Category Archives: Ethereuem

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Coinbase Move Towards Primary Banking with New Support for Sterling

Coinbase has made another change to its platform making it easier for UK users to deposit and withdraw UK pounds.

The current system has caused frustrations for users particularly those that have UK bank linked to their account and wish to deposit the proceeds of a transaction changing Bitcoin, Ethereum or Litecoin into sterling.

The current process requires users to transfer their cryptocurrency into sterling, then pay into a euro account on the Coinbase platform and only then transfer the funds in Euros to a UK account, incurring SEPA transfer fees and losing money on the exchange as the euros then get changed back into pounds sterling.

The new system was introduced due to numerous complaints regarding Coinbase’s lack of a user-friendly system. Users complained about the difficulties in withdrawing as opposed to depositing. The exchange clearly prefers clients to either buy cryptocurrency with money on the exchange or deposit their funds rather than leave it on the platform which is always a risk due to potential hackers but needs to speed up its process.

The new system, which apparently will not be available to all users immediately, was described by Coinbase UK’s chief executive Zeeshan Feroz as being “progress towards becoming a primary bank account”.

It is suggested that sterling support will mean Coinbase users get access to the UK’s Faster Payments system offering same day deposits and immediate transfers. Coinbase had previously partnered with UK bank Barclays and currently allows most banks to transfer funds into UK accounts.

Last week, the San Francisco Exchange introduced a digital gift card program aimed at revamping old business models, offering European clients other ways of accessing cash for crypto. Many potential clients are dissuaded from signing up to platforms such as Coinbase due to lengthy verification processes, sometimes waiting many weeks before a user’s bank can be verified and linked for payments.


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Bitcoin’s Real Value Missed By Investors Says Swiss Researcher

A Swiss researcher has concluded that Bitcoin may be significantly undervalued as a store of value.

Thomas Huber from the Department of Management, Technology, and Economics at ETH Zurich University has made the comments suggesting that this is primarily because of mainstream investors missing Bitcoin’s “value proposition.”

The ongoing research into cryptocurrency markets at the Swiss University has revealed that Bitcoin may be the only viable solution for a non-sovereign store of value. The research indicates that part of the reason for Bitcoin’s apparent low price may be down to the way that investors evaluate cryptocurrencies in general. Huber suggests:

“Given their access to tech startups and the USD, many tech and Wall Street investors merely perceive bitcoin as an asymmetric bet or call option. This resulted in the under-valuation of bitcoin’s store of value proposition and it’s hard-coded/immutable monetary policy.”

Huber adds that this investor view is holding back the price as traditional investors still don’t comprehend Bitcoin’s main advantages such as its security and decentralized nature, added to which it is “censorship-resistant.” Huber elevates Bitcoin to what he calls the “reinvention of money” claiming that this hasn’t yet been realized by most investors. He feels that many on Wall St perceive Bitcoin as an opportunity rather than as the money of the future, using it as an option.

The researcher claims that Ethereum will be overshadowed by Bitcoin in the final analysis as bells and whistles will give way to solid performance, delivery and fulfillment of promise and Bitcoin offer all of these. He says:

“In the case of a monetary protocol—which needs to be secure, decentralized, and censorship-resistance — a low-innovation rate is a feature, not a bug. Monetary ‘innovation’ has—as interventionist central bank policies illustrate — mainly resulted in the debasement of money.”


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