Taiwan is Becoming a Blockchain Island, and Jason Hsu is behind it

Three key focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. Blockchain Technology is a technology that will impact numerous sectors is an area that’s worth keeping an eye for those the financial and technology sectors. In the first Blockchain Technology piece on my blog, I gave a comprehensive overview of the technology. The following guest post comes courtesy of Techwarn. It discusses plans to implement and grow the technology on the island of Taiwan and is entitled, Taiwan is Becoming a Blockchain Island, and Jason Hsu is behind it.

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Image from pixabay.com

The world’s digital infrastructure, internet usage, and connectivity are changing rapidly. This is all thanks to the emergence of technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and Blockchain. Blockchain — the technology behind cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc. — in particular, is a very powerful idea. Just like the internet did in the 1990s, Blockchain has the potential to revolutionize our lives.

Although it was originally developed for financial transactions, blockchain technology can be used to record just about any type of data or transaction. This revolutionary technology allows the distribution of digital information without copying thereby creating a new kind of internet that seems incorruptible. The use cases of blockchain extend beyond cryptocurrencies, and many countries are still on the fence on whether to advance its adoption, with the exception of Taiwan.

Serious About Innovation

The east Asian island nation-state of Taiwan is serious about innovation in the fintech. The country is pumping millions of dollars into advancing the adoption of cryptocurrency and blockchain technology. Jason Hsu, a congressman in the Taiwanese parliament is working tirelessly to integrate blockchain on a national level and steer the state towards the use of blockchain technology for more than just cryptocurrencies. His goal is to help Taiwan become a blockchain island.

In an interview with Jason Hsu, ExpressVPN asked the popular Taiwanese parliamentarian how exactly he plans to transform the small island nation-state into a crypto and blockchain hub. According to Jason Hsu, the law is a major impediment to innovation in the country. The congressman wants to use his legislative powers to help create an environment that nurtures and cultivates blockchain and financial technology and attract more start-ups to the island.

Who’s Jason Hsu?

Jason Hsu is a former Silicon Valley entrepreneur who wants to turn Taiwan into a haven for people working on different applications for blockchain technology. Hsu moved back to the island in 2009 and started working with the government as the advisor to the prime minister on matters innovation and technology. He joined politics in 2016 after being nominated to the Taiwanese parliament as a legislator-at-large. In his role as a congressman, Jason Hsu focuses on technology broadly and does not represent any singular district.

Since he became a congressman, Jason Hsu has worked on legislation relating to autonomous vehicles, cybersecurity, and the digital economy. Currently, the man christened “the Crypto Congressman” by Ethereum’s Vitalik Buterin is on a mission to transform Taiwan into a blockchain island and cryptocurrency hub. Jason Hsu is working tirelessly to deal with any issues between public policy approach and technology. The ‘Crypto Congressman’ hopes to remove legal barriers to technology innovation in the island.

How Has Jason Hsu Changed Taiwan?

The blockchain landscape in the world remains highly uncertain. Countries such as Singapore and Switzerland have taken a proactive approach and have cultivated favorable environments for the advancement of cryptocurrency and blockchain technology. These nations are the pioneers of the current digital currency regulatory frameworks in favor of cryptocurrencies and blockchain technology. Taiwan wants to join the ranks of Singapore and Switzerland and become a blockchain island. Jason Hsu is leading transformation efforts.

As neighbors China and South Korea issue blanket ban on ICOs and ICO activity, Taiwan is moving in a different direction. Lawmakers in the island are passing legislation intended to encourage cryptocurrency and blockchain innovation in the island. Congressman Jason Hsu has played a pivotal role in the drafting and passing of legislation designed to advance blockchain and financial technology in the country. For instance, the legislator helped draft and pass Taiwan’s Regulatory Sandbox Bill.

The Financial Technology Experimentation and Innovation Act

Taiwan’s Financial Technology Experimentation and Innovation Act, popularly known as the Regulatory Sandbox Bill, is historical regulatory legislation designed to overhaul the island’s fintech and usher in a new era for the sector. The Regulatory Sandbox Bill allowed selected start-ups to launch new products and services with some immunity from existing regulation for up to one year. The bill was passed on 29th December 2017 and was a response to the decision by the Chinese government to block ICOs.

In September 2017, two months before the Financial Technology Experimentation and Innovation Act was signed into law, Chinese authorities banned Initial Coin Offerings (ICOs) by cryptocurrency websites in mainland China. Congressman Jason Hsu came up with the idea to draft the Regulatory Sandbox Bill to ‘capitalize on this chance to introduce friendly legislation that nurtures and cultivates blockchain technology and attract more start-ups to Taiwan.’ This move earned Jason Hsu the nickname ‘Crypto Congressman.’

According to Congressman Jason Hsu, the goal of the Taiwan authorities is to create a fair regulatory environment that encourages innovation and protects the rights of the consumer. The ‘crypto congressman’ believes that Taiwan’s large pool of talent can pilot and pioneer projects that can build actual applications for the blockchain and transform Taiwan into a blockchain island. Compared to Silicon Valley, Hsu notes that the island nation has a supply of cheaper engineers who are just as good — if not better — than their counterparts in Silicon Valley.

What About Taiwan That Makes It Ripe for Blockchain and Technology Development?

In addition to his contribution in the drafting and passing of the Regulatory Sandbox Bill, the congressman has drafted numerous policy recommendations to make Taiwan more friendly to blockchain and cryptocurrency start-ups. The ‘Crypto Congressman’ has helped create a bipartisan alliance designed to help support the blockchain industry. The parliamentary coalition is currently working on implementing a number of crypto and blockchain legislation in his quest to transform the tiny nation-state into a blockchain island.

So far, Congressman Jason Hsu says he has introduced 25 projects across different government departments to address the implementation of blockchain technology in areas such as drug testing and supply chain management. Authorities in Taiwan understand that blockchain has great economic potential and are doing their best to advance the adoption of cryptocurrency and blockchain technology. The positivity of Taiwanese authorities towards innovation in cryptocurrency and blockchain technology indicates that the island is ripe for blockchain and fintech development.

Invest In Crypto The Right Way

Two of the key areas of my blog are Science, Technology, Engineering and Mathematics (STEM), and Financial Literacy and Money. Cryptocurrencies are a new technology that are impacting global markets in terms of conducting business transactions and serving as investments themselves. The following contributed post is thus entitled; Invest In Crypto The Right Way.

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If you are keen to make whatever money you can in whatever way you can, you’re probably thinking about cryptocurrency at least some of the time. This relatively new kind of currency is all the rage at the moment, and as such it has been developing something of a spike in many of its markets as well. The truth is that if you want to get in crypto trading, now is a good time to start – or at least a better time than next week or next year. But you need to know what you are doing first to make sure that you are actually going to get it right, and that is what we are going to look at today. Here are some of the things you should consider if you are to invest in cryptos in the right way.

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Choose Your Wallet

First of all, you will want to think about getting hold of a wallet which you can store your crypto coin in. a lot of newcomers find this part of the process particularly bewildering, but the truth is that it is not that hard to wrap your head around once you get going with it. There are a few different kinds of wallets, but the most secure ones are those which allow you to use two-factor authentication to gain access to them. By utilising and making the most of this kind of security, you can be sure that your wallet is going to be perfectly safe, which will help if you have any anxiety about getting started with the crypto world. Then it’s just a matter of choosing a wallet that seems good for you personally. It’s a good idea to go for one that gains you interest for BTC, so that you can make even more of your coin.

Buy Your Coin

Then you will need to go out and buy the coin that you want to buy. There are now several ways to do this. The best and safest is to go and find a crypto ATM, which are now cropping up in many major cities around the globe. With these machines, you merely purchase crypto with cash or card as you would anything else, and have the coin deposited into your wallet straight away – owing to the usual checks. Or you can consider using an online exchange which set you up with someone who you buy from via bank transfer. In either case, you can be sure that these are two of the safest ways to get hold of your crypto coin.

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Get Trading

In order to really make the most of your crypto, you need to make sure that you are trading it in the right way. The easiest way to do this is to use an approved app which does the actual trading for you, as this way you can be sure that you are going to be able to get it right. Or you can do the research, and make those decisions yourself – which can be less safe, but is much more satisfying when you get it right.

A Cryptocurrency App Case Study

The following guest post comes courtesy of Al Hill, Co-Founder of www.Tradingsim.com. It focuses on a case study for Cryptocurrency Apps – a topic related to my posts which discussed both Bitcoin and Blockchain Technology. While this post discusses Apps for financial transactions using Cryptocurrencies, it worth noting that the Big Words Blog Site is not involved in giving personal financial advice to readers and is not liable for any financial decisions made by readers. This post contains several infographics. Click on the images to enlarge them.

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Why do a case study on cryptocurrency apps? Well, it wasn’t up to me. There is just too much demand according to the number of searches from Google.

There are a lot of case studies on the web related to bitcoin and cryptocurrencies apps, so we wanted to do things slightly differently by defining a methodology to remove any inherit bias from the equation.

The study focused on 4 main factors on a normalized exponential scale of 1 to 100.

• Social Power
o Social power is a custom ranking metric we created by weighting the            numbers of followers across social networks: Facebook (45%), Twitter            (35%), and LinkedIn (20%)

• Total Number of Installs (provided only by the Google Play App Store)
• Total Number of Reviews
• Rating on the Google Play App Store (the IOS App Store only provides “4+”)

So, after inputting these data points into our algorithm, what did we come up with? An awesome top 10 list for you to explore!

The top graph depicts the overall rating based on our methodology. Now, if you are a true data geek like me, please have a look at the supporting numbers in the table below.

As you can see, the methodology did create some separation between the best in breed.

Blockchain is the clear technology leader providing a framework solving many business challenges, one of which is the cryptocurrency market, so the 100 rating was not a shocker.

Some of the other apps are news outlets or provide the ability to track the value of currencies, which won’t measure up in terms of value add against apps that allow you to buy cryptos or use them as a form of payment.

But what makes Coinbase so popular?

The real story with Coinbase is the large number of reviews for their app.

With the largest count of over 600k reviews, this was not by chance. Coinbase has a clear growth strategy focused on 4 pillars:

1. Create a simple retail exchange that allow consumers to invest in digital currency
2. Enable professional traders and institutions to trade digital currencies
3. Create an interface for people to make payments with digital currencies and developers to build applications that utilize this payment network
4. Simplify the development process and even invest in some partners that have awesome ideas

This approach creates evangelists that not only use Coinbase’s products, but also scream about them from the rooftops.

You of course will need to determine which app works best for your needs, but how people are sharing and using the application is likely a great measure.

To access the full case study, please visit: https://tradingsim.com/blog/crypto-apps-study/

Al Hill
Co-Founder, Tradingsim.com

The Best Apps for Crypto Investment

I am pleased to present my first guest post for the Big Words Blog Site. It comes courtesy of Michael Kordvani, the Head of Search Engine Optimization (SEO) of the App development agency Fueled, and it discusses the best Apps for ‘Cryptocurrency’ (Crypto) Investment – a topic related to two of my posts which discussed both Bitcoin and Blockchain Technology. While this post recommends the best Apps for financial transactions using cryptocurrencies, it is worth noting that the Big Words Blog Site is not involved in rendering personal financial advice to readers and is thus not liable for any financial decisions made by readers.

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There are now loads of different cryptocurrencies to invest in, but how do you keep track of all your investments, and the changes in the market?

No doubt you’ll want to use your smartphone to manage your crypto investments. While we’re not always in front of our PC, we’ve usually got our smartphone to hand, and when it comes to cryptocurrencies, things can change fast. Being able to access your investment data quickly, any time you like, wherever you are, is pretty much vital.

Blockchain development has been highly concentrated in the area of crypto investment apps, so you have plenty of choice when it comes to apps to use. Here’s our pick of some of the best apps for managing your crypto investments…

Coinbase

If you’re new to crypto investment, then Coinbase is a good choice as it’s very easy to use. Setting it up and then making sense of the information displayed is very simple. It’s very popular at the moment with more than 10 million customers using their system.

Gemini

Gemini is another popular choice, and currently benefits from slightly lower fees than Coinbase. This is an intuitive app with lots of reporting capabilities and some great graphs to help you make sense of all the information it presents.

Blockfolio

Blockfolio is particularly useful for anyone with a diverse portfolio. It’s a powerful tool that can seem complicated at first, but it’s well worth spending the time getting to grips with it if you’re dealing with a wide range of investments across several cryptocurrencies. Blockfolio tracks more than 800 different cryptocurrencies and sends push notifications to your smartphone when levels reach your predetermined threshold.

Investing.com Cryptocurrency

If you tend to trust apps from long established companies, then take a look at Investing.com Cryptocurrency. This company has been giving us investment advice for over 10 years now so it’s no surprise they’ve moved into the cryptocurrency market too. Through their app you can track 1300 different cryptocurrencies in real time, and you have the advantage of seeing historical data too. This app will also allow you to set alerts for when your goal price has been reached.

Bitcoin Wallet from BTC

This app from BTC is easy to use and is nicely designed to be simple yet efficient. It’s very secure and has reasonable transfer fees. It offers a good backup system, so you’ll never lose your data, and you can also transfer Bitcoin via QR reader. This app only deals with Bitcoin though, so if you’re investing in other altcoins, then you will probably want to look at our other recommended apps rather than this one.

Xapo Wallet

If security is top of your priority list when choosing a crypto investment app, then they don’t come much more secure than Xapo Wallet. The Wall Street Journal described their security as ‘the Fort Knox of cryptocurrency storage’. It gives you three layers of security and it’s also very easy to use with a smooth interface.