Crypto Gains Ground in Countries Across the Globe, Makes it Hard for Haters to Resist

Australian government seeks Assistance and Access, only Petro for passports in Venezuela, ICO regulation in the UAE by 2019, ESMA assigns 1M for crypto regulation, crypto expert assigned as Minister of science, technology and IT in Japan, Israel to secure its messaging system with blockchain, Argentina’s economic crisis calls for Bitcoin ATMs

  • Australian government seeks to pass a bill, Assistance and Access, that will allow the government the power to ask for assistance from companies to retrieve information, demand information from the company, and build features that allow it to access information with consent. This is seen as a threat to the decentralized use-cases of the blockchain that work on principals of privacy and protection. Similar attempts are being made by governments all across the globe.

ADCA is delighted that Independent Reserve has achieved certification under the Australian Digital Currency Industry Code of Conduct. Certification under the Code of Conduct provides external confirmation of adherence to best-practice standards through verification by an independent auditor.

Nick Giurietto, CEO and MD at ADCA

  • The Venezuelan government, from the coming week, will make it a mandate for citizens to pay for passports services in Petro, the oil-backed cryptocurrency of Venezuela. Report from Bloomberg suggests the registration price is kept four times the monthly minimum wage in the country which will indeed make it more difficult for an average Venezuelan to fly across the border.

We are in front of us — warned the deputy Jorge Millan during the parliamentary debate — to a new fraud, disguised as a solution to the crisis. This incompetent government wants to compensate for the lack of oil production with these virtual barrels.

Venezulean Parliament

  • The Blockchain enthusiasm soars to yet another level in the UAE with the news of allowing and regulating ICO in the first half 2019. Also, on 8th October, Live Bitcoin News reported the soon-to-happen partnership of Dubai with two crypto company in an attempt to give way to retail purchases, bills and school fees.

Bringing blockchain-based payments technology into the government sphere is a major development for the technology. But to be able to bring it to one of the great cities of the world and the most advanced economy in the Middle East makes today a historic moment for the real-world application of a technology that has promised so much potential until now.

Pundi X CEO, Zac Cheah

Today, the cryptocurrency ATMs in the world are growing exponentially. In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market. With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to (the peso’s) value, as well as an opportunity to invest in the market.

Dante Galeazzi, Argentina operations manager for Athena Bitcoin

Bitcoin

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Blockchain vs. PayPal: Understanding the Difference and Evolution

In today’s world, everyone wants everything in a hurry. The faster, the better. In the world of digital payments, a major competition is underway between the blockchain and PayPal. The blockchain is the relative newcomer, while PayPal has been around for about two decades. Here’s a look at some of the pros and cons of both money transfer systems to help you decide the long-term winner in the blockchain vs. PayPal debate. Blockchain Technology and Other World-Changers Blockchain technology is one of those digital revolutions that only comes around once or twice every generation. It’s as important an invention as the integrated circuit (1958), the microprocessor (1971), the personal computer (MITS Altair 8800, 1975), the internet (ARPANET, 1969), Windows (1985) and smartphones (2007). Blockchain’s distributed-ledger technology (DLT) offers a new, decentralized infrastructure for payment processing, financial markets transactions, accounting tasks, and many other data-driven functions, both personal and public. PayPal might also be included in the above-mentioned tech honor roll, as it certainly paved the way for e-commerce to grow at breakneck speed. It also provided the world with an alternative to traditional bank wire services, Western Union and the like. PayPal also helped consumers and businesses become more comfortable with the idea of electronic money, weaning them away from a reliance on cash. The Pros and Cons of Blockchain Payments vs. PayPal Blockchain Payment Advantages: Decentralization: No single point of failure can destroy the ledger’s contents. Immutability: Once data is entered into the blockchain, it cannot be altered except in rare instances, and then only by agreement of all parties affected. Peer-to-peer: Cross-border payments take less time with blockchain due to fewer checkpoints. Permissionless: Payments don’t need a bank’s approval before they can be sent. The payor and payee control the transaction process, not a third party. No limit on payment size: Need to send someone five million dollars worth of Bitcoin, pronto? You can do it on the blockchain. Just make sure you’re aware of any applicable fiat-to crypto (and vice-versa) costs. Blockchain technology is what makes peer-to-peer international payments happen quickly and efficiently. Photo by Craig Cooper on Unsplash Blockchain Payment Disadvantages Slower transaction speeds (transactions per second) compared to PayPal, Visa, and Mastercard. Costly mistakes: If you make a mistake and send funds (crypto) to the wrong address, don’t look for any government regulator to bail you out. Fiat-to-crypto conversion costs: Unless all of your payments occur within the crypto ecosystem, you’ll need to convert your USD, EUR or GBP, etc. to Bitcoin, Ether, etc. When you receive payments in crypto, you’ll also incur transaction costs to convert the funds back to fiat. Transparency: Blockchain ledgers are public knowledge, inasmuch as anyone with the correct access codes can view the details of each transaction within. Privacy-minded individuals and companies may not be cozy with that arrangement. PayPal Advantages Send money to anyone in up to 26 different (fiat) currencies with an email address. Well, as long as they have a bank account and have signed up for PayPal, that is. Regulation and oversight: PayPal users are protected by at least some of the rules and regs that govern traditional banks, such as Regulation E and the USA PATRIOT Act. Paying via a credit card in your PayPal account provides far greater consumer protection than does paying via debit card or PayPal cash balances. Fast transactions: PayPal offers users the ability to transfer their PayPal funds to their bank account in as little as 30 minutes when done via debit card. Fixed fees: Receiving payments for your goods and services will cost you a flat 2.9 percent fee, plus 30 cents per transaction. However, there is zero charge to purchase goods and services via PayPal. Sending money to family and friends is also free. However, currency conversion fees will apply if you send funds internationally. eCheck: This is another free PayPal payment option. It’s similar to an ACH transaction at a traditional bank but can take several more days to complete. This is an excellent choice for payees who want to avoid getting hit with the 2.9 percent fee. You can always ask your payor to use an eCheck instead of a regular PayPal payment. PayPal continues to grow its client base, which now connects users in 200 nations with millions of merchant websites. Image: mohamed_hassan on Pixabay PayPal Disadvantages Currency conversion rates: PayPal will determine the exchange rate you’ll receive. You must factor this additional cost into consideration when calculating your ultimate PayPal transaction fees. Payment limits: You can send only a maximum of $10,000 in any one PayPal transaction. Funds on hold: When receiving funds via eCheck, expect your money to remain in limbo for at least several business days. This is the downside of receiving your funds without any fees. It’s also a huge money-maker for PayPal, as they collect interest on the float. Blockchain vs. PayPal, or a New Hybrid? Today, PayPal can still process transactions faster than blockchain, but that may not be the case in the future. In fact, PayPal is definitely interested in blockchain and its potential for disruption in the financial world. Might PayPal payments be sent via DLT in the near future? No one knows, but it’s certainly a possibility worth contemplating as this decade rapidly draws to a close. For all anyone knows, blockchain vs. PayPal might morph into something like BlockPal or PayChain. The Wild Card in the Mix Bitcoin hash rates continue to climb, albeit slowly as of early 2019. More and more merchants are willing to accept cryptos as payment. With the possibility of a major US (worldwide?) recession looming in 2019-2020, it’s possible that revenue-hungry retailers will welcome any form of payment they can get, including major cryptos. However, what happens if 100 million Americans decide to use crypto every day to complete their personal and business transactions? Further, what if most of those consumers simply choose to keep their funds within the crypto ecosystem, never again converting their coins to fiat? Be Optimistic, yet Ever-Vigilant Overall, the future looks great for both blockchain and PayPal as world-class payment systems, worldwide. However, always be aware of the potential for government restrictions on crypto use (on consumer purchases, not on actual crypto trading). If crypto purchases are limited by government decree, then the blockchain will also be affected and its development could be slowed down. PayPal appears to be immune from such a hypothetical crackdown unless they begin offering cryptos as an additional currency. Regardless of future events, the blockchain vs. PayPal saga should prove to be an interesting competition in the 2020s and beyond. The post Blockchain vs. PayPal: Understanding the Difference and Evolution appeared first on CoinCentral.
Coin Central

Bitcoin Miners’ Refuge? Zcash Mining Hash Rate Sees 650% Growth

While the bitcoin hash rate has taken a downward shift during the latter half of last year, Zcash has been on a constant upward movement that could make it a crypto miners refuge. Miners Flocking to Zcash The reports of Bitcoin miners leaving the crypto mining scene has been doing the rounds since mid-2018 after the crash of 80 to 90 percent in cryptocurrency prices. Bitcoin is down about 82 percent from its all-time high at $20,000 to about $3,500. Around October, Bitcoin hash rate took a dip and only started upward descent in mid-December. According to Diar’s latest report, cryptocurrency miners are flocking to Zcash due its block reward halving period. “Cryptocurrency miners have found refuge in solving for Zcash with the block reward still two halving periods behind Bitcoin (Zcash follows the same controlled supply model with differing block times).” The privacy-focused cryptocurrency, Zcash is a code fork of Bitcoin protocol that uses  zero-knowledge proofs to “enable privacy-preserving transaction data.” It first came into existence in late October 2016. The hash rate of Zcash has been growing on a constant upward movement as can be seen in the 1-year chart above. “With 7200 ZECs up for grabs daily the networks mining hash rate has been able to sustain a 650% growth as other cryptocurrencies lose equipment in the face of the ongoing bear market and stiff competition.” Earlier this month, zooko Took to Twitter to share the ongoing developments in Zcash to share that “As expected, the GitHub thread about radically revamping Zcash mining is heating up. https://github.com/zcash/zcash/issues/3672 … It’s important because at today’s prices there is more than $400K/day of new Zcash issuance” The community is also working on Zcash blossom, a “dual-proof-of-work scheme, where one algorithm is backward compatible with current mining equipment, and another is designed to work well with GPUs on a temporary time scale.” Harmony mining will be affecting the miners as its goal is to make the Zcash ecosystem more resilient by “spreading issuance and political influence among distinct kinds of stakeholders.” The post Bitcoin Miners’ Refuge? Zcash Mining Hash Rate Sees 650% Growth appeared first on Coingape.
CoinGape

Bitcoin (BTC) Price Reaching $10 Million Could Assist in Solving the World’s Growing Debt Problems

There are several individuals and experts predicting Bitcoin (BTC) to reach new highs in the future. Most of the predictions tend to be between $20,000 and $1 million in the coming years. Nevertheless, Lucid Investment Strategies believes that Bitcoin could skyrocket up to $10,000,000 in the future. If that happens, the debt problem that the world is currently facing could be eventually solved. The asset management firm Lucid Investment Strategies is one of the most bullish companies on virtual currencies and Bitcoin. In a recent report released by the company, Bitcoin could reach $10 million and become the new gold standard. This could also have a deep and positive impact on the current world debt. Indeed, back at the end of 2018, the world debt was close to $247 trillion, compared to $317 trillion that the world has in total wealth. Although the wealth around the world remains larger than the debt, the gap between both is getting closer and closer every year. In this report, the company explains that this situation is not sustainable anymore and that the solution could be related to Bitcoin and cryptocurrencies. Two of the solutions could be to adopt a new gold standard or just start investing in Bitcoin. Although it might not be easy to happen, Bitcoin is the best alternative for it since it would offer a permanent fix to this debt crisis that the world is currently experiencing. For the company, Bitcoin offers the greatest benefits with the least collateral damage to the least number of parties. The company believes that Bitcoin could reach new highs close to $10 million. In this way, Bitcoin would provide enough res. On the matter, the company explained: “Why $10 million? At that level, Bitcoin would provide a sufficient reserve to alleviate the world debt burden. Bitcoin would be worth between $180 trillion and $210 trillion (depending on when that price was reached. Assuming world debt had reached $500 trillion at that time, remember it has grown by 394% over the past 20 years, Bitcoin would represent a 40% reserve against the debt.” Nevertheless, there is a long way for Bitcoin to reach these values. Indeed, now it is still in a bear market that started back in December 2017 when Bitcoin was traded close to $20,000. Now, Bitcoin is being traded around $3,581 and it has a market capitalization of $62.65 billion. Bitcoin would have to move from this bear market and try to reach the last all-time high. After it, the most popular cryptocurrency will have to keep growing. In order for this to happen, Initial Coin offerings (ICOs) will have to lose their value, however, Bitcoin would have to do it at a lower rate than its competitors in the space. After surpassing $20,000 the next step would be to reach $100,000, allowing Bitcoin to be a close rival to gold as an economic hedge. There might be a moment in which gold investors would move towards Bitcoin. The path to reach $10,000,000 would be faster if that happens. Scaling solutions will also play an important role in increasing Bitcoin’s value. When the largest cryptocurrency in the market reached $20,000, transactions were slow and a single transaction could cost $55 in fees. Now, Bitcoin developers are working on a solution for its scaling issues known as the Lightning Network (LN). In this way, Bitcoin would be able to process thousands of transactions per second without having to contest the whole network. Institutional investors are also going to play an important role in helping Bitcoin to reach its $10 million dollars’ goal. There are some companies that are trying to develop new platforms for institutions and larger investors that want to gain exposure in the market. This will be accomplishing the road to $1 million, reads the report. At $1 million per coin, Bitcoin will have a market capitalization of $18 trillion, which would make of it one of the major assets in the world. Pension funds, institutional money managers and other financial institutions will be paying close attention to this asset and ultimately reach $10,000,000. This is something that might be difficult to achieve in the near future, but not impossible to see it.
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