Twitter Also Planning A Complete Ban on Cryptocurrency Advertising According to Unconfirmed Report

Twitter

So here comes the death of cryptocurrency advertising. It seems that Twitter is also going to follow the path of Facebook and Google by banning almost all cryptocurrency related advertisements on its platform. The news, though unconfirmed, has come from Sky News network of UK, which is a reputed news network worldwide so it may not be entirely untrue. And if true then this ban is coming sooner than expected!

Sky News report suggests that Twitter is planning to implement an advertising policy change within two weeks that will prohibit advertisements of ICOs, token sales, cryptocurrency exchanges and even wallet companies. A few exceptions may exist, but it’s unclear which ones they will be. Twitter has not yet responded to the emails seeking a comment on this story.

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The news comes close on the heels of Google’s recent advertising policy change that plans to ban all cryptocurrency advertising from June 2018. Facebook had already implemented such ban in January itself. Now, since Twitter has also been facing a lot of flak for allowing cryptocurrency scammers to organize their activities on its platform, it should not be too surprising if company follows the path of Facebook and Google. A few days ago company had also started a mass cleanup campaign of Twitter accounts that promoted cryptocurrency scams. This new advertising ban may further tighten the grip of company on promotion of those scams. However, the move, if implemented, will also impact the legitimate cryptocurrency industry.

While this will not mean a death of cryptocurrency advertising literally, going forward it’s going to be very difficult to promote cryptocurrency related products and ICOs. Since almost all major internet companies have pulled the plug on cryptocurrency advertising, it will not be easy to find out profitable marketing channels for crypto ads.

We’ll keep an eye on this story as it develops, and will bring you more information about it as it’s revealed so keep checking for our updates.

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Technology and business were my core interests, so it wasn’t surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news here at Crypto-News.in. You can connect with me on Facebook or Twitter to learn more about me. 🙂

Demand For Bitcoin Hardware Wallets Rise in South Korea, as Users Develop Awareness

According to security-focused researcher Kim In-soon at South Korea’s ETNews, the demand for bitcoin hardware wallets is increasing rapidly in South Korea, as users have started to avoid local cryptocurrency exchanges to store their funds.

Exchanges Are Not Secure

Over the past two years, even the largest cryptocurrency trading platforms in South Korea including Bithumb have suffered several data breaches and hacking attacks. In other regions like the US and Europe, only a handful of exchanges have not experienced major hacks to date.

Centralized cryptocurrency exchanges and wallet platforms are vulnerable to hacking attacks and many kinds of cyber attack methods because of their reliance on a single point of failure. Since cryptocurrency exchanges are managed by a group of administrators or a company, their servers, databases, and infrastructures are all managed centrally.

The centralization of various components of trading platforms provide an opportunity for hackers to break into the system and potentially steal user data, sensitive financial information, and in the worst scenario, reallocate user funds.

An easy alternative to cryptocurrency exchanges is non-custodial cryptocurrency wallet that allows users to remain in full control of their funds. Non-custodial wallets do not store or protect private keys and back up codes on behalf of users. Users are provided with their private keys and 12-word passphrases that can be utilized to backup or recover their funds, in case users cannot access their accounts of the platform is compromised by hackers.

Web-based wallets can be a target of DDoS attacks or server outages, that may significantly slow down the process of checking balance, withdrawing funds, and sending transactions. Last year, in November 2017, Blockchain, the second most widely utilized cryptocurrency wallet behind Coinbase, experienced a server outage that briefly disabled customers from viewing their balance on the wallet.

Non-custodial wallets like Blockchain do not store or manage user funds and private keys but provide full access to funds to their users. But, because of their reliance on centralized servers, occasionally, server outages could cause inconveniences.

Hardware Wallets

Due to the limitations and weaknesses of centralized wallets and cryptocurrency exchanges, many users in South Korea have started to prefer hardware wallets and cold wallets over centralized hot wallets.

Over the past year, at least three major cryptocurrency hardware wallets targeting the local market have launched, including Penta Cryptowallet, KeyPair, and TouchxWallet. In acknowledgement of the rising demand for hardware wallets, Ledger, the largest cryptocurrency hardware wallet manufacturer based in France, has decided to enter the South Korean market.

In a highly volatile and rapidly growing market in cryptocurrency, the shift in trend from easy-to-use centralized wallets to secure hardware wallets can be considered as an optimistic indicator, as it demonstrates the willingness of users to develop awareness of security.

British IT Hardware Supplier To Build Largest Bitcoin Farm In The UK

Bladetec, a British IT hardware supplier, has recently revealed plans to build a Bitcoin (BTC) farm in the South East of United Kingdom, The Sunday Telegraph reported March 17.

The project dubbed the Third Bladetec Bitcoin Mining Company Ltd (TBBMC) aims to raise  £10 mln or roughly $13.9 mln from investors to build and operate the farm over the next two to three years. The developers then plan to sell off the mined coins as well as the mining equipment to provide investment returns, says the funding platform for the project, Envestry.

Bladetec founder John Kingdon claims that investors “don’t risk losing any money”. According to his calculations, sale of the mining equipment alone would result in profit; it’s unknown whether he took into consideration factors such as decreasing hardware prices and increasing mining costs that require more electricity and computing power every year.

TBBMC expects investment returns to follow one of four scenarios depending on the value of Bitcoin in the next two years. The scenarios range from a per annum price drop of up 40 percent, to a per annum price increase of over 50 percent.

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Founded in 2002, Bladetec has provided IT support, supplying, and consulting services to such bodies as the UK Ministry of Defence, NATO, and The National Grid. According to Evenstry, TBBMC will be the first Bitcoin mine in Europe funded by investors in a limited company protected by UK law.

According to the project, the TBBMC facility will cover 3,500 square feet at three locations in London, Surrey, and Suffolk. Considering the high price of mining one bitcoin in the UK, which reportedly amounts to about $8,400, most of the raised funds would be spent on energy costs, as the company is planning to mine 1,280 bitcoins, writes The Telegraph.