LEO/LEOxChange in the News
13th Jan 2015
The UK Government calls for information on cryptocurrencies
LEOcoin recently contributed its thoughts to the Government’s ‘Call for Information’ on the proposed regulation of digital currencies, which closed on December 3rd 2014. The consultation received nearly a hundred responses which shows just how interested people are in the subject. Currently there are few regulations imposed on cryptocurrencies, other than standard money laundering regulations.
LEOcoin supports the development of steps that can be taken to create more confidence within the mainstream population. But overzealous intervention could dissolve the core benefits of cryptocurrencies, namely privacy, security, low to no fees and free marketability. In an extreme case, it could restrict legitimate business and create another black market.
The entire cryptocurrency ecosystem, both legal and otherwise, is evolving so quickly that legislators are now preparing to make rules for circumstances that have no precedent. Cryptocurrencies require a whole new way of thinking, and a much more flexible approach from governments. It is important to allow precedent to develop legally within the free market framework – rather than detour the course of cryptocurrencies in their infancy.
As we prepare for the public launch of LEOcoin in a couple of months’ time, we hope the UK will adopt a supportive and entrepreneurial mind-set or risk being left behind by other more progressive countries.
What is a cryptocurrency and why you should know about them?
Cryptocurrencies were established in 2009 with the launch of Bitcoin, in response to individuals seeking increased anonymity and control around financial transactions. If you transact through a bank or other financial intuition, a whole range of people have access to this information. With cryptocurrencies, the only record of your finances, until you complete the transaction, is on an anonymous online ledger, accessed via a computer or smart device. There is no central body to authorise or track transactions – these tasks are carried out collectively by the digital currency network themselves. In effect, it’s a private currency, completely decentralised.
Despite a modestly paced entry into the marketplace, mainly due to the sophistication of the equipment required to trade in Bitcoins, there are now around 13.5m Bitcoins in circulation, being transacted by around 2.6m individuals in up to 100,000 transactions a day. It’s not unusual to now see signs in coffee shops and bars offering to trade in Bitcoin and you can even load up your smart phone or electronic wallet at Bitcoin ATMs in London, Bristol and Brighton.
Technology available to bring cryptocurrencies to a wider and more diverse audience, both users and merchants, is moving so fast that new generation of cryptocurrencies, such as LEOcoin, will be able to offer everyday users an even swifter, simpler and more streamlined service than their predecessors. Although you still need a computer or smart device to get involved in the digital currency world, you don’t need expensive add on equipment in order to get going.
Like any new development in society, crypotocurrencies won’t immediately appeal or be relevant to everyone. But rest assured, digital currency is here to stay so if you want to ‘ride the wave’ of the most exciting thing to have hit the financial markets in decades, seriously consider investing in a cryptocurrency.
6th Jan 2015
Changing the world, one coin at a time
Buying a house, funding the Jamaican bobsled team at the Winter Olympics, or ordering a pizza. These are just some of the ways you can currently spend cryptocurrency.
One of the comments we often hear is that there’s no easy way to spend digital currencies. Well, if you take a look at the range of merchants who are already accepting Bitcoins in the UK, then maybe you will change your mind. You can order a takeaway from around 7,500 listed restaurants, pop into a number of pubs for a quick pint, buy a bike to pedal off the excess or travel in style by hiring your own private jet. You can even rent a designer dress and jewellery for the occasion. And just this month, Microsoft announced that it is now accepting Bitcoin for all digital purchases through BitPay. This includes Windows, Windows Phone and Xbox software.
Why are people welcoming more choice in financial transacting? Because digital currencies offer a range of benefits over traditional fiat currencies: privacy, security, low to no fees and free marketability. The enterprise community in particular is excited about a more flexible and faster way to build their businesses, without wading through miles of red tape.
According to the Treasury, it is estimated 20,000 people in the UK currently hold Bitcoins – and around £60m worth are circulating in the UK economy. The market for a new cryptocurrency is huge and the pace of its development is faster than ever. We are going to change the face of how people do business – one coin at a time.
24th Dec 2014
An introduction to the world changing cryptocurrency: LEOcoin
When people mention cryptocurrencies they probably think of Bitcoin, which blazed a trail for digital currency when it launched in 2009. However, in the future, when the world looks back at how cryptocurrencies changed the way the world transacted, they will think of just one coin: LEOcoin.
LEOcoin was forged in May 2014 when entrepreneurs Dan Andersson and Atif Kamran saw the opportunity to create a new currency designed for entrepreneurs and ordinary people.
Because while cryptocurrency has grown exponentially in recent years, few have managed to capture the imagination of those who remain flummoxed by the technical jargon and perceive that cryptocurrencies aren’t relevant to the way they do day to day business.
This is where LEOcoin comes in. Technology in the sector is now moving at an incredible rate which has allowed LEOcoin to position itself as the ‘next generation’ cryptocurrency: simpler, faster and more cost effective to use than its forerunners.
The system that LEOcoin is built upon has three key features. Transactions are anonymous, the network is 100% secure and most importantly, it is designed with user friendliness and accessibility at its core.
LEOcoin has been built to be as simple and straight forward as possible. It is designed to have mass market appeal and has the potential to rock the foundations of financial systems the world over.
By making the currency open and accessible to anyone it will encourage entrepreneurs and ordinary people to take on the coin as an alternative to fiat currency; or cold hard cash. From the touch of your mobile phone or click of your mouse you can have access to your very own LEOcoin wallet, with the option to purchase coins with fiat currency or earn them through as mining (an individual with a computer supporting the processing power needed to maintain a cryptocurrency ledger).
There are already 80,000 people globally with LEOcoins in their wallet. These are members of the LEO training academy who have been rewarded with LEOcoins as a bonus on a closed exchange. That means that when the exchange goes live in early 2015 the currency will be the second largest cryptocurrency in circulation; just behind Bitcoin.
LEOcoin has been built to be as simple and straight forward as possible. It is designed to have mass market appeal and has the potential to rock the foundations of financial
In six months’ time you will be astonished by the locations and businesses that will accept LEOcoins, allowing you to purchase goods and services around the world.
If you missed the first microwaves, mobile phones and the launch of smart phones - don’t miss LEOcoin.
Register for your wallet today and join the conversation on Twitter, Facebook, Google+, Reddit and YouTube and be part of the future of currency.