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Established in 2014, Spain. No. of pairs - 14. Fiat - USD, EUR, GBP, CNY. Decentralized exchange.

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Decentralized bitcoin exchange Bisq releases major upgrade

Decentralized exchange Bisq has rolled out a batch of new upgrades for its platform including a twofold increase in trade limits for altcoins, bringing the new trading limit to 2 BTC. According to Bisq, this new release... Source
CryptoNinjas

Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance

Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance Decentralized cryptocurrency exchange Bisq has upgraded its open source software. The revamped platform includes a new user interface in addition to marking the launch of the Bisq Decentralized Autonomous Organization (DAO) on testnet. Bisq Launches Decentralized Autonomous Organization on Testnet The latest version… The post Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance appeared first on Altcoin Today.
Altcoin Today

Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance

Decentralized cryptocurrency exchange Bisq has upgraded its open source software. The revamped platform includes a new user interface in addition to marking the launch of the Bisq Decentralized Autonomous Organization (DAO) on testnet. Also Read: Indian Bank Forcing Customers to Agree to Anti-Cryptocurrency Policy Bisq Launches Decentralized Autonomous Organization on Testnet The latest version of Bisq’s software, v0.9, has seen the decentralized exchange launch its DAO on testnet. The upgrade will allow Bisq users to experiment with the DAO. The software is designed so as to facilitate rewarding developers who contribute to the project in the form of the platform’s native token (BSQ) without centralized administration. BSQ tokens are layered on top of the BTC blockchain as colored coins. Since launching in 2014, Bisq has received more than 25 BTC in donations which were used to back the creation of 2.5 million BSQ tokens. The first batch of tokens is planned to be distributed among the project’s 144 earliest developers and contributors. When the DAO launches on mainnet, the platform’s users will be able to vote on prospective contributions and upgrades to the protocol, receive compensation for development, and pay for trading fees in the form of BSQ rather than BTC. Developers Hope DAO Will Solve Problems of Centralized Governance Bisq’s current developers have described the DAO as a means through which to decentralize the operation of the exchange. Currently, Bisq’s website asserts that the platform’s “technology is fully decentralized, but its governance is not.” The documentation highlights a number of shortcomings with the current governance model in which “the project founders” carry out “most maintenance, operation, and administration duties,” in addition to making “virtually all major decisions.” This model, the website asserts, “does not scale; project founder have become bottlenecks incapable of addressing all user needs,” and introduces “censorship risk” as a result of operational responsibilities being “centralized in a small group of people.” According to Bisq’s website, the model of token distribution employed by the DAO establishes the Bisq DAO as a “meritocracy” in which “those who have contributed the most value to the project in the past are those who have the most say over its future.” Do you prefer to trade using decentralized or centralized exchanges? Share your thoughts in the comments section below! Images courtesy of Shutterstock. At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more. The post Bisq DEX Launches DAO on Testnet as Developers Seek to Decentralize Governance appeared first on Bitcoin News.
Bitcoin News

Decentralized Bitcoin Exchange Bisq Has a New UI and DAO

Decentralized exchange Bisq has upgraded its software with an entirely new User Interface (UI) design and the launch of the Bisq Decentralized Autonomous Organization (DAO) on testnet.With the release of the latest update (v0.9), users can finally take the Bisq DAO for a spin, a software design that will reward contributors that work on the project, without oversight from a central authority. This compensation will be done with the project's token called BSQ.How Bisq WorksBisq is a decentralized cryptocurrency exchange platform that allows users to trade bitcoins in exchange for fiat currencies and other crypto assets. Bisq operates on a global P2P network, allowing traders to transact with one another without the need for a third-party or monitoring authority. The project was developed as a means of providing traders in the crypto market with a private, secure and censorship-free means of exchanging cryptocurrencies, using bitcoin as a base for exchange with national currencies and other crypto assets.As Bisq is an open-source software, you can download, install and configure it to your liking; this involves adding your payment method. Configuring Bisq is expected to be fast as it doesn't require know-your-customer (KYC) documentation, which is one of its selling points. Once the application is up and running, you can look through the offer book for existing offers to trade bitcoin.EscrowTo keep funds secure for both the buyer and seller, Bisq implemented an escrow, which is basically where security deposits and trading funds from the traders are held in a 2-of-3 multi-signature escrow. Traders hold custody of a key each, while an arbitrator holds the third key. Bisq uses a decentralized human arbitration system to resolve trade disputes. Arbitrators are anonymous users, who are trusted due to the large bonds deposited into the network and they are randomly assigned to dispute cases by the protocol.Bisq DAO and the BSQHaving decentralized the resources that run Bisq, the developers want to use its DAO — which is now live on testnet — to decentralize how it's managed. The DAO, which will determine the strategy, management and operations of the project, uses the BSQ token to reward contributors maintaining it.The tokens are layered on top of Bitcoin's blockchain as colored coins, a concept that shows that a small portion of bitcoin represents another value other than bitcoin. When its rolled out on mainnet, users will be able to utilize BSQ to pay for Bisq trading fees, vote on future contributions to the project and get compensation for contributions.Over 25 bitcoins have been donated to the project since it launched in 2014; these were used to create 2.5 million BSQ tokens. The first BSQ batch will be distributed to the first set of contributors who have worked on the project over the years, according to the project's documentation. By doing this, the project is placing a portion of the software's future in the hands of those who have brought it this far.“BSQ tokens are used to vote on and make decisions about the Bisq DAO itself, and by initially distributing BSQ to past contributors, we intentionally establish the Bisq DAO as a meritocracy in which those who have contributed the most value to the project in the past are those who have the most say over its future.”New BSQ tokens will be issued every time a contributor submits a compensation request for BSQ. Those tokens will then be destroyed when they are spent to offset trading fees by users. So, while earning BSQ through compensation increases its supply, spending them as trading fees, decreases their total supply. Users can also exchange their BTC for BSQ on the Bisq platform.The project's contributors will release the DAO on mainnet along with the project's v1.0 release in 2019. This article originally appeared on Bitcoin Magazine.
Bitcoin Magazine

Bisq DEX Trading Platform Is Close To Being Completely Decentralized

Decentralization of crypto projects has been the theme of 2018, however, most of these self-proclaimed decentralized projects are not so. Although Bisq might be the closest to fit that description. Formally known as Bitsquare, the Bisq DEX operates straight on the user's computer, rather than a hosted site, like most of the self-described DEXs. While DEXs like Airswap and Everbloom are managed by centralized startups, Bisq DEX is a stringently open source project formed by a grassroots cooperative. Even though Bisq has these advantages over its competitors, the team behind Bisq understands it has more to do to reduce single points of failure. Bisq contributor Felix Moreno, former CFO of the bitcoin custody startup Xapo said: “If the [Bisq] founders want to go complete Satoshi and disappear from the project, it has to be able to survive that.” To achieve this, Bisq team is originating a decentralized autonomous organization (DAO), a software created to handle reward for contributors to the project's code without oversight from any single entity. The testnet goes live in November, with the mainnet launch following the tests. Compensating The Contributors The compensation for the contributors will come in the form of a crypto called BSQ, which is a ‘colored coin.’ Colored coin is a concept designed to be layered on top of Bitcoin, creating a new set of information about coins being exchanged. Using colored coins, bitcoins could be “colored” with specific attributes. This effectively turns them into tokens, which can be used to represent anything. The Bisq DAO will issue bitcoin that's been donated to the project to those contributors that the community has voted to recommend. Bisq co-founder Manfred Karrer said: “Every month there is this voting and compensation cycle where any contributor files a compensation request for the amount of BSQ. Then the BSQ stakeholders, anyone who has BSQ, can vote if they accept or decline this compensation request.” The Bisq project has earned 2.5 bitcoin in donations, which can conceivably be split into 2.5 million BSQ tokens. But these tokens aren't automatically generated. They are created when a DAO compensation proposal is accepted. Analogous to a subway token or a movie ticket, BSQ will be utilized when someone spends them to use the DEX. Particularly, the tokens will be used to pay trading fees to Bisq and security deposits via the DEX's multi-signature smart contract, which holds bitcoin in escrow until the seller affirms accepting payment from the buyer. Although BSQ is one-time-use only, the tokens will hold value as bitcoin, and those fees are usually utilized to pay bitcoin miners for processing transactions and, if required, an arbitrator to referee disputes. Challenges Faced By Bisq Historically, both Colored Coin projects and DAOs haven’t performed too well. The bitcoin community's colored coin projects have frequently struggled and drawn far fewer use cases than ethereum-based tokens, which allows people to issue their own cryptocurrency without creating a unique blockchain. Although, safety is exactly the cause Bisq is originating BSQ on top of bitcoin, rather than ethereum, where The DAO debacle led to a controversial hard fork. Karrer said proof-of-work coins, which depends on miners doing complex calculations to update the blockchain ledger, are only secure when they've touched as widespread usage as bitcoin. Besides, the Bisq community doesn't trust that ethereum developers are able to provide secure token creation quite yet. Another major issue Bisq network faces is the lack of market makers. Many ethereum-based tokens that propagate on other DEXs are barely represented on Bisq's order book. Out of 236 specimen Bisq orders for bitcoin, the only crypto payment option with more than 10 orders was the privacy coin Monero, with just 23 compared to the 46 euro offers for bitcoin. Up until now, more than 144 people have committed to the Bisq project, with about 10 developers managing most of the weight of the project. Currently, approximately 200 people hold small amounts of BSQ. Many more will need to join the platform in order to create an absolutely decentralized BSQ ecosystem.
Bitcoin Exchange Guide

Bisq Decentralized Exchange Attains Highest Bitcoin Trading Volume, Crossing $3 Million for Month

Bisq Decentralized Exchange Attains Record Trading Volume Since its inception, the Bisq decentralized Bitcoin exchange has never transacted as much as it has this month, October 2018. So far, the trading platform has transacted over $3 million. This performance is very impressive given that the price of Bitcoin is currently low. According to data from Coin Dance, Bisq attained a record high trading volume for the week ending on October 20. Precisely, the crypto exchange traded in excess of $15 million over the past one week. This is even better than the transactions conducted during the peak of Bitcoin in December 2017. Venezuelan Market Similarly, Localbitcoins also achieved remarkable trading volumes in the last week. In this case, the increased activity in the Venezuelan market was the main reason for the high trade volumes. There has been a growing interest in Bitcoin in the South American country of late. This is because of the instability of the local fiat currency, devaluation and inaccessibility of forex exchange services. Coin Dance reported that Localbitcoins transacted 1049 BTC in Venezuela over the past week. This is the platform’s second best performance in the country in history. When converted into the local fiat currency, the Sovereign Bolivar, this volume was a record VES 1.16 billion. The popularity of Localbitcoins is as a result of intensive trading activity in South American nations, namely Peru, Brazil, Argentina, and Colombia. On the other hand, Bisq attributes its success to the recent launch of a mobile app and a DAO on the Bitcoin Testnet. Moreover, Bisq was recently recommended over Localbitcoins by Adam Ficsor, a privacy developer. Adam lauded Bisq for implementing KYC procedures for accounts that transact large volumes of Bitcoin. Bisq has also been praised for deploying infrastructure and observing practices that enhance privacy on the network.
Bitcoin Exchange Guide

Decentralized Exchange Bisq Sets New Record Bitcoin Trading Volume

Decentralized Bitcoin exchange Bisq revealed October 2018 has become the most successful month in its history, transacting over $3 million so far. Bisq’s $3M Month In a curious countertrend to the current lackluster Bitcoin 00 trading environment which stems from low prices, Bisq set a new trade volume record for the week ending October 20, data from Coin Dance shows. In the seven days to Saturday, Bisq users traded almost $1.5 million, even beating the previous record set during Bitcoin’s all-time price highs in December 2017. The achievement did not go unnoticed, coming as P2P trading platforms see broad success in certain markets. … and October 2018 is already the most successful month ever on @bisq_network ($3,179,564 in volume and counting) pic.twitter.com/loWwHngmLW — Christoph Atteneder (@chrisattee) October 21, 2018 Bolivar Miracles For market stalwart Localbitcoins, last week also saw new volume highs, notably in its new boom market of Venezuela. As Bitcoinist reported earlier this month, unpopular currency reforms, devaluation and lack of access to forex have sparked a mass influx into Bitcoin, traders turning to P2P in the absence of reliable alternatives. The past seven-day period tracked by Coin Dance was no exception, the platform seeing its second best performance for Venezuela with 1049 BTC transacted. In terms of the country’s highly-volatile new Sovereign Bolivar, the figure was its highest ever at 1.16 billion VES. South American markets characterized Localbitcoins’ trends more generally this month, with Brazil, Colombia, Argentina, and Peru all seeing considerable upticks in their own trading behavior. Bisq’s success meanwhile comes roughly one month after the startup released a mobile app, while last week saw the launch of its DAO on the Bitcoin testnet. The project further garnered acclaim from commentators, the privacy developer Adam Ficsor recommending it over Localbitcoins due to the latter’s recent decision to implement know-your-customer (KYC) procedures for large-volume accounts. “…The privacy of Bisq is not only architectural, but also the result of a series of privacy conscious decisions, those add up over time,” he wrote in Twitter comments October 5. What do you think about Bisq and Localbitcoins’ trade volume? Let us know in the comments below! Images courtesy of Shutterstock, Twitter The post Decentralized Exchange Bisq Sets New Record Bitcoin Trading Volume appeared first on Bitcoinist.com.
Bitcoinist

New Bisq Decentralized Cryptocurrency Exchange App For iOS And Android Launches

The new mobile cryptocurrency application by Bisq operates on a fully decentralized peer-to-peer platform to exchange cryptocurrencies for fiat money, has unveiled their mobile application. Both iOS and Android will have fully functional applications that are downloadable through the App Store or Play Store, as the announcement stated a couple of days ago on September 9th. Bisq mobile application is already downloadable on iOS app store just a couple of days after the initial decision was made. Several features are available on the app, including those that allow the user to manage disputes, trading, buying and selling. There is an associated desktop program that communicates with the app. Bisq mobile app and desktop app are linked together on a P2P system where all the trading is accomplished. The newest version of Bisq is 8.0, and there are more features than ever, including face to face trading in real time for local users in the same area. Notifications from the app will help stay up to date with price changes and offers. Payments will mostly be made by Halcash to improve functionality the developers stated. Bisq has been doing quite well considering August has been their best month of 2018. The team recently reported on the numbers for the company’s personal growth. “August was a massive month for Bisq, setting a new record of 358 BTC traded…That’s a 26% increase over the previous record month of June 2017 and at a much higher average BTC/USD price…Also, 13,000 trades as of today.” ShapeShift another company in the market made a recent announcement, stating that KYC (know your customer) is required for members to join their new platform. Know Your Customer is a software to help businesses collect appropriate data from their users – Bisq is the only other company as of now to use a similar model to improve the user experience. More customers will start using Bisq because of the adoption of the new method of operation. Bisq’s team isn’t following ShapeShift’s lead correctly, instead relying on their procedure to grow their customer user base. The purpose is to help create more liquidity to help jumpstart the rest of the year, according to the developers. “On September 20th, 2018 we will try to get as many people as possible to place offers on Bisq as a way to kick-start liquidity after the summer and also launch the newest release.” The company needs to achieve at least 300 offers in a single day to see a record number of trades – rewarding any users who make use of the platform at least once a day with 10 BSQ tokens. What do you think of the new move by Bisq? Leave your answers in the comment section below.
Bitcoin Exchange Guide

Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event

Fully decentralized peer-to-peer crypto exchange Bisq has launched a mobile notification app for both Android and iOS systems. The platform saw record growth last month and is holding a market kickstart event as a way to boost liquidity. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Bisq Mobile App Launched Bisq, a fully decentralized peer-to-peer (P2P) crypto exchange that allows users to trade fiats against cryptocurrencies, has launched a mobile notification app for both Android and iOS systems. The project’s developers announced on Sunday, September 9, that “The Bisq mobile notifications app for iOS is now available from the app store.” This announcement came two days after the team announced, “The initial release of the Bisq mobile app for Android is now available.” Both the Android and iOS versions of the app allow users to customize alerts for trades, offers, disputes, and prices. The app is linked to the desktop software where all trading is done, in a P2P environment. Bisq’s latest version, v0.8.0, has a number of new features such as “Local / face-to-face trading, iOS and Android mobile app notifications, Halcash as a new payment method, [and] privacy improvements,” according to the developers. August Was Record Month for Bisq Bisq continues to grow in the number of users and trades this year. On September 4, the team shared the platform’s growth statistics for August, revealing: August was a massive month for Bisq, setting a new record of 358 BTC traded…That’s a 26% increase over the previous record month of June 2017, and at a much higher average BTC/USD price…Also, 13,000 trades as of today. Bisq developer Christoph Atteneder added that, in August, the total number of trades was 926 and the average number of trades per day was 30. Since Shapeshift announced its move to a new membership model that requires know-your-customer (KYC) information from its users, Bisq has been highlighted as an alternative to Shapeshift. The Bisq developers tweeted on September 5, “Big news. Shapeshift bowing to KYC regs could mean many more users coming Bisq’s way soon.” September Market Kickstart Day The Bisq team is not solely relying on Shapeshift’s policy change to grow their userbase. To help build the liquidity of the platform’s order book, they are preparing for an event dubbed the “September Market Kick-Start Day.” The developers explained: On September 20th 2018 we will try to get as many people as possible to place offers on Bisq as a way to kick-start liquidity after the summer and also launch the newest release. They elaborated that “If we can reach 300 offers published on one day we will see a new high in [the] number of trades,” noting that participants who make at least one offer on that day will be rewarded 10 BSQ, the project’s own token designed to help fund platform development. What do you think of Bisq’s development? Would you use Bisq? What do you think of their market kickstart event? Let us know in the comments section below. Images courtesy of Shutterstock, Shapeshift, Twitter, and Bisq. Need to calculate your bitcoin holdings? Check our tools section. The post Decentralized Exchange Bisq Launches Mobile App, Holds Market Kickstart Event appeared first on Bitcoin News.
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Crypto Exchanges Under Fire: DragonEx Hacked, Coinbene Undergoes Sudden Maintenance

Singapore Exchange Loses A Mass Of Crypto Exchanges haven’t had the best start to 2019. Sure, Binance has been doing A-OK with its initial exchange offering (IEO) model, with its resident token rallying past $17, but lesser-known crypto platforms have been suffering. Earlier this year, QuadrigaCX was revealed to have ‘lost’ access to over $150 million worth of Bitcoin, Ethereum, and other assets, as Cryptopia suffered a devastating hack. This facet of the industry’s misfortune has continued, unfortunately enough. According to CoinDesk, DragonEx, a Singapore-based exchange, was hacked. The company announced this unfortunate happening via its Telegram channel, in which DragonEx’s PR staff claimed that funds of users and the platform itself were “transferred and stolen.” DragonEx has yet to divulge the exact details of the crypto assets stolen, including the type and the nominal value. However, the company did post the addresses of the assumed hackers, of which there were about 20 pertaining to a series of assets (Bitcoin, XEM, EOS, XRP, ETC, etc.). From a brief look, a minimum of 135 BTC, 500 Ether, and 4,670 LTC were forcibly yanked from the exchange’s coffers. This, for those who are wondering, racks up to ~$800,000. The full amount hacked, however, could easily be much higher than this sum. DragonEx has purportedly informed a number of local authorities, including those in Estonia, Thailand, Singapore, and Hong Kong, to the attack. Elaborating, the crypto startup wrote: “We’re assisting policemen to do investigation. All platform services will be closed and the accurate assets loss recovery situation will be announced in a week. It was added that the firm will “take the responsibility no matter what.” Coinbene Under Seige? This comes as Coinbene suddenly revealed it would be undergoing maintenance. A tweet from the company claims that it “upgraded the platform wallet… operations such as deposit and withdraw will be affected.” While this is a normal announcement for exchanges across the board, Coinbene’s session came straight out of left field, leading to ramping speculation. Nick Schteringard posted the below message in a bid to draw suspicion to the exchange’s Ethereum wallets, which sent out a mass of ERC-20 tokens yesterday. Some strange activity spotted on #Coinbene. Users report that #ETH wallets were hacked and attach these two addresses. https://t.co/f5NxvfscSC https://t.co/S1WnwI8CUx #bitcoin #exchange— Nick Schteringard (@schteringard) March 26, 2019 Coinbene’s ongoing imbroglio comes after Bitwise Asset Management, an American crypto-centric investment services provider, targeted the exchange in its scathing report on fake Bitcoin trading activity. As reported by Ethereum World News previously, Bitwise drew attention to “suspicious exchanges” such as the little-known CoinBene to back its report. CoinBene purportedly utilizes “trade printing” between the bid and ask prices, hinting that there could be an automated system behind much of the trades. Thus, some have concluded that this sudden period of maintenance could be the platform’s bid to rectify bots and other bad actors. Photo by Markus Spiske on Unsplash The post Crypto Exchanges Under Fire: DragonEx Hacked, Coinbene Undergoes Sudden Maintenance appeared first on Ethereum World News.
Ethereum World News

Japanese E-Commerce Giant, Rakuten, Gets Nod of Approval by FSA to Launch Crypto Exchange

Rakuten, the e-commerce giant and Japan's Amazon has completed the registration of its cryptocurrency exchange Rakuten Wallet that will be going live next month, as per the press release of the company on March 25. The official announcement reads: “We are pleased to announce that our registration with the Kanto Finance Bureau has been completed […]
Bitcoin Exchange Guide

$3.4M Huobi Prime Sale Shows Investor Enthusiasm Remains High

Huobi Prime successfully completed its first initial exchange offering (IEO) on Huobi Prime this afternoon. The sale concluded in a matter of seconds, and raised $3.4M – proving that investor enthusiasm for the new token sale format isn’t confined to Binance Launchpad. TOP Network, a blockchain-based messaging service, was the first project featured on the new platform. More than 1.5bn TOP tokens were sold, around 7.5% of the total supply. The token was made available for trading almost immediately, and at the time of writing was exchanging hands at a multiple of around four times the asking price. The sale comprised three funding rounds, each offering larger quantities at a slightly higher asking price than the last. Although each round was set to last 30 minutes, each round was heavily oversubscribed and finished within seconds of opening. The first round completed within seven seconds. Huobi only announced its new Prime feature last week, as Crypto Briefing reported. Unlike the first few sales on Binance Launchpad, which were open to the general public, Huobi requires eligible participants to hold 500 Huobi Tokens (HT) – used to purchase tokens – at least 30 days prior to the sale. As Ross Zhang, Huobi’s head of marketing said at the time, this was to ensure the exchange gave equal opportunities to investors who were “involved and invested in our ecosystem”. Binance announced Sunday that Launchpad sales would now feature a new lottery-based format to its token sales. Better Protections For Investors… Unless Conflicts Arise? What makes IEOs interesting is that they tweak the token sale model. Instead of direct transactions between investors and projects, the exchange itself forms the counter-party. Participants must register and create an account on the platform, and this requires them to first pass KYC/AML checks. It’s also within the best interests of exchanges to ensure sales are full compliance. It’s their necks on the line and this means they are likely to carefully vet projects first. As Huobi said in its initial announcement, tokens must first pass a “[r]igorous screening and selection processes to ensure only premium projects that have yet to be listed on any major exchange are included.” Binance upgraded its own KYC/AML procedures today. Other exchanges are also looking at the IEO model, and despite a failure to launch with their first effort, Bittrex is seeking to offer VeriBlock as its next attempt. The VeriBlock project, which counts Bittrex CEO Bill Shihara as an advisor, would be valued at over $200M if the sale is completed successfully. Bittrex includes a disclaimer on its website explaining that as a result of Shihara’s dual role, “Bittrex holds a customary minority equity position in an affiliate of the sponsor of the VBK Coin Initial Exchange Offering, and will indirectly benefit from the successful completion of the Initial Exchange Offering.” Whether this discourages investors remains to be seen. Few would have thought three months ago that sales such as BitTorrent (BTT), Celer Network (CELR) and now TOP Network would have been possible. KuCoin’s Spotlight platform will be hosting its first token sale next week. Is an IEO season upon us? The author is invested in digital assets, but none mentioned in this article. Join the conversation on Telegram and Twitter! The post $3.4M Huobi Prime Sale Shows Investor Enthusiasm Remains High appeared first on Crypto Briefing.
CryptoBriefing

Why the New ‘Apple Card’ Credit Card Doesn’t Compete With Bitcoin

The Apple credit card launches this summer. Here’s why it nothing like Bitcoin and is more underwhelming than a utility token with no use-case. Apple Announces Credit Card Apple has long been revered as the world’s most innovative company. There’s no denying that the smartphone changed the way billions of people around the world live their lives forever. But it’s time for the trailblazing tech company to wake up and smell the roses. While Apple was releasing one carbon-copy product after another at higher and higher prices, the competition was busy doing the opposite. Now the high-end, high-priced tech manufacturer is scrambling to hold its own in a rapidly evolving market. And with the launch of its underwhelming Apple Card, there’s something sad about the stench of its desperation. Apple Card vs Samsung’s Built-In Bitcoin Wallet Apple’s largest competitor apart from the slew of cheaper Chinese products is undoubtedly Samsung. The South Korean giant hasn’t had an easy ride either with equally pricey products getting undercut left and right. But as one large company embraces the future, its flagship Galaxy S10 coming with a built-in Bitcoin wallet, Apple’s response is disappointing, to say the least. Rather than acknowledge the cryptocurrency revolution, and appeal to a younger market, the smartphone manufacturer aims to ‘disrupt’ the credit card industry. Isn’t that the wrong pool to be swimming in? The revolution won’t come in the form of borderless transactions since it’s only available in the United States. It also won’t be peer-to-peer, eliminate centralized institutions, or greatly reduce fees. Although its interest rates will be: Among the lowest in the industry Mind. Blown. Apple’s game plan is more about additional security of payments, no annual or foreign transaction fees, and the fact that (wait for it) its partner Goldman Sachs will never sell your data for marketing. You can even buy yourself a coffee on the Goldman Sachs blockchain. You just have to trust Apple and Goldman Sachs to do so. It’s a Custodial Hardware Hot Wallet The Apple Card will come built into the iPhone’s Wallet App, which effectively makes it a custodial hardware hot wallet for USD. Apple claims they will never track your transactions, and all the information will be held on your device. Users can request a laser-etched titanium card, should they be so inclined, although, there seems to be little point in that. In fact, why even offer a traditional card for a wallet the company wants you to get rid of in the first place? If you’ve failed to be bowled over by so much innovation so far, there’s more. Users can track their spending on their phone through a user-friendly app. You Have to Trust Goldman Sachs In the wake of major gaffes by tech companies like Facebook and Google, Apple is pushing its next-generation security and privacy features. The centralized entity will not track your transactions and Goldman Sachs (the other centralized entity) has agreed not to sell user data. Explosive stuff compared to a decentralized alternative financial system which requires no intermediaries at all. Increased adoption of Apple Pay? Perhaps. A revolution in finance? It’s just as well Cook wasn’t speaking at a Bitcoin conference, the audience would have walked out in droves. Steve Jobs Would Have Had Bitcoin in iOS by Now Apple Card seems like a desperate bid to push Apply Pay onto the people rather than let them to choose how they manage their finances. CEO Tim Cook enthused that the card was: The most significant change in the credit card experience in 50 years. Exactly where has he been lately? Steve Jobs would have Bitcoin integrated into iOS by now.  The aim of the game is presumably to bump up the adoption of Apple Pay in partnership with market leaders MasterCard and Goldman Sachs. Two giant financial institutions that will hardly feel the pinch from Apple Pay and its meager card. There are no real tangible benefits for users of the card beyond a few outstandingly mundane offers. For example, paying for Apple products with your built-in Apple Card gets you a whopping 1-3% cash back on purchases. So what is Apple thinking entering an already saturated market that swathes of people are trying to overthrow? Once on the cutting-edge of innovation, Apple now seems to be extremely myopic when it comes to the future. What do you this of this new credit card? Will it undermine payment-focused cryptocurrencies with low fees? Share your thoughts below! Images via Shutterstock The post Why the New ‘Apple Card’ Credit Card Doesn’t Compete With Bitcoin appeared first on Bitcoinist.com.
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