Adoption news

Transfer between an old system to another (usually better) system.

World latest news

Why Africa Continues to Lag Behind in Cryptocurrency Adoption

Africa continues to dominate Google Trends search interest for “bitcoin,” but that has not translated into widespread adoption of cryptocurrency by users and businesses. Apart from opaque regulation and a lack of awareness, one of the major reasons for this failure has been the expansive use of mobile money on the continent. Also read: Report: 87% of Crypto Exchanges May Be Falsifying Volume Crypto Adoption Disappoints, Even as Africa Dominates Bitcoin Search Interest According to Google Trends, the biggest search interest for bitcoin in the world is by potential investors from Nigeria, South Africa and Kenya – the three biggest cryptocurrency markets in Africa. That dominance is, however, predominantly limited to trading activities on exchanges. On a few occasions, bitcoin may be used as a means of payment, mostly to overseas suppliers. But despite that world-leading interest, Africa still lags behind the rest of the world in everyday BTC use and adoption. The cryptocurrency has found it difficult to break the stranglehold of convenience, simplicity and efficiency that, like a magnet, draws millions of Africans to mobile money. The continent of 1.2 billion people is home to over 50 percent of the world’s mobile money services. Google Trends chart for the keyword “bitcoin” For example, with a basic telephone handset, one can send or receive money via SMS anywhere within a particular country, without the need of an internet connection. By comparison, you will need a smartphone and a secure internet connection to complete a cryptocurrency transaction. While internet use has risen sharply in the past 20 years, users from Africa account for just 10 percent of the global total, making the case for crypto on the continent even more cryptic. Also, erratic power supplies in many countries continue to impede the internet access on which cryptocurrency largely depends. Beating Mobile Money at Its Own Game Vin Armani, founder and CTO of Cointext, an internet-free wallet service that allows users to send or receive bitcoin cash (BCH) via SMS – just like mobile money – believes his service could rival mobile money in the continent. In Africa, Cointext is currently available only in South Africa, and it’s unclear how many people are actually using the service there. “We are preparing to make a major announcement that will give us global coverage (in every country),” Armani told news.Bitcoin.com. “We’re currently working on an integration that will make us available for smartphones throughout Africa. We’re also working on SMS solutions for a few other African countries,” another official from Cointext explained separately. Elisha Owusu Akyaw, a 17-year-old Ghanian crypto investor and influencer, has made a fortune investing in bitcoin. He believes that “Cryptocurrencies should probably integrate with mobile banking platforms.” Akyaw might have a point. The mobile money sensation has grown very deeply in African economics to the extent, perhaps, of defining its people. “The power of financial technology to expand access to and use of accounts is demonstrated most persuasively in Sub-Saharan Africa,” the World Bank’s Global Findex Database detailed in its financial inclusion survey, which found 21 percent of adults on the continent now have a mobile money account. This is “nearly twice the share in 2014 and easily the highest of any region in the world.” If that is not enough, cryptocurrencies will likely have to fight tooth and nail to gain any reasonable market share in the mobile money-dominated payment systems in Africa, a region often touted as the next frontier for virtual currencies. In Zimbabwe, publicly listed Econet Wireless controls 95 percent of the mobile money market share through its Ecocash platform. The seven year-old service is so successful that almost every government department depends on it for electronic payments. With more than six million users in the Southern African country, Ecocash has processed over $23 billion worth of transactions since launch in September 2011. It boasts more than 32,000 agents (merchants) throughout Zimbabwe. This is the sort of entrenched competition that cryptocurrencies will have to contend with. There will be 725 million mobile phone subscribers in Africa by 2020, according to the GSM Association, who could either plug into crypto or mobile money. Cumbersome Registration Processes Dissuade Crypto Use Bernard Parah, a 26 year-old entrepreneur from Lagos, Nigeria, recognizes this challenge and opportunity. Two years ago, he founded Bitnob Quickserve, a platform that allows Africans to buy vouchers and reedem them for BTC without the need to complete KYC or AML procedures. Parah posits that one of the biggest hindrances to cryptocurrency adoption is the labyrinth of verifications required by exchanges at registration. “We believe that [the service] will reduce the entry barrier for many people who want to try out bitcoins here in Africa,” Parah told news.Bitcoin.com. “Onboarding users needs to be made simpler. Many first time users give up at the point where they have to upload their personal identity details for verification.” Parah also pointed to ease of use and the fear of loss of funds without recovery as stumbling blocks. “A bitcoin address looks like a foreign language to new users,” he notes. “Many people are not ready to be their own banks, they would rather settle for convenience over security,” said Parah, who reckons there’s need for more awareness and education about crypto. A litany of fake bitcoin schemes have not helped the cryptocurrency cause either. In Uganda, for example, thousands of people have fallen victim to a number of Ponzi schemes, including the D9 Club, which promised to pay members in BTC. The scheme, now collapsed, masqueraded as a sports trading company, promising members hefty weekly payouts in bitcoin on initial investment of between $250 and $2,000. “Scams give Africa [and crypto] a bad name,” decried Chimezie Chuta, an IT specialist and bitcoin enthusiast from Nigeria. Regulation has, as always, been a sticky issue where bitcoin is concerned. What do think about cryptocurrency adoption in Africa? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com The post Why Africa Continues to Lag Behind in Cryptocurrency Adoption appeared first on Bitcoin News.
Bitcoin News

Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption

The cryptocurrency market was helped along in its pursuit of mass adoption, with many proponents of the space lending a helping hand. The latest news about the bigger players in the cryptoverse included the tie-up between Morgan Creek Digital Capital and Ikigai Asset Management. The official release stated, “Morgan Creek Digital announced today that it will be the lead anchor investor in Ikigai Asset Management’s flagship fund focused on executing systematic and fundamental liquid hedge fund strategies as well as opportunistic venture-stage crypto asset investments. Ikigai is a crypto asset management firm launched in December 2018 by former Point72 Portfolio Manager Travis Kling and partners Timothy Lewis, and Anthony Emtman.” Morgan Creek Digital partner, Anthony Pompliano, is a voracious supporter of Bitcoin, and has held a bullish viewpoint about the world’s largest cryptocurrency. Post the partnership with Ikigai, Pompliano talked about the company’s  positive devleopments, and claimed that they were well-positioned to capture the outstanding returns brought by cryptocurrencies in the coming future. Ikigai Chief Investment Officer Travis Kling said, “DLT and crypto assets are fundamentally changing our world. We are honored to receive this investment from Morgan Creek Digital and look forward to working closely together with Mark, Jason, and Pomp in this exciting arena.” Pompliano recently sat down with Galaxy Digital’s Mike Novogratz to discuss elements like liquidity, trust and custody that need to be given a boost. Novogratz stated that the cryptocurrency market was presently a booming place of business, especially with the entry of companies like JP Morgan, Telegram and Facebook. He further claimed that it was a big opportunity to invest, with Wall Street sentiments changing. The Galaxy Digital CEO added, “Wall street earlier thought that you shouldn’t take risks on something small like cryptocurrencies. They are getting close though, not doing anything but are getting really ready. We are anyway working hard on the security token business and I promise you this, the upcoming tokens and ICOs will be a lot bigger but less sexy.”   The post Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption appeared first on AMBCrypto.
AMBCrypto

XRP/USD Price Analysis: Coin stagnates even after massive adoption news

The third largest cryptocurrency, XRP, was moving sideways for almost two months, without any price surge or drop. The price was stuck between a support and a resistance, and it didn’t look like it will break out any time soon. The price of XRP at press time was $0.3217, while the market cap was at $13 billion. The 24-hour trading volume was $801 million. A huge chunk of the trading volume for XRP was coming from ZBG exchange. It contributed a total of $92 million in trading volume, via the XRP/USDT trade pair. 1-hour Source: TradingView The hourly chart for XRP showed an uptrend that extended from $0.3072 to $0.3187, while the downtrend extended from $0.3445 to $0.3257. The immediate support was at $0.31608, while the subsequent supports were at $0.3038 and $0.2928. The immediate resistance was at $0.3260. The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of XRP. The price was dipping into the simple moving average, and indicated that the market was bearish. The Stochastic RSI indicator showed a bearish scenario as well, but a stronger one when compared to the Bollinger Bands. 1-day Source: TradingView The one-day chart of XRP showed a downtrend that extended from $0.9027 to $0.3220. The price of XRP in the longer time frame showed the support at $0.2587. The resistance points for XRP were at $0.5836, $0.6880, and $0.9027. The MACD indicator showed a declining uptrend i..e, the green Aroon line. The Aroon downtrend line was also reducing. The Chaikin Money Flow indicator showed a subzero CMF line, which signified that money was flowing out of the XRP market. The Relative Strength Index showed a stagnant RSI line at the 50-line, where the momentum of sellers and buyers were equal. Conclusion The one-hour chart showed bearish pressure for XRP incoming, as indicated by the Bollinger Bands and Stochastic RSI indicators. The CMF, Aroon and the Relative Strength indicator showed a bearish trend for XRP as well. The post XRP/USD Price Analysis: Coin stagnates even after massive adoption news appeared first on AMBCrypto.
AMBCrypto

Chi-Town’s Ex-Chief Of Staff For Barack Obama, Rahm Emanuel, Hints At Bitcoin Adoption Being Inevitable

Rahm Emanuel, Chicago’s Mayor, Believes Crypto Adoption Could Be Inevitable Rahm Emanuel, Chicago’s mayor, talked about financial technology, the movement around it and how blockchain technology and cryptocurrencies are revolutionizing the world. At the moment, there are different countries that are moving towards digital currencies. According to Forbes, Iran and Venezuela are starting to use […]
Bitcoin Exchange Guide
More news sources

Adoption news by Finrazor

DIGEST

Updates on Shift Card, Bank of Lithuania and ETF rules in Indonesia, police to tackle some crimes in Canada India and Turkey, IIT Bombay to join Ripple's UBRI, UAE waste permit portal on blockchain, Germany's interest and Spain's skepticism, Oracle for Czech SDK.finance

Read more
HIGHLIGHT

There are 4k crypto ATM worldwide, according to Сoinatmradar. The leader is North America with 71.3% of all machines installed, following by Europe (25%) and Asia (2.56%). The most popular altcoins are LTC and ETH, correspondingly. Rates come up to 8.85% buying rate and 7.9% selling rate on average

Read more
OPINION

Why Thinking In Terms Of Crypto Doesn't Work

The developers of Samurai wallet removed fiat conversions, explaining that people should understand that by sending Bitcoin they send Bitcoin, not dollars, so there's no need to think in fiat terms. But this seems like an improper decision...

Read more

Trending

Hot news

Hot world news

Tron Based ‘Stable Coin’ to Start Trading At Huobi and Okex Exchange

Okex and Huobi Global have added support for USD Tether pegged to the US Dollar built on Tron. Tron Foundation built the ‘stable coin’ collaboration with Tether. Currently, the two Exchanges support three stable coins markets USDT-Tron (TRC20), USDT-OMNI, USDT-ERC20 (Ethereum). The token will be launched on 30th April 2019 on the Okex and Huobi Global Exchanges. According to the press release by Okex: In order to meet users’ demand for stablecoin trading, OKEx will support USDT-TRON, the TRC-20 based USDT token co-developed by TRON and Tether, as well as the airdrop for USDT-TRON holders. …It has a TRON deposit address and uses the TRON network for depositing and withdrawal. Rewards for Early Adopters and Tron’s Growth The annual percentage return (APR) of the USDT-TRON token has been designed to give out rewards for its early adopters. The initial APR is 20% which will, however, reduce with time. Nevertheless, the program is supposed to roll out investments for a total of 100 days. The total amount of incentives will be $20 million. The incentives will be rewarded in USDT-TRON only. Justin Sun has implored the users of the Exchanges to adapt to swap from USDT-OMNI – USDT-TRON. #Hodl USDT-TRON to earn initial 20% APR in USDT-TRON. 100 day campaign. $20M initial budget no hard cap. Just sayin'. 😎 $TRX $BTT pic.twitter.com/jyo7QcrtbE — Justin Sun (@justinsuntron) March 21, 2019 The Stable coin will be available on major exchanges, and the reward programs are lucrative. Therefore, the number of transactions on the Tron Network would increase significantly. Tron has built a vibrant ecosystem for Dapps and issuing digital asset. The move will foster the growth of Tron. It will also help the exchanges take advantage of the transaction capabilities of Tron which is considerably cheaper than Ethereum currently. The returns proposed by ARP are highly lucrative. Will you swap your stable coins to earn the rewards?  The post Tron Based ‘Stable Coin’ to Start Trading At Huobi and Okex Exchange appeared first on Coingape.
CoinGape

Get EOS Airdrop Token Every Hour Is Now Possible on Infinito App Square with PRA CandyBox!

SINGAPORE, Mar 22, 2019 - (ACN Newswire) - Infinito Wallet's crucial partnership with global leading EOS block producers and block producer candidates comes along with valuable benefits for users. This March 13th, support for EOS DApps will officially be available on Infinito Wallet's newly launched App Square and the well-known EOS token distribution DApp - PRA CandyBox will be at Infinitors' service along with a great deal of airdrops everyday.Developed by ProChain based on the EOS main network, PRA CandyBox is the top 1 EOS DApp listed on DappRadar and the only airdrop-related dApp among the top 100 dApps as of 19 February 2019. With the join of this DApp, Infinito Wallet's users are now gifted with EOS candies everyday or even every hour. To be specific, the amount of EOS airdrops users can get daily varies in accordance with their account's level. To heighten level, wallet owners can deposit EPRA token - PRA CandyBox's proprietary token - into their account. This means the more EPRA token users deposit, the more EOS candies and the shorter duration for them. Level 1 accounts are those with less than 1,000 EPRAs, can repeatedly claim tokens every four hours. While top accounts like level 12 are rewarded with up to 12 airdrops every hour. Users can find this DApp inside Infinito App Square, displayed as "Browser" in the Universal Wallet. Convenience is one highlight of this EOS token distribution as PRA CandyBox keeps their airdrop "game" extremely simple. To receive candies, Infinito Wallet's users simply need to click on the airdrop project, input password and tap "confirm". That's it!*Please note that you must own an EOS account ...Full story available on Benzinga.com
Benzinga

Why Square’s Bitcoin Hiring Spree is Crucial for Crypto Adoption

Jack Dorsey, the CEO of Square, the $32.7 billion mobile payment giant based in the U.S., revealed that Square would fund three to four developers and a designer to work on the open-source protocol of Bitcoin and the crypto ecosystem. Independent of the core business strategies of Square, the team of developers and a designer will work to contribute to the cryptocurrency ecosystem in a variety of ways, potentially by contributing to the open-source codebase of the Bitcoin network. #BitcoinTwitter and #CryptoTwitter! Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the The post Why Square’s Bitcoin Hiring Spree is Crucial for Crypto Adoption appeared first on CCN
CCN

Square is Hiring: You Can Be Paid in Bitcoin if You Want

Twitter and Square founder Jack Dorsey has always been bullish in his Bitcoin views. So it’s no surprise that his payments startup Square is now offering new employees the chance to be paid in Bitcoin. According to tweets from the CEO, the company is on the hunt for skilled labor to add to the team. Square Bitcoin Payments If Dorsey’s tweets are anything to go by, then the company is hiring engineers and a designer to “work full-time on open source contributions to the bitcoin/crypto ecosystem.”  The Square cash app already supports Bitcoin purchases ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
Crypto Currency News
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.