First Global Credit Invites Public to Join Elite Bitcoin Margin Trading Group

bitcoin, bitcoin news, fgcA competition aimed towards elevating a talented Bitcoin trader to an elite trading club has been launched at First Global Credit (FGC).

The company, which enables traders to use Bitcoin as collateral to trade stocks and ETFs, plans to invite traders across the globe to participate in the said round. As it further confirmed, the competition does not require participants to submit any prior educational or trading experience; it only wants traders to submit a 750-word long strategy statement describing how they aspire to use Bitcoin collaterals to make profits trading traditional equities.

It though sounds like a tricky task but as Marcie Terman, the director of First Global Communication, stated, the quality of the strategy is the least they care about. Instead, the company will focus on whether traders have thought through their approach to the markets. She also added:

“The goal will be to include both people that have a strong view on currency as well as stock trading, people who short markets, trade intra-day as well as take the long-view. When commodity futures trading is released onto the platform in February additional traders will be invited to join the program as well.”

Special Bitcoin Margin Account

The winner will receive the opportunity to possess a Private Trading Group account. Furthermore, FGC also plans to subsidize this account with additional Bitcoins, so as to qualify their new elite trader to receive 10-times leverage — and to minimize risks — for stock and ETF trading. The profits will likewise split into two: with the trader receiving 75% share and FGC the rest.

The trader will also be allowed to move their Bitcoin collateral in-and-out of fiat currency while taking advantage of profitable currency price fluctuations (very common in Bitcoin markets). He will also be given the feature to remove his profit from the account.

Equaling Individuals and Institutions

The competition, according to Terman, is aimed at leveling the playing field between big institutions and the individual.

“I am so excited about seeing what kind of talent we attract with this initiative,” stated Terman in her press statement. “The Private Trading Program will give traders the opportunity to develop their skills with relatively low risk. The trader’s risk is limited to their original bitcoin deposit.”

“First Global assumes any additional risk if things don’t go to plan and the market gaps strongly against a trader. We are doing this to make a profit but also to encourage people that would not normally have the opportunity to build a career in market trading,” she added. “It is my hope that we will attract people living outside of trading centers who ordinarily would not get a chance to pursue a career in market trading.”

Interested traders can submit their trading strategy statement to First Global Credit before February 15th. The company has also listed a detailed overview about the Private Trading Group on its website.

Subscribe to our newsletter

Bitcoin Core has made significant progress over the past few weeks in creating a more viable atmosphere to communicate with the bitcoin community.

Core has successfully completed the launch of BitcoinCore.org to introduce updates of Bitcoin Core, the adoption rate of Bitcoin Improvement Proposals with a list of companies and their progress in integrating mechanisms such as Segregated Witness, which was proposed by Pieter Wuille at the Hong Kong Scaling Workshop in December, 2015. Core has also created a Twitter account to provide an official feed of Bitcoin Core and has set up a Slack chat group for bitcoin enthusiasts to arrange a variety of discussions.

To maintain the momentum of Core’s improvement on communicating with the community, Shapeshift CEO Erik Voorhees has suggested two proposals which could end the civil war between Bitcoin developers and the community.

Adam Back’s 2-4-8

Bitcoin Core developers and Onename co-founder Ryan Shea recently announced their plans to prepare for a hard fork which would put Adam Back’s 2-4-8 proposal into place alongside Segregated Witness.

“At the same time, it is important that we push for an increase that is as big as we can safely handle, and we believe that Adam Back’s 2–4–8 proposal that scales the block size to 4MB after 2 years and then to 8MB after 4 years is the plan of action that is the most ambitious while still being safe,” wrote Shea.

He further emphasized that by allowing non-fully-validating nodes to ignore half of the data, it would alleviate the pressure on nodes.

“In addition, it seems we can do even better in terms of performance by sticking with 2–4–8 but allowing non-fully-validating nodes to ignore approximately half of this data. This would be a big improvement that would alleviate the pressure that we’ll be putting on nodes by scaling the block size.”

Voorhees believes that Bitcoin Core developers should add Adam Back’s proposal to the roadmap and the estimated time to execute the hardfork. However, Core should establish firm dates of the implementation to help the network grow at a predictable rate.

“The time to add it to the roadmap is now, and the time to execute the HF should then, within reason, be up to Core’s stewardship. This needn’t interfere with, and is certainly not a replacement for, the much beloved SegWit.” he explained.

Censorship

Another major issue between which separated the bitcoin community was the censorship of neutral information on various Bitcoin Improvement proposals and block size debate. Although Bitcoin Core is not responsible for the censorship, Voorhees suggests the Core team to deliver a public apology for “allowing widespread mistrust to grow out of control.”

Over the past few months, the feud among bitcoin enthusiasts and developers in the community have reached its peak. However, Bitcoin Core attempts to relieve the tension of the community by engaging in various developments and initiatives to develop a friendlier environment for the network to scale. Bitcoin Core has already made significant improvements in their improvements and with Voorhees’ humble suggestions, Bitcoin Core could eliminate the civil war between the community and developers once and for all.

Bitcoin is a very powerful tool to bring more financial freedom to people all over the world. One of the key groups of workers who could benefit from Bitcoin is freelancers. Dealing with different employers and different contracts is a big hassle, so the least a freelancer wants is to accept a uniform payment method that works all over the world. Despite best efforts by traditional finance, they are no match for Bitcoin in this regard.

Also read: SpectroCoin helps to spend Bitcoin on Amazon

The Rise of Freelancers In Ukraine And Beyond

Ukraine is one of the countries in the world where freelancers are quite easy to come by. Unlike most countries in the world, where entrepreneurship is stimulated but being a freelancer is not, per se, Ukraine has a large group of workers active in the world of freelancing. In fact, the country’s Minister of Economic Development Aivaras Abromavicius mentioned how all freelancers in Ukraine combined to earn over US$350m per year

It goes without saying this is a booming business in the country, and there is a very high demand all over the world for people with IT expertise. However, there is still a long way to go before IT freelancers will become a major trend in the country, which is where services such as Freelancehunt come into the picture.

Anyone who has ever browsed websites looking for freelancers or promoting other people’s skills will have noticed how this market seems to be Ukrainian-dominated. The reason for this is quite simple: the local economy has been taking a fair amount of punches, leading to a huge devaluation of the Ukrainian hryvnia. More and more companies were forced to reduce costs of operation, and freelancers are far cheaper compared to hiring a regular employee.

Furthermore, this situation is of great benefit to freelancers themselves as well. Even though the number of Ukrainian companies looking for freelancers is still less than 1% right now, there is a growing demand for on-demand IT professionals. Citizens who want to become a freelancer in the IT sector will have plenty of branches to specialize in, ranging from mobile development to website maintenance and even video editing.

A similar trend can be noted all over the world, as the number of freelancers is growing on a global scale. Plenty of people want to be their boss while still putting in the work hours doing something they enjoy. Traditional job opportunities do not always offer this golden combination, making it even more attractive to go into business for oneself.

Freelancehunt Accepts Bitcoin Payments

It was only a matter of time until Ukrainian freelance websites started exploring the boundaries of Bitcoin payments. Freelancehunt is one of the first platforms to do so, and the bold decision might start paying dividends in the very near future. After all, Bitcoin is the only global currency in the world today, and the frictionless nature of digital currency is beneficial to freelancers all over the world.

Furthermore, Bitcoin removes the risk of fraudulent payments, as there is no way to charge back funds once digital currency has been spent. Plus, there are no hidden fees to deal with for the recipient, as all of the transaction costs – minimal as they are – will be paid by the sender. With payments completed in a matter of seconds, there is no better time for freelancers to start accepting Bitcoin payments.

Last but not least, there is the option for freelancers to convert their Bitcoin payments to local currency, or simply keep it in Bitcoin. With the Ukrainian hryvnia losing a lot of its value in recent years, keeping a portion of the funds in Bitcoin might be the better option. However, this decision is up to the end user, as they are in full control of their finances at all times.

Source: Bitmakler

Image Source: Freelancehunt

Putting bitcoin aside for a minute, he concept of financial security, and faithful transaction, is at the root of any stable monetary system. Mainstream adoption of anything, from credit and debit cards to online payment mechanisms such as PayPal and Skrill was reliant upon users feeling like they could send and receive money without fear of fraud, theft and data compromise. Of course, these things happen, and will likely continue to do so across whatever means with which we transact, but the organizations behind the processing of these methods all have policies in place that compensate users in the event of fraudulent transactions (in most cases, at least).

Banks will generally reverse transactions, or compensate account holders, when somebody steals their cards and spends funds. The same is true for things like PayPal, which has a resolution center and offers users the ability to reverse payments (somewhat controversially, but there we go).

We’ve had some pretty big fundamental developments in the bitcoin space over the last couple of weeks, with China pushing for the distribution of its own digital currency, and the Australian Stock Exchange setting its sights on becoming the first organization of its kind to settle transactions using the blockchain, and now the head of a hugely important organization in the financial-sphere has weighed in on blockchain technology and – specifically – bitcoin and its path to mainstream adoption. The man is Greg Medcraft, the organization is the International Organization of Securities Commissions (Iosco), and here’s what he had to say in an interview with The Financial Times earlier this week:

One way to get consumer confidence is that someone has to look after the issue of fraud… At least at the start, exchanges will have to guarantee the customer behind [the trade].

The organization Medcraft heads up is responsible for the overseeing of all of the worlds major securities commissions, which in turn are the bodies responsible for overseeing the various global securities exchanges (think SEC and NASDAQ in the US, or the FCA and LSE in the UK). As such, he is specifically referring to guarantees put in place by those parties on each side or a securities based transaction, but the concept can – and should, in this author’s opinion – be applied to other sectors of the bitcoin space. Without this extended application, mainstream adoption is nigh on impossible.

So what would this involve? Well, just as major banks offer protection from fraud and, as mentioned, reverse fraudulent transactions, exchanges, commercial wallet providers and payment processors should do the same. We know this sort of thing is in place with some of the major service providers – Coinbase, for example insures against loss that comes about as a result of a breach of our physical security, cyber security, or as a result of employee theft – but its not enough.

It’s obviously a controversial issue. Should we expect companies like Coinbase to reimburse us if our log in details are compromised, for example? At the moment, they don’t. But this is comparable to HSBC reimbursing us when our card is stolen, is it not? Yes, we should do all we can to avoid our accounts being used fraudulently, but there needs to be contingency in place for if (more like when) it happens to someone.

Without this contingency bitcoin won’t achieve mainstream adoption.

It’s been a tough first half of the week this week, and last night’s action continued this trend. First we fell foul to a misplaced target on a head and shoulders short (which we talked about in yesterday’s analysis) and then we got chopped out of a short term scalp for a few dollar loss.

Yesterday, in light of the recent action, we tightened up our parameters and looked at bring a single breakout approach into play. Tight targets and tight stops meant we didn’t have too much exposure on our entries, but this doesn’t make returning money to the market any easier, and return money to the market we did. We slated yesterday’s range as in term support at 393 and in term resistance at 397 – the assumption being that if we broke through support we’d probably get a sustained run to the downside (as it would suggest negative sentiment) and if we cleared resistance, we could probably break 400 flat and get a boost on the psychological relevance of this number. As it turned out, we did get a break, but not the follow through action for which we’d hoped, Price broke through in term support on a couple of occasions yesterday afternoon/evening, and we entered twice to the downside. On both entries the bitcoin price reversed before it could reach our target, and took out our stop losses. A third entry came along which we didn’t take (as by this time the two stop hits had invalidated our predefined levels) and ironically this time we did see the follow through and what would have been a target hit on entry.

Essentially, this is the definition of choppy action. Textbook. Not to worry, however. We’ve got a fresh session ahead of us today, so let’s see if we can’t put all this behind us and win back some of our losses (and more). Here’s what we’re looking at. Take a quick look at the chart to get an idea of our key levels first.

Screen Shot 2016-01-27 at 11.32.01

As you can see from the chart, the levels we are looking at closely mirror yesterday’s range, but on a slightly tightened basis. In term support sits at 392.82, while in term resistance comes in at 397 flat. These two levels define today’s range, and are the ones to keep an eye on as we head into the European afternoon.

We will initially look for a break above in term resistance to validate an upside entry. On this trade, a target of around 402 works well (again, playing on the potential for a pop up post 400 break) and a stop loss in the region of 395.5 keeps things tight from a risk management perspective.

Looking the other way, if we close below in term support it would suggest we are in for some downside, and assuming we don’t get a repeat of the choppy action seen yesterday, a decent bearish move. On this close then, a short entry towards 388.53, with a stop loss just ahead of current levels (somewhere around 394) defining our risk.

Happy trading!

Charts courtesy of Trading View

Bitcoin exchange platforms are looking at various ways to make the process of buying and selling Bitcoin more convenient for their users. Especially when it comes to buying Bitcoin, there is a growing need for faster payment solutions, as the price can act volatile at certain times. Novice users want to top up their exchange account balances in a heartbeat, and Cashila has integrated SOFORT banking to provide exactly that service.

Also read: CoinFest 2016 to Hit Over 30 Cities Worldwide

Making Digital Currency Purchases Faster With Cashila

One thing everyone in the world will know about Bitcoin is how the price can fluctuate at certain intervals. This can be of particular annoyance when buying Bitcoin from an exchange, but having to wait for one to five business days before a bank transfer clears. Once the funds have arrived, the customer will either get more or fewer bitcoins for their buck, rather than the specific amount they wanted.

Cashila wants to address this problem by introducing SOFORT payments for European customers. The main benefit of this new payment method is how users can top up their exchange account balances in a matter of minutes, rather than waiting several days. In the end, novice users will be able to reap the benefits from doing so, which will, in turn, help boost Bitcoin adoption around the world.

Several Bitcoin exchanges in Europe offer a similar type of instant payments, and the competition in this space is heating up. Consumers have been asking for faster deposit options when buying Bitcoin, and SOFORT provides them with exactly that. Keeping in mind how this payment option is available in 13 European countries so far, Cashila is taking a large step to becoming one of the top European Bitcoin exchanges.

Cashila CEO Tim Mitja Zagar stated:

“Making transactions effortless is an essential step for the growth of the bitcoin economy. With the help of SOFORT integration one can now buy bitcoins in real time. It gives our users the ability to easily and instantly top up their account. Once they do it, they can buy bitcoin right then and there.”

One could argue that Bitcoin ATMs provide a way for consumers to buy Bitcoin instantly, without having to rely on bank accounts. At its core, that statement is certainly true, but people have to take into account how Bitcoin ATMs will charge high fees for converting fiat to Bitcoin. Most of these machines will charge between 5% and 7% per transaction, which is quite expensive.

Frictionless Bitcoin Buying Without Hidden Fees

The service offered by Cashila is straightforward and simple, as it removes any friction associated with using a Bitcoin exchange. Waiting periods are not fun for anyone, especially not when finances are involved. Cashila removes that waiting period altogether, by letting consumers buy Bitcoin instantly, as long as their bank supports the SOFORT protocol.

Signing up for the service requires an email address and password. For those novice users who are not planning to buy more than 1,000 EUR worth of Bitcoin per year, no further verification will be needed. Exceeding this threshold leads to submitting an ID scan to verify one’s identity, and the process will take anywhere between one hour and twelve hours.

Last but not last, Cashila is all about transparency, as there are no hidden fees associated with using the platform to buy Bitcoin. There is only one fee associated with this platform, which is a 1% surcharge on incoming transactions.No monthly maintenance fees will be charged at any time.

Source: Press Release Via Email

Key Highlights

  • Litecoin price looks like forming an interesting triangle pattern on the hourly chart (data feed via Bitfinex), which may ignite a break moving ahead.
  • The price is above the 100 hourly simple moving average, which is a positive sign for bulls.
  • Looking at the 2-hours chart (data feed from HitBTC), there is a possibility of a dip from the current levels before buyers step in once again.

Litecoin price may continue to trade in a range, but if we look at the lower time frame chart, then there is a chance of a minor break.

Buy with a break?

We sold many times Litecoins this past week, and most of the times it paid well. However, I think we can look for a very short-term buy in Litecoins if a particular condition is satisfied. There is a triangle pattern on the hourly chart (data feed via Bitfinex), which is likely to act as a catalyst for the next move in the near term. The price recently attempted to trade above the triangle resistance trend line, but buyers failed to hold gains as the price moved back lower. However, the price is above the 100 hourly simple moving average (data feed via Bitfinex), which favor buyers.

Litecoin Price Technical Analysis

If there is a break above the triangle resistance trend line, then we may consider buying in the short term. However, just above the triangle upper trend line, the 76.4% Fib retracement level of the last leg from the $3.20 high to $3.07 low is aligned, which may try to prevent the upside move. So, we need to keep a close eye on the stated fib level for gains. If there is a failure to break the mentioned fib level, then the price may slide back down. On the upside, the next level of interest could be around the last swing high of $3.20.

On the downside, the 100 hourly simple moving average (data feed via Bitfinex) may continue to act as a support area. A break below it could take the price towards the 61.8% Fib retracement level of the last leg from the $3.00 low to $3.20 high, which also coincides with the triangle support area. If we look at the higher time frame chart like the 2-hours chart with the data feed from HitBTC, there are a few negative signs.

Litecoin Price Technical Analysis

First, the price is attempting to close below the 100 simple moving average (H2). If sellers succeed in breaking it, then the price may trade down. Second, there is a bearish trend line formed inside a triangle pattern, which is acting as a resistance and preventing gains. It looks like the 50% Fib retracement level of the last drop from the $3.55 high to $3.06 low is also in the mind of buyers.

Only a break above the stated fib level and the trend line may call for a move towards the 61.8% Fib retracement level of the last drop from the $3.55 high to $3.06 low.

Looking at the indicators:

Hourly MACD – The MACD is almost flat, suggesting ranging moves in the short term.

Hourly RSI – The RSI is just above the 50 level, which is a positive sign.

Intraday Support Level (Bitfinex) – $3.08

Intraday Resistance Level (Bitfinex) – $3.16

 

Charts from Bitfinex and HitBTC; hosted by Trading View

Bitcoin Price Key Highlights

  • Bitcoin price has been moving sideways for quite some time, waiting for market catalysts to provide a clear direction.
  • Price has formed higher lows and lower highs, creating a symmetrical triangle visible on the 1-hour time frame.
  • Technical indicators are also reflecting hesitation among buyers and sellers.

Bitcoin price has been unable to pick a clear direction lately, with market participants holding out ahead of the top-tier market events this week.

Technical Indicators Signals

The moving averages are oscillating, confirming that this consolidation pattern could carry on for a while. Bitcoin price is treading around the bottom of the triangle formation but is also nearing the peak of the pattern, hinting that a breakout should take place soon.

Stochastic is pointing down, suggesting that bearish pressure could trigger a downside break of the triangle support and near-term consolidation around $380. In that case, bitcoin price could fall until the next area of interest at $300.

RSI is on middle ground, barely providing any strong clues at the moment. Bitcoin price might still have a chance to test the top of the triangle near the $400 resistance level before breaking out. If bullish pressure is strong enough, an upside break can take place and bring price up to the next resistance at $465 then closer to $500.

bitcoin price, btcusd, bitcoin technical analysis

Market Catalysts

Perhaps the biggest market catalyst this week might be the FOMC statement, although no actual monetary policy changes are expected for now. After all, the Fed just hiked interest rates by 0.25% in December and might be keen on preventing additional market volatility for now.

Instead, market watchers will be on the lookout for potential clues on when the next rate hike might take place. Based on US data, this might be a possibility for March, but the current market situation and commodity price slump might lead officials to push this timeline back.

Indications of a potential rate hike in March could still revive dollar demand, leading to a downside break for bitcoin price. On the other hand, insisting that they would proceed at a gradual pace when it comes to tightening could mean losses for the dollar and a pickup in risk-taking, which is positive for bitcoin price.

Risk Sentiment Changes

Speaking of risk sentiment, this has been the major factor in pushing financial market action these days, with risk-on flows positive for bitcoin price and risk-off flows keeping its gains in check.

Sentiment has been shifting on a dime lately, as Asian equities have once again ended lower but the pickup in oil prices has allowed Western markets to recover. This tug-o-war is reflected in the tight consolidation of bitcoin price for the time being, with a strong push in either direction likely to determine the longer-term trends of the cryptocurrency.

Intraday support level – $380

Intraday resistance level – $400

Technical Indicators Settings:

  • 100 SMA and 200 SMA
  • RSI (14)
  • Stochastic (8, 3, 3)

Charts from Bitstamp, courtesy of TradingView