Crypto Payments Firm CEO: Hacks, Scams, and Volatility Discourage Mass Adoption

AtomicPay’s CEO believes that scams and volatility are the primary things holding back public mass adoption of cryptocurrencies.

The Thailand-based company is a non-custodial crypto payment processor. They are one of the few crypto payment processors that facilitates payments for multiple cryptos without holding merchant funds in escrow and charging a fee before releasing funds. AtomicPay charges 0.9% at the end of every month that their service is used. Rather than demanding a percentage of every sale at the time the sale is settled, they issue a bill.

CEO Benz Rif tells CCN in a recent interview that they very much rely on an “honor system.” Importantly, he says they haven’t had any problems with people failing to pay fees.

Founded Out of High Fee Woes

Rif says that he created the company after paying as much as 13% to Paypal. Domestic users based in the US may not experience such high fees, but when all is said and done, for companies operating in places like Thailand, PayPal and currency conversion fees top 10% routinely. He says his company tried to use Bitpay but ran into similar problems there.

“Back in 2017, I was doing a lot of online business. Before we used BitPay, we used Paypal. So what happens with Paypal is, let’s say a customer pays us $100. At the end of the day we only get $86 or $87. So I decided to move to cryptocurrencies. When we tried Bitpay, it was around 8%. What they advertised was 1%. There are other charges like withdrawal fees, EFT when you do a bank transfer across borders, and other fees. So I was sitting down with friends and we decided to create something different.”

AtomicPay enables its users to accept crypto payments directly. They use an in-house wallet software which enables them to know how much revenue a company generates in a month. It enables merchants to issue as many addresses as necessary for customers. Companies receive the funds directly and could theoretically skip out on the bill, but this doesn’t happen.

Rif is working on a whitepaper that discusses the problems for merchants with the existing centralized payment processing model. He provided the following infographic as a visual aid to explain the issue of exchange rates and centralized models.

Rif is working on a whitepaper that discusses the problems for merchants with the existing centralized payment processing model. Source: Benz Rif

Non-Custodial Services Are More Decentralized

Besides the simple desire to improve user ability to receive cryptocurrencies, Rif says the company wanted to build something more in line with the principals of decentralization than was currently available.

The majority of crypto payment processors hold funds and charge fees for withdrawal. An advantage to a non-custodial service is that AtomicPay doesn’t fall under certain new regulations in Thailand which would otherwise see his firm as a money services provider or essentially the same thing as a bank.

“If you hold funds for any length of time, you are liable to be regulated as a financial institution.”

Clients in Thailand and Venezuela have access to various exchanges which will conveniently convert their proceeds to fiat for them.

The service is not yet supporting Ethereum publicly. Rif says that the company has offered Ethereum to some private customers who asked for it, and they have experienced problems with in-person transactions taking too long to settle.

The majority of AtomicPay’s merchants to date have been in Venezuela and Colombia, thanks to the help of efforts by the Dash community.

Scams and Volatility Leading Issues With User Adoption

As discussed in a recent interview with Edge wallet’s Paul Puey, merchant adoption of crypto is nowhere near where we’d have expected it to be from a vantage point of 2014. Being that Benz Rif’s company works directly on merchant adoption, we asked him what he thought were the contributing factors to slow merchant adoption.

“The amount of money in e-commerce is around $2.8 trillion. But Bitpay itself is only like $1 billion. So we are so far away. But for years we were convinced that one day cryptocurrencies would be the future of digital payments.”

“Chainalysis did a report on crypto payment processors, and they saw a decline in 2018 by 80%. So I did more research.”

“Alone in 2018, we saw more hacks and scams than we have seen over the past 10 years. There are so many hacks, so many scams, it creates a distrust among the general public.”

“I asked my wife, I asked my friends: why don’t you guys use cryptocurrencies? They told me this very simple issue. ‘We can’t trust that with all this news on it.’ Unless we can solve this issue, we will never form a trust among general merchants and people.”

Rif also believes that volatility is a hard problem for merchants to deal with. If you sell something for $100 and the following day the payment is only worth $80 or even less, you’ve got a problem that creates excess costs. The emergence of stablecoins might help to deal with this side of the equation, but ultimately volatility is part of the process in crypto markets.


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Author: P.H. Madore
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Robinhood Crytpo Wins License to Sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin in New York

Crypto innovators and entrepreneurs are plotting a path toward mass adoption by continuing to work with regulators.

Today, Menlo Park-based Robinhood has been granted a cryptocurrency license and a money transmitter license by the New York State Department of Financial Services (DFS). Over the coming months, Robinhood Crypto, which is currently available in over 30 states, will allow account holders in New York to buy, sell and store seven cryptocurrencies, including Bitcoin, Ether, Bitcoin Cash and Litecoin.

Financial Services Superintendent Maria T. Vullo says,

“DFS continues to lead the way in responsibly supervising and advancing innovation in New York’s flourishing financial technology sector through a strong state-based regulatory regime.

Today’s approvals add to the growing list of responsible virtual currency providers who recognize and appreciate how a comprehensive regulatory framework fosters a competitive marketplace that benefits both consumers and industry.”

While the road to mass adoption for cryptocurrency has hit a number of snags and delays, efforts by US lawmakers and crypto innovators remain steady, with regulators and crypto entrepreneurs working together to lay critical pipelines and major on-ramps for a new digital economy.


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Author: Daily Hodl Staff
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NavCoin now allows you to send funds to an alias of choice instead of an address

NavCoin, an easy to use digital currency run by the community, has announced the ability to send coins to an alias rather than an extended address that could be hard to remember. 

NavCoin announced on twitter that users would now be able to create an alias for easier use of sending their NAV. The idea works much like PayPal’s payment solution where users pay to an email address.

The launch of OpenAlias, will allow users the ability to send tokens to an address that they create, similar to that of an email address, rather than having to send NAV to their full NavCoin address.

Image from Gyazo

The feature may not be a massive step forward, but it does allow for easier usability, which is a great step forward. The ability to change a long, random, alphanumeric address into something that you can easily remember, such as your email address, will allow for a simpler way to send tokens.

Users simply need to follow the instructions on NavCoin’s OpenAlias webpage which explains the three simple steps to change their long random-looking string into a quicker to remember a meaningful alias.

NavCoin is currently ranked 211 on CMC with a market cap of $11.5 million. NAV is currently valued at $0.18 and is available on Binance.

Image from Gyazo

 


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Author: RYAN BOLTMAN
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Four Industries That Will Boost Cryptocurrency Adaptation in 2019

Crypto traders and investors are always seeking different ways to build adaptation in the cryptocurrency community. As crypto lovers agree that the technology is still in its early infancy and will need to evolve well enough to be considered more than just a bubble, which will further ease the process of regulatory, adaptation comes to mind as the only factor that would make this happen.

The ideal world imagined by crypto fans is one where cryptocurrency becomes a universal currency and to achieve that, massive adaptation has to become a milestone that the cryptocurrency space achieves as often as possible. While cryptocurrency can function in any industry, these four have shown themselves to be not just some of the most effective 2018 but has also created a pathway for continuation in 2019.

Art/Entertainment

The entertainment industry has been one of the most flexible industries that shines the spotlight on cryptocurrencies. Most users declared that their knowledge of crypto was birthed from movies and comedic pieces that portrayed the unsteady movement of the cryptocurrency market. From as far back as 2014, the entertainment industry has been pioneering Bitcoin and crypto in general.

Visual art has also been a strong tool that deploys the swift and easy to use the technology of crypto to purchase iconic artworks. Earlier this year, a visual art painting of late Andy Warhol valued at $5.6 million was auctioned for sale via Bitcoin.

Luxury

The art of purchasing luxurious belongings through cryptocurrencies has been in the limelight since 2013 and this tradition is not slowing down anytime soon. Arguably one of the most promising ways to build adaptation in the crypto space revolves around this. It was earlier revealed that the Lamborghini has seen an upsurge in crypto payments, this comes as no surprise seeing that the Lamborghini is an emblem of wealth in the crypto space. Swiss watch brand also made a big move this year after releasing its $25,000 luxurious “P2P” wrist watch which was exclusive to BTC users. This trend will definitely boost user adaptability come 2019. Even CZ of Binance went on to commend Hublot’s marketing strategy, expressing his interest in having a watch for the Binance BnB token sometime later.

Tech

Seeing that 2018 began with leading tech companies boycotting cryptocurrency ads and ended with some of these very same companies going as far as developing their own coin, it is no doubt that tech companies are coming to terms with the usefulness of cryptocurrencies. In 2019, this growth is only certain to increase as more and more tech-related firms have continued to eye crypto. One notable trend of 2018 was the act of purchasing tech products via cryptocurrencies. HTC also fully adopted this pattern when it released its 2018 mobile phone flagship dubbed “Exodus 1”. Not only was it accompanied by the Zion digital wallet, but it was also exclusive to BTC and Ether users only.

Sport

It is still perplexing to know that even if sports remains one of the most lucrative industries for digital technology to thrive, cryptocurrency and sport is still largely limited to gambling, which is not the best route to gaining more users. However, this industry is likely to boost the crypto scene in 2019 seeing that exchanges and tokens are getting more involved in bridging the gap between crypto and sport. Recently, Tron’s Justin Sun had sparked rumors of merging Tron and Basketball when he revealed his guest appearance for the niTron event. Most recently, the Litecoin network is also partnering with Ultimate Fighting Championship (UFC) for the upcoming 232 matches.

Conclusion: As these industries continue to shape the path for massive adaptation in the cryptocurrency, diversification is becoming more than just a myth. And this goes on to prove that cryptocurrency is here to stay.


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Author:  Adrian Klent
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Bitcoin and Crypto Adoption Spreading in China Despite Crackdown

Support of Bitcoin in China is heating up despite the government’s crypto crackdown in September 2017.

In addition to prohibiting commercial banks from servicing crypto-related businesses, local authorities enacted even more anti-crypto measures last month when they banned crypto companies from social media giant WeChat. Regulators also barred organizers of token sales and cryptocurrencies from promoting their offerings in public spaces, hotels and offices.

China also blocked 120 cryptocurrency exchanges that offer services to mainland residents.

Despite the efforts, China has been unable to curb crypto interest or stop adoption. Investors are still using over-the-counter trading platforms to buy ICO tokens as well as peer-to-peer crypto exchanges to make trades, buys and sells.

The first of its kind in China, “Ethereum Hotel” is accepting ETH as payment.

 

Adoption is playing out as Ethereum’s classification is challenged. Shanghai Hongkou District People’s Court ruled on September 27 that Ethereum is property. The ruling involved a “defendant Chen” who was ordered to return 20 ETH.

According to the judgment,

“The plaintiff now asks the defendant to return 20 ETH. The reason is justified and the court should support it according to law.

Regarding the opinion that the defendant stated that the country banned the circulation of the Ethereum and returned the lack of legal basis, the Court considered that the current state did not recognize the monetary property of the so-called “virtual currency” such as the currency, and prohibited its financial activities such as circulation for use, but It is not denied that the Ethereum can be equally protected by law as a property in the general legal sense. Therefore, the above opinions of the defendant will not be accepted by law.

Meanwhile, Beijing Science and Technology Report (BSTR) will now accept payment in Bitcoin (BTC) for its 2019 subscription to Technology Life, making it the first Chinese publication that allows subscribers to pay in BTC.

According to a local news report by Guangming Net, BSTR, the oldest tech mag in China, aims to promote blockchain and the adoption of cryptocurrencies.

Subscribers will be able to pay 0.01 BTC, roughly 450 yuan, by sending Bitcoin directly to the newspaper’s wallet address. They’ll also receive some BTC if Bitcoin increases in price by the end of the subscription period, as the publication pledges to forward gains to its subscribers as compensation for risking payment with the volatile asset.

According to a report by South China Morning Post, industry insiders say that technically “it would be a huge challenge for the regulators to completely block access” and stop crypto activities “as long as a trading platform’s servers remain outside China, and transactions are conducted peer-to-peer and remain decentralised.”


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Author: Daily Hodl Staff
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Mass Adoption of Crypto Far from Being Achieved, Best Chance in Turkey

Based on a survey conducted by Statistca on 15,000 individuals, Turkey has the highest percentage of population that has invested in the crypto market.

According to the data released by Statistica shown below, 18 percent of the country’s investors have purchased cryptocurrencies like Bitcoin and Ethereum in the past few years.

LIONBIT

Motive of Residents in Turkey to Invest in Crypto

Earlier this month, the US government imposed additional sanctions on the Turkish economy, excluding the region from the global banking system operated by SWIFT in Belgium. Consequently, the lira, the national currency of Turkey, fell by more than 50 percent against the US dollar.

On August 12, Bloomberg reported that Turkish merchants were losing out massively with their holdings in lira due to the country’s conflict with the US, which worsened after the government rejected to free pastor Andrew Brunson, who was moved to house arrest last month due to health issues.

Due to existing capital controls and the governments encouragement to prevent converting the Turkish lira to other reserve currencies like the US dollar, merchants and local businesses have been unable to cash out their holdings in lira.

“I have respect for our president, but I can’t sell my gold and foreign currency just because he made that call. I’ve cut down on food for those savings,” Sevin Temur, a 58-year-old retiree, told Bloomberg.

48-year-old jeweler Cahit Bas also said in an interview that he has lost out on 1 million liras as a result of the intensified conflict between Turkey and the US, worth around $350,000.

A currency, whether it is a national currency or consensus currency, is as much valuable as its ability to operate as a medium of exchange. If the liquidity of the currency is low and its users are disallowed by a central party from being able to exchange it for other assets, then the value of the currency could be called into question.

The practice of control and dominance over the Turkish lira by the government by eliminating financial freedom from its resident has primarily fueled the increase in demand for cryptocurrencies by local merchants, individuals, and businesses.

TIP

Will This Trend Continue?

Last week, CCN reported that Germany, one of the largest economies in Europe, has declared its intent to create a financial system that is independent from the US in light of the issues between Iran and the US.

For many years, the US government has leveraged the SWIFT banking system to exclude countries like Iran and Turkey from the global financial system.

In response, Heiko Maas, German foreign minister serving in the fourth cabinet of Angela Merkel since March of this year, said:

“For that reason it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system.”

As a growing number of countries call for the establishment of independent financial systems, the merit of crypto as an anti-censorship and decentralized financial network will appeal to a larger group of consumers.


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: Joseph Young
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AMWAGER BECOMES THE FIRST TO ACCEPT BITCOIN DEPOSITS FOR BETS ON HORSES

In the latest example of the growing acceptance of cryptocurrencies in gambling, you can now use Bitcoin to bet on horses. AmWager.com, a website for watching and betting on live horse racing, has started accepting deposits in Bitcoin and Bitcoin Cash.



 

A FIRST FOR AMWAGER.COM AND AMERICAN LIVE HORSE RACE BETTING

According to an announcement made by the company, this development makes AmWager the first advance deposit wagering (ADW) company in the United States to receive the necessary go-ahead from regulators for accepting Bitcoin.

Advance deposit wagering (ADW) requires that punters fund their accounts before they place their bets. The acceptance of Bitcoin and Bitcoin Cash means that those same deposits can be made using the two cryptocurrencies, providing punters with an additional means of staying in the game.

The crypto deposits to AmWager will be processed by BitPay the global leader in cryptocurrency payments processing. It will assume its role of immediately converting funds to fiat currency to eliminate any potential trading risks.

TAKING THE TECHNOLOGICAL LEAD THROUGH CRYPTOCURRENCIES ADOPTION

Adding cryptocurrency as a payments option might seem like an afterthought given the increased ubiquity of digital currencies, but it is actually is a huge leap in live horse racing bets where it hadn’t previously been adopted.

By being the first to embrace cryptocurrencies, AmWager.com positions itself as the live horse racing outfit that is keeping a close eye on the impact of technology on every aspect of the business.

It already has an online wagering system and cross-device access for punters. With these features becoming standard, the move to embrace cryptocurrency keeps the company ahead of the pack.

In the company’s statement, AmWager.com’s CEO Nelson Clemmens highlighted this saying,

Over the past several years we have witnessed Bitcoin and other cryptocurrencies evolve from an esoteric concept to a widely recognized digital currency, that is quickly making its way into the mainstream. With mainstream acceptance, cryptocurrencies have the potential to drastically transform our global payment systems, and we at AmWager seek to be on the forefront of that transformation. To that end, we have worked diligently with the Oregon Racing Commission and BitPay to bring cryptocurrencies to the ADW industry.


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: NIGEL GAMBANGA
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Austria Brings Crypto to the Masses: Bitcoin, Ethereum, XRP, IOTA, Bitcoin Cash, Litecoin, and Komodo

If you live in Austria, you can buy Bitcoin, Ethereum, Litecoin, IOTA, Ripple, Dash, Komodo and Bitcoin Cash at over 400 post office branches across the country.



Another 1,300 post partners are also selling cryptocurrencies through a new initiative by Vienna-based Bitpanda, one of Europe’s leading retail exchanges for buying and selling cryptocurrencies.

Bitpanda To Go allows customers to enter their postal codes to find the nearest branch. There are over 240 locations in Vienna alone and 176 locations in Linz. Purchases are in three denominations: 50€, 100€ and 500€.

Customers just need an email address to buy their preferred cryptocurrency with cash at any post office branch in Austria. The cryptocurrency is then sent directly to an integrated wallet.

The Austrian Post is focusing on expanding financial services for its customers to remain relevant and maintain strong earnings. The move is also positioning cryptocurrencies for mainstream adoption.

The Austrian Post has developed a “close-knit network of postal service points” that have created a competitive advantage at a time when post offices are looking to expand into other verticals. Its primary objective is to respond to customer needs with relevant products and services. The company, which posted a 2.3% increase for 2017 over the previous year, forecasts a continued 5% annual decline in addressed letter mail volumes, while double-digit growth rates are expected in the Austrian parcel market – thanks to the e-commerce boom.

Meanwhile, the US Postal Service reported revenue of $69.6 billion for fiscal year 2017 (October 1, 2016 – September 30, 2017), a decrease of $1.8 billion compared to the prior year. The company reports that the lower revenues were largely driven by accelerated declines in first-class and marketing mail volumes.


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: Daily Hodl Staff
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D’oh! EA Mobile Adds Crypto Quest to Simpsons Game

Players enjoying The Simpsons: Tapped Out game will get a taste of the crypto industry with a new quest featuring blockchain and Bitcoin mining.


Blockchain technology seems to have an easier time of integrating into mainstream society than the cryptocurrencies that it supports. Whether in sports or electronics, blockchain seems to be the technology of choice.

Even though virtual currencies seem to have more of an uphill battle, interest and trading has definitely increased. Discussing cryptocurrencies on technology and financial platforms is one way to spread the word, even though people with an interest in these fields will have some knowledge of virtual currencies already.

Making the General Public Aware of Crypto

Perhaps a more effective way of reaching the mainstream public is through pop culture. According to Yahoo! Finance, one of the most well-known families in TV, the Simpsons, is now also getting in on that Bitcoin action.



The Simpsons: Tapped Out, which is a freemium game available on iOS, Android, and Kindle Fire, has added a new quest called ‘Crypto Cool’. One of the tasks is to get one of the characters to talk about blockchain technology without ever actually explaining it. Probably not conducive to getting the public to better understand it, but entertaining nonetheless.

After mentioning the term ‘blockchain’ the requested number of times, the player will need to ask three youngsters to mine Bitcoin.

This is not the first time that The Simpsons has mentioned the world’s most well-known crypto as it was also featured in 2013 and 2014 episodes. In addition, they are not the only TV series showing some crypto love.

It’s Not Just The Simpsons

Last year saw The Big Bang Theory devote a whole episode to Bitcoin, while 2012 saw The Good Wife feature an episode titled ‘Bitcoin for Dummies’. In the latter, the lead character represents the supposed lawyer of Satoshi Nakamoto, the elusive creator of Bitcoin. Other shows that mention Bitcoin include Family Guy and House of Cards.

However, it’s not just the TV industry that is interested in crypto. Well-known names in the music business have also expressed an interest in Bitcoin. Kanye West recently discussed how he’s keen on crypto, referring to US dollars as being reminders of slavery.

Kanye West

Piquing public interest

The Simpsons: Tapped Out was launched in 2012 by EA Mobile at a time when Bitcoin and blockchain interest was substantially lower than it is today.

Perhaps by slipping in crypto and decentralization terminology on more mainstream platforms like games, TV, and music, we may see more people show initial interest before whipping out their digital wallets to be an active part of the crypto movement.



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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