Estonian market as a place where both local and foreign businesses are embraced. The government’s focus on smart economy, which includes effective usage of information and communication technologies, as well as digitalisation of the financial industry, represents the perfect opportunity for business expansion, for offering new products and attracting new customers. Estonia’s economy is stable and open for innovations, so that as well brings more certainty for crypto businesses.
Register of Economic Activities (REA)
SpectroCoin is officially listed on the Register of Economic Activities (REA) or Majandustegevuse Register (MTR), which is an official database developed and backed-up by the Estonian Ministry of Economic Affairs and Communications, providing a list of Forex brokers and other registered financial institutions. This database contains information about licences, economic activities and makes it easier to determine the authenticity of a company, working as a background check for a specific entrepreneur.
Being listed among national and international traders strengthens SpectroCoin’s recognition among possible new clients and partners, as well as ensures that the company works according to the highest standards and will provide first-rate services and products for its customers and partners.
Safe-Hub for Crypto
Estonia has build a reputation as the most tech-savvy and crypto friendly country in Europe, especially in comparison with other EAA members. Estonian Money Laundering and Terrorist Financing Prevention Act came into force in 2017 and the data speaks for itself – in 2018, the Government of Estonia issued more than 900 licences for crypto and blockchain businesses. Having in mind that the AML5 is coming into force on 2020, it is important to have a safety hub where lawmakers are adopting crypto-friendly regulations.
Clarity in the regulatory field is equivalent to stability on the business side.
Cryptocurrency exchanges in Estonia operate with two licences: the Virtual Currency Exchange Service Licence and the Virtual Currency Wallet Service Licence. The first one allows business to initiate exchange operations: fiat to crypto, crypto to fiat, crypto to crypto. The second one covers the legal grounds of keeping, storing and transferring virtual currencies. These two licences help SpectroCoin to avoid possible deterrents to crypto innovation, since compliance is constantly changing in this field. Now, we have ensured that SpectroCoin cryptocurrency exchange has a favorable environment supported and promoted by governmental bodies in which to operate in the future, if needed.
SpectroCoin has always valued the importance of crypto regulation, which was expressed by following strict KYC and AML policies since the day one of its operations. Besides that, it has actively initiated debates regarding crypto regulation on multiple occasions and it is constantly seeking to be one step ahead of regulation by participating in conferences, events and discussions on the matter. These licences represent a small part of the commendable effort done by of our Legal Team and Advisors, who continue to work on our expansion: expect more licences to be obtained in the near future.
Follow us on social media so you will stay up to date with the licences obtained in Estonia and our work in other crypto-friendly countries!
SpectroCoin focuses on the constant development of its platform so that users can enjoy an even more convenient interface and services. For that reason, we decided to spread the word and inform our clients about the changes that have been done or that are yet to come to the platform. To turn this idea into reality, starting today, we will share SpectroCoin development updates with you.
How will it work?
We carefully plan and run numerous tests before implementing any updates. Therefore, we will announce our development as soon as the modifications are settled. The updates may include user interface, products, services, and other platform functionalities, which we will inform you about in this and upcoming posts.
What is new for December?
In recent months, SpectroCoin users have noticed several changes in the platform. We have renewed the Deposit page, updated the Fees and Limits section and brought back international bank transfers. Each of them is listed below with a detailed description.
We have changed the interface of the deposit section by transforming it into a list of SpectroCoin supported wallets. To ensure smooth navigation, the page has been divided into two sections – Cryptocurrency wallets and Fiat currency wallets:
It now provides quick access to making deposits, as it reduces the steps needed to enable payment methods, e.g., linked cards: you may fill the linking form straight from the deposit page instead of going to your account settings, choosing linked cards and only then filling the form.
This update helps you to swiftly find the right deposit option – select a currency and all payment methods will be displayed in one place:
The main deposit page was also updated with the inclusion of the view history button. It facilitates the search for payments, as it separates the records of deposits from withdrawals.
You can still find the history button in each of your wallets, just like before. The new button can be found on the top-right corner, as shown below:
Please note that account verification is required for operations with fiat currencies. If you haven’t verified your account yet and feel uncertain about how to do that, check our blog post for more detailed information.
Fees and limits
We have customized the Fees and Limits page to make it load more promptly and, therefore, instant to use. From now on, users can readily navigate through the list of countries in order to find all information about the limits and fees applied to their country. This update enables users to quickly search for relevant information, instead of having to sort out through a list of multiple methods.
Once a country is selected, you will be redirected to a page showing two sections – Deposit Fees and Limits and Withdrawal Fees and Limits:
Click on either to find information regarding providers, available currencies, fees, and limitations:
International Wire Transfer
Deposits and withdrawals through international transfers are again available at SpectroCoin. This service works for banks outside and inside the European Union, which enables non-EU citizens to make money transfers from and to their bank accounts. For more detailed information on which countries support this deposit and withdrawal method, check the list of Supported Countries.
At the moment, SpectroCoin facilitates only EUR transactions via international wire; however, clients may use their bank services for currency exchange. Please have in mind that your bank may apply additional exchange fees not visible at the SpectroCoin website. While filling in the deposit or withdrawal form, please make sure to fill out all the mandatory fields, which are marked with an asterisk. To learn more about the international wire transfer at SpectroCoin, check our blog post here.
SpectroCoin development shall facilitate the adoption of the platform and make it even more user-friendly. To keep our users aware of all changes, we will announce the updates in a new series of blog posts.
Let us know how we can improve
To maintain service quality, SpectroCoin modernizes its user interface to try to eliminate any possible errors. We do, however, encourage our clients to notify us about difficulties experienced while using our service and we also offer a Bug Bounty for eligible bugs reported.
Follow our next blog posts and be the first to know all the newest SpectroCoin developments!
Should you have any questions regarding the implementations done, contact us via the LiveChat available on SpectroCoin website or email us at email@example.com.
When choosing the best way how to transfer money, you usually consider things like convenience, destination country, security and currency. While it is easy to send fiat in countries within the EU using SEPA or local banks, when we are talking about transferring fiat currencies overseas the process is not as simple as it might seem for some countries. Of course, you can always choose cryptocurrencies, but if you need to transfer EUR, SpectroCoin is happy to announce that, from now on, international bank transfers are available for users from more than 150 countries around the globe.
How do International Bank Transfers work?
An international bank wire transfer is an electronic transfer of money using the Society for Worldwide Interbank Financial Telecommunication network, known as SWIFT. It is a reputable and secure system used for cross-border transfers by more than 11,000 financial institutions worldwide.
The SWIFT system works in a similar way to airplanes. When a transfer is initiated, funds are not actually being sent through the SWIFT network. Information about the ongoing payment order is traveling from payment institution A to institution B. Business Identifier Codes (BIC) function as air traffic controllers, quickly identifying the validity of the payment and ensuring that it is on the right track. Not all flights are direct, sometimes there might be connecting flights – intermediary institutions that are involved along the way. This means that only when your international bank transfers are confirmed as secure, Institution A will deduct money from your account and institution B will add them to the recipient’s bank account accordingly.
How to transfer money?
Before we go ahead, let’s walk through a few important reminders. At SpectroCoin, international bank transfers can be made only in EUR and only to your own personal account. If you use a different currency for the transfer, additional conversion fees might be applied by your bank or another financial institution. At SpectroCoin, you will be charged only the initial processing fee, which can be found at the Fees and Limits section. You can always check if the international transfer option is available for your country at SpectroCoin’s Supported Countries page.
Whichever way you choose to transfer your money, you are expected to provide the following:
Amount you want to transfer;
BIC/SWIFT code – a standard combination of 8 or 11 characters that represents the financial institution, its country, location and branch code;
Proof of your address (POA).
The rest is easy – log into your SpectroCoin account, select deposits or withdrawals and proceed with international bank wire by filling the required fields of the payment order and confirming the transaction. In order to avoid issues with financial institutions, please make sure that you enter all the payment details correctly. It can be difficult or even impossible to get your funds back if you send them to the wrong account.
Why SWIFT might happen not so swiftly?
SWIFT created a worldwide communications network for financial operation processing that provided a solid basis for platforms like IBAN or SEPA. Standardized operations allow people to send and receive funds in a secure and consistent manner across different jurisdictions, but there is downside to it – sometimes SWIFT transfers are not as swift as the name might imply. When we talk about international bank transfers, we have some variables that affect the delivery time. The speed does not depend only on the financial institutions, but also on where the money is going to.
International transfers are a reliable and secure payment method which take 5 business days, in average, to be completed. However, you should be aware that they are processed only on business days and that you should initiate transfers before the financial institutions’ closing hours. Also, you have to consider bank holidays and different time zones when estimating your transfer’s processing time, as it might be daytime in Europe and evening in Hong Kong.
If you have any further questions regarding how to transfer money, please contact our support via “Live Chat” option available at our website.
Different sources suggest that about €8 million are lost every day due to scams in the crypto environment and the numbers continue to grow. A lot of victims who were targeted by cryptocurrency scams are thought to lack experience or judgement in the field. Despite the fact that cryptocurrencies have been in market for almost 10 years, the question “is bitcoin a scam?” still lingers on some minds. The easiest explanation for this is that individuals fear what they do not understand: the exponential growth of the blockchain technology, of the variety of new coins in the market, of products to invest in or cryptocurrency-based projects to be a part of. This becomes the perfect fuel for most of the scams and malpractices in the financial field.
To help our customers to avoid becoming victims of cryptocurrency scams, SpectroCoin presents the most common targets of fraud scams in the crypto environment.
Shady tricks with fake coins
Even though a number of scams involving cryptocurrencies have been witnessed, there is no reason to label all digital coins as scams. Recently, a new wave of cryptocurrencies built on decentralized networks have entered the market as alternatives to bitcoin and other popular coins, such as Ether, Dash or Litecoin. It is impossible to track all new coins or tokens created, which gives fraudsters a great opportunity to persuade people to invest their money into fake coins.
When determining if a new coin is fake or real, we should raise the same questions that we asked ourselves in order to decide is bitcoin a scam or not. Can the currency be checked on the blockchain?
Cryptocurrencies and tokens are based on a distributed ledger technology, so monetary operations such as buying, selling and trading can be checked on the blockchain. If you can check the performance of a new coin on the blockchain, it can be considered legit.
What is the liquidity of this coin?
When you try to determine the legitimacy of a new coin, you should consider liquidity. You should be able to convert your new asset into other cryptocurrency or fiat currencies easily.
Is the new coin built on a hype and does it have correlation with reality? What is the function of this new coin?
New coins that come into a decentralized market should bring something new to the table – additional value or usage cases that are not covered by bitcoins or other altcoins.
They look like basic steps, but these precautions should be on everyone’s minds before purchasing a new coin.
If you lived off the grid and you are among people who still constantly turns to Google for answers to your questions – is bitcoin a scam or a trustworthy cryptocurrency -, SpectroCoin invites you to dive into our “What is bitcoin” text!
Snakes in the grass – malicious apps and links
Despite the fact that malware infections have recently decreased by 20%, they are still considered one of the most common cryptocurrency scams. Hackers attempt and find new creative ways to steal funds from people. We already mentioned some cases on the “Protect Yourself from Scams” post, but an effective prevention still depends on your judgement and on avoiding the download of anything you do not trust or do not fully understand, no matter how tempting it might look.
The new “trend” created by fraudsters are the malicious crypto mobile applications. Malware programs, once installed, will gather the user’s personal information, such as credentials and private key or will change bitcoin addresses to the hacker’s address. Since most of the cryptocurrency transactions are irreversible, once they are confirmed by the network, it will be impossible to recover your funds.
Building a simple app requires little or basic coding skills, which makes it an excellent way for fraudsters to gain access to information in your device. SpectroCoin highly recommends you to be super-cautious about applications that you install on your devices and to always double-check who is the creator of the app!
ICOs – the new wild wild west
Fundraising mechanisms such as Initial Coin Offerings (ICOs) have raised billions of euros and attracted ICO scammers with only one goal in their mind – fill their pockets with easy money.
Many fraudsters are relying on low-tech tricks, like providing possible investors a fake wallet address with hopes that it will be funded with the ICO participants’ money. Others go to greater lengths and apply pump and dump schemes in order to drive up the price of ICO tokens so that they could dump their share for profit. Also, there are plenty of cases in which fraudsters even recreate/mirror whole ICO landing pages or use phishing, social engineering and impersonating methods to steal funds from you.
While there are many fraudulent ICOs and even more cryptocurrency scams which are preying on naive people and their wallets, you cannot treat “ICO” and “scam” as equals. However, there are red flags you should be aware of before putting money into new ICO.
SpectroCoin suggests that you avoid promises that sound too good to be true – it is always better to choose a project that has a product to show, not only an whitepaper or idea; never blindly trust offers, people and messages on social channels that claim to be from official ICO representers; do at least basic due diligence on the project; check if the facts in the whitepaper are realistic and fair.
Let us know your thoughts about fraudulent activities and participate in SpectroCoin scam awareness campaign!