Skip to main content

Common Mistakes To Avoid When Investing in Cryptocurrency



The Simplecoin, which is a cryptocurrency Mining Platforms, focuses on accessibility and will be shutting down in the new year. The single currency is a cryptocurrency Mining Platforms that is focused on convenience. If sources are to be believed, then it will be shutting down in the new year. This happened due to the European Unionimplementation of Anti Money Laundering directive. Additionally, it will force the Simplecoin to adhere to the new know your customer (KYC) policy. It is an anti-money policy that is to comply with the legislature that stands against what Simplecoin believes in.

 

Shutting down of Simplecoin 


According to the sources, the Simplecoin will be shut down during January 1st, 2020. This happened due to the European Union final regulation that is for a new Anti-money directive. It will force Simplecoin to adhere with the new KYC and anti-money policies. Moreover, this platform is based in the Netherlands that will comply with this legislature. It also stands against the statements what Simplecoin follows. This group is looking for alternatives, but none has come to fruition. Many sources have been found saying that Simplecoin will shut down. Many people were not aware of it, but still, they witnessed speculations about it.

 

Withdrawing of Funds 


Due to this reason, users will get time till 20th December to withdraw their funds. Just after this date, wallet and the whole platform will be shut down for good. Shutting down of crypto mining can lead to less verification of data. It can also turn out to be risky for the people of the Mining Platforms as well as the cryptocurrency sector. A varied number of measures have been taken in order to prevent the shutdown of mining but not much has been advantageous. These advantageous points are only beneficial for the groups where mining has not been shut down. Eventually, things are considered to turn better and the situation of mining is expected to disappear over a period of time.

Comments

Post a Comment

Popular posts from this blog

Is celebrity support an added advantage to cryptocurrency growth?

  Celebrities are prominent figures in society. We admire them for their looks and get influenced by whatever brand they endorse. So can we say that their support for cryptocurrency is an added advantage? Well, up to an extent yes. Since they are public figures and rule the hearts of their fans, this indeed can be an added advantage in the growth of cryptocurrency.  But it is not completely true. The cryptocurrency rose to fame because of the unique features and advantages they provide to their users. First of all, they allow users to have the ownership of tier money which is not in the case of government-issued currencies. If you look at the whitepaper of Bitcoin framed by its founder Satoshi Nakamoto, then you will find that it restricts the interference of third parties and central authorities like banks and the government.  Cryptocurrency is now considered an investment asset by most crypto enthusiasts. Many people have become richer by it. Akshay Haldipur from India ...
Post a Comment
Read more

Bitcoin Mining Pools See Huge Shuffle in Prior To Bitcoin Halving

Chinese Bitcoin mining giants, Poolin and f2pool have witnessed substantial growth in their daily BTC block reward in January 2020. The dominating mining pool, BTC.com has dropped in the reward earning. This is how the tables are turning, prior to the highly-anticipated third halving. In the last couple o f weeks, Bitcoin has gone through some wholesale changes in its mainstay metrics. Take into consideration the example of the Bitcoin hash rate, which recorded its new all-time high just recently , has now entered a declining phase. The dominance, which usually hovers around 70 %, has now fallen close to the 60% mark. A pivotal part would be played by these elements on the price prior to the Bitcoin halving. F2pool is recording the highest BTC block reward earnings when it comes to the known mining pools . Elias Simos, a senior research analyst at Decentral Park, tweeted : Elias Simos @eliasimos A lot of reshuffling in the $ BTC mining game sin...
Post a Comment
Read more

Canadian Investment Firm 3iQ Files Prospectus for Bitcoin Fund

A Canadian Investment f irm 3iQ filed a prospectus for Bitcoin Funds with hopes to attract retail investors with a regulated digital asset fund. T he firm announced that it had filed a preliminary prospectus for a close-end Bitcoin fund; that it anticipates to unveil through the Toronto Stock Exchange later in the year . Fred Pye, the Chief Executive of the firm wrote :  : “We expect to list on the Toronto Stock Exchange in late December or early January. As a part of our next steps, we’re hoping to get Canada’s big banks on board. We’re hoping that two or three of Canada’s biggest banks, specifically ones that want to lead in fin-tech space, will join the syndicate group.” The Canadian investment funds manager revealed that they filed the Bitcoin fund prospectus regards to an Initial Public offering of both Class A and Class F units each at $10. Pye, a former senior vice president of Fidelity Investments -Canada; highlighted that retail investors have been s...
Post a Comment
Read more