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The Bitbuy Brief: Statement On Bitbuy & Canadian Regulation
Article Author: Bitbuy Staff
Bitbuy Staff
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Issue 141: Statement on Bitbuy & Canadian Regulation

June 30th, 2021
You may have seen the news that international platforms such as Binance, Kucoin and ByBit (no affiliation to Bitbuy) have decided to stop serving Ontario residents or other Canadians as a result of the recent announcement of a regulatory framework for crypto platforms.
Bitbuy has been taking the necessary steps to comply with these new guidelines so that its users can benefit from a safe, fair and efficient trading environment.
For more details, read the full statement on our website.

Scam Alert: Fake Social Media Pages

Bitbuy will NEVER giveaway any crypto over social media.
Beware of fake social media accounts that may be impersonating Bitbuy or other cryptocurrency companies. These are phishing attempts or other scams.
If you are ever interacting with Bitbuy on social media, be sure to click the profile image icon to ensure you are dealing with the authentic account. Fake accounts will typically be recently created and have no followers.
If you see them, please report them to the social media platform or Bitbuy support.

Weekly Market Recap

 

Analysis: Although theres been a pullback in the last 24 hours, coins rallied over the 7 day period. XRP was leading the way with a 30% gain. Spot volumes are up 34% week over week , and new Bitcoin on-chain analysis shows that new user growth is “strong as ever“.

Big Story: New Crypto Wants To Scan Your Eyeballs?

 

Those well-informed in the tech industry will likely know the name Samuel H. Altman, the CEO of OpenAI and former president of Y Combinator.
In his latest startup, Sam intends to distribute cryptocurrency to those simply willing to scan their eyeballs. Yes, you heard us. Eyeball scanning is just one facet of an initiative called Worldcoin. 

The Worldcoin startup proposes that with orb-shaped devices, each the size of a basketball, they can identify each person and distribute a universal basic income (UBI). Traditionally, UBI is a government program where every adult would receive a set salary or income regularly.

Eye scanning becomes key since each iris is unique, so not one person could receive payment twice.

So, what exactly is Worldcoin?

Sam, in turn, has used Worldcoin to propose the answer to the question, “is there a way we can use this technology [to create economic equality] on a global scale?” The concept might sound new, but back in a 2019 interview, Altman had already discussed how a system could redistribute money so that the government wouldn’t have to.

Ideally, Worldcoin would alleviate poverty and replace social programs that would otherwise take many resources and government involvement to manage.

We can expect this new global digital currency to launch in the future by giving a share to potentially every person on the earth. That said, the Worldcoin currency is not ready for public distribution just yet. In the meantime, you can start collecting other cryptocurrencies as part of this project. Currently, the company is offering volunteers Bitcoin to scan their eyes and give feedback on the process.

Of course, you might be concerned about handing over your information to a startup you don’t know. The Worldcoin team assures volunteers that they will make the process as transparent as possible, so there are no questions about how the data is being used.

Although there are still a few considerations, the concept is gaining traction, so it should be no surprise if you are approached in a large city with a basketball-sized orb. When deciding if you want to participate, consider that some investors have already bought into the idea. Worldcoin recently announced that $25 million had been raised for the project so far.

Worldcoin has yet to be formally unveiled, but insiders expect that to come soon.
*This opinion piece is not investment advice, always do your own research.

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