McAfee Freedom Coin – No Launch in Cryptocurrency Exchange – No Airdrops – No MiningJune 6, 2019
John McAfee will be launching his own Freedom cryptocurrency. The white paper for the cryptocurrency will be coming soon.
McAfee stated, “The McAfee Freedom Coin is designed to confront the problem of exchange head-on… It is not based on any commodity, nor is it connected to the value or behavior of any external item or entity. The value of the coin will always be zero about any other currency, yet its natural market value is free, completely, to grow.”
McAfee envisions this coin to be pursued for its purchasing power alone. This has not occurred so far because not all goods and services cannot be purchased with the cryptocurrency. And, the currency holder should exchange with the currency that they accept.
There will be no airdrop, ICO or mining for the Freedom coin. It will not be launched in a cryptocurrency exchange. He further added, “The uniqueness comes from a new approach to understanding the evolution of cryptocurrency and the mechanisms that have kept the Holy Grail of cryptocurrency – economic freedom – out of our reach.”
In collaboration with high-frequency trading firms, Facebook will be launch “Global Coin” in 2020.
With newer cryptocurrencies being launched, there is a further need for regulatory classification to build upon buyer protection. Cryptocurrency is evolving to be an original method of enabling trust between people and payments using pieces of software permitting people with access to a service or a platform.
Permissioned blockchain is considered to be making cross border trades faster and less risky.
Hyder Jaffrey recently stated, “You remove settlement risk, the counterparty risk, the market risk,” and further said, “All of those risks add up to costs and inefficiencies in the marketplace.”
The taxes by itself is very confusing. Several countries do not classify cryptocurrencies as tradable assets. Several states do not consider it to be money. Therefore paying taxes on something that is not in the legislation is confusing to several traders.
Several regulations are dealing with cryptocurrencies in a relaxed manner, and therefore, they rely on citizens to voluntarily report their gains in cryptocurrency and Bitcoin. Only 5% of the cryptocurrency holding community makes accurate gains. However, there is a vast majority who hide their holdings, and some of them deduct a significant amount.
Fewer taxes means a lot of funds for investors; however, it is a loss of income for the government. Therefore, governments will soon deal with tax evasion. Many things are yet to evolve in the cryptocurrency space.