Tag: Digital currency

Is cryptocurrency legal in Nepal?

So far, cryptocurrencies are illegal in a few countries, whereas the rest of the world either sees it as fitting to utilise these ‘monies’, or keeps them in a grey area of financial law. Similarly, though most countries in the world do not criminalise cryptocurrencies, they have yet to define their usage as monies or commodities, thus making varied classifications all over the world.

Nepal Rastra Bank has already made it clear in its notice dated August 13, 2017, that all transactions related to or regarding Bitcoins are illegal. But it allied Bitcoins to “Foreign Exchanges”, though cryptocurrencies have no foreign central authority to regulate them. This is where the confusion is. Bitcoin is a decentralised digital currency that is traded from one individual to the other, not through banks. It has no issuing or regulating country, and these bitcoins are converted into US dollars simply because dollars are used as an international exchange rate.

January 3, 2023
Is Pi Coin / Pi Network the next huge thing in Crypto World?

Please note that Cryptocurrency transaction and mining is illegal in Nepal as per the notice issued by Nepal Rastra bank. This article is only for information purposes.

Money has evolved and changed shape over time. Today, digital currencies are best suited to the needs of the digital world. Digital currencies are focused on decentralising the currency in order to facilitate private transactions. Cryptocurrency is a decentralised digital money that can be used to transfer assets from person to person. They are not governed by banks or other central agencies. All of these coins are digital and have no physical existence. Cryptocurrencies can be purchased on exchanges and kept in wallets, exchange wallets, or physical storage discs. They are also spread throughout the network, so that even if one component fails, no data is lost. Pi coin is also the first and only cryptocurrency that can be mined on your phone.

Pi Network

The “Pi Network” is an intelligent network that enables users to earn Pi cryptocurrency from any mobile device. Three Stanford students launched a beta version of the app in March 2019. And two of them have doctorates. They want to build a digital currency that is secure, unchangeable, non-counterfeitable, and interoperable. They intend to accomplish this through the use of distributed ledger technology and the stellar consensus mechanism.

What distinguishes it from other cryptocurrencies?

One of the primary differences between Pi Network and other blockchains is that rewards are distributed on a daily basis. They are not paid out per block and are distributed around the network, so as long as you interact with the network, you will receive a reward at the end of the day. The white paper goes with the availability of free transactions in relation to network congestion. When the network becomes overcrowded, miners will be able to sort through transactions using a fee system, with greater fees being handled with first and everyone else having to wait based on the amount of fee they want to pay.

There is currently no fixed supply, and the overall amount is uncertain. The overall supply will be determined after the initiative is officially launched. The tokens that individuals are earning right now serve as a faucet and are a visual representation of tokens that will be created in the Genesis block when the main net goes live.

The Pi network is fast growing, with over 800,000 active users as of right now. For all we know, it could be the next big thing. Because it is free to join, there is nothing to lose by downloading the app. However, it is strongly advised that you conduct preliminary research before proceeding. For additional information, follow the Pi network on Instagram, Facebook, and Twitter.

January 3, 2023
Bitcoin Has Dropped 50% From Its All-Time High

Bitcoin prices have plummeted in recent months, losing more than half their value since mid-April and falling to just under $30,000 this morning.

According to CoinDesk numbers, the world’s most common digital currency reached $30,201.96 today.

According to additional CoinDesk data, it was down more than 55 percent from its all-time high of nearly $65,000 at this point.

At the time of writing, the cryptocurrency was trading around $37,000, and many market analysts weighed in, shedding light on the digital asset’s recent price fluctuations and evaluating its short-term prospects.

[Editor’s note: Investing in cryptocoins or tokens is extremely risky, and the market is largely unregulated.] Anyone thinking about it should be aware that they might lose their entire investment.]

Selling Pressure That Is ‘Relentless’

“Over the last 24 hours, the selling pressure in the BTC market has been relentless, perfectly aligning with elevated bitcoin inflows to exchanges seen on-chain,” said Sean Rooney, head of research at Valkyrie Investments.

“Binance led the charge on Monday, with over 53,000 BTC dumped into the exchange to be sold,” he explained.

Nick Mancini, a research analyst at Trade The Chain, a crypto sentiment data provider, discussed how events like these influenced prices.

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“Bitcoin is now down 45 percent from its April high of nearly $65,000,” he said.

“Short-term sentiment seemed to be bottoming out with price, but it appears that they were only consolidating for a further decline,” Mancini said.

“The good news is that Bitcoin’s primary liquidity levels in the $30,000 range remained stable throughout the decline, causing the price to recover from $30,000 to near $37,000 in less than an hour.”

“Key support levels are $28,500, $24,000, and $20,000, which all correspond to order book liquidity levels,” Mancini said.

StockCharts.com’s chief market strategist, David Keller, added:

“Bitcoin’s drop to $30,000 made technical sense because it’s a 100 percent retracement back to the January lows. It’s all about seeking equilibrium after a serious selloff like this.”

“Where do we see investors with enough clout to drive the price back up?”

“Based on previous price support and the influx of buyers this morning, $30,000 is the new floor for Bitcoin,” Keller said.

Market Is ‘Oversold’

The market may have overreacted in light of recent events and bitcoin’s losses since roughly mid-April, according to analysts.

According to Mancini, Bitcoin’s relative strength index (RSI), a technical measure used to gauge an asset’s momentum, recently dropped to “the lowest level since March 2020,” meaning the digital currency is “highly oversold.”

He also stated that the Moving Average Convergence Divergence (MACD), a momentum indicator used by technical analysts, is “at its lowest level in Bitcoin’s history, further suggesting Bitcoin is oversold.”

“The market is due for a bounce,” according to Rooney, but “a fast turnaround in the short term is unlikely.”

“A correction of this magnitude in the middle of a bull market seems out of place, but the absence of mania topping trends indicates the bull run is not over,” he said.

“With new users joining the network, long-term fundamentals on-chain remain strong.”

January 3, 2023