Category Archives: News

Auto Added by WPeMatico

Lien Protocol Brings Crypto-Native Options to Binance Smart Chain

Lien Protocol

12th March 2021, Lien Finance, a decentralized platform on Ethereum, uses blockchain technology and smart contracts to create varieties of options out of ETH including call options, put options, and exotic options such as the butterfly option. Users are able to fine-tune their positions according to their own risk appetite by creating and selling options.

This functionality is now available on Binance Smart Chain (BSC). Users will now be able to create options using Binance Coin (BNB).

Why Lien Chose BSC

Lien’s key objective is to develop a genuinely decentralized stablecoin & options protocol that is censorship-resistant. This first targeted goal was achieved by launching Lien Protocol on Ethereum and introducing the iDOL stablecoin, as well as various ETH options. The project is building a layer 2 solution using zk-Rollup, which will allow scaling of Lien while maintaining Ethereum level security.

According to Lien’s team:  

“The technological developments fundamentally progress the Lien project forward towards our ultimate goal of creating a truly decentralized stablecoin and option protocol. We are always looking for innovative ways to increase the user base of crypto-native options, specifically, DeFi option users.” 

The history of derivatives in legacy finance gives us a hint of what is to come in decentralized finance (DeFi).

The team added: 

“When derivatives were first introduced in finance, they were cutting edge financial instruments. Some thought they were scammy; some thought they were a breakthrough in finance. As awareness grew and the public caught on, the use of derivatives exploded.” 

The derivatives market is much larger than the underlying market. Lien is willing to do more by way of experimentation to develop and bring new products to the derivatives market. 

As a result of this experimentation, the team concluded that releasing Lien Protocol on BSC would be one of the best ways to achieve this objective.

BSC features such as low transaction fees and high throughput can allow casual use, a wide selection of wrapped assets, an active user base, compatibility with Ethereum contracts and ERC20 tokens, and an optimal user experience. These are just some of the many reasons Lien’s team chose BSC.

The aforementioned features, as well as the low-cost environment found on BSC, makes the DeFi space accessible for users that were priced out of Ethereum-based DeFi products.

Alpha Version of Lien on BSC in Q1 2021

The company will launch an alpha version of Lien Protocol on BSC in Q1 2021. This will include features such as BNB-based call options and Butterfly options. The contract will be based on Certik’s audited code, deployed to Ethereum.

 

As per the Lien Token spokesperson: 

“In Q2 of 2021, we plan to release an upgraded version with additional functionalities and options for other tokens.”

In addition, Binance Lien will be released on BSC, which will allow the Lien token to be used within the BSC ecosystem.

Media Contact:

Email: [email protected]

Visit the website: http://lien.finance/

Follow Lien on Twitter: https://twitter.com/lienfinance

Join the community on Telegram: https://t.me/lien_finance

Stay in touch via Discord: https://discord.gg/asaFbQQ

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

The post Lien Protocol Brings Crypto-Native Options to Binance Smart Chain appeared first on BitcoinNews.com.

Sweet Launches Broad-Scale NFT Solution for Leading Entertainment and Consumer Brands in Partnership with Bitcoin.com

Bitcoin Press Release: As global interest in blockchain-authenticated digital collectibles accelerates, Sweet has built the NFT solution for broad-scale distribution and market adoption.

 

February 4, 2021 – New York, New York – Sweet, in partnership with Bitcoin.com, has announced the launch of a highly-scalable Non-Fungible Token (NFT) platform for the broad distribution of digital collectibles and digital merchandise. Leveraging Simple Ledger Protocol (SLP) and the Bitcoin Cash network (BCH), blockchain digital collectibles provide consumer and entertainment brands with a previously-unseen opportunity to drive new revenue, create one-of-a-kind consumer experiences, and increase consumer engagement to unprecedented levels. 

 

Flexible Distribution

With Sweet’s solution, brands have the flexibility to bring digital merchandise to market in an extraordinary number of ways, including for-purchase on existing e-commerce stores, bundled with physical products via QR codes, as social giveaways via web-based reservations, and as rewards for completing actions such as streaming a song on Spotify or Apple Music.

 

The platform uses the Bitcoin Cash and the SLP standard for NFTs.  According to Sweet Founder and CEO Tom Mizzone:

 

“SLP was an excellent fit for Sweet’s digital collectibles platform. We looked at several blockchain solutions and found Bitcoin Cash and SLP to be fast, scalable, and highly cost-effective. We couldn’t be more excited to participate in the growing SLP ecosystem.”

 

As consumer and entertainment brands are looking for new solutions in the digital space, Sweet enables the distribution of one-of-a-kind, digital, tradable coins and cards that are custom-designed around the brand and then published on the blockchain for transparent ownership and authenticity. 

 

“The future of rare, collectible merchandise is in the digital arena as evidenced by the growing interest in NFTs, and we are thrilled to be the ones giving brands and artists a new way to offer exclusive digital merchandise to their fans and customers,” said Mizzone. 

 

A Feature-Packed NFT Wallet

The Sweet platform includes a mobile blockchain wallet for iOS and Android which boasts a beautifully engineered UI where users get the full experience of excitement and community as they interact with others and trade their collectibles, jockeying to obtain rare items and complete sets. Sweet’s CTO, Ken Ellis, stated:

 

We’ve made a significant investment in producing NFTs at scale. We can quickly create thousands of NFTs to support major product or music releases and events, and deliver them immediately to a user’s SLP wallet. From there, users can trade their collectibles with other fans and users within the app.”

 

Ellis continued;

 

Each NFT has a unique URI associated with it, the contents of which are signed as part of the creation process.  We’ve made these URIs public to facilitate sharing, and when resolved by a browser we provide a 3D rendering of the collectible, along with information on the current owner.”

 

Built to Scale

Sweet’s solution, built on SLP, is driving innovation and broader adoption of NFTs.

Roger Ver, founder of Bitcoin.com, said: 

 

“In the past, users were locked into a completely in-app experience or a single marketplace, but now any Sweet digital collectible can be acquired through many channels and traded with anyone around the world, even if they aren’t a Sweet user themselves. This means true and authentic ownership for users, and it’s being made possible on Bitcoin Cash. We couldn’t be more excited about our strategic partnership with Sweet and what it means for the collectibles market.”

 

Sweet has strong traction in the entertainment and consumer brand communities with over 600 artists and brands live on the platform and thousands of NFTs in the queue for worldwide fans and collectors.

 

For more information on Sweet, visit https://sweet.io.

 

Media Contact Details

Contact Name: Peter Keiser, 

Contact Role: EVP of Marketing, Sweet

Contact Number: (201)-775-9000
Contact Email: [email protected]

 

Sweet is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

The post Sweet Launches Broad-Scale NFT Solution for Leading Entertainment and Consumer Brands in Partnership with Bitcoin.com appeared first on BitcoinNews.com.

Alphabit Digital Currency Fund Deploys Initial Investment into Stratis Protocol and Initiates Coverage

Bitcoin Press Release: Stratis’ innovative blockchain solutions have attracted the attention of the digital asset investment fund, Alphabit, who have injected an initial investment while commiting to a further 7 figure investment over the next 24 months for growth and development of the BaaS ecosystem.

 

1st February 2020, London, United Kingdom: Blockchain as a Solution (BaaS) service provider Stratis makes decentralized adoption easier for any firm with its innovative products designed to fit seamlessly with legacy operations, by allowing companies access to the Stratis blockchain via the widely-used C# programming language. The platform allows seamless running of smart contracts, multiple sidechains, and houses a full-scale ICO platform.

 

Alphabit, A billion USD AUM fund and one of the world’s first regulated digital asset investment funds focused on delivering turn-key solutions and assisting projects with end-to-end partnerships, enters into this venture to rapidly scale Stratis’ development and help deploy cutting edge products that allow mainstream organizations to use blockchain in their day to day operations. The significant commitment by Alphabit is a testament to the groundbreaking approach of Stratis’ offerings. 

 

CEO of Alphabit Liam Robertson commented on the partnership: 

 

“Stratis Protocol, after analysis, fits neatly into our investment thesis and we believe the potential for growth for Stratis to be exponential. We are delighted to welcome Stratis into our portfolio and look forward to supporting them over the coming months and years.”

 

Stratis CEO Chris Trew said the following: 

 

“We are thrilled to partner with Alphabit, one of the world’s first regulated digital asset investment funds. Alphabits initial injection, in conjunction with their further investment commitment, will unquestionably assist in accelerating the adoption of Stratis Technologies, while cementing Stratis as the go-to platform for Microsoft .NET Blockchain development.”

 

With the expertise and backing of Alphabit, Stratis will be empowered to develop ever-better solutions for the b2b market. Coupled with their C# support, Stratis’ solutions will increase the onboarding of blockchain solutions in the global market.

 

About Stratis

Stratis offers unprecedented levels of security, reliability and performance through leveraging blockchain. First of its kind, the platform’s native C# ecosystem enables firms all over the world use their existing IT infrastructure and tools to adopt the technology by providing access to the Stratis blockchain’s features, in a language which is familiar to the everyday developer.

 

  • Stratis Identity: A decentralized KYC and AML check to make it easier for businesses to verify client identities and comply with regulations.
  • Supply Trust: A turnkey solution for supply chain management, providing full visibility in a trustless and decentralized environment.
  • STO Platform: Regulation-compliant digital securities for businesses launching STO’s
  • Stratis Smart Contracts: Secure and auditable digital contracts that are developed in the industry-standard Microsoft C# language, fit for the DeFi age.

 

About Alphabit

Alphabit specializes in investments in blockchain and distributed ledger technology projects. They offer a wide range of advisory services and act as the Investment Advisor to the Alphabit Fund; one of the world’s first regulated digital asset investment funds. 

 

Their goal is to share their expertise with promising projects and advance the cryptocurrency movement as a whole, and to date, Alphabit has successfully brought to market projects like Metal Pay, The Sun Exchange, and Suterusu.

 

To find out more about how Stratis is bringing the next generation of blockchain to businesses, visit their website, or to see how Alphabit is empowering Blockchain businesses to reach new heights, visit their website.

 

Follow Stratis on Twitter – https://twitter.com/stratisplatform 

Join the Stratis Developer Academy – https://academy.stratisplatform.com/ 

Check out Stratis on GitHub – https://github.com/stratisproject 

Read the latest Stratis news – https://www.stratisplatform.com/news/ 

 

Media Contact Details

Contact Name: Bitcoin PR Buzz Press Team

Contact Email: [email protected] 

 

About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today.

 

Stratis Group LTD is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections.

 

The post Alphabit Digital Currency Fund Deploys Initial Investment into Stratis Protocol and Initiates Coverage appeared first on BitcoinNews.com.

1xBit Announces New Live Casino Game CRYPTOMONOPOLY With 1BTC Prize Pool

11th November 2020, Limassol, CyprusLeading crypto casino 1xBit is launching an exciting new live casino tournament based on the famous board game, Monopoly. Much like traditional Monopoly the game involves multiple players who take turns at rolling two six-sided dice to move around the game buying and developing properties, earning money in the process.

Staying Sharp

Already one of the most enjoyable and widely played board games in the world, Monopoly (and board games in general) have also been linked to other health benefits. According to a study by psychologists at the University of Edinburgh people who play games (such as cards and board games) are more likely to stay mentally sharp in later life. Those who regularly played non-digital games scored better on memory and thinking tests, reducing stress, and more.

Big Prize Monopoly Tournament

This November, Evolution Gaming and Live Casino Vivo Gaming invite fans of the game to compete in the captivating atmosphere of the board game Monopoly, and be in the running to win a prize pool of 1BTC ($15,400 at the time of writing). The prize will be shared among 10 places, with the first getting half of the pool (0.5 BTC or 500mBTC). 

1xBit is a highly reputable betting site that has combined both competitiveness and a friendly vibe in this new live casino tournament, CRYPTOMONOPOLY

7BTC Welcome bonus

New users who have just signed up usually receive a Welcome Bonus, also known as a sign-up bonus. 1xBit rewards users who register on the platform with a welcome bonus of up to 7 BTС for their first four deposits. New players can claim a 100% bonus up to 1 BTC for their 1st deposit, a 50% bonus up to 1 BTC for their 2nd deposit, a 100% bonus up to 2 BTC for their 3rd deposit, and a 50% bonus up to 3 BTC for their 4th deposit.

Why Choose 1xBit?

There are now more than 25 cryptocurrencies available on the platform for you to choose from and use to bet. 1xBit is also fully anonymous, so players don’t have to worry about their data getting out there. The company understands the importance of privacy on the internet, so it has streamlined the sign-up process and does not ask anyone to compromise their privacy.

There is also a cashback of 11% for VIP players who want that little bit extra, and in excess of 200 available games, including Live Baccarat, Live Blackjack, Live Jackpot, Live Poker, Live Roulette, Live Sicbo, Live Monopoly, Live Over/Under, Live Deal or no deal, and Live Dice.

Tournament Details

The unique CRYPTOMONOPOLY competition will start on November 11, 2020, at 00:00 GMT and lasts till December 6, 2020, at 23:59 GMT. All fans of gambling can participate in this tournament to win from the prize pool, in addition to having the fun experience of playing their favorite board game live online.

To participate in the exciting upcoming CRYPTOMONOPOLY tournament, sign-up and get all the benefits from 1xBit, as well as stand a chance to win from the tournament prize pool.

For more information about 1xBit, please visithttps://1xbit.com/

Check out the official 1xBit blog for the latest articleshttps://1xbit.com/blog/

 

Media Contact Details

Contact name: Anastasia Semenova

Email: [email protected]

1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

The post 1xBit Announces New Live Casino Game CRYPTOMONOPOLY With 1BTC Prize Pool appeared first on BitcoinNews.com.

Trending Bitcoin News and Market Sentiment, Weekly Edition, 6th November 2020: Bitcoin Poised to Break $16,000 as 2020 Highs Lead to Crypto Buzzing

bitcoin

  • As Trump and Biden stand off on razor’s edge over the 2020 US Presidential Elections, Bitcoin soars to break new highs for the year, setting off a crypto rally
  • Bitcoin fundamentals continue to strengthen while congestion eases off

The world may have had its eyes glued on television sets and Twitter for the latest updates on the US Presidential Elections, with candidates Donald Trump and Joe Biden set to end this campaign as the closest one in recent memory. Currently, Biden stands 6 electoral votes away from claiming victory, with Nevada providing that precise number of votes where the Democratic candidate is leading, with Associated Press currently projecting a victory for him there.

Trump has not given up of course, and his campaign team is already launching legal lawsuits to challenge the voting results and ballot count in several states, but however this ends, it will be the won by the tightest of margins, with the popular vote also intensely close as a country divided by social issues and the coronavirus battles for its political future.

Meanwhile, a Bitcoin rally that sparked over the weekend looks to continue strongly, when a stockmarket rally on Tuesday seemed to take heart in the equal division of political power in the US, prodding Bitcoin into high gear. Since then, it has only broken through the USD 14,000 resistance, setting new highs for the year and threatening on Friday to burst through new USD 16,000 levels last seen in 2017.

The rest of crypto market is taking the cue from Bitcoin, with Ethereum currently trading strongly above USD 440 to eat up orders at USD 420 onwards, and is set to also break its own 2020 high, with many altcoins now enjoying the same benefits. With Friday closing in Europe, price is now USD 15,500 for Bitcoin (CoinDesk) with even Ripple keeping hold of 25 cents.

But are we in a state of FOMO yet? The buzz is certainly there, but apparently, retail investors are not quite rushing in queue to buy Bitcoin just yet, at least, not according to Google, which says that the global search query for “bitcoin price” is only at a value of 10 out of a possible 100. A far cry from the 93 value recorded in December 2017 when Bitcoin last reached these levels. In May this year, when Bitcoin halving reduced the Bitcoin rewards to miners by 50%, the value was almost double today’s at 19, suggesting that individuals might still not yet be occupied with the rise in Bitcoin price.

This does seem at odds with the analysis of others who say that FOMO is coming, though, with the likes of Cointelegraph saying that we haven’t seen these levels since the bull run of 2017. They point to indicators like the Fear and Greed Index which, according to data now is in the extreme greed zone of 90, last seen in June 2019 when the world’s most famous digital asset ploughed through all the stops to fall short at USD 14,000.

Not everyone is saying to buy Bitcoin now of course, with crypto influencers like Mike Novogratz saying that we shouldn’t follow our emotions. He warned:

“The hardest thing to do in a bull market is to sit. My pal Paul Jones calls it the ‘pain of the gain.’ This is a $BTC bull market. Your job is to sit on your hands and lock away your phone.”

But can people really withstand the pain of the gain? Only time can tell, of course, but meanwhile, Bitcoin fundamentals appear strong, with Bitcoin network still processing at high hash rates, at the same time easing out the network congestion that last week pushed Bitcoin to the highest fees it had seen in years.

Although mining difficulty witnesses only its second-largest dip in history three days ago, this was just down from last week’s all-time difficulty high and since then, we are witnessing the SHA256 hashrate increasing a lot once more, spiking to 114 EH/s.

Following Tuesday’s difficulty drop, BTC’s hashrate has increased a great deal, spiking to 114 EH/s soon after.

Be safe, trade safe, and hold on to those sats!

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Trending Bitcoin News and Market Sentiment, Weekly Edition, 6th November 2020: Bitcoin Poised to Break $16,000 as 2020 Highs Lead to Crypto Buzzing appeared first on BitcoinNews.com.

Place Bets on the Upcoming US Presidential Election on 1xBit

Bitcoin Press Release: With the US presidential election taking place on November 3rd, 2020 industry-leading betting site 1xBit is giving the world the chance to bet on the outcome, and win big. 

November 2nd 2020, Limassol, Cyprus – With the U.S presidential election just around the corner, the pressure is mounting on both candidates, sitting president Donald Trump and former Vice President Joe Biden. 

Americans (and the world) consider this to be a particularly important election which will determine how the country will fare for the next four years in the face of COVID-19, which has already severely affected the U.S economy in this year. 

Some polls have been conducted ahead of the coming election, and some reports say that Biden is ahead of Trump, albeit marginally. For instance, according to a BBC report, Biden scored 51% of the votes in one of the polls, while Trump got 42%. 

However if the 2016 election is any guide, polls must be taken with a pinch of salt, and anything can happen in this race. The two candidates are weighed based on their strengths and weaknesses. Trump is also weighed based on his performance in the last four years.

 

Pros and Cons of the Candidates

For the prospective gambler each candidate can be seen to have their own individual pros and cons. Trump voters would argue that their candidate possesses charisma and strong character, but those against Trump could question his handling of the COVID-19 pandemic and raise the issue of increasing national racial unrest since his appointment in 2016. 

Those looking to bet on Joe Biden could argue that he possesses a vast experience in politics, has integrity, and is more compassionate than his counterpart. On the other hand Trump believers would argue that Biden is questionable with expressing his thoughts with clarity, as seen during the presidential debates. Regardless of political views, both candidates are in with a good chance at victory and this one could go down to the wire. 

 

Ongoing Polls and Forecasts

So far, Biden is maintaining the lead in the national presidential polls, which shows that he holds a slender lead across those who have already voted. Biden is also winning in the battleground states, where a large turnout of early voters was recorded. More than 64 million people have already cast their votes ahead of the election, as they vote in a similar manner across states. Currently Biden looks to emerge as the preferred candidate in the national elections.

 

Bet on Politics with 1xBit

These elections resonated stunningly not only in American society, but also throughout the world.  Measuring the success of a candidate by his popularity in betting is common practice in modern politics, and therefore highly regarded crypto betting platform 1xBit is offering everyone to check out their competitive odds, and take part in this massively important race! 

New users get a welcome bonus of up to 7 BTC on sign-up, (which takes only a few minutes) and use more than 20 cryptocurrencies to bet. Anyone can place bets anonymously without revealing any personal details, and winnings can easily be withdrawn to a personal wallet without paying any fee.

As the U.S presidential election day draws closer, anyone can benefit from betting on the outcome on 1xBit. Several bonuses and incentives now await new and existing gamblers on their candidate pick. 

 

For more information about 1xBit, please visithttps://1xbit.com/

Check out the official 1xBit blog for the latest articleshttps://1xbit.com/blog/

 

Media Contact Details

Contact name: Anastasia Semenova

Email: [email protected]

1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

The post Place Bets on the Upcoming US Presidential Election on 1xBit appeared first on BitcoinNews.com.

Trending Bitcoin News and Market Sentiment, Weekly Edition October 30th, 2020: Crypto Swings But Bitcoin Above $13,000, More States Adopt Crypto, Blockchain

bitcoin

  • Bitcoin and crypto markets faced a volatile week but Bitcoin manages to stay above USD 13,000
  • Iran and Cambodia make the news as more governments adopt crypto and blockchain

What a week it has been for Bitcoin! After surfing to new highs in price for 2020, Bitcoin almost broke the USD 14,000 resistance but faced at least two sell-off dips that took it temporarily below USD 13,000, before recovering by the weekend’s close to stay alive above USD 13,000.

The rest of crypto has not fared as well, with Ethereum failing to hold levels above USD 400 and continuing most of Friday struggling to stay afloat past USD 390. Nevertheless, even amid Defi slowdown and Bitcoin network reaching its highest level of congestion since 2017, the mood remains buoyant that crypto markets could hold on and prepare for a fresh rally in the closing months of the year.

On the latter fundamentals, the Bitcoin network is currently experiencing high levels of transaction congestion, with the mean fee per transaction right now reaching about USD 11 (just under 0.009 BTC) according to data analytics firm Glassnode. This is an almost five-fold increase over the past two weeks, accompanying a price jump from USD 11,100 to USD 13,900 or thereabouts.

London broker Bequant told CoinDesk:

“Bitcoin mempool is back in focus in the wake of rising transaction volumes, causing congestion in the network and consequently driving fees higher.”

Basically, this just means that because the transaction queue has become so long, people are paying more to miners so that their transactions are prioritized before others, leading to a fee war that forces people to outbid each other in an attempt to get selected to enter the next block found — which is how Bitcoin transactions are confirmed.

Bitcoiners will be quite pleased, however, as the last time this happened was in 2017 when Bitcoin hit its current all-time high close to USD 20,000 and historically, price rallies do lead to network congestion. Miners dropping out of the network are currently to blame, as hashrate has slid over the same period. Over the last week, the 7-day moving average of Bitcoin’s hashrate has lost about 20% of its hashrate or 26 exahashes per second (EH/s) to 120 EH/s.

All the same, more good news all around for crypto and blockchain as the Iranian central bank makes amendments to national law to allow for Bitcoin, as the cash-strapped Central Bank of Iran looks to alternative currencies to help imports.

The Iran Daily, citing The Islamic Republic News Agency (IRNA), reports that the national cabinet has amended recent legislation on digital assets that now makes it legal for cryptocurrency to be used as a payment for import funding. This doesn’t mean a free for all, as it only means that Bitcoin must still be legally mined and can only be exchanged to fund external imports but it has allowed for Bitcoin miners to directly supply the central bank an authorized limit of Bitcoin, based on how much subsidized electricity the miner uses alongside further guidelines supplied by the Iranian Ministry of Energy.

Bitcoin mining is legal as of 2019 but it is heavily regulated in Iran due to the cheap cost of subsidized energy but the same report suggests that Bitcoin could help Iran circumvent sanctions that restrict the country’s access to the US dollar.

In Southeast Asia, Cambodia has also announced the Bakong, which will be its national blockchain-based platform for digital money transactions. According to local media Dap-News, it is “a payment and money transfer service through banks or microfinance institutions” that an initiative of the National Bank of Cambodia has established under a collaboration with several other national entities.

Cambodian financier PRASAC first invested in Bakong last year in October, before the central bank set a launch as a closed circuit enterprise. The report quoted PRASAC executive vice president Sony Say:

“Bakong is a new and modern payment tool that allows customers to make interbank transactions and bill payments easily, quickly, securely and free of charge.”

Mass adoption full steam ahead, it would seem!

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Trending Bitcoin News and Market Sentiment, Weekly Edition October 30th, 2020: Crypto Swings But Bitcoin Above $13,000, More States Adopt Crypto, Blockchain appeared first on BitcoinNews.com.

Trending Bitcoin News and Market Sentiment, Weekly Edition, 24th October 2020: Bitcoin Extends Rally Above 2020 Highs as PayPal Becomes Latest Crypto Embracer, Bahamas CBDC

bitcoin

  • Bitcoin records a new high above USD 13,000 for the year, stirring hopes of a bullish end to the year
  • PayPal finally allows buying of Bitcoin within its platform, fueling an extended rally for crypto
  • Bahamas launches the first CBDC

What a week it has been! After last week’s stimulus talks and MicroStrategy investment into Bitcoin, yet another old name in money has stepped forward to proclaim its love for Bitcoin in the shape of payment processor PayPal.

For weeks, Bitcoin traders and investors have been so enamored with increasing Bitcoin fundamentals, with adoption in terms of wallet numbers ever on the rise, and hash rate continuing to creep up with all time highs, even as price seemed to be in a sideways motion.

But Monday seemed to have really stirred a beast, with Bitcoin smashin the USD 12,000 levels and not relenting until it stepped up towards and past USD 13,000 on Wednesday. The rest of crypto were not immediately on board, with the likes of ETH actually losing ground on Monday, but by Wednesday had shaken off inhibitions and powered past USD 400 where it hasn’t looked back, and neither has much of the rest of crypto.

Political economists will point to the seemingly unshakeable feeling in the US, where, just weeks away from the next Presidential elections, the Democrats seem to be gaining in power — leading to a lot of sentiment that believes more economic relief is coming in the form fiscal stimulus (read that as money printers go ‘brrr’).

Stock markets in the early week actually did drop off some numbers but Bitcoin moving in the opposite direction also seemed to lend some hope to Bitcon purists that the digital asset had indeed decoupled from traditional markets.

Perhaps what really moved the markets though, was the announcement that UK public listed fintech company Mode had announced a Bitcoin investment — 10% of their total cash, apparently. Their own stocks jumped 9% on the news, but American payment company PayPal took over and hogged the limelight with their own announcement, making good on earlier rumors that it would support trading of crypto on its own platform.

The PayPal announcement was like a shot of adrenaline, pumping Bitcoin prices by 10% in a single day. The prospect of millions of existing users already on PayPal for years all over the world, who will now be able to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash next year, strangely enough, pushed Bitcoin’s market capitalization to exceed that of PayPal itself!

The bullish news led to Galaxy Digital CEO and multi-millionaire Mike Novogratz gushing all over the news on CNBC Squawk Box. He stated:

“I think that’s, in some ways, the shot heard around the world on Wall Street,” Novogratz said in an Oct. 23 interview about PayPal’s recent news. “PayPal has 346 million accounts,” he said, adding: “They’re the 30th biggest bank in the U.S. in deposits and all of a sudden every financial institution says, ‘Wait a minute, what am I doing?’”

Meanwhile, the talks surround central bank digital currencies (CBDC) has not abated but one small jurisdiction, the Bahamas, has gone on ahead and pushed out its own CBDC. Dubbed the ‘Sand Dollar’, the Central Bank of Bahamas announced that the new currency is now available nationwide. Bearing the motto “inclusive, convenient, secure”, the new project seems to begin with an initial rollout phase that will involve players from the private sector — banks and credit unions preparing for personal and enterprise wallets supporting the Sand Dollar for compliance procedured.

These wallets are said to be mobile-first, and are secured by multi-factor authentication on a smartphone. Well, we wish Bahamas good luck, and at least hope the Sand Dollar won’t go the unfortunate way of Venezuela’s Petro.

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Trending Bitcoin News and Market Sentiment, Weekly Edition, 24th October 2020: Bitcoin Extends Rally Above 2020 Highs as PayPal Becomes Latest Crypto Embracer, Bahamas CBDC appeared first on BitcoinNews.com.

Trending Bitcoin News and Market Sentiment, Weekly Edition, 17th October, 2020: $1.7T Global Economy Boost from Blockchain, Nigeria National Adoption, 100 Italian Banks on Blockchain

bitcoin

  • PwC estimates that the blockchain industry will provide a USD 1.7 trillion boost by 2030
  • Nigeria preps move for national blockchain adoption
  • 100 Italian banks are already on blockchain

As Bitcoin and Ether shrug off the early week malaise, and take new aims at making new records after breaking 2-month highs, we see plenty of positive news for the overall blockchain industry that will make proponents smile, and Bitcoin critics wonder if they’re taking 2020 the wrong way.

First, we see a new report from a Big Four auditor, PricewaterhouseCoopers (PwC), who says that blockchain derived economic gains will boost the global economy over the next decade to the tune of USD 1.7 trillion, with the Asian continent enjoying the most economic benefit.

In fact, by 2025, economists at the famed auditing firm believe that a tipping point could be observed by mainstream adoption as blockchain apps contribute to over 1% of the world’s total GDP. China, followed by India and Japan, are also seen as the drivers of mass adoption, with the world’s second largest economy standing to gain a net benefit of USD 440 billion, in front of the US with USd 407 billion.

Europe will generally see the same benefits as Japan and India, with Germany, France and the United Kingdom each set to gain about USD 50 billion.

Product tracking and tracing is where the big bucks are, with just shy of USD 1 trillion set to be generated by that sector alone. Financial services and payments make up USD 433 billion, identity security and credentials make USD 224 billion, contracts and dispute resolution will generate USD 73 billion, while customer engagement and reward programs contribute the remainder of USD 54 billion.

Identify and credential management will benefit three sectors the most with some USD 574 billion more of value generated in public administration, education and health care. According to global blockchain leader at PwC Steve Davies, the global pandemic has, in fact, accelerated adoption:

“Serious activity around blockchain is cutting through every industry across the globe right now.”

While the big economies have been named, developing ones are also looking to prep themselves for blockchain adoption. Nigeria, for example, is reportedly on the bring of putting forth a “Digital Nigeria” plan that will see a nationwide adoption of blockchain and crypto.

A draft of the strategy framework was published by Technology Times, which names the nation’s Federatl Ministry of Communications and Digital Economy as a partner with the National Information Technology Development Agency (NITDA) in this national blockchain adoption endeavor. A blockchain engineer who helped work on the draft has apparently confirmed this ‘National Blockchain Adoption Strategy’ which is an extension of current President Muhammadu Buhari’s vision of the diversification of the Nigerian economy. It is a stark contrast to the existing laws in Nigeria, which has banned the use of digital assets as money.

The political situation in Nigeria is on a knife’s edge right now, with protests ongoing against police brutality, with many calling for the dissolution of a special anti-robbery squad dubbed SARS. Buhari has been criticized for renaming SARS, instead of disbanding it, and protesting groups have been said to use Bitcoin to raise funds in an attempt to circumvent bans on these activities.

Meanwhile, banks, normally seen as the traditional foes of Bitcoin, seem to be getting on with the blockchain program, at least in Italy. There, 42 new Italian banks have joined the national banking blockchain network Spunta, bringing the total to 100 banks now using R3’s Corda solution for blockchain banking.

The Italian Banking Association (ABI) said early this week that this marked a key milestone in the Spunta group of banks who sought to increase interbank data transfer and settlement speeds in March 2020. The move had seen 55 banks joining in just two months, and now Spunta has already processed 204 million transactions, on track to surpass 350 financial transactions by the end of 2020.

Currently, interbank reconciliation is a pain as they all have to agree with each other on exactly how much every bank owes others. The process normally takes weeks to complete as the data is actually still stored on very old systems that takes literally days to spit out. But with a blockchain-based verified interbank transfer log such as that used by Spunta not dissimilar to that of Bitcoin, the same processing task can be completed within a day.

Blockchain or Bitcoin, it’s going to be one big exciting ride.

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Unsplash

The post Trending Bitcoin News and Market Sentiment, Weekly Edition, 17th October, 2020: $1.7T Global Economy Boost from Blockchain, Nigeria National Adoption, 100 Italian Banks on Blockchain appeared first on BitcoinNews.com.

Trending Bitcoin News and Market Sentiment, Weekly Edition October 10th, 2020: Bitcoin Brushes Past $11,000 as Twitter CEO’s $50M Bitcoin Buy Follows Positive Comments on Blockchain

bitcoin

  • Bitcoin pushes past USD 11,000 on the back of comments made by Jack Dorsey about decentralizing Twitter
  • Dorsey’s Square also purchased USD 50 million of Bitcoin, the latest of corporate Bitcoin buys.

After a slump in the early week, Bitcoin now trades into the weekend having finally broken past USD 11,000 again.

Bitcoin markets took a slight dip earlier in the week when Donald Trump made an announcement that said he would delay further stimulus measures for the United States until after the November elections, dampening spirits and leading to stock markets sell offs, that then translated into a dumping on crypto assets, as Ethereum took a dive down to below USD 330 and Bitcoin tested support levels below USD 10,500.

However, Twitter and Square CEO Jack Dorsey brought back the entire crypto market into a rally yesterday when he made a USD 50 million investment into Bitcoin, as futures demands also took a big uptake.

Dorsey is a known Bitcoiner of course, so his move will not have come as a surprise to many, given that his own Square app is one of the most popular way for Americans to get into crypto and Bitcoin. However, the certainty with which he plumped USD 50 million down will surely have raised a lot of hopes and expectations from short and medium term speculators that there is more yet to come, and that even big money had hardly lost their interest in cryptocurrency.

Further, it was only last week where Dorsey was at the Oslo Freedom Forum 2020 when he insisted that Bitcoin and blockchain will help to shape the future of Twitter through a decentralized internet standard. He said:

“A lot of our value in the past was around content hosting. So we would host the tweets, the images, and videos… Blockchain and bitcoin point to a future, and point to a world, where content exists forever, where it’s permanent, where it doesn’t go away, where it exists forever on every single node that’s connected to it.”

He has already put together a team that will hire an initial five members to work as BlueSky, building such a protocol to get Twitter to transition to a decentralized platform.

Commentators viewing this “trusted system in a distrusted environment” will remember that it was only three months ago when a massive hack occurred on Twitter’s platform, in which hackers managed to hijack dozens of high-profile accounts in an effort to scam followers. Dorsey admitted:

“I fundamentally believe that security is something that can never be perfected. It’s a constant race. It’s a constant push to be ten steps ahead of hackers.”

Most of the internet is already on his side, and his Twitter accounts are filled with hundreds of responses, the majority of which are positive. It appears that he will have many who will support his revolutionary conceptualization of open and decentralized social media — but whether or not this will seek to fully transform Twitter as a mere content hoster to that of open access proponent remains to be seen.

But sentiment is certainly on the rise after Dorsey’s big move on Bitcoin. Binance CEO Changpeng Zhao himself now put a teasing question out asking “Who’s going to be the 3rd public company to hold #bitcoin in treasury?”

Public comments have thrown out all kinds of names from Tesla to Berkshire Hathaway (belonging to anti-Bitcoiner Warren Buffett) but he followed on later than assuming Dorsey had to also get buy in from his board, suggested that the Twitter CEO would have had to educate them first.

Quantum Economics founder Mati Greenspan wrote to his subscribers yesterday: “It’s a bit surreal to see gigantic corporate entities now going knee-deep in bitcoin.” 

Apparently, a spreadsheet has now emerged online at BitcoinTreasuries that looks like it will help to track purchases of Bitcoin by corporations. MicroStrategy is top dog right now with over 38,000 Bitcoins worth some USD 425 million but Cypherpunk Holdings seems to be not far behind in fifth place with 263 Bitcoins worth USD 2.7 million.

Will this trigger a wave of corporate Bitcoin purchases? Time will certainly tell.

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

The post Trending Bitcoin News and Market Sentiment, Weekly Edition October 10th, 2020: Bitcoin Brushes Past $11,000 as Twitter CEO’s $50M Bitcoin Buy Follows Positive Comments on Blockchain appeared first on BitcoinNews.com.