Bitwala: What’s going on at the German Bitcoin Bank?


Bitwala has been a member of the European Fintech Alliance since 18 July. With this membership, the German start-up wants to improve the dialogue with Fintechs as well as with authorities. It has also been announced that Bitwala will be able to offer regulated bank accounts in a few weeks.

The interface between crypto currencies and the real world is one of the biggest hurdles for the adaptation of Bitcoin. Even if the inclined techie has no problem with mobile wallets, seeds and private keys, this is a big hurdle for cryptosiders. No wonder that projects like Monaco, TenX, Revolut or Bitwala want to enable card payments with Bitcoin and other crypto currencies.

At the beginning of the year there was a dramatic caesura: VISA terminated the cooperation with WaveCrest. WaveCrest was an issuing bank that enabled many of the crypto companies mentioned to use the VISA network. The end of the collaboration between VISA and WaveCrest was a stumbling block.

However, the scene did not sleep: a few weeks ago BTC-ECHO reported on further developments at TenX. Bitwala also worked on finding a replacement for WaveCrest. Together with a partner bank they would like to become a Bitcoin bank.

Bitcoin news about a Fintech company using blockchain

This Bitcoin news show that Bitwala no longer wants to be perceived as a pure blockchain company, as the worlds become blurred. When asked whether the line between blockchain start-ups and classic Fintech companies blurs, Jörg von Minckwitz, co-founder and CEO of Bitwala said:

“Yes, I think that blockchain start-ups have now arrived in the mainstream and the boundaries between blockchain and Fintech are becoming more and more blurred. For us it’s a consistently positive development, because it’s moving away from ‘We are doing this but on the blockchain’ to start-ups motivated by use cases. It will become increasingly important that certain parts of the blockchain technology are simply assumed and that the start-ups are no longer emphasized per se. Start-ups must then, like everything else, present what makes them better than their competitors. Just because the start-up uses blockchain in the back office is not enough. It is therefore a logical step for us to feel more and more a part of the Fintech world […] [I think] that blockchain companies increasingly have to learn from normal Fintechs to think from the user’s perspective”.

The entry into the European Fintech Alliance (EFA) also fits into this growing together between the Blockchain scene and the Fintech community. The EFA is a Europe-wide association of Fintech companies of different sizes, which also seeks contact with the European authorities.

BitWala wants to represent the Bitcoin news in the EFA

Accordingly, dialogue with Fintech companies is not the only motivation for Bitwala to join the Bitcoin news. One reason for joining is to be a mouthpiece for the cryptocommunity at the regulatory level. Bitcoin news is also necessary: Uncertainties about taxation, who owns the data on the blockchain, possible contradictions between the DSGVO and a public blockchain – the list of regulatory challenges is long. This leads to a repressive attitude on the part of central banks and government bodies, which nips cryptorelated technological innovation in the bud.

BitWala is no stranger to dialogue with the authorities. In their efforts to find a licensed bank, they have had to discuss a lot with representatives of the regulatory bodies. This also helped BitWala to understand the side of the authorities and to name the problems of understanding:

“Blockchain or token is simply something that never existed in this form. It is therefore very difficult for regulators to classify and decide what to compare with tokens in order to regulate them. Thank God the German regulator doesn’t want to over-regulate Blockchain, so everything takes a bit longer. Even the difference between the tokens themselves has not yet been clarified. We have tokens that are more similar to securities and tokens that are more similar to fiat currencies. The challenge for regulators is getting bigger.”

So far, 30,000 interested parties have registered for early access with Bitwalas Bitcoin-Bank. The company plans to launch these in a few weeks. Deposit protection up to 100,000 euros is guaranteed to account holders. With this Bitwala account a Bitcoin Wallet is to be connected, with which account owner with Bitcoin like with norm

Ravencoin: Bitcoin Fork rises over 270 percent

The Bitcoin Fork Ravencoin has grown by over 200 percent in the last seven days. One of many Shitcoins or the next big thing? Time to look under the wings of the “raven coin”.

Ravencoin – the new Bitcoin profit review?

Ravencoin, a fork from Bitcoin, is a relatively young token; it’s only since 3 January 2018 that it’s been romping around among the crypto currencies. But in the last seven days, the Bitcoin profit review has attracted attention by rising by a good 220 percent, in the course of the month even more than 270 percent. The name, Bitcoin profit review freely translated as raven coin, is borrowed from the fictitious world of Game of Thrones. This is how you read on the homepage:

“In the fictional world of Westeros, ravens are used as messengers that convey true statements. Ravencoin is a use-case-specific blockchain that is supposed to deliver true statements about who owns which assets.”

To achieve this, the Ravencoin blockchain is designed to serve specific purposes. On the one hand, it should help to determine ownership of assets in a flawless manner. On the other hand, Ravencoin, similar to Bitcoin, wants to make direct payments possible. As the open source project on the homepage emphasizes, it is completely decentralized: Neither master nodes nor especially no ICO are behind the project.

Ravencoin changes Bitcoin profit scam protocol

Furthermore, the entire mining process is based on Bitcoin profit scam – instead of pre-mining as with many ICOs, there is a Genesis block, which exists from the start, after which theoretically anyone can mine the Ravencoin.

There is also a halving at Ravencoin – this takes place every 2,100,000 blocks – the reward is then halved from 5,000 to 2,500 Ravencoins, this is supposed to happen for the first time in about four years.

If you want to get started, you can create a paper wallet here and look around for mining pools here.

Currently, the project is in Phase 2. After a successful start, the Ravencoin community is in the process of implementing ways to transfer assets and ownership rights. In later phases, Ravencoin also plans to make messaging and elections possible. The entire roadmap can be found in the Github account.

The community has changed the Bitcoin protocol in four main aspects:

Block Reward of 5.000 RVN
Block size (1 minute)
Amount of available coins (21 billion)
Mining algorithm (X16R)
With the modified mining algorithm X16R, the team wants to counteract the increasing centralization of mining by ASIC miners. As you can see from the X16R white paper, X16R is based on the same algorithms as X15 and SHA512, but in a different order. ASIC miners can’t prevent this, but it makes CPU and GPU mining more likely.

At Ravencoin, talking about the new Bitcoin is certainly still too early. Nevertheless, the project is more than just one of the many shitcoins that catch attention and then disappear again. All in all, Ravencoin is a project that convinces above all through its decentralisation and its strong orientation towards Bitcoin. Neither is there a team/ICO behind the project, nor has centralisation of the mining been possible so far, as is currently the case at Bitcoin, which leads to unrest time and again.

At the moment, the price for a Ravencoin is just under 0.06 US dollars. Within the last 24 hours it could increase by 55 percent, in the course of 7 days almost 200 percent. Within the last month the Bitcoin Fork could rise by a full 275 percent and is currently performing best.

Relationship to the global Bitcoin market

MVBTCO and outliers: According to sponsor SolidX, the method for calculating the MVBTCO index is capable of reducing the influence of individual “outliers” among the OTC markets on the price of shares. In addition, this offers additional protection against manipulation. Do the potential commentators see it the same way?

100 Shares – Is that Enough?

Assuming the sponsor SolidX once declares the MVBTCO index inappropriate, do the investors see a satisfactory number of alternatives for determining the price? the secret database Next, the SEC wants to find out how investors feel about the fact that the trust wants to maintain a secret database with OTC contacts. This includes hedge funds, family offices and private investment advisors as well as so-called “high net-worth individuals” (HWNI). 10.

The SEC wants to gather views on the impact of an OTC price that deviates significantly from the global market. The Commission is also asking for views on the isolation of the OTC markets from erratic Bitcoin price movements on the world market.

Transparency and liquidity

How do investors actually assess the transparency and liquidity of the Bitcoin market in general? Is the crypto currency at all suitable as the physical underpinning of a fund?

BTC/USD: OTC trading, according to SolidX at least, accounts for approximately 50 percent of the trading volume of BTC/USD trades. Is the trading volume of these transactions a suitable benchmark for determining the Bitcoin market volume?

Bitcoin Futures: How do commentators generally view the regulation of the Bitcoin market? And are Bitcoin futures a market of significant size?

Gemini Exchange: Is another partner for price determination, the Gemini Exchange, itself a market of significant volume? Moreover, how likely is it that a manipulator would have to go through the Gemini Exchange to influence the price of the Bitcoin ETF?

The 25-bit coin hurdle: The VanEck SolidX Bitcoin Trust is not for small budgets. Because to join the proposed Bitcoin ETF, an investor must loosen the equivalent of 25 BTC – so the fund’s target group is clearly institutional investors. The SEC asks the commentators how they view this entry hurdle.

The CBOE wants to provide at least 100 shares at the start of trading. How do investors assess this, especially in the light of liquidity and arbitrage? number as a function of price
How do investors see the stock exchange’s reasoning that the low number of shares is merely a function of the price?

18th Insurance CBOE: CBOE states that the BTCs it holds are fully insured. How do investors assess the price impact of the underlying Bitcoin that could arise in the light of such a prospect?