Never Give Up On Your Internet Business

DSCF9585Does fear of failure keep you from starting exploring new ventures?
Have you ever asked yourself, why online success comes easily to other people, but seems to be eluding you all the time?
Have schemers driven you to the point of giving up?

My advice is short, sweet and to the point: You need to know that, it’s always too soon to quit! Remember quitters never succeed.

Successful people hang in there, they get back up when they fall and try again. You see, your friends who have become Online Success Stories didn’t throw in the towel and quit when the going got tougher, NO, No , No! They knew what they wanted in life and they wanted it badly enough to persevere through the desert, and what happened: They got to the other end. They paid the price and achieved their Online business dream. You CAN too ,only if you don’t quit on yourself and your internet venture.

Remember: It’s always too soon to give up. In other words, Never Give Up until you get the results that you after.
All the best!

Howard Mahere

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A Positive approach is a prerequisite for success

In the course of operating their businessess entrepreneurs meet challenging situations on a daily basis.  However, its how they react that determines their altitude.  It is very important for the business owner to know the value of challenges.  That challenges are meant to make us strong, many of the great achievers we see today turned obstacles into stepping stones and in the end became successful beyond measure.

Today, I have decided to share a story which I am sure will help to make us appreciate the role of obstacles in our different situations .  Lets learn to welcome challenges for our own growth.

Positive Approach

By: Author Unknown

A little girl walked daily to and from school.  Though the weather that morning was questionable and clouds were forming, she made her daily trip to school.  As the afternoon progressed, the winds whipped up, along with thunder and lighting.

The mother of the little girl felt concerned that her daughter would be frightened as she walked home from school, and she herself feared that the electrical storm might harm her child.

Following the roar of thunder, lightning, through the sky and full of concern, the mother quickly got in her car and drove along the route to her child’s school.

As she did so, she saw her little girl walking along, but at each flash of lightning, the child would stop, look up and smile.  Another and another were to follow quickly, each with the little girl stopping, looking up and smiling.

Finally, the mother called over to her child and asked, “What are you doing?”

The child answered, smiling, “God just keeps taking pictures of me”.

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Here’s Why Bitcoin’s Future is so Bright: Digital Currency Group Exec

cryptocurrency bitcoin future bright
travis scher digital currency group
Digital Currency Group’s Travis Scher (Twitter)

Bitcoin tanked in 2018, but the future of cryptocurrencies remains bright because you can’t stop progress. That’s the assessment of Travis Scher, a vice president at crypto investment firm Digital Currency Group.

“2019 will be volatile, entertaining, and full of surprises,” Scher wrote in a Medium post. “But I am confident that the stress caused by the 2018 crash will lead to more growth.”

Scher admitted that 2018 was a challenging year for cryptocurrencies. Accordingly, “there are good reasons for pessimism and disillusionment as 2019 begins,” he conceded.

However, Scher — an attorney who previously worked at the white-shoe law firm Skadden Arps — said the crypto community is addressing key underlying issues that have held it back.

Scher outlined the steps the industry must take to bolster its credibility and move toward mainstream adoption.

(1) The Industry Must Engage with Regulators

First, it is critical for the industry to work with lawmakers to adopt appropriate regulation, Scher said. Doing so will promote the industry’s legitimacy and therefore, advance mainstream adoption.

“Regulation is the most important topic in crypto today,” Scher said. “How regulators decide to treat cryptoassets and crypto companies will be a huge determinant of this industry’s success.”

washington dc
Travis Scher: “Regulation is the most important topic in crypto today.” (Pixabay)

As CCN reported, this is why Digital Currency Group, Coinbase, and Circle launched a pro-crypto lobbying group in September 2018.

This shows that the industry is serious about working with legislators to protect consumers, and thereby, earn mainstream acceptance.

The industry needs to proactively and effectively make the case that this industry can be a powerful force for good.

Jeremy Allaire, the co-founder of Circle — a crypto unicorn with a $3 billion valuation — agreed. “We have been very active with Congress, with policymakers,” Allaire said.

(2) Prepare for More Layoffs and Shutdowns

Travis Scher said we should also expect to see more layoffs, company closures, and bankruptcies in 2019.

“Crypto companies need to tighten their belts and prepare for a long winter,” Scher warned. “Token sales will be hard to execute not just because of uncertain regulation, but because liquidity has dried up.”

The crypto funds that raised hundreds of millions at the peak of a bubble suffered horrific losses in 2018, and many will shutter this year.

Scher said this consolidation is inevitable because the industry grew too fast amid the market hysteria, so a period of normalization is here. And that’s not a bad thing.

(3) Industry Needs a ‘Darwinian Evolution’

While some companies will shutter, the good ones will get even better, Scher projected.

“A little Darwinian evolution is just what the industry needs,” Scher observed. “The easy money in 2017 and early 2018 bred a lack of discipline and…straight-up arrogance.”

Companies with shaky foundations will get washed out in 2019. But those that are well-run and mission-driven will end up even stronger.

One example of a high-flying company that was forced to downsize was blockchain startup ConsenSys. After doubling its workforce in 2018, the company abruptly laid off as much as 60% of its staff in December 2018.

ConsenSys CEO Joseph Lubin, the co-founder of Ethereum, said ConsenSys had to eliminate underperforming projects to cut costs after the group got too big and unwieldy.

Ethereum Insider@InsiderEthereum

ConsenSys CEO Joseph Lubin on Layoffs: ‘Sky’s Not Falling, Future Is Very Bright’ 

ConsenSys CEO Joseph Lubin on Layoffs: ‘Sky’s Not Falling, Future Is Very Bright’

Ethereum co-founder Joseph Lubin says the future of the crypto industry is so bright he has to wear shades, and called a bottom to the current bear market. “Peeking into 2019, if you could see the

See Ethereum Insider’s other Tweets

(4) Prepare for Entry of Institutional Money

Scher said the media hype surrounding the expected influx of institutional investors is not a lie.

“This is very real  — companies like Goldman Sachs, Fidelity, and ICE are publicly making big moves in the space,” Scher said.

Beyond high-finance, Square and Robinhood have made aggressive inroads into crypto, and now Facebook is rumored to be launching a stablecoin.

Scher said a sea change looms on the horizon for the crypto market, which is why the current (and temporary) Crypto Winter does not faze him. Scher said one of the best parts of crypto’s watershed 2019 will be laughing in the faces of the gloating naysayers when they’re forced to eat their words.

“The change-averse corporate executives who have derided crypto will be embarrassed when their dismissive quotes resurface down the line,” Scher promised.

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Circle Executed $24 Billion in OTC Trades in 2018

Circle Executed $24 Billion in OTC Trades in 2018

The over-the-counter (OTC) trading desk at cryptocurrency finance firm Circle had a notional volume of $24 billion in 2018, according to an official Medium blog post on Jan. 3.

Per the statement, Circle executed 10,000 OTC trades with 600 different counterparties, at $24 billion in volume. As such, the company claims to have become a “core liquidity provider to the entire crypto ecosystem.”

According to Circle, the firm now partners with over 1,000 institutional clients such as exchanges, token projects, OTC desks, asset managers, and other global endowments. Circle stated:

“This year, we anticipate further incremental growth in institutional adoption catalyzed by stablecoin usage, advancements in institutional custody solutions, increasing regulatory clarity particularly in the [United States], and improvements and innovation in core crypto infrastructure.”

OTC trading allows investors to carry out trades directly with one another without relying on the services of an intermediary such as a cryptocurrency exchange. OTC trading services in digital assets are a particular draw for institutional investors, who are increasingly using the OTC desks of firms like Circle and Coinbase.

As Cointelegraph reported in December 2017, institutional investors as a whole have shifted to higher liquidity OTC Bitcoin (BTC) markets. Investment is growing in OTC funds like that offered by Coinbase, which launched OTC trading for institutional customers in November 2018.

Coinbase outperformed Grayscale’s Bitcoin Investment Trust (GBTC) on OTC markets in terms of BTC trade volume. While OTC trade volumes are dwarfed by non-OTC investment, it is still significant as OTC markets are only open for 31 percent of annual tradable hours.

MV Index Solutions, a subsidiary of VanEck that develops, monitors and licenses MVIS indices, has also jumped on the OTC bandwagon. In November 2018, MV Index Solutions launched its Bitcoin index based on three major OTC desks in November.

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9 factors to consider when deciding which cryptocurrency coins and tokens to invest in

This is a guest blog post by Rowan Crosby. Rowan is an Australian based financial journalist focused on Australian and US equity and commodity markets.

As the world of cryptocurrencies continues to grow on a daily basis, there is more opportunity than ever for investors to buy both well-established and newer cryptocurrencies.

When assessing cryptocurrencies as a pure investment, there needs to be a slightly different approach than with a traditional investment such as a stock. While the value of a stock is largely dependent on its ability to generate profits in the future, cryptocurrency is probably more comparable to an asset like gold. However, while gold is a store of value, cryptocurrencies have far more utility. It’s that level of real-world application that makes this an exciting investment opportunity.

Utility – is there a need for the cryptocurrency to exist?

While we can’t assess a cryptocurrency with the same types of metrics that we might with a traditional company, it is a good idea to gauge how useful the particular cryptocurrency is in the real world.

Is there really any utility? A good way to look at utility is to ask, does this coin/company solve a real-world problem? What is the scale of that problem that needs solving?

An excellent example of a cryptocurrency with utility is Ethereum. While Ethereum is also used as a simple form of payment, arguably its most valuable asset is the ability to implement and execute smart contracts on the Ethereum network. This gives Ethereum both value as a means of exchange, while it is also valuable as it allows for two parties to do business more efficiently.

Ethereum allows developers to program their own smart contracts. A straightforward example might be if one party buys insurance from another. If the terms of the contract are met, the agreed on value gets transferred over the blockchain, cutting out a layer of complexity and cost.

Vision – what’s the purpose and goal?

To really understand its purpose, the best starting point is the whitepaper, often published on the cryptocurrencies official website. This outlines the purpose of the coin or token, written by those who created it. These tend to be a little technical at times, but you can also read more about the various coins on the company blog or ask questions in their Slack channel. If a coin’s whitepaper is flooded with marketing lingo, then that might be a red flag.

Competitors – how does it hold up against similar cryptocurrencies and tokens?

It’s also worth looking at where the cryptocurrency is compared to its competitors. Being first-to-market is a big advantage and it’s one that Bitcoin has ridden to lofty levels. However, each new cryptocurrency that comes to market effectively builds on the weaknesses of the ones before it. EOS is being touted as a problem for Ethereum as it solves some of the scalability issues. This lifecycle needs to be taken into account just as if you were to invest in a company like Kodak instead of Apple.

Team – who are the people behind it?

The team that is behind the coin/token is also incredibly important. What kind of background do they have in the industry and do they have a clear vision? Again it comes back to what the problem that is ultimately being solved.

Supply vs Demand

When we try and gauge the utility of a coin or token, we are looking at the demand side. However, assessing the supply side is a far easier proposition.

If a coin has a finite supply, then over time, the price should theoretically continue to rise as demand dictates. Conversely, if a coin continues to increase the supply, it is effectively diluting its value. Likewise, if a company continues to issue more stock. Theoretically, a coin with a fixed supply of coins will make for a better investment. Assuming the coin has value in the real world.

Bitcoin is an example of a cryptocurrency that has a limited supply. Supply of BTC is controlled by the software and miners are issued with new tokens as they create the next block on the blockchain.

Bitcoin supply over time


For the first four years, Bitcoin distributed 50 BTC per block. It then halved to 25. And then 12.5. This process is set to continue until 2140, where there will be no more new coins distributed.

Ethereum co-founder Anthony Di Iorio is bullish on Bitcoin, and the supply side is a big reason. “In general, it’s got amazing features and it’s got the ability to, because it’s scarce, be a great utility,” said Di Iorio.

Market Cap

It’s also worth assessing the supply side in terms of the market capitalization of the coin. While market capitalisation is simply a number, what it represents is liquidity. In the world of finance, liquidity breeds more liquidity. That means that it will be easier to buy and sell your cryptocurrency and that encourages others to do the same.

Founder Holdings

Bitcoin is the largest cryptocurrency, followed by Ethereum, Ripple’s XRP, Bitcoin Cash and EOS. It is also useful to see what percentage of the cryptocurrency is held by the founders. Similar to the way we assess a company by looking at if a director is buying or selling their shares, we can do the same with cryptocurrencies.

According to Forbes, co-founder and executive chairman of Ripple, Chris Larsen, holds 5.19 billion of the company’s XRP token and a 17 percent stake in the company. Many people speculate that if a founder doesn’t cash out at the highs, then they believe in the project (Coin). The founders and C-level executives clearly have the best information about the company and it is generally considered a good idea to follow their lead.

Price vs Value

Ultimately, any investment you make in any asset class comes down to the idea of price versus value. Just because a token has a low price, doesn’t mean it is a good investment.

In the stock market, a cheap stock is often cheap because it is a company that isn’t making a profit and is doing their best to simply stay afloat.

We can’t use profits as a measure of value in cryptocurrencies. We need to look at other ideas.

One idea to value Bitcoin is to use the idea of transactions to price. In the same way, we would use a price to earnings or PE ratio in the stock market. We can look at the number of transactions taking place in Bitcoin to see how valuable it actually is as means of making transactions.

Bitcoin NVT Ratio


If the price is higher relative to the numbers of people actually using it, then it is perhaps overpriced at that moment in time.

Depending on the purpose of the cryptocurrency, this is an interesting way to assess how we might value it. We could apply similar ideas to things like the number of smart contracts.

There are many more elements to assessing if a cryptocurrency is worth investing in. However, the most important question to ask is always, what is the problem it aims to solve?

Diversifying Your Risk

To quote Warren Buffett, “Diversification is protection against ignorance.”

While as investors we do our best to make smart, researched and informed decisions, we still need to make sure we are minimising our risk.

The best way to do that is to be diversified in your holdings. That’s true of the stock market and certainly cryptocurrencies. A great way to do that is to invest in funds that offer exposure to different cryptocurrencies.

Many funds are either weighted by market capitalisation or have a particular focus. This is the fastest and easiest way to invest in this exciting new sector while ensuring you’re not taking on too much risk.

Cryptocurrencies have seen explosive growth in the last few years and as the sector continues to evolve, we are going to see more game-changing technologies come along. By comparing coins to simple businesses, we can gauge if we think the concept might be a valuable idea going forward.

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CHRISTINA COMBEN | DEC 06, 2018 | 05:00

Strapped for cash with a bad case of the munchies? You’re in luck. If you live in Denmark, that is. You can now use your bitcoins again at to order online takeaway from over 1,500 restaurants.

Denmark may be more famous for its pastries and its Vikings, but it seems the small Northern European country is breaking new terrain once again, just like its ancestors prior.

There aren’t all that many places that allow you to buy food with bitcoin and it’s not often that much of an incentive since you could end up losing out big time when the market goes up.

But still, it’s nice to know that there are companies blazing the trail for virtual currencies to use as a form of payment–and people who actually want to use their bitcoins in this way.


Actually, the fact that accepts bitcoin payments isn’t really new since they were offering the service as far back as 2014 (light years when it comes to cryptocurrency evolution). However, as explained to Bitcoinist by a representative:

We have accepted Bitcoins as a payment method for quite some time. We decided to remove the feature temporarily last year though because the average transaction time took too long, and the experience wasn’t the best.

The problems have since been solved, and we have added the option again… handle the payment, so you will always be able to use Bitcoins with all the restaurants currently found on wasn’t the only merchant to cease bitcoin payments during the explosion in price and mass interest in 2017. In fact, last year may have seen an all-time high for bitcoin price $3868.40 +0.14% but it also caused an all-time low as far as merchant adoption was concerned.

We’re still waiting for the likes of Amazon and Apple to come around and, to be fair, sufficient demand from a bitcoin community comprised mainly of HODLers. But if you do find yourself in Copenhagen with a hunger attack, the option is there for you.

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Binance Labs Invests $3 Million in US Crypto Trading Desk

binance crypto cryptocurrency exchange

Big news came from Binance Labs this week, as their venture wing announced a significant investment in US over-the-counter (OTC) crypto trading desk Koi Trading.

Binance Labs and Koi Trading

In a press release yesterday, Binance Labs revealed that it had made a $3 million investment into Koi Trading, a small sum for the world’s largest cryptocurrency exchange, but a notable one nonetheless.

Koi Trading is an OTC trading operation headquartered in San Francisco, CA. They aim to be a compliant global option for private cryptocurrency liquidity. Koi also offers assistance with data science, quantitative research, and compliance consulting work.

Commenting on the firm’s decision to invest in Koi, Head of Binance Labs Ella Zhang, said:

“Koi Trading’s mission is to bridge fiat and cryptocurrencies in a compliant manner. This aligns with our broader vision at Binance to build the infrastructure which provides the freedom of value exchange globally.”

Koi has an experienced team of founders, including CEO and founder Hao Chen, who added, “Our team of experienced traders and sales personnel will join forces to tap into vast networks of counterparties in North America, Asia and the EU, bridging the gap that divides the current OTC landscape.”

OTC Prevalence in Cryptocurrency Markets

OTC trading in China is prevalent, even more so after all the previous crypto exchange bans, regulations, and complications. Currently, the majority of Chinese OTC cryptocurrency trading is coordinated using a Chinese chat app called WeChat. However, these current methods leave those involved without an easy-to-use, professional option they can trust.

Binance Labs’ collaboration with Koi Trading looks to help rectify OTC trading difficulties globally, giving clients a better option.

Chen said:

“With Koi’s robust AML program, extensive banking relations in the US, investment from Binance Labs, and strong trust amongst counterparties in the Greater China, we aim to be the market nexus that reduces trust and information asymmetry and improves cryptocurrency OTC deal close rate.”

The OTC market is booming outside of China, as well, even amid the current bear market. Earlier this year, CCN reported that Circle’s OTC crypto trading desk was seeing individual trades to the tune of more than $100 million.

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KEVIN O’BRIEN ·  NOV 13, 2018

The president of the Marshall Islands survived a no-confidence vote after senators derided her plan to launch a national cryptocurrency. The nation is moving forward with the endeavor despite criticism from the IMF.

Marshall Islands President Hilda Heine looks to have a clear mandate to keep pushing forward with her proposed state-backed cryptocurrency after navigating through a no-confidence vote.

Reporting by the Nikkei Asian Review says the island’s head of state survived since parliament was in a 16-16 deadlock over the decision. Her opponents were one vote short of toppling her from the presidency. The decision to vote came after a collective of eight senators accused Heine, who has been president since 2016, of damaging the nation’s reputation with the idea of a national cryptocurrency.


According to the Nikkei Asian Review, Heine’s goal is to introduce a virtual currency dubbed the ‘Sovereign’ to the Marshall Islands, while giving an equivalent status to the United States Dollar.

March, officials said they teamed up with an Israeli company called Neema to issue 24 million Sovereigns. At the time, half of the coins were set to go to the government and six million would be available for global investors. Officials in the Marshall Islands were reportedly interested in a state cryptocurrency after Neema said the endeavor could net at least $30 million.

Funds raised due to global investment in the Sovereign would go towards projects related to anti-global warming and be distributed to people affected by U.S. nuclear testing on the island, according to Deutsche Welle.

Bitcoinist reported that same month how the Sovereign would have a framework that would see user identities be known on the blockchain so funds could be easily verified.

Officials hoped people in the nation would use the Sovereign for a variety of tasks, including for the payment of taxes and the purchase of groceries.

Crypto Assets May One Day Reduce Demand for Central Bank Money


Heine has welcomed the digital currency as a “historic moment for our people” and has referred to it as “…another step of manifesting our national liberty.”

Leaders in the Marshall Islands have expressed complaints and concerns about a lack of currency controls. This is especially so since the bulk of their revenue comes through aid from the United States, as well as tuna fish licensing paid in U.S. Dollars.

Heine’s futuristic financial vision attracted the attention of the International Monetary Fund (IMF), which released a report in September that warned the country against launching the cryptocurrency.

The IMF said the issuance of a digital currency “[…] would increase macroeconomic and financial integrity risks, and elevate the risk of losing the last U.S. dollar correspondent banking relationship.”

Joseph Young@iamjosephyoung

IMF says Marshall Islands should not create its own crypto because of money laundering risks. If they go ahead, countries may cut financial aid.

Study published on National Bureau of Economic Research revealed cash enables criminal activities more than electronic systems.

Marshall Islands Finance Minister Brenson Wase said after the no-confidence vote the government would push forward with the virtual currency and will wait to meet requirements from the IMF, Europe, and the United States.

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Goldman Sachs is Signing up Customers for its Bitcoin Trading Product: Report

bitcoin price predictions

Investment banking giant Goldman Sachs has quietly begun signing up a limited number of customers for its yet-to-launch bitcoin trading product.

Citing a source familiar with the matter, The Block reports that the 149-year-old Bulge Bracket bank has onboarded a “small number of clients” to actively trade the derivative, a non-deliverable forward, which is a cash-settled product that is comparable to a futures contract but does not trade on an exchange. Additionally, the bank continues to consider launching custody services for cryptoassets.

Notably, the publication’s source also contradicted an earlier report from another crypto site which alleged that Goldman Sachs was “actively exploring the creation” of a non-deliverable forward for ether, the native asset of the Ethereum platform. That would have been a major stamp of approval for Ethereum, as well as altcoins in general, as it seeks to achieve the level of Wall Street exposure that bitcoin has begun to see over the past 12 months. However, the source said that the bank is not pursuing the creation of an ether derivative.

At present, bitcoin derivatives are available on several regulated US trading platforms, including options exchanges CME and CBOE. Both of these firms offer cash-settled bitcoin futures contracts, and each has given investors reasons to believe that they will expand their crypto offerings in the future. CBOE, on its part, has outright expressed its desire to remain a leader in the cryptocurrency derivatives marketplace, while CME has launched an ether price reference rate but in public statements has been less-than-enthusiastic about the crypto industry.

LedgerX, an institutional crypto derivatives platform that currently offers a suite of bitcoin products, is reportedly building out support for ether as well, pending approval from the Commodity Futures Trading Commission (CFTC).

Meanwhile, Bakkt, a crypto startup launched by the owner of the New York Stock Exchange (NYSE), is preparing to launch its first bitcoin futures product, which is scheduled to begin trading on Dec. 12. Unlike the contracts available on CME and CBOE, Bakkt’s bitcoin product will be physically-settled, meaning that actual bitcoins will change hands when the contracts expire.

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Report: Blockchain and Crypto Industries See Growing Demand for Talent

Report: Blockchain and Crypto Industries See Growing Demand for Talent

A recent study by recruiting site Glassdoor published Oct. 18 found that crypto and blockchain-related job opportunities significantly increased in the U.S. this year, despite the slump in cryptocurrency prices.

In the course of its analysis, Glassdoor examined a large number of online U.S. job postings on their site containing keywords related to blockchain, Bitcoin (BTC) and cryptocurrency. To ensure more accuracy, the company also included more general blockchain-related terms, while excluding jobs from third-party recruiting firms. To estimate salaries, Glassdoor used its “Know Your Worth” instrument.

Per the report, as of August 2018 there were 1,775 unique blockchain-related job openings in the U.S., while at this time last year there were 446 similar job ads, which represents a 300 percent year-over-year increase.

The highest proportion of job openings is concentrated in 15 cities, including New York City and San Francisco, with 24 and 21 percent of total job ads respectively. They are followed by San Jose, Chicago, and Seattle, with 6, 5 and 4 percent respectively. The top 15 cities together constitute 79 percent of blockchain-related job ads in the U.S., while the remaining 21 percent are distributed across the rest of the country.

The most in-demand blockchain roles are primarily technical and engineering, with software engineer as the clear leader, comprising 19 percent of total job listings. More broadly, engineering, technology, and science roles represent 55 percent of total job openings.

Despite the leadership of tech roles, Glassdoor notes the need for analyst relations manager, product manager, risk analyst, and marketing manager roles as well. Notably, such roles as traders and investment analysts are not listed in the top 15 occupations.

In terms of predominating employers in the field, Glassdoor highlights blockchain software technology firm ConsenSys and IBM, with over 200 related job openings each, as well as crypto exchanges Coinbase and Kraken, tech company Oracle, and fintech firm Figure. Professional services giants Accenture and KPMG are also hiring blockchain-related roles. Glassdoor noted the absence of job openings from FacebookGoogle and Apple.

Glassdoor’s “Know Your Worth” tool revealed that the median base salary in the blockchain field is $84,884 per year, which is $32,423, or 61.8 percent, higher than the U.S. median salary of $52,461 per year. In total, salaries range from $36,046 per year to $223,667 per year. Per the report, higher salaries are explained by the location and nature of the jobs available, while high skill occupations like software engineers already require high salaries.

In August, Cointelegraph reported a 50 percent increase in the number of roles related to blockchain or cryptocurrencies in Asian markets — AustraliaIndiaSingapore and Malaysia —  since 2017, where developers skilled in the Python language programming are among the most coveted applicants.

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World Bank President: Distributed Ledger Technology Has ‘Huge Potential

World Bank President: Distributed Ledger Technology Has ‘Huge Potential’

The president of the World Bank Group Jim Yong Kim has stated that distributed ledger technology (DLT) has “huge potential” and that the bank should keep pace with innovative technologies. Kim spoke at the International Monetary Fund (IMF) and the World Banks’ Annual Meeting in Bali, Indonesia Oct. 11.

Kim addressed the importance of fighting poverty while boosting prosperity, pointing out that “there are innovations in the technological world that can help us leapfrog generations of bad practice, generations that would take forever in terms of reducing corruption.” Kim said:

“We talked about cryptocurrencies, but we think distributed ledger has huge potential and we issued the first blockchain bond in August, where we created, allocated, transferred and managed the entire bond through blockchain technology.”

Kim further noted that the deployment of blockchain helped the group reduce paperwork and costs, adding that it is “something that can be extremely helpful” in the future. He admitted, however, that the bank has not been keeping up with all the latest developments, particularly in a way that would help their customers take advantage of the “great things that are coming out.”

According to Kim, the World Bank’s goal is to develop universal access to financial services by 2020 which, in his opinion, will not happen without deeper engagement with the technology world.

As previously reported, the World Bank and the Commonwealth Bank of Australia (CBA) issued a public bond exclusively on a blockchain. The $73.16 million deal entails two-year bonds that reportedly settled Aug. 28 and have been priced to yield a 2.251 percent return.

Following the positive results of the blockchain-platform, Arunma Oteh, a treasurer at the World Bank, stated that the bank “will continue to seek ways to leverage emerging technologies to make capital markets more secure and efficient.”

Notably, the World Bank President has previously expressed criticism towards digital currencies. Speaking with CNBC in October last year, Kim shared his bullish views about blockchain technology, while noting the risks of blockchain derivatives like Bitcoin. He stated then:

“Blockchain technology is something that everyone is excited about, but we have to remember that Bitcoin is one of the very few instances [of blockchain’s use in currency]. And the other times when blockchain was used they were basically Ponzi schemes, so it’s very important that if we go forward with it, we’re sure that it’s not going to be used to exploit”.

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The prime minister of Malta, Joseph Muscat, told the United Nations that cryptocurrency is “the inevitable future of money” on September 27 — reiterating his faith in Blockchain technology. 


Speaking at the organization’s 73rd General Debate, Muscat, who has presided over Malta’s official pivot to become a so-called ‘Blockchain Island,’ championed digital innovation and its regulation.

“Blockchain makes cryptocurrencies, the inevitable future of money, more transparent, since it helps filter good business from bad business,” he said. “But these distributed ledger technologies can do so much more.”

As part of Blockchain Island, the Maltese government has signed agreements and partnerships with emerging businesses including a raft of cryptocurrency exchanges to provide pioneering financial products and services registered in the country.

As Bitcoinist has reported, platforms Binance and Huobi have spearheaded the trend, the former signaled in July it would attempt to form the world’s first decentralized tokenized bank using Malta as its base.

Muscat had personally welcomed Binance to his jurisdiction when the exchange relocated there earlier this year.


At the UN, he noted the necessity of the decision to become “the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum.”

From medical records to aid to government data handling, he continued, blockchain spawns numerous ways in which the world can “counter regressive and reactionary politics.” He forecasts:

States will need to move from hoarding information on citizens to regulating an environment where citizens can trust the handling of their own data.

Muscat’s tying in of Blockchain and cryptocurrency provides a breath of fresh air from the perspective taken by many international governments, which favor Blockchain’s potential but demonize cryptocurrency altogether.

The approach echoes that advocated by cryptocurrency proponents, specifically Andreas Antonopoulos, who has publicly stated that a ‘Blockchain-not-Bitcoin’ mentality tells the world that someone “doesn’t understand” either technology.


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