Barclays strikes payment deal with cryptocurrency exchange Coinbase in the UK

  • Barclays agrees to offer cryptocurrency exchange Coinbase access to UK’s Faster Payments Scheme.
  • The deal comes after Coinbase gained approval from the UK’s financial regulator.
  • The UK is Coinbase’s biggest market in the EU and is growing fast.
  • Coinbase plans to increase staff numbers in London by eight times to meet demand.

LONDON — Barclays has agreed to provide US cryptocurrency exchange Coinbase with access to the UK’s Faster Payments Scheme in a first for the bank and for an exchange in the UK.

Coinbase is gaining access to the Faster Payment Scheme, the core payment infrastructure used by consumers to move money in the UK. Coinbase’s UK head Zeeshan Feroz confirmed to Business Insider that the company was partnering with Barclays on the deal.

“There is no other exchange today that has access to domestic banking,” he said. “UK consumers today have to jump through all sorts of hoops around sending money to European accounts using euros in order to get money in and out.”

Faster Payments will allow Coinbase’s UK customers “to see a vastly improved deposit and withdrawal experience,” Feroz said.

The deal represents the first major partnerships between a UK bank and a cryptocurrency exchange. Many traditional lenders are reluctant to work with cryptocurrencies due to their anonymity and potential for use in laundering money.

Feroz said Barclays “approached it with the right mindset” and closely scrutinized Coinbase’s compliance processes. An e-money license from the UK’s Financial Conduct Authority (FCA), also announced on Tuesday, helped get the deal done.

“It’s an approval of the compliance and the KYC processes we have today,” Feroz said of the FCA license. “There’s an element of trust here in a business that is regulated by the FCA.”

The license doesn’t cover Coinbase’s cryptocurrency activities and Feroz said: “The way to think about it is that’s all the fiat money that we handle: money in, money out.”

The UK is Coinbase’s biggest market in Europe and is twice as large as the next biggest, Feroz said. He declined to name the second largest country.

Europe grew twice as fast as any other market globally last year and the UK “was driving a lot of that,” Feroz said. Bitcoin rose over 1,500% against the dollar in 2017 and its incredible rise helped spark a wave of interest in cryptocurrencies globally.

‘The UK is a huge market for us, Brexit or no Brexit’

Coinbase will initially trial its Faster Payments services with institutional clients before rolling out to consumers. Feroz said the majority of clients in the UK are retail but described institutional volume as “significant.”

“We’ve got some institutions that use the platform. These could be funds, these could be other regulated businesses that are offering exposure to cryptocurrencies to their customers. We provide liquidity to them. It’s actually a very mixed bag with a range of businesses.”

UK Prime Minister Theresa May confirmed recently that Britain will not have passporting rights post-Brexit, meaning Coinbase is unlikely to be able to use its newly acquired FCA license to cover activities across Europe.

Feroz said Coinbase would have to open a new office in the EU if a post-Brexit service deal is not reached. He said: “We haven’t quite decided where, there’s a bunch of factors that factor into that, such as the regulator, access to talent.”

Coinbase remains committed to the UK no matter what, Feroz said, with plans to boost staffing here by eight times into the “low hundreds.”

“The UK is a huge market for us, Brexit or no Brexit,” he said. “We’ve got access to a type of talent pool you can’t really get anywhere else besides the UK in Europe. We certainly intend to invest significantly in the UK office and the headquarters here. The roles we’re hiring from range from engineering to compliance and everything in between.”


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Author; Oscar Williams-Grut
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Top ICO’s & Cryptocurrencies to invest in 2018

With new ICO’s being launched everyday the industry is thriving but it is becoming harder and harder to identify high quality, sustainable and investor friendly projects.

This has been compounded by the general bearish trend that has surrounded the space since the Decembers bull run where virtually every coin reached new all time highs (ATHs). The main reasons for this recent downward trend however have included: China confusion, hacks, Tether woes, Binance fud and more recently the dumping of roughly 35,000 Bitcoin and Bitcoin Cash onto the market by the Mt. Gox trustees which correlated perfectly with the drops we can see on the charts.

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Image riverflop Reddit user.

With the market now showing signs of stabilization this is the perfect buy-in opportunity to invest in high quality projects at a fraction of their worth.

So without further ado check out our top upcoming ICO’s and cryptocurrencies we think will provide a good return on investment throughout 2018.

XYO Network
XY, the firm behind XYO Network have built and currently expanding one of the worlds largest decentralised location tracking protocols with GPS beacons and Bluetooth.

The result? Tagging and monitoring the movement of physical objects (including humans) anywhere in the world.

For example in the future governments and agencies could potentially use the technology to ensure everyone is registered and able to move around legally and freely through selected jurisdictions with no additional need for verification, passports etc. It can also help with realtime tracking of lost, missing, wanted people or objects.

Another use case would be ecommerce. Given the amount of parcels that go missing with no resolution/ accountability companies can use the tracking to manage their shipping and supply chain needs resulting in full transparency and accountability. For example an ecommerce store only takes payment once an item has been received by the customer.

XYO Network powers the service through its mining kits and enables anyone with a location tracking device such as Bluetooth, GPS, LPWAN (LoRA), Low Earth Orbit LEO Satellites to contribute. As referred to in the Whitepaper these Sentinels, Bridges, Archivists and Diviners are also rewarded with XYO Tokens based on their interactivity/ helpfulness.

XYO Network will be running a token sale this March. Whitelist restrictions apply and you can take part by visiting their website.

Website: https://xyo.network/

Essentia
Data ownership has become a hot topic these last couple of years with many unaware that corporations, governments and other 3rd party entities are profiting from what many consider to be their personal data.

According to research studies in 2017 digitally generated data amassed roughly $1 trillion dollars in revenue last year, none of which is seen by the individual whom it concerns.

Blockchain startup Essentia wants to change this by developing a way for everyone to decide and control who has access to their data, what it can be used for and receiving a fee for its use.

The infrastructure model can be split up into three sections. These are:

  • User Data
  • Essences – This is the container that holds and controls the flow to the users data
  • Essentia Network – This is the decentralised network that manages the Essences in a clean, interoperable and secure manner.

Third parties and dApps can easily access user data as pluggable oracles based on what information users wish to release. Developers can also build on top of the Essentia framework to create data management tools, identity solutions, data exchanges, decentralized CRMs etc.

For example using Essentia’s eLogin users can authenticate and login to compatible websites without the need for any password. This move away from insecure and sometimes cumbersome passwords means more security, privacy and a cleaner interface to manage identity and authentication across every service that the user wishes to use.

The firm has an impressive advisory board which includes:

  • European Commission and certified business coache Erik van der Staak
  • Thomas Graham who is a managing partner at crypto advisory firm TLDR;
  • Francesco fusetti who raised $19 million with his charity project AidCoin
  • Yann Marston with 20 years experience in business, he is responsible for strategic sales at Motorola Solutions.

Esentia is running an initial coin offering to raise funds enabling investors to purchase ESS tokens which will power the technology. The price is set at 1 ETH = 15000 ESS and they aim to raise $31,900,000.

You can find more at the website here: https://essentia.one/

Hoqu
HOQU aspires to be the world’s first decentralised marketing platform enabling affiliates and merchants to work together directly without the need for a middleman. This ensures both parties are treated fairly with all actions completed through transparent smart contracts.

The global advertising industry is estimated to be worth some $200 billion dollars per year with the USA, China and United Kingdom dominating the market. HOQU hopes that a large proportion of these transaction will be running on their blockchain in the near future.

It’s no secret that this industry is centralised with the affiliate networks controlling a large number of merchants and affiliates. In doing so they are able to set high fees and low commissions, all the while enforcing unjustified and overpriced account maintenance charges.

Startups are also often priced out of joining the networks with insanely high barriers placed in their way. HOQU removes these barriers with smart contract technology and fair fees for all.

This technology creates a win win scenario for both merchants and affiliates by reducing fraud, ensuring fair payouts and lower all round costs. All whilst streamlining the whole process.

HOQU’s Initial coin offering raised $18.7 million and at the time of writing HOQU (HQX) was trading at $0.083164 on IDEX and ForkDelta.

Website: https://www.hoqu.io/

Gems
Gems is a decentralised mechanical turk powered by blockchain technology. It builds on the shortcomings of traditional Mechanical Turks such as Amazons MTurk and Crowd Flower.

A traditional MTurk is a crowdsourcing Internet marketplace which enables individuals and businesses (also known as requesters) to hire others to perform microtasks that computers are currently unable to do.

However current providers are very inefficient, implement costly verification techniques (consensus by redundancy), charge exorbitant fees and are unavailable to a large portion of the workforce who don’t have access to bank accounts.

By using blockchain technology Gems is able to eradicate all these issues.
Gems is currently being advised by a range of industry heavyweights that include Medium and Twitter co-founder Biz Stone, Augur co-founder Joey Krug, reCAPTCHA co-founder Ben Maurer, Aragon co-founder Luis Cuende and co-founder of NEO Global Capital Roger Lim.

At the time of writing Gems is trading at $0.018616 on Gate.io and IDEX for both USDT and ETH pairs.

Website: https://gems.org/

Upfring
Peer-to-peer file sharing is a phrase most of us are familiar with. It was once one of the most popular ways to share files across the internet and through the use of torrents still is even today.

It is however starting to show its age and limitations. One of the biggest being a massive disparity between file downloads and availability ratio.

This is due to the lack of seeders who have no incentive to share content other than as a hobby or possible notoriety.

Upfiring tackles the root cause of this problem by offering seeders compensation (payment in UFR) for their contributions.

By adding incentivisation in to the mix seeders rise to a higher calibre and become more abundant, resulting in faster access and downloads for users.

The process is as follows:

  1. A seeder shares a file through the Upfiring network
  2. The file is encrypted by the platform
  3. A downloader requests access to the seeded file but can only download once they have paid using the currency of the network which is UFR tokens.
  4. Once downloaded and paid for in full the file can be decrypted.

UFR is currently trading on various exchanges including Cryptopia, Stocks.Exchange, IDEX and ForkDelta at roughly $0.30 and has been tipped by many as a coin that should at least rech $5 by Q4 of 2018 due to the attractive market cap.

Website: https://upfiring.com/

Cardano
It would be almost criminal to end the article without mentioning Cardano. This is by far one of the most exciting (albeit adventurous) projects that we will be following over the course of 2018/2019.

Founded by Charles Hoskinson, a former co-founder of Ethereum and Jeremy Wood, operations manager at Ethereum, the project takes all the best bits from previous generation blockchains and rolls them in to a peer-reviewed, institutionally backed decentralised public blockchain and cryptocurrency. In essence Cardano wants to be Ethereum but usable day-to-day e.g far more scalable, sustainable, and interoperable.

Born out of scientific philosophy with experts contributing from all over the world not only helps Cardano develop a solid, research-backed foundation but will also simplify government and legal approval when that time comes.

Their detailed roadmap can be found on the website with upcoming events such as Ledger support and the opening of a new research and development center that focuses on the Cardano blockchain Ho Chi Minh city.

Cardano (ADA) is currently trading at $0.22.
Website: https://www.cardano.org/


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Google will ban all cryptocurrency-related advertising

Google CEO Sundar Pichai

Google is cracking down on cryptocurrency-related advertising.

The company is updating its financial services-related ad policies to ban any advertising about cryptocurrency-related content, including initial coin offerings (ICOs), wallets, and trading advice, Google’s director of sustainable ads, Scott Spencer, told CNBC.

That means that even companies with legitimate cryptocurrency offerings won’t be allowed to serve ads through any of Google’s ad products, which place advertising on its own sites as well as third-party websites.

This update will go into effect in June 2018, according to a company post.

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Scott said.

Google’s hard-line approach follows a similar ban that Facebook announced earlier this year.

While the crypto-currency boom has produced a lot of excitement and wealth, it’s still a largely unregulated space and has spawned countless high-profile scams.

This news comes as Google releases its annual “trust and safety” ads report.

Google said it took down more than 3.2 billion ads in 2017 that violated its policies, which is nearly double the 1.7 billion it removed the year before.

Google parent company Alphabet makes roughly 84 percent of its total revenue from advertising, so convincing advertisers that its ecosystem is safe and effective is critically important.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author; Jillian D’Onfro
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Why John McAfee’s Bullish Bet on Bitcoin Price Won’t Succeed

The anti-virus software pioneer John McAfee has presented bullish assumptions in favour of Bitcoin price (BTC) – John McAfee thinks BTC could hit $1 million level by 2020. Though the anti-virus software pioneer had several reasons to support his bet, he also suggests investors invest only the money they can afford to lose – which signifies that he isn’t too confident in its price prediction strategy.
John has based its price target estimate on four key factors:

  • The limited number of bitcoins, almost a total of 21 million
  • Higher bitcoin adoption.
  • A room for growth, expansion, and demand.
  • Its market cap is short of the market cap of other traditional asset classes.

He further believes BTC price to increase at the rate of 0.4840957034310259% per day to attain the price target of $1 million. John McAfee assumes the price will rise daily at this rate, and calculating a compounded rate for the remaining number of days until December 31, 2020.

lamium

 

John McAfee Ignored Key Factors That Could Result in Complete Losses

While John has highlighted several relevant facts that could support the price, he has neglected regulators role in crypto markets along with several other aspects, such as underlying value, criticism on its usage from criminals and the adaptation as an alternative currency.
Regulators will play a key role in settling the price for cryptocurrencies; they are taking steps that could wipe off billions of dollars from crypto markets. Based on research reports, criminals are accounting for almost half of the trading volume – which is at risk following regulators strategy to play a meddler role.
Major players had rejected to adopt currencies due to its lack of underlying value; they consider digital currencies as speculative investments. Bitcoin, Ripple and other cryptocurrencies aren’t backed by real cash assets such as gold or foreign exchange; these coins mined through specific techniques and distributed to the general public. The market opinion is divided on the behaviour of digital currencies and the time will tell how accurate John was in creating bullish bet.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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IMF says digital currency tech can be used against crypto criminals

Christine Lagarde has called for a crackdown on crypto-currencies, saying the technology can be used to “fight fire with fire”.

The head of the International Monetary Fund says governments around the world could harness the technology to stop illegal activity.

The anonymity of currencies such as Bitcoin means they are used by criminals and terrorists, she said.

But the technology could be turned against such nefarious activities.

Regulators around the world have called for greater crypto-currency oversight.

Criminal use
Although the technology underlying digital assets has been praised as a way to speed up financial transactions and reduce costs, the anonymity behind crypto-currency trading is a big worry, Ms Lagarde said in a blog post..

What makes the technology so appealing is also what makes it “dangerous,” she said, as it can be used as a “major new vehicle for money laundering and the financing of terrorism”.

But she said the technologies behind crypto-currencies can be harnessed to mitigate this “peril”.

“The same innovations that power crypto-assets can also help us regulate them,” she said “To put it another way, we can fight fire with fire. Regulatory technology and supervisory technology can help shut criminals out of the crypto world.”

Distributed ledger technology (DLT) – the technology underlying crypto-currencies – is defined by the UK government as “an asset database that can be shared across a network of multiple sites, geographies or institutions”.

Ms Lagarde said that DLT technology “can be used to speed up information-sharing between market participants and regulators”.

She added: “The technology that enables instant global transactions could be used to create registries of standard, verified, customer information along with digital signatures.”

In addition, other technologies such as biometrics, artificial intelligence, and cryptography “can enhance digital security and identify suspicious transactions in close to real time,” she said.

Rule overhaul
Regulators need to use the same rules “to protect consumers in both digital and non-digital transactions”, she added.

Industry body Crypto UK said regulatory certainty was “essential to attracting the best of this sector to call the UK home.”

But a spokesperson said that regulators should not “simply retrofit non-digital rules to this unique and evolving sector”.

“Working with industry to develop a tailored framework is crucial to capturing the true value of this technology, whilst weeding out illegal activity,” the spokesperson added.

Crypto-currencies have come under increasing regulatory scrutiny around the world. At the beginning of March, Bank of England governor Mark Carney called for increased regulation after crypto-currency “mania”.

China has gone further by banning initial coin offerings and shutting down digital currency exchanges.

Indonesia and Bangladesh have banned Bitcoin for payments, and India’s central bank has issued a number of warnings about Bitcoin risks.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Microsoft accepts Bitcoin Cash payments at 0% network costs

A few choice words from computer mogul Bill Gates isn’t going to stop the tech giant he founded from supporting cryptocurrencies like Bitcoin Cash (BCH).

This week, Microsoft quietly began accepting BCH payments alongside legacy Bitcoin (BTC), giving its users another option for topping up their Microsoft.com account balances. The key difference between the two options is that paying with BTC comes with 1.2% network cost, while Bitcoin Cash offers instant confirmation with 0% network fee.

Microsoft supporting Bitcoin Cash payments is a logical choice for the multinational technology company given that its Microsoft Billing Services has teamed up with payments processor BitPay to handle cryptocurrency-related transactions. Microsoft is among the over 100,000 merchants, along with Newegg, Namecheap and Vultr, that have started accepting payments made in Bitcoin Cash shortly after the payments processor included the popular cryptocurrency in its partner merchants’ accounts.

Currently, BCH payments are still converted to U.S. dollars or BTC before they’re delivered, although BitPay is looking to integrate an option for merchants to receive direct BCH payments in the next couple of weeks.

The tech giant has had a tumultuous relationship with BTC since it started supporting the cryptocurrency back in 2014. In 2016, a note in the Microsoft Store FAQ stated that users “can no longer redeem Bitcoin” into their Microsoft accounts, which the company immediately retracted citing “inaccurate information.” Early this year, reports surfaced that Microsoft again barred—albeit temporarily—its customers from adding BTC funds to their accounts due to the cryptocurrency’s “unstable state.”

BTC’s high transaction fees and network congestion has prompted BitPay to start processing payments on other blockchains like Bitcoin Cash. In an interview with CoinGeek, BitPay CEO Stephen Pair said their goal is to simplify the blockchain payments process for merchants, while also making sure that the retailers are paid fairly.

“We’re continuing to learn from customer feedback and refine the BitPay platform to be even simpler and more seamless for businesses that need blockchain payments. We expect that offering the same service for the Bitcoin Cash blockchain will make it easier for consumers and businesses to use BCH for important transactions,” Pair said.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Coinbase Releases Cryptocurrency Tax Calculator

Cryptocurrency startup Coinbase has launched a new gain/loss calculating tool as part of an effort to help its user base keep up with U.S. tax requirements.

In a blog post published on Tuesday, the firm explained that the calculator can be used to generate a report which outlines their capital gains (or losses) on its platform, using a first-in-first-out (FIFO) accounting method.

The tool comes with a few caveats, however, namely that it’s primarily aimed at users who have bought and sold on Coinbase exclusively – and isn’t recommended for those who have purchased digital assets elsewhere or participated in an initial coin offering, per the blog.

“This tool provides a preliminary gain/loss calculation to assist our customers, but should not be used as official tax documentation without validating the results with your tax professional,” the startup also cautioned.
Its release follows an earlier step by Coinbase on the tax front, when, in January, the startup reminded its users that they are liable for U.S. capital gains, even going as far as posting a consistent banner about the issue.

The issue of taxation and cryptocurrencies has always been someone of a contentious topic, ever since the U.S. Internal Revenue Service announced in 2014 that it would treat such assets as a taxable form of property rather than, say, a currency.

Concerns over the ambiguity of the IRS guidance – in its new blog, Coinbase itself writes that “we understand taxes for digital currency can be complicated” – have fueled complaints from professional circles.

The topic also carries an added degree of weight for Coinbase specifically, which was the target of a lawsuit by the IRS as it sought information on U.S.-based users in an effort to sniff out potential tax avoiders.

Ultimately, the startup would send information on about 13,000 users who had transacted on the platform between 2013 and 2015 after being ordered to by a U.S. district judge in November 2017.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author; Wolfie Zhao
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3 Reasons Why Amazon Will Use Litecoin (LTC) in 2018

Litecoin (LTC)–Amazon, the internet commerce giant and everything store, has long been thought of as the keystone for cryptocurrency adoption. Not only is Amazon in the best position to start accepting cryptocurrency (a fully digital platform with no brick-and-mortar ties), but the company has demonstrated foresight on technology with the advent of kindle, ebooks and certain innovations like same-day shipping.

Amazon has shown a predilection for adopting and promoting new technology in the past. The question now becomes which currency will they use? Last year, we outlined the ways which Ripple XRP was a contender for Amazon’s crypto payment service. Here is a look at how Litecoin also holds a strong position for Amazon adoption.

Growing Brand Name for Litecoin

Whenever we talk about Litecoin adoption, it’s always within the context of Bitcoin. The two currencies are entwined beyond price movement: Litecoin is a fork of Bitcoin and functions in a very similar manner. Therefore, the greatest hurdle to Litecoin being used by a company like Amazon is simply overcoming the allure of using Bitcoin. We have pointed out before that Bitcoin benefits substantially over the rest of the market in two ways:

First to market status. Bitcoin is almost mythical in the sphere of cryptocurrency at this point, given that it was the first true cryptocurrency to kick off the industry, in addition to being the most invested coin (in terms of market capitalization). There are problems with Bitcoin, scalability being the most pressing concern. However, for all the shortcomings BTC has as a currency over similar options, it has the advantage of being an early-mover on the market, which is difficult to overcome.
Bitcoin is trendy. In an earlier article, we listed the reasons a global company like Starbucks (25,000+ stores in 75 countries) would be more likely to take a chance on Ripple over other cryptocurrencies. However, Bitcoin still poses the most competition in that it’s trendy, it has household-name recognition and is an immediate headline grabber. At this point, if Amazon were to add Bitcoin, no one would bat an eye over the reasons for the commerce giant to wade into cryptocurrency. That grows murkier as we start talking about other currencies, with the industry still being niche. Point being: Bitcoin is mainstream and widely known; other currencies take more research.

That can, and likely will, change in 2018 and beyond. With every investor that comes to cryptocurrency, they not only take an interest in the price value, but the future of the currency. Developers, technologists, entrepreneurs and forward-thinkers will start looking to cryptocurrency for more than ICOs and get-rich-quick schemes (or so we hope), and begin building and promoting uses for coins that are dominating the market. The emphasis shifts from price speculation and profit taking, to the intrinsic utility of the actual technology. It would be interesting to see how most in the cryptosphere and general public compare Bitcoin to Litecoin and other currencies. We would be willing to bet the vast majority have no idea that the same deficiencies in Bitcoin are strengths in other currencies. Scalability will continue to be the black hole for the industry, but Litecoin offers a remedy for high transaction fees and long confirmation times. At this point, there is a growing sensation in the industry that Litecoin overtaking BTC in terms of market dominance is less a question of how, but when.

Recognition of Litecoin Usability in Transactions

Litecoin is a usable form of crypto money. Bitcoin may have the brand name, the market recognition and media attention, but Litecoin has the utility. At this point, Bitcoin is better off positioning itself as a currency for asset appreciation (such as precious metals, real estate, etc.) than a true currency. For any currency to be accepted as money, it requires a widely agreed upon value and simplistic means for exchange. Cryptocurrency, in general, suffers from the former.

Price volatility aside, it’s hard to judge where the acceptability of crypto as a payment lies. Just because Litecoin is worth X amount on Y exchange, it’s still not a ubiquitous form of payment. However, Litecoin has the potential to fulfill the second tenent: a simplistic means for exchange. Wallet addresses and QR codes may be an unwieldy means for transaction, but the usability of Litecoin puts it in the conversation for money to be used on a platform like Amazon. Looking at other Amazon-related innovations, it’s clear Jeff Bezos’ company values simplicity and enhanced customer experience before adopting any technology. Amazon Prime is not just a way for the internet commerce giant to make millions through subscriptions–it provides hardcore fans of Amazon amazingly fast delivery and a host of online content options. Amazon Crypto, spearheaded by Litecoin payments, would have to offer the same user enrichment for real adoption to occur. This would require simplifying the tangled wallet address system for sending crypto (although QR codes provide an alternative), and a confirmation of order that precedes actual confirmation on the blockchain. There has to be some assurance that when your grandma goes on Amazon to order a Kindle book, she’s not accidentally sending LTC into the ether.

LitePay and a Model for Payment Platforms

Technically, with the advent of LitePay this month, customers will be able to use Litecoin for payment on Amazon as they would any traditional debit card. But we’re imagining a step further. We are picturing a scenario where Amazon adopts Litecoin for payment without the intermediary  step of fiat. This would require sending LTC directly to an Amazon wallet for purchase. From there, Amazon could store the crypto, use as payment for distributors and employees, or as payouts for MTurk and Amazon Affiliate/Associate programs.

However, even without the intervening transfer to fiat, LitePay represents a substantial proof of concept in growing Litecoin adoption. Think of it this way: if more (smaller) merchants and commerce websites start using LitePay for transactions, it will draw the interest of Amazon. A company as large as Amazon has a commitment to being the market leader. If enough interest builds in cryptocurrency, particularly as a feasible form of digital payment, it benefits the Amazon brand and as a symbol for digital commerce to move ahead of the market.
Price volatility is going to be one severe limitation to growing adoption. OverStock.com share prices have skyrocketed from accepting Bitcoin since 2014, but they have also benefited from massive price appreciation. Cryptocurrency prices may take a year or longer to recover to pre-January prices, and there is little evidence that volatility will not continue for the foreseeable future. While Amazon can afford to take some losses, they can’t afford to lose 80% of their crypto-payment value in two months if the market tanks again. LitePay and similar crypto-to-fiat processors offer a barrier of protection while still allowing Amazon to move into the cryptocurrency game. Even with the intermediate transaction to fiat, LitePay increases Litecoin value and greatly improves liquidity–thereby helping more capital flow through the market. There is a stranglehold on Litecoin, and all cryptocurrencies, from investors unwilling to spend or trade their coins due to FOMO and potential price appreciation. Anything, whether it’s LitePay or a direct Amazon LTC wallet, that increases the incentive to spend Litecoin, will drastically improve the price and the overall health of the market.

Predicting the Future of Amazon, Litecoin and Cryptocurrency

Despite the bear market reaching its third month of price depression, cryptocurrency still seems a strong contender to have a future in digital commerce and technology. Amazon will be apart of that future, and will likely be the signal fire for exponential adoption. It’s difficult to predict which currency(ies) Amazon will use for crypto payments, or if they will engineer their own coin altogether. However, usability will be paramount in their selection. Litecoin, Ripple and other coins that demonstrate seamless, cheap payments are going to be the first contenders for selection. The next criteria becomes brand recognition. As much as NANO offers in the way of free and instant payments, it currently lacks the brand-name appeal for Amazon to kick off crypto payments with. That’s where Litecoin demonstrates its greatest strength. It’s a well known currency with a long history in the market. Founder Charlie Lee has been an advocate and figure in the crypto industry since nearly its inception. It also has a growing user-base, with the volume of Litecoin-based transactions now extending to the top of the market. All of these features, combined with greater utility than Bitcoin and Ethereum, makes LTC a very viable candidate for Amazon to lead their future platform in crypto payments. If the market can recover and gain the same media attention as it held in December 2017, Amazon adoption could happen by the end of the year.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author; Michael LaVere 
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Ether Takes Step Toward Institutional US Trading

ConsenSys, the New York-based blockchain application startup, has announced today it is partnering with TrueDigital, a new affiliate of online interest rate swap marketplace trueEx, in an effort to develop a benchmark price for ethereum’s ether cryptocurrency.
According to an announcement, the two firms are planning to design a target reference index for the price of ether (ETH), the second largest cryptocurrency by total value, as an initial step towards the goal of making more crypto trading products available for institutional investors.
The partnership news comes alongside trueEx’s announcement that the company is planning to launch a derivatives marketplace for cryptocurrency assets.
The first product is expected to be a bitcoin contract on trueEx’s swap trading platform, but marketed under the TrueDigital brand, the firm said. The contract is currently pending approval from the U.S. Commodity Futures Trading Commission (CFTC).
The development arises from the increasing interest in cryptocurrency-related derivative products from institutional investors, the two firms said.
As reported by CoinDesk, the CFTC has already authorized trading of bitcoin futures offered by CME Group and the Chicago Board Options Exchange (CBOE), which launched in December.
Although currently at a nascent stage, the plan, if approved, may spark the creation of exchange products for ethereum with an official price index reference.
“Institutional investors and commercial partners are ready for a regulated and liquid marketplace to gain exposure to and hedge these increasingly important digital currencies and commodities,” said Sunil Hirani, founder of TrueDigital, continuing:
“But the marketplace is sorely lacking the necessary foundation, infrastructure and platforms that institutional investors have come to expect in other important markets.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Wolfie Zhao

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VeChain (VEN) Coins Leave Exchanges for Nodes

VeChain (VEN), the digital asset that aims to secure global shipping and order tracking, is changing its profile. Users noticed an exodus of coins from exchanges, as the VEN staking nodes are becoming an attractive proposition.
This Ethereum wallet address, belonging to the Binance exchange, shows that the withdrawals continue. Luckily, Binance is one of the exchanges with no withdrawal problems. The fee for withdrawing is 2.0 VEN.
VEN market prices grew by 10% overnight, reaching $3.93. This is still far from the peaks around $9, and there may be days when VEN suffers from the lowered volumes. Yet locking up coins in staking nodes would serve do decrease supply and potentially raise prices.
To run a master node, 10,000 VEN are required. The staking of these coins has a reward of 40 coins per week. At this point, running a master node would require a significant investment, but the same amount of coins cost around $500 during the October price slump.
The 10,000 coins is a minimum, with potential for staking up to 250,000 coins for much higher rewards.There has also been talk of VEN partnering with the Oxford University, to explore the potential for tracking and internet of things solutions. But the partnership needs to be announced officially by the university first.
Token Swap Coming
At the end of February, VeChain rebranded itself to VeChain Thor. When its own blockchain launches, the token ticker would change to VET. Afterwards, staking would produce a two-token system, where VET tokens would be staked, and rewards would be paid in VTHO tokens (also known as VeThor). The main net is expected to launch at some point in June.
Additionally, VeChain plans to expand its team with 100 new developers by the end of the year, and is starting its in-house VeResearch initiative.
Yet building the entire VeChain ecosystem would be a task to take years, making the VeChain digital asset also a long-term investment.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!
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Christine Masters
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