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Samsung has unveiled their newest flagship smartphone Samsung Galaxy S10 in Seoul recently. During a leak back in January 2019, it was rumored that this new Samsung smartphone will come with a dedicated secure storage solution where users can store their private keys. This rumor has been confirmed now. Samsung Galaxy S10 does come with an app called Samsung Blockchain Keystore, which will store cryptocurrency private keys.
Bitcoin Hardware Wallet Rumor about Samsung Galaxy S10 is Confirmed Now
Leaked images of Samsung Galaxy S10 in January showed that this new flagship smartphone will come with Samsung Blockchain Keystore. During Seoul’s unpacking event of Samsung’s new flagship smartphone, the rumor of a crypto hardware wallet is confirmed.
Galaxy S10 does come with a dedicated and secure storage solution, which
helps in storing cryptocurrency private keys. As Samsung is extremely active in
integrating blockchain technology and development of crypto chips, it was almost
certain that the January leaks of the well-awaited smartphone will come true.
Last year Samsung was highly active in the development of certain applications based on blockchain technology. In the European Union, Samsung filed 3 blockchain trademark applications. These three applications applied for the trademark on:
In fact, Samsung has also started ASIC hardware’s mass production for mining
cryptocurrency. The production started back in January 2019.
Samsung Galaxy S10 Stores Bitcoin and Ethereum
The flagship Galaxy S10 smartphone of Samsung reportedly comes with hardware-backed secure storage. This is where the crypto private keys of the user can be stored. The official press release of Samsung Galaxy S10 says:
S10 is built with defense-grade Samsung Knox, as well as a secure storage
backed by hardware, which houses your private keys for blockchain-enabled
Reports say Samsung is also preparing its users for blockchain and crypto adoption. That’s why they have incorporated Blockchain tutorials on their smartphones. It is learned that the hardware wallet supports both Bitcoin (BTC) and Ethereum (ETH).
Jesse Lund (IBM’s Vice President of Blockchain and Digital Currencies) has spoken about his expectations on Bitcoin during an interview at Think Conference 2019. He said that Bitcoin price against the US will go up to around US$5,000 by 2019-end. He went on to say “I see Bitcoin at a million dollars someday.”
IBM Blockchain Chief’s Comments on Bitcoin and Crypto Market
The IBM executive believes that people must concentrate on the utility of cryptocurrencies including Bitcoin (BTC). However, he also pointed out that the crypto traders are concentrating at the price movement and ignoring the utility of the crypto coin. That’s where they are thinking wrong, Lund believes.
price of Bitcoin were higher, there would be more liquidity on the network, we
could be having a really different discussion with banks right now.”
In fact, Lund believes that speculators are the real spoilsport of the Bitcoin and crypto market. This is because these speculators are thinking it wrong. They are essentially adversely affecting the cryptocurrency value.
IBM Blockchain Chief and his Bitcoin Price Prediction
During an interview with Fred Schebesta, IBM’s Vice President of
Blockchain and Digital Currencies Jesse Lund made some astonishing
predictions. He said that by 2019-end, he expects BTC/USD price to be in the
He went on to say that he is extremely bullish on Bitcoin (BTC), especially in the long run. To give an idea how much bullish he is on Bitcoin, Jesse said he expects the largest cryptocurrency (in terms of market capitalization) to be in the US$1 million levels someday. Here is what he said:
“I have a long-term outlook. It goes back to that discussion about the utility of the network with a higher price. I see Bitcoin at a million dollars someday. I like that number because if Bitcoin’s at a million dollars, then the satoshi is on value parity with the US penny. And that means there’s over $20 trillion of liquidity in this network. Think about $20 trillion in liquidity and how that changes things like corporate payments.”
The VP of IBM’s Blockchain and Digital Currencies believes that large banks will become more interested in Bitcoin when BTC price reaches a high level. When banks get serious about BTC, this token’s utility will become higher at its core value proposition. In fact, it will become the preferred medium of value transfer because of it being less expensive.
Reports say IBM and R3 Corda are in the process of creating cross-border payment solutions with the use of multiple digital assets.
The US SEC (Securities and Exchange Commission) is going to formally publish the Bitcoin ETF proposals in the Federal Register today (on Wednesday). This will kick off the initial 45-day approval period. This means that the US SEC has to make a decision on the two Bitcoin ETFs by April 5, 2019.
Therefore, SEC has to approve, reject or extend decision on the BTC ETFs
in these 45 days. The period of approval starts today, once the proposals are
published on Federal Register.
It is the second time that VanEck, SolidX and the Cboe BZX Exchange has
submitted their Bitcoin ETFs to the SEC. The official website of US SEC published
the concerned Bitcoin ETF (Exchange Traded Fund) proposals on February 13,
SEC Decision on Bitcoin ETFs of CBOE-VanEck: 45-day Approval Countdown
Reports say the US SEC will have to make a decision on 2 Bitcoin ETF proposals by April 5, 2019. The process and timeline of approval are given below:
On February 20, 2019, the two proposals of Bitcoin ETFs (by VanEck, SolidX and the Cboe BZX Exchange) will be published officially on Federal Register. This publication is meant for the general public.
The general public will get 3-weeks time (till March 13, 2019) for filing their initial response.
The SEC will get another 3-weeks time (till April 5, 2019) for deciding upon the Bitcoin ETF proposals. In fact, the commission can also give itself an extension on making a final decision on these Bitcoin ETFs.
Currently, the Bitcoin ETF proposals appear on the website of Federal
Register’s Public Inspection section. This means that the proposals are not yet
being published officially.
Once SEC publishes VanEck/SolidX Bitcoin ETF proposals on February 20,
2019 (Wednesday, today), it joins the queue of other Bitcoin ETF proposals. The
BTC ETFs are filed by Bitwise Investment Management as well as NYSE Arca. These
two Bitcoin ETF proposals were filed on February 15. The SEC is expected to
make a decision on these ETFs by April’s beginning.
Founder and CEO of Tesla and SpaceX, Elon Musk, has appreciated Bitcoin during a podcast. During the podcast interview, Elon Musk said that Bitcoin has a “brilliant” structure. He went on to say that Bitcoin and other cryptocurrencies offer a better and improved alternative to conventional paper money.
What did Elon Musk say about Bitcoin?
In a podcast interview with ARK Invest investment firm, Tesla CEO Elon Musk called structure of Bitcoin “quite brilliant”. While referring to cryptocurrencies, he also said:
bypasses currency controls. … Paper money is going away. And crypto is a far
better way to transfer values than a piece of paper, that’s for sure.”
During the interview, Musk answered about his thoughts regarding cryptocurrency as well as the future of his companies.
He also made it clear that:
think it would be a good use of Tesla’s resources to get involved in crypto”
He pointed out the reasons why his company’s resources are not being used
for exploring the crypto industry or applying the technology.
Elon Musk also spoke about the negative aspects of Bitcoin and other
cryptocurrencies. While talking about Bitcoin, Musk pointed out that it is “computationally
He also pointed out that a large amount of energy is consumed for mining computation in the large computing network of Bitcoin. That’s when he said that involving Tesla’s resources in the crypto industry is not a good idea right now.
Did Elon Musk Say Cryptocurrency “Bypasses Currency Controls”?
While speaking his mind regarding Bitcoin and cryptocurrencies, Elon Musk said that they bypass “currency controls … paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure.”
With this comment in favor of Bitcoin, Tesla CEO Elon Musk joins a group of other major players who hailed Bitcoin and other cryptocurrencies. This list includes Galaxy Digital crypto merchant bank founder and ex-Goldman Sachs partner Mike Novogratz and Twitter CEO Jack Dorsey.
A national cyber forensics lab is inaugurated by the government of India. A cryptocurrency forensic lab is included in this national cyber forensics lab for performing crypto-related analyses.
In addition, a cybercrime unit has also been inaugurated by Delhi Police. It is meant for dealing with the cryptocurrency related frauds. The police commissioner has said that the Cyber Protection Awareness and Detection Center (Cypad) is the first ever cybercrime related awareness and the detection center of India.
Cryptocurrency Forensic Lab Inaugurated by Union Home Minister of India
Amulya Patnaik, the Delhi Police Commissioner said:
the first cybercrime awareness and detection centre opened in the country.”
He also listed the name of units included in the national cyber forensic
Memory forensics lab
Image enhancement lab
Network forensics lab
Advanced mobile forensics lab
Damaged hard disk
Cryptocurrency forensics lab
Malware forensics lab
The Delhi Police Commissioner went on to say that the newly inaugurated cyber
forensics lab will help police officers detect the increasing cyber frauds.
“We are now equipped with technology to recover data from damaged
hard disks, cryptocurrency analysis, malware forensic and data can be retrieved
from 33,000 kinds of mobile models available in the market. Cyberexperts will
train our staff.”
How will Cypad help in Dealing with Cryptocurrency Fraud?
Reports say Cypad:
“Aims to provide cyber investigation, cyber forensics, cyber safety and security-related services to the citizens as well as to police units and agencies of Delhi. The center in Dwarka will provide security services to citizens, cops and other agencies to better equip the country in the fight against cybercrime.”
The Union Home Minister of India Rajnath Singh said that cybercrime is
the greatest threat to digital India. He went on to say that the newly inaugurated
center will help in dealing with cryptocurrency related fraud. In addition, the
lab will also deal with international tech-supported frauds.
price against the US Dollar increased by over 10% yesterday. Today it moved
above the crucial US$4,000 resistance. In the 24-hour chart today, BTC price is
showing a continued upward movement. It’s up by 71.8 points. At press time,
BTC/USD price (at Bitfinex crypto exchange) is trading at US$4049.9, just above
the resistance at US$4,000.
Bitcoin Price Movement and a Short Historical Perspective
A brief historical perspective will help you understand the Bitcoin price
movement against the US Dollar.
At Bitfinex exchange, Bitcoin price was at its all-time high at US$19,891 on December 17, 2017. From that peak, the BTC price continued its downward movement and touched a low US$3,215.20 during December 2018. In a year, the BTC/USD price has dropped by around 84%.
Technical Analysis of Bitcoin Price
After moving sideways for quite some time now, the Bitcoin price today moved above US$4,000. The BTC/USD crossed a major long-term resistance. For the first time in 272-days, Bitcoin price against the USD has moved above the crucial 100-day moving average.
The primary lower-high trend hasn’t been challenged yet. However, the upward movement of the BTC price shows that the bulls have at last got the courage to test the ascending triangle’s upper range. Analysts believe that some fundamental factors may have given bulls the required courage for the rally.
On the 4-hour chart, the growing volume is found to be at the highest point in more than 10 days. While the usual weekly volume remains around US$6 billion. It has now come up to the current level of over US$10 billion.
However, the momentum in which the price increased yesterday has come down sharply. While the price increased by 10% yesterday, the price rise is just below 2% now.
Which Fundamental Factors are Positively Affecting the BTC Price Rally?
4 fundamental factors are believed to have given bulls some solid reason
for a renewed rally. These growth factors include:
Reports say the US SEC may allow NYSE (New York Stock Exchange) to offer Bitcoin Futures in the coming one and a half month.
The launch of cryptocurrency platforms by both Bakktand Fidelity for its institutional investors.
Release by JPM Coin by the Bitcoin skeptic JPMorgan Chase.
Japan’s renowned e-commerce company Rakuten has announced that from March 18, 2019, it will start accepting cryptocurrencies through its Rakuten Pay mobile app.
What’s the Next Target of BTC/USD?
Bitcoin has rallied from the US$3,600-3,700 region and broken crucial
resistances at US$3,950 and US$4,000. It is currently moving around US$4049.9.
If the Bitcoin price remains above the US$4,000 level, the next crucial
resistance is located at US$4,200.
Therefore, it is most likely that price moves towards the mid-US$4,100 level.
If the BTC price successfully moves above the US$4,000-4,200 level, a medium
term uptrend can be seen.
Coinbase (a leading cryptocurrency exchange of the USA based in San Francisco) announced a new feature for their Wallet users. The Coinbase Wallet users can now take backup of their private keys on Google Drive, iCloud, and other similar cloud storage facilities.
However, cybersecurity experts and cryptocurrency community have given a mixed reaction to this facility. Most of the skepticism revolves around the idea of storing private keys on centralized servers. However, others are confident about this facility because they stress the fact that it entails encryption.
Coinbase Wallet: A Brief Outline
Coinbase Wallet came into existence back in August 2018. It was earlier known as Toshi. While making the announcement about the rebranded wallet, Coinbase announcement said:
not just a new name, but part of a larger effort to invest in products that
will define the future of the decentralized web and make that future accessible
to anyone. With Coinbase Wallet, your private keys are secured using your
device’s Secure Enclave and biometric authentication technology.”
New Feature Announcement for Coinbase Wallet
Recently, Coinbase Wallet said in a statement that they are providing
additional feature to their users. This includes the feature of allowing users
the ability to upload their private keys to the cloud. Some of the major cloud
servers available to them for uploading keys include iCloud and Google Drive.
The statement also stresses on the fact that this facility will help in safeguarding against lost keys. In fact, cloud storage will also come handy if the keys are misplaced anyhow. Therefore, users can avoid losing funds if the private keys get misplaced.
The statement says:
private keys generated and stored on your mobile device are the only way to
access your funds on the blockchain. Owners of ‘user-controlled wallets’ like
Coinbase Wallet sometimes lose their devices or fail to backup their 12 word
recovery phrase in a safe place, thus losing their funds forever.”
On their cloud accounts, the Coinbase Wallet users can store the recovery
phrase’s encrypted copy, encrypted with AES-256-GCM encryption. This encryption
can be accessed through the Wallet mobile app only.
Coinbase has reportedly said that the funds of a user can’t be accessed
by either the cloud services or Coinbase themselves. This is because the
recovery phrase key can only be unlocked with the help of a password. This
password will only be known to the user.
The 2018 earnings report of Japan’s renowned e-commerce company Rakuten has said that its Rakuten Pay mobile app will get a major update on March 18, 2019. The new structure of the app seems to indicate that it’ll support payments in both fiat and cryptocurrencies.
What did the Rakuten Report say about Rakuten Pay mobile App’s Cryptocurrency
The Rakuten Pay mobile app’s new version will reportedly come with all kinds of payment solutions that are embedded in a single platform. This update has been clearly mentioned in two of the reports published by Japan’s Rakuten eCommerce company:
4th quarter report of 2018
Full year report of 2018
Rakuten is regarded as Japan’s Amazon. This eCommerce giant has confirmed in its recent reports that they are making changes in their corporate structure. As part of the restructuring, the firm’s cryptocurrency exchange (“Everybody’s Bitcoin”) will be part of Rakuten Payment (the newly established payments subsidiary).
Reports say Rakuten Edy (the corporation’s prepaid card service) will now
be a part of the payment subsidiary. The updated mobile app will support both Rakuten
Edy and QR code payments.
Does Rakuten Reports Exclusively Mention Support for Cryptocurrencies?
The concerned reports mention support for all payment solutions on the
updated app platform. However, updates of the app didn’t mention crypto support
explicitly. Reports say support for all payment solutions imply that updated Rakuten
Payment will provide support for cryptocurrency payments too.
Rakuten and its Relation with Cryptocurrencies
Rakuten has a pretty long history of dealing with cryptos. The e-commerce giant first announced about accepting cryptocurrency is back in March 2015. At that time, it started accepting Bitcoin as a preferred payment option on Rakuten.com, the company’s American portal.
The company entered the crypto industry in August 2018 by acquiring “Everybody’s Bitcoin”, the renowned cryptocurrency exchange of Japan. In fact, at that time, its representatives reportedly projected huge opportunities about cryptocurrencies. The representatives said, “the role of cryptocurrency-based payments in e-commerce, offline retail and in P2P payments will grow in the future.”
A startup-focused law firm, Atrium, has started accepting Bitcoin Core (BTC) & Bitcoin Cash (BCH) for its Fintech and Blockchain practices. The concerned corporate law firm has still now raised over US$500 million for more than three hundred startups. If you are getting legal services from Atrium legal services then you can use BitPay for paying them in cryptocurrencies.
What’s the Announcement of Atrium Law Firm Regarding Bitcoin and Bitcoin
Atrium legal service is a renowned law firm among startups. It focuses on high growth startup entities. This law firm has announced to accept payments for its Fintech and Blockchain practice (AFB) in terms of Bitcoin Core (BTC) and Bitcoin Cash (BCH).
crypto payment can be done through Bitpay, a renowned crypto payment processor.
Reports say acceptance of cryptocurrency payment will make it easier for the
firm to accept payments from clients, whose headquarters are located outside
the United States. The startups having substantial crypto holdings will find it
convenient to make payment through BitPay.
“Atrium’s blockchain practice is growing rapidly so it makes sense they would allow their clients to pay in bitcoin. This is another great example of global crypto clients requesting to pay their bills in bitcoin which drives BitPay’s B2B business growth.”
HODL to BUIDL:
Giving Leverage to Atrium Law Firm’s Fintech and Blockchain Practice (AFB)
HODL stands for “hold on for dear life”. It is a crypto industry slang
term. This is usually used to signify buying of cryptocurrency and holding on
to them no matter what.
BUIDL is also a crypto slang. It encourages building useful stuff
without holding on to the already bought crypto.
crypto market is still going through the prolonged crypto winter. However, AFB
has moved forward to enlarge the cryptocurrency space by accepting
cryptocurrencies from clients. In fact, it has helped them to get enhanced
demand from fintech and blockchain ventures.
What are the Services Provided by Atrium Law Firm’s Fintech and Blockchain
assist their clients in a wide array of services including:
Securities and digital asset offerings
Money transmitter licenses
General corporate matters
Fintech and Blockchain’s head, corporate attorney Ross Barbash, has said:
“While our team’s own bitcoin
wallets have been hit hard by the crypto winter, the downturn has accelerated
industry maturation. In contrast to the frothiness of 12 months ago, investment
is now more consistently flowing to talented teams working on meaningful
projects. With the shift from HODL to BUIDL, we are finding it easier to
identify and collaborate with the teams that both have the necessary dev chops
and are committed to compliance. We are extremely lucky to have a team with
diverse legal skills and deep understanding of the ecosystem that enables us to
deliver informed, multidisciplinary advice for our clients. We speak our
clients’ language and now accept payment in their preferred currency.”
Indonesian regulators have provided legal backing to virtual currency trade as they now recognize Bitcoin (BTC) and other cryptocurrencies as commodities. Reports say crypto exchanges in Indonesia now require fulfilling a set of rules before being allowed to operate.
What are the New Cryptocurrency Regulations in Indonesia?
A regulation No.5/2019 has been issued by the Indonesian Trade Ministry Futures Exchange Supervisory Board (Bappebti). This new set of regulations includes the ones related to cryptocurrency exchanges. Actually, they are a part of the larger set of rules for trading cryptocurrency commodity in the spot as well as the derivatives market.
Once the regulations mentioned in regulation No.5/2019 are fulfilled by a crypto exchange, they can start offering Bitcoin and other cryptos for trade to the cryptocurrency traders. With the formal regulations in place, the traders can now trade cryptocurrencies as commodities. Therefore, the trade of virtual currencies is now legalized in Indonesia.
What do the Bitcoin and Cryptocurrency Exchanges need to Satisfy for
operating in Indonesia?
From now on, the Bitcoin and other crypto exchanges have to implement the
Every cryptocurrency exchange in Indonesia has to employ
IT security experts.
These exchanges have to keep records of their
transactions for at least 5 years.
At least one server of the crypto exchange must be
located in Indonesia’s geographical location.
The organizational structures of these exchanges
must be clearly defined. In fact, all the departments such as IT, client support,
audit, legal, and others must be clearly defined.
When asked about the importance of the new set of regulations, Indrasari Wisnu Wardhana (head of Bappebti) said:
to give protection to people who want to invest in crypto assets so that they
aren’t cheated by fraudulent sellers.”