CRYPTOCURRENCY BECOMING MAINSTREAM WITH LIBRA

Since 2009 cryptocurrencies, especially Libra has been fighting to develop as a means of payment, for daily purchases, services, and goods.

According to the Facebook’s latest news about its new coin Libra, there is a question whether Libra can be so unique among all cryptocurrencies and have the necessary speed to become the means of payment in use.

Libra like other cryptocurrencies faces many difficulties that should be overcome. International control bodies have become more informed about cryptocurrencies and they develop worldwide strategies and card system restrictions and they intend to bring them under the control of appropriate offices.

Libra is having troublesome pressure from such authorities as they find Libra’s activity as a legal financial service too dangerous. At the same time, The US Congress finds it possible but only after the company’s activity be investigated by lawmakers.

Besides those negative attitudes, there are countries, such as Malta, Estonia, that are searching ways to accept crypto but for example, regulators will start to follow these innovations if Facebook manages to create a worldwide demand for its digital coin.

Besides the lack of trust that regulators and lawmakers have towards the working method of the company, there are other reasons worry them too. They don’t understand how it works, another worrying point for them is that cryptocurrencies can lower local currencies. Many authorities don’t like that transactions are not transparent.

Currently, Facebook has more than 2 billion users all over the world, let alone WhatsApp and Messenger that are the company’s platforms. It has a self-regulation method so whatever happens, it is possible that in the future the industry will find Facebook’s production necessary.

Including Facebook into the crypto world brings many advantages. This will add more potential crypto users. It’s likely, that other big companies will also join, like Apple which already has its fixed payment, the ApplePay but it’s only a matter of time to join.

 

 

 

 

 

 

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Ron Paul: Cryptocurrencies Are A Great Idea

Ron Paul: Cryptocurrencies Are A Great Idea

Former Republican congressman from Texas and presidential candidate in the libertarian movement Ron Paul expressed concerns about crypto coins, as well as blockchain technology in a “Squawk Alley” interview on CNBC.

Ron Paul: Cryptocurrencies Are A Great Ideahttps://t.co/AA464GTMpE pic.twitter.com/KbUSuM6Oph

— Ron Paul (@RonPaul) July 15, 2019

As said by Paul, who is a long-time supporter of gold and precious metals, crypto coins are an excellent idea and governments should regulate the crypto sphere to avoid fraud:

“I do not know what is gonna happen to cryptocurrencies. What I want to do is legalize the freedom of choice, absent blatant fraud.”

Ron Paul mentioned that traditionally governments always should have a monopolistic control over money and credit and this is the reason the Federal Reserve exists.

At the same time, former congressman also drew parallels between crypto coins and gold. In his opinion, there is a similarity between crypto coins and gold – the competition with traditional currencies. He mentioned that governments are not consistent of competition and even of using the Constitution to contest with the traditional money dollar.

Previously, in 2014, Paul raised concern about backing of BTC and crypto coins all in all mentioning that dollar or any other traditional currency will not last forever and “they all self-destruct.”

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Bitpoint Finds $2.3 million in Stolen Cryptocurrency

Crypto exchange Bitpoint Japan Co. stated about finding over 250 mln yen ($2.3 mln) worth of crypto coin, which is a part of $32 million stolen digital assets in a previous hack, The Mainichi writes.

The Mainchi also reports that Bitpoint found the stolen crypto coins on Bitpoint Japan trading system using foreign exchanges. The exchange told that it suspended all transactions and services after it was hacked for 3.5 billion yen. In addition, it said that this finding reduces the crypto coin loss from 3.5 billion yen ($32 mln) to 3.02 billion yen ($28 million).

The Tokyo-based exchange was hacked on July 12. There was stolen 3.5 billion yen, 2.5 billion yen (worth 23 million in USD) of which belonged to customers and 1 billion ($9.2 million) belonged to the company. The five different kinds of crypto coins that have been stolen during the hacker attack were Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple.

It is worth noting that Bitpoint was 1 of the companies to receive a business improvement order from Japan’s finance watchdog, the Financial Services Agency, in June of the previous year. Among the primary issues was the compliance of exchanges with Anti-Money Laundering and Know Your Customer requirements.

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Fold Enables Payments With Bitcoin

Fold Enables Payments With Bitcoin

The Fold payment platform introduces the Lightning Network protocol, which will allow customers to make purchases with BTC at Starbucks, Whole Foods, AMC, Uber and Southwest Airlines.

Although clients will transfer BTC, payments will be made in any currency chosen by the seller. This will avoid the risk of crypto-asset volatility for sellers, whereas increasing the amount of potential customers willing to implement transactions with Bitcoin.

Will Reeves, CEO of Fold Inc, stated that the protocol integrates with ongoing payment systems at point of sale, directly dealing with prepaid programs, such as gift cards, store credits, or other methods that vendors are used to.

Fold is not be directly connected to none of the big sellers. Transactions are displayed on the company’s financial balance as a gift card purchase or in another way, depending on the way Fold integrates with a certain outlet. This integration doesn’t require any effort from the part of the seller and also there is no need for installation of new software or hardware.

Reeves sees Lightning transactions as a technique to attract people to use crypto-assets not only as a means of preserving capital, yet also as a method of payment.

Reeves said: “Customers navigate to the Fold app, where they are presented with a list of available merchants. Then they select the denomination and how much they want to spend.”

Fold doesn’t require a deposit and allows customers to manage any wallet of their choice. After filling out the invoice, it instantly displays a bar-code or other payment system, which is created using own gift card API of the seller. The whole process takes about 30 seconds.

What’s more, Fold won’t charge any fees for service and plans to get a percent from sellers for attracting new clients. Reeves also notes that the organization has a profit source and doesn’t depend on venture capital investments.

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LIBRA TRANSFORMS MOBILE MONEY

Libra, Facebook’s infamous crypto coin, will be a great tool for everyone. It will empower people to make instant micropayments which are impossible in the case of mobile monetary transactions.

Libra globally increases arouse many issues around the globe. Libra, like most crypto coins, will operate on the blockchain network. Taking advantage of that fact, regulators can force higher transparency, if they decide to attack the Libra’s structure. Presently, there doesn’t exist high transparency with mobile  monetary transactions, because the legal structure has never demanded it.

Users will have the opportunity to transfer money very easily and quickly just like sending a photo from your phone. It is possible that Libra will interrupt the use of mobile money, and be a better and more convenient method of transfers: faster and cheaper.

Financial rules will be changed everywhere around the globe, however, Libra will not supply the exact scale of “liberation” like Bitcoin.

Libra will have a strong influence on the balance of payments and central banks should take this into account. For instance, car transactions will take place in Libra and they won’t be controlled by central banks.

It is possible that mobile monetary transfers and deposits in bank accounts may experience cuts. In the face of such changes, central banks will react harshly, they can even try to ban Libra or the use of any other crypto coin. But such an approach will be unreasonable as cryptocurrencies cannot be banned fully.

There is a major difference between Facebook and central banks. Facebook has 2 billion users and if Libra gains success, central banks will argue on the effects of the vast acceptance by users.

It is expected that Facebook is going to gain the attention of Libra users since the coin will be supported by “low-risk securities” and “basket of currencies” will require holding funds in a central bank or other financial institutions.

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ECB: Bitcoin is not a currency, it rather is an asset

ECB: Bitcoin is not a currency, it rather is an asset

The European Central Bank (ECB) has once again confirmed its position on Bitcoin, refusing to recognize it as a currency.

The ECB said that Bitcoin is rather an asset than a currency, underlining its quite high volatility.

Lane: No. Bitcoin is not a currency, it rather is an asset and it is very volatile #AskECB https://t.co/XQ9Mqdm5rU

— European Central Bank (@ecb) July 9, 2019

Not once the European Central Bank and its representatives have expressed their opinion about Bitcoin. In May, François Villeroy de Galhau, a French central banker, Governor of the Bank of France, stated that stable coins have more potential than Bitcoin. In the spring of this year, the ECB President called crypto coins a “dubious investment” and stressed that crypto coins are not significant enough to affect the economy at macro level. A similar point of view was previously expressed by his colleague Yves Mersch, a Luxembourgian jurist and lawyer, stating that the cryptocurrency market is not large enough to threaten financial stability.

At the end of the previous year, Ardo Hillar Hansson, an Estonian economist, the Governor of Bank of Estonia, stated that “the cryptocurrency bubble is ready to burst.”

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LIQUID EXCHANGE ADDS NEW PAIR

The worldwide famous Liquid cryptocurrency trading platform has reported its new trading pair: BCH/USDC.

This new pair will allow all users of the platform to exchange Bitcoin cash for the famous USDC stablecoin. Besides, soon Liquid users will have the chance to link their accounts to Bitcoin.com’s new application, called Bitcoin Cash Register and directly get USDC. Now, users can exchange Bitcoin cash for Circle’s USD linked to the USDC coin.

Liquid was founded in 2014 by Mario Gomez Lozada and Mike Kayamori, it has been a well-known exchange for a while. In one year, Liquid has had transactions worth over $50 billion.

BCH/USDC helps to include Liquid into Bitcoin.com’s Bitcoin Cash Register app. As soon as it is included, users will have to opportunity to receive BCH fees and change into USDC through Liquid.

As traders get the chance to receive BTC and USDC, it will offer sellers a new opportunity. Connecting the application to the exchange will take only a couple of seconds. The Liquid team announced in details that the future cooperation with the Bitcoin Cash Register app will be controlled by Liquid’s fast exchange, which enables crypto investors exchange one coin for another quickly.

The USD supported stablecoin was launched in 2018 and has been a famous vehicle for investment since then. USDC is also backed by other crypto foundation suppliers as well as other apps that provide coins via ERC-20 model.

Users are very pleased that Liquid added BCH/USDC pair since it is fast, cheap and trustworthy. Everyone can join this platform and start trading BCH for USDC whenever they want. By signing up for the Liquid exchange platform users can stay updated, they can check the seller’s app with their BCH address and receive cypto coins at their retail location.

The new Liquid BCH/USDC pair provides more cash flow and promotes higher liquidity in the platform.

 

 

 

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