On September 20, BlockchainUA 2019, the largest international conference on digital currency, was held. The speakers did their best to cover the topical issues in detail and answer all the exciting questions of the participants of the event.
The founder of the "Trustee" wallet for Bitcoin, Vadim Grusha, said that both custodial and non-custodial wallets are not reliable to use. He explained this by saying that "there are no standards by which custodian wallets build their security system, because it is actually difficult. Cryptocurrency transactions are called "immutable" or "irreversible." There are many risks involved that no financial institution considers (e.g., hackers, internal attacks, and data leaks through people, among other things)".
According to Trustee’s CEO, "crypto enthusiasts prefer to store cryptocurrency on non-custodial wallets." However, he stressed that they also have several drawbacks: "There is no guarantee that your funds will somehow be compensated if they are suddenly lost." "It's very important to understand a private key here – it's not a password – it's the only possible way to gain access to your funds," Vadim Grusha said. He added: "If you suddenly lose your private key, neither the company nor the developers can do anything to help."
Freezing funds was another big and widely discussed issue during the BlockchainUA 2019. Usually, account blocking happens without any explanation to the wallet owner for what is happening, thus being completely confusing. Olexiy Fissun, Global Ledger Protocol Business Director, tried to explain why it happens.
According to him, "the most common reason is that Risky Sources Fans were found on your account. These are illegal sources of funds, ranging from gambling to hacking schemes. You could actually buy coins at LocalBitcoins, but these coins could be acquired illegally before your purchase".
In such cases, the expert recommends that you contact the customer support team immediately and find out why you were blocked. He stressed that "the cause is not likely to be revealed, but they may show you the problematic transaction."
"Check the sources of funds. In most cases, you can just "google" the wallet and find out whose it is. There are also a lot of services that can help you with that," said Olexiy Fissun.
IEO vs. ICO
The methods of involvement in the initial investment project were actively discussed. It is known that the key difference between IEO and ICO is that a cryptocurrency exchange or other platform acts as an intermediary between the project and investors. It turns out that it is a safe way for depositors to invest money and guarantees on the timing of the token placement on the exchange. Projects, in turn, can attract more people for investments. For exchanges, running a successful IEO means attracting new users.
Coinsbit.io Trade Platform Development Manager Vasily Gavrilovich shared the opinion that "IEO has shown its great reliability, transparency, and investors’ trust. ICO has compromised itself by attracting huge funds and failing to meet its obligations since there was no regulatory base. There is no such form in IEO. IEO has absorbed the best qualities for regulating and working with the new cryptoinvestor market."
The conference touched on the topic of countries that provide favorable conditions for doing business related to blockchain technologies for foreign companies.
The CEO of Radenia AG consulting agency, Oleksandr Radchenko, said that "many of his colleagues used different countries, including puppet states, Cyprus, sometimes even Gibraltar and the United States. In Cyprus, there is a fixed corporate tax of 20.5%. What’s the point of going to Cyprus if you pay less in Geneva?"
Ways of high technology
Switzerland’s Ambassador to Ukraine and Moldova, Claude Wild, shared his views on the development of high technology.
He said, "We believe that the business world and farsighted thinking are creating fast, safe, and transparent blockchain services. These are the basic ingredients of what will become the new socio-economic development in the 21st century. Blockchain technology is a new paradigm that will determine the way to run an effective business and social service organization on all continents."
Claude Wild commented that "it is not all about the money. First and foremost, it is a vision of the future," emphasizing that "blockchain technology will simplify business while also helping people." It is worth noting that the Dutch company Prescrypt has already developed a blockchain application that simplifies and facilitates chronically ill patients’ access to the services. Estonian startup Guardtime, together with the Electronic Health Protection Fund, are working to translate all medical documents of the country into blockchain. In the US, the BitHealth startup has begun to use blockchain technology to provide patients with additional payment options in collaboration with insurers.
Consequently, it can be noted that the overall mood of the BlockchainUA 2019 speakers expressed confidence in the prospects of the blockchain regarding finance, business, and applied tasks.
Bitcoin will rise in price – Kir Kelevra stated this at the BlockchainUA 2019 International Cryptocurrency Conference. Cryptotrader and founder of the Bitup.io investment platform is confident that the peak of the digital gold is to be expected.
Editor: Alyona Deryabina