#qoin

The integration of digital currencies into the Australian economy is undoubtedly challenging our traditional financial systems and products. This innovative Fintech product is inspiring investors and individuals to further investigate diversifying their portfolios by going digital. In our fast-paced world, long term sustainability for maintaining and building wealth is intrinsically linked to adapting to ever-evolving technological and financial advancements. This involves developing innovative strategies to enhance what were once conventional financial portfolios. Diversifying portfolios through the addition of digital currencies can potentially increase returns. Why is this change needed? It is undeniable that the Australian economy has always restructured itself over time to keep up with the growth of innovative technologies. Australia’s digital currency market is seeing rapid exponential growth, with a recent finding from Accenture noting that Australian Digital Currency Exchanges represent 66% of local markets. This digital transformation is changing all aspects of the world, meaning businesses are moving quickly towards adopting digital currencies as payment methods to keep up. 

which anime?

had to dig for it lol

In an effort to combat money laundering, Australian lawmakers may introduce legislation requiring cryptocurrency providers to provide information about their users and transactions with AUSTRAC.

According to the Australian Financial Review, Nicole Rose, the Chief Executive Officer of AUSTRAC, told the Senate in late May 2021 that regulators were considering imposing a "travel rule," among other reforms, to address possible difficulties stemming from the expanding use of digital currencies.

Increased transparency of the identity and location of cryptocurrency payments

Ms Rose responded to Labor Senator Raff Ciccone's question by saying that a travel rule would allow AUSTRAC to have more "sight" into the identities of both the payment and the payee in a bitcoin exchange. Ms Rose thinks that the "development of intelligence" will make it easier for AUSTRAC to identify and punish ransomware operators and other cyber criminals.

This follows predictions from security firm Emsisoft, which predicted that ransomware attacks will cost the Australian economy $1.4 billion in 2020. Ransomware attacks entail a cybercriminal breaking into a computer system (usually that of a business) and threatening to leak sensitive and private information or completely impair the computer system's functionality unless a ransom is paid. The $1.4 billion in losses is believed to include both the price of paying ransom demands and the related "downtime" as firms are shut down in response to the threat. 

Ms Rose reportedly acknowledged that imposing a travel rule would have greater benefits not just in dealing with ransomware attacks, but would also result in AUSTRAC having greater oversight of both the place of origin and ultimate destination of cryptocurrency payments in response to Mr Ciccone's questioning.

There is a global drive for a travel rule.

We've got a little bit of tax, a little bit of big cat, and a Facebook goat named Bitcoin in this week's compilation of bizarre crypto stories.

Florida is looking into the subject of taxation.

Nobody like paying taxes, but they might be a little more bearable if done in Bitcoin.

The governmental administration of Miami-Dade County is exploring allowing people to pay their taxes and service fees with digital money.

If accepted, a task group will look into the proposal's practicality, which appears to have a lot of potential. Crypto payments could be less expensive and more convenient, boosting the area's tech and startup scene.

Mayor Francis Suarez of Miami has already thrown his hat into the ring, launching an aggressive effort to turn Miami into a true crypto hub. It's possible that tax season will never be the same.

Bitcoin gets Mark Zuckerberg’s goat

Mark Zuckerberg is never far from a news topic, and he has everyone's ire this time by sharing a photo of his pets.

The controversial Facebook CEO shared a photo of his two pet goats, Bitcoin and Max, sparking a flurry of discussion about the names' hidden meanings.

Bitcoin maximalists, who believe Bitcoin will one day dominate the globe, claim that the solution is obvious. Others on social media relate to past reports that Facebook was interested in purchasing Bitcoin.

It's possible that they're overthinking it. After all, Facebook appears to be working on its own stablecoin, diem, which will be tested later this year. CNBC reports that diem, which is pegged to the dollar, could be used to buy goods and services. We'll have to wait and see!

It's raining cats, dogs, and cryptocurrency.

Every cat has its own crypto coin, just as every dog has its own day. Carole Baskin, star of the film Tiger King, has just introduced her own cat-themed alt coin.

Carole, the founder and CEO of Big Cat Rescue, rose to fame thanks to a Netflix series that chronicled her real-life battle against big cat breeding and abuse in the United States.

“Putting the power of money in the hands of the people”, Carole has issued the $CAT coin—or fan token—which can be used to buy sanctuary visits, merchandise and, coming soon, virtual visits with the cat stars themselves.

The cat lady is faring better than her counterpart Elon Musk, who has just made a dog’s breakfast of his Saturday Night Live appearance—dissing dogecoin and sending its price plummeting.

Beyond iconic Bitcoin and Ethereum, the dizzying range of blockchain use is only starting to be fully explored.

Yet the things that makes blockchain so revolutionary are also the things that make it so difficult to grasp—its lack of tangible assets, and huge network of linked virtual users.

Solution? A beginner’s guide to blockchain. Get the basics right and the sky really is the limit.

Okay, so what is blockchain?

Blockchain is essentially a database, where information can be added but not removed.

Conventional servers use a centralised model to store financial data in one place, with those running the server—eg banks—empowered to manage accounts and funds.

The blockchain runs via decentralised finance (DeFi), with no single point of control. The system is distributed, with vast amounts of data shared and stored across a huge computer network. Each computer ‘node’ works in collaboration with other nodes to assess and add new information.

Each new ‘block’ of data links into the existing network of blocks, creating an ever-expanding chain—or blockchain—of information.

Ah. So, why is this better than banks

Well, for a few reasons.

   It’s more democratic, with the majority of nodes having to reach consensus agreement to new block additions.

   Rather than trusting each other, users place their faith in the infrastructure of the blockchain itself.

   User error or deception is minimised, with trust resting on computers rather than the people who use them.

   ‘Bigger means better’ in the blockchain world. The more nodes joining the network, the more decentralised and secure the blockchain becomes—the opposite of banking monopolies.

Got it. How do I control my personal info?

Easy. You are given a private key, which is like a long password. This gives you access to your own digital wallet, where your personal data is stored. You can keep a whole range of things here—everything from cryptocoins to health and property details. You know your private key is super-secure. It can’t be hacked because it’s not stored on a central server, as Google and Facebook are.

Right. How about distributed ledger technologies then?

Distributed ledger technologies (DLT) encompass a whole group of technologies, including blockchain. Other types include:

Cryptocurrencies

Digital coins native to blockchain, they were first deployed to reward users for keeping the network secure.

Tokens

Digital assets quick to create, they ride on top of the existing blockchain.

Smart contracts

These virtual contracts are executed more quickly and cheaply than traditional contracts.

Digital assets

Real-world assets can be digitised on the blockchain.

Internet of Things (IoT)

Blockchain can automate and assist processes within the growing network of internet-enabled devices.

Digital identity

Blockchains offer safer, more secure storage of personal information.

Supply chain management

While blockchain was originally public, companies are now starting to privatise their own blockchains.

Following Bitcoin—the first public blockchain—new blockchains are constantly emerging to make it quicker, easier and cheaper to do business.