Is Brexit Behind Bitcoin’s $100 Fall?

After an impressive rally, Bitcoin is now appearing to be losing its bullish sheen, with its price dipping from $750 to $600 within the matter of few days. At the same time, there are different theories that are going around in parallel, explaining the cause for such a drastic fall.

One of the reasons behind the fall of Bitcoin price is said to be the upcoming referendum to decide upon Britain’s exit from the European Union – popularly known as Brexit. The concern about Britain voting to leave the European Union is felt across the markets, with gold and commodities registering a fall in the value as well. However, to what extent it would negatively affect the value of digital currency can’t be confirmed.

Not everyone is in favor of Brexit as it will result in businesses losing open access to the whole European market. At the same time, it will also hurt the prospects of London continuing to be one of the financial capitals of the world. While these factors may adversely affect the conventional investments, Bitcoin has the privilege of being an alternative financial instrument. Meaning, a negative sentiment affecting conventional investments should turn out to be positive for bitcoin as it may drive the demand for bitcoin.

The involvement of Britain in the European Union is a temporary stabilizing factor at the current economic situation. But on the long run, the involvement of Britain in the European Union may turn out to be detrimental to the economic as well as geopolitical security of the region. The United Kingdom is known for trying to force the whole European Union to work for its own benefit without having to bear the cost of Euro’s disappointing performance in many EU states, resulting in economic hardships.

It is a well-known fact that there won’t be Brexit anytime soon as it will mean the country will not only lose access to European market but it will also open doors for Scotland to seek a referendum to move out of the United Kingdom. The sudden dip in bitcoin price can however be explained to weaning demand for the digital currency among the Chinese investors. Another contributing factor may be the network instability faced by one of the leading digital currency exchange, BitFinex. BitFinex suspended trading operations on Tuesday, further affecting the trading activity.

Bitcoin has currently falling back to the previous stable price range of $450-$500 and it is expected to hold and rise again once it hits the mark. Brexit or not, bitcoin is going to thrive but there will be few ups and downs in between due to varying market conditions, like the one we are experiencing now.

Ref: The Business Times

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Bitcoiners in the United Kingdom have now a new exchange where they can easily buy and sell Bitcoin. CryptoMate is a new exchange platform that provides a fast, secure and easy way to deal with bitcoin in England. CryptoMate is using traditional bank accounts within the UK. However, the exchange is planning to have a big update in the works that will allow them to work with several other foreigner financial institutions to be able to accept customers from all around the world.

Trying to comply with regulations

The exchange works much like any other exchange and customers who have not verified their identity are limited to a total of £250 in purchases. Once this amount is reached, customers will be required to prove their identity before they can make further orders. This can be a clear picture or scan of a personal driver license or passport. The bank account that customers provide must correspond to the name provided on their identification or their account can be frozen or even closed. Customers who have their identity verified are given a £1,000 daily purchase limit.

The exchange has implemented all this compliance features just to follow with AML & KYC regulations within the UK, as an attempt to protect against any kind of identity theft or fraud by having full right to report to the appropriate authorities.

Fast, easy and secure service

CryptoMate aims to deliver a fast and reliable service for British customers. The startup delivers the customer’s funds within one hour of the order being placed and payment being confirmed. Thanks to Faster Payments, customers will be able to buy or sell Bitcoin in no time using just an online banking account to make the purchase.

CryptoMate does not store any payment or customer personal information on its servers. Customers make their payments through their online banking service, not through a 3rd party processor.

The new British exchange service couldn’t be easier to use. The only thing required from the customer to use the exchange service is access to have online banking within the UK.

Currently, the British startup is looking to attract investors and is seeking one seed investment of about £100.000 to help taking the exchange to a new level. For more information, you can visit CryptoMate.

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Whenever we run out of cash, the first thing we do is find a nearby ATM, so that we can withdraw money from our bank accounts without having to make a trip to the branch. The concept of ATM for banking has been there for decades. They were undoubtedly responsible for revolutionizing the banking sector, making it more customer friendly by providing easy access to their accounts. ATMs have been the digital gateway for physical currency, but now with Bitcoins, it is just the opposite.

Bitcoin is a digital currency, that has replaced fiat currency in many online and offline places. Bitcoin transactions can be converted to fiat currency of corresponding value, so far it is mostly done though online exchanges. Another way of withdrawing your Bitcoin balance in fiat currency is through Bitcoin ATMs. With the increasing number of Bitcoin users, there has been a considerable increase in the number of Bitcoin ATMs also. Chip-Chap, A Spanish Company is one of the leading Bitcoin ATM service providers. The company has a strong presence in Spain with over 10,000 bitcoin ATMs followed by Poland where it has over 4000 Bitcoin ATMs. The company uses an existing ATM network to provide Bitcoin services.

Chip-Chap, earlier known as Entropy Factory started as an incubator for startups focusing on socio-economic issues. Since then, a number of projects and startups later, it has evolved to become a digital currency platform. Chip-Chap enables users to exchange bitcoin to currency through their partner ATM networks, pay with Bitcoin and transfer money to others.  These services are currently available in Spain and Poland. The company will soon be expanding its operations to England, France and Mexico.

READ MORE: QuadrigaCX to Roll Out Bitcoin ATMs Across Canada

Chip-Chap currently works with HalCash ATM service. HalCash provides an easier way for users to make transactions through their ATMs with just their mobile number. The withdrawal without card option on HalCash ATMs allows users to withdraw money by using a pair of security codes from both sender and beneficiary. HalCash ATMs can be accessed from select neighborhood bank branches in both countries.

The shift in the Bitcoin trend from being confined to the Internet to ATMs is a very good indicator of its growing influence on the economy.