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Exclusive: Bitcoin [BTC] in India back on track with INR trading on Giottus exchange

Anirudh VK

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Exclusive: Bitcoin [BTC] in India back on track with INR trading on Giottus exchange
Source: Unsplash

Indian cryptocurrency investors will find a reason to rejoice as they can now trade as they would before the ban by RBI. Giottus, an exchange platform has reopened INR withdrawals and deposits, while still keeping in line with the rules and regulations specified by the RBI. The COO of Giottus, Arjun Vijay, spoke to AMBCrypto in an exclusive interview regarding the move.

The Reserve Bank of India ordered all banks under its jurisdiction to halt any operations with cryptocurrency-related businesses, leading to prominent exchange platforms to begin offering Peer-to-Peer [P2P] trading solutions.

Giottus was one of the first exchanges to begin offering P2P in the country. It currently offers services for Bitcoin [BTC], Bitcoin Cash [BCH], Litecoin [LTC] Ethereum [ETH] and XRP. Vijay stated on the recent move:

“We were one of the first exchanges to launch P2P in India. We decided that the market needed a P2P after RBI bank fencing decision, as this was what was happening in China and other places. Since then, Giottus launched a P2P exchange solution along with normal exchange in April.”

He went on to say:

“From our P2P experience, we were able to identify people who can process deposits and withdrawals faster and who can deliver service levels that can raise the bar of Giottus. “

The way that Giottus has been able to reopen deposits and withdrawals for their customers is by identifying specific traders who can process deposits and withdrawals quickly. This is still done through P2P, allowing the traders to still function normally. Vijay also spoke about the other details in the service, such as collateral and operating fees, stating:

“We have now started processing INR deposits and withdrawals through these selected P2P partners and they currently on average process requests within 15 minutes. As a safety measure, we take collateral from these P2P partners, and these partners, as service fee charge 0.2% for the deposits and 0.2% for the withdrawals”

The traders can process about 60-70% of their collateral, stated Vijay. He also said that the partners cannot have a balance of more than 60% of their collateral. If they do, they are asked to increase the collateral or add more partners so that the risk is reduced. The COO gave his reason for the move and stated:

“The market was still yearning to get back to open order book, or spot exchange trading…we envisioned a model that can make this customer’s dream a reality.”

The program has been a big hit among the traders on the Giottus platform, and comes with a program for scaling their contribution to the exchange. The COO stated:

“The P2P part provides robustness and redundancy, so we’ll be adding more and more P2P partners. We have already got a lot of requests. The partners who provide better service, are given more weightage and asked to process more payments.”

The partners also stand to make money, as they collect 0.2% on all the transactions that are processed by them. This especially comes into play on bigger quantities, as they will be able to make a higher profit.

An Indian cryptocurrency investor, Arjun Tilak, stated:

“The RBI has been dead set on their ban on cryptocurrencies, as the board responsible for passing it believed that cryptocurrency is only used for illegal activities. I think moves like these by exchanges show that it is not, and that there is a vibrant trading community behind the technology in general. One can only hope that the government will embrace it.”




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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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Monero [XMR]’s Riccardo Spagni: BAT is lot more centralized than they purport it to be

Priya

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Monero [XMR]s Riccardo Spagni: BAT is lot more centralized than they purport it to be
Source: Unsplash

Monero’s lead developer, Riccardo Spagni aka fluffypony, spoke about Basic Attention Token [BAT], elucidating why he considers it to be centralized in the latest episode of Magical Crypto Friends.

Basic Attention Token is the digital currency used for rewarding content publishers and users for paying attention to the content, a break-through in the digital advertising sector. This also provides advertisers with more in return for their advertisements. For the very same purpose, Brave Browser browser monitors the users’ attention, while ensuring that the data does not leave the users device.

However, the Spagni stated it has a loophole on Twitter:

“I just found out that BAT has a nice loophole that lets them steal funds from users. Permissionless scamovation indeed! […] Users are NOT going to go & buy BAT when their airdropped tokens run out, no matter how slick. There’s simply too much friction. Consider what happens RIGHT NOW when most people hit a paywall: do they (1) disable their ad blocker, (2) pay the publisher, or (3) just close the tab?”

This was followed by a Twitterati, Patrick, stating that the BAT ecosystem is designed to work in manner wherein the advertisers purchase the tokens and then use them to buy advertising space on the browser. He further stated that users will earn 70% share of the revenue if they agree to view the ads, adding that they will be paid in BAT for their attention and can tip this BAT to their preferred content producers.

To which, Spagni said:

“I understand that part of it, and I think it’s safe to disregard it as (1) it’s going to be gamed making it a race to the bottom for ordinary users, & (2) very few people want to see a plethora of ads even if they’re getting paid. I also think the browser lock-in is shortsighted.”

To counter this statement, Patrick attached a tweet of Brendan Eich, the co-founder and CEO fo Brave, wherein he has remarked that Brave uses Uphold for KYC/AML process, which is required for users to be able to withdraw their funds. This is so that “the threat is DoS not theft by fraud”.

The founder added that they make use of Proof of Browsing and “buffering on the device and in a settlement, allowing anti-fraud/Sybil attack analysis and BAT claw-back”.

In the episode, Spagni stated that he found it interesting that it is “a lot more centralized than they purport to be”, adding that this is true when it comes to a lot of dApps. He further stated:

So I was having this debate on Twitter with a bad show and I said okay but that’s gonna be gained at some point you know someone’s gonna figure out the heuristics and they’re gonna have like right a bunch of bots that are gonna be indistinguishable from real humans […] it’s going to appear to be real browsing and they’re gonna airdrop these tokens onto them”

Following this, Spagni spoke about Proof of Browsing, which will determine whether the ‘attention’ is true or not, whether it is a  human or a bot, and callback if a person is taking advantage of the system. The developer stated that if a user fails to complete the KYC/AML process and Proof of Browser, then the money is taken back from the user.

“I mean it’s not it’s not yours yet because you haven’t withdrawn it, is their theory but at the end of the day that’s no different from a database because you know they’re controlling everything, they’re controlling the influx of supply into the market, they’re controlling whether or not somebody legitimately earns that […] but the reality is it’s a centralized system”


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Despite Bitcoin [BTC]’s massive crash in the 2018 bear market, crypto-verse sees massive evolution and adoption

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Despite Bitcoin [BTC]'s massive crash in the 2018 bear market, crypto-verse sees massive evolution and adoption
Source: Unsplash

Bitcoin [BTC] has weathered a total of 82% decrease in its market cap from an all-time high in December 2017, while other cryptocurrencies have undergone losses much worse than that.

Cryptocurrency market has suffered a much worse fate as the cumulative market cap has reduced from a massive ~$835 billion to a mere $100 billion.

Despite such massive drops in the current bear market the adoption of cryptocurrencies keeps on increasing steadily to new heights as per the new research conducted by the Cambridge Centre for Alternative Finance.

Source: Cambridge Centre for Alternative Finance

The total number of users/accounts as seen in the chart above has increased from 2016 to 2018 by a staggering 208%.

The research also shows the number of verified users are on the rise, the report stated:

“It also shows that KYC’ed user growth has dwarfed total user account growth, which means that new users are more likely to get immediately verified. Growth rates were at their highest in 2017, and the number of new user accounts as well as ID-verified users continued to rapidly grow in 2018 as well.”

The same research also shows that the crypto-asset industry, even though global, is mainly driven by companies based in North America, China, India, and Western Europe.

Source: Cambridge Centre for Alternative Finance

The US and China dominate the map, which is shown in the chart, with India, and Canada following these countries in their contribution to the crypto-industry through crypto-based companies.

Another research titled “The State of Bitcoin” by Delphi Digital shows a comparison between the distribution of Bitcoin.

Source: Delphi Digital

The research by Delphi Digital reveals a rather dark and disturbing side of Bitcoin as it shows that out of 22.9 million users that had Bitcoin wallets, 20.4 million users had Bitcoin between 0.01 to 0.1.

According to the research, approximately 679,347 users held 1 to 100 Bitcoins in their wallets. The research further stated:

“Taking a look at the charts on this page, we can see that close to 50% of Bitcoin addresses have less than 0.001 BTC (which is around $3.70 as of December 5th). Additionally, only ~20% of addresses store more than $100 USD at the moment. Lastly, less than 700,000 addresses own 1 BTC or more at this time.”

Although the situation for Bitcoin and other crypto-assets that most of the users observe looks grim, the underlying fundamentals for these assets are growing steadily with strong roots.

The adoption for the digital assets are increasing and institutional investors slowly but definitely getting into crypto-space. Governments and regulating bodies are trying to regulate the assets to avoid misuse and protect investors from getting scammed and all of the above-mentioned pieces of information points the finger to one thing, that these assets are here to stay.


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