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February 2012

Ripple Startup Launches XRPayments App

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XRPayments

XRPayments

It’s no secret Ripple has been looking for more mainstream adoption. And, based on XRPL Labs’ recent announcement, it appears XRP is on its way to achieving just that. News surfaced this week that XRPL Labs, a Ripple-backed startup, has rolled out a new payments app called XRPayments.

Here’s why the app is important.

XRPayments App Available on iOS and Android

The launch of the app makes considerable sense. Not just because Ripple itself is trying to bring more attention to XRP, though. XRPL Labs has also been trying for more use and adoption of the token. And by turning compatible devices into PoS systems, which allows retailers to accept the digital asset in stores, this is sure to bring more attention to XRP.

The app is available on iOS through the App Store. It is also available on Android via the Google Play Store.

Wietse Wind, the co-founder of the Ripple-backed startup, first tweeted the news on April 18, writing: “Our XRPayments app was just accepted by Google and Apple. You can get the app now from the Apple iOS or Google Play store, and start accepting $XRP for payments in your physical store!”

More Good News for Ripple

On top of the launch of XRPayments, Ripple enthusiasts have been met with even more good news. Last week, it was announced that Ripple was included on the Forbes Blockchain 50 list.

>> Moon Payment Means You Can Shop on Amazon Using Bitcoin!

Ripple: Here to Stay?

Some people are always going to remain bearish on the topic of cryptocurrencies. While justified at times, XRP and Ripple have been doing reasonably well in 2019, and the launch of XRPayments indicates there are more good things coming not only to the company but the crypto community as well.

What do you think, though? Do you think XRPayments will change the game for retail owners? Let us know in the comments below.

Featured image: DepositPhotos © adriantoday

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Why Goldman Sachs is Wrong About Bitcoin

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Goldman Sachs

Goldman Sachs

Bitcoin is one of the most popular cryptocurrencies out there, and it continues growing each year. The digital currency world has become popular for online transactions and enhanced security. However, some remain skeptical. Goldman Sachs recently held a briefing with investors where leaders discussed the crypto world with clients. The results, though, were not what crypto-enthusiasts were hoping for.

As new tech advances the crypto world, some believe Goldman Sachs is falling behind due to its rejection of Bitcoin. On the other hand, the bank remains firm in its decision. It’s unclear if things will change in the future, but the bank listed reasons for its apprehension—and criticism followed.

The Initial Discussion

Last week, news started circulating that leaders from Goldman Sachs were going to discuss cryptocurrency in a briefing with investors and clients. The initial news sparked interest among followers of both the bank and Bitcoin—the primary focus of cryptocurrency.

Shortly after the briefing, however, documents leaked online that showed the coverage of Bitcoin. Crypto-proponents were disappointed to see the bank had no interest in the token or plans to invest or encourage clients to invest.

Goldman Sachs listed several reasons for its hesitation and disinterest. First, the bank stated that Bitcoin doesn’t generate enough cash flow in the same way that bonds do. The other primary claim is that the cryptocurrency does not foster enough global economic growth to be an asset. Goldman Sachs also listed the volatility, lack of hedging against inflation, and potential insecurity as detriments.

Illicit activity is a major concern from the bank. The general public has heard cases of cryptocurrency fostering ransomware breaches, money laundering, and illegal darknet use. With these reasons in the leaked documents, the bank didn’t comment further.

The lack of investments and interest from Goldman Sachs stirred controversy, especially on Twitter. Users and followers were unhappy with this decision—the consensus being that the bank is moving in the wrong direction of progress.

>> Bitcoin Price Hits Two-Week Low, Garnering Interest from Small Investors

The Mistake of Disinterest

Since cryptocurrency, and especially Bitcoin, is taking off, the criticism towards Goldman Sachs isn’t surprising. The banking group typically guides clients towards any investments that will fare well in the market. Since Bitcoin is a high-performing investment, criticism of its decision has poured in.

As one of the biggest banking establishments in history, Goldman Sachs needs to stay current with new opportunities. Since technology is driving societies across the world within the digital realm, the bank should follow that movement.

Cryptocurrency has emerged as one of the most innovative outcomes of the technological transition. Many now feel that Goldman Sachs’ blind eye will end negatively for its clients. As the market for Bitcoin expands and adapts, Goldman Sachs’ clients could be missing out on an important asset that drives profits upward.

In response to the comments and documents from the briefing, many individuals and critics are calling the views outdated. Others are going so far as to call the statements hypocritical—in particular, in terms of the cybersecurity and cybercrime comments. Recently, Goldman Sachs found itself in hot water with a money-laundering scandal involving $6 billion. Critics pointed out the double standard of the bank’s distrust of Bitcoin with this example.

Ultimately, though, some followers saw this rejection coming. Others are still making sense of it. Modernization involves the digital realm—dismissing it is a mistake.

Bitcoin’s Performance

Like most cryptocurrency, Bitcoin has an extremely volatile market. It fluctuates daily and can drop or skyrocket based on investments and interest. However, despite these changes, it continues growing as a platform. More businesses and individuals are using Bitcoin as a means of transactions—it’s essentially its own currency.

Those who invest in or follow Bitcoin will want to keep an eye on its patterns. Its resilience can influence its price increases—meaning it can bounce back faster than it drops. When it does, the price can reach new heights. Goldman Sachs will miss out on this opportunity, as will its clients.

Room for Change

Though Goldman Sachs’ decision doesn’t appear to be in line with more modern approaches, the bank won’t likely be making changes anytime soon. However, if Bitcoin’s performance continues showing resilience with more investments and uses, the bank could eventually change its mind. With the interest of Goldman Sachs, Bitcoin—and the thousands of other cryptocurrencies—could have more room for growth than ever before.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: DepositPhotos © nevarpp

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Facebook in Discussions with CFTC but Uncertainties Continue

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GlobalCoin

GlobalCoin

Some weeks back, Facebook indicated that it was launching a cryptocurrency payment service called Project Libra. The company has had a series of talks with various e-commerce companies as well as financial firms seeking support for the payment service. The latest discussions involve the US Commodity and Futures Trading Commission regarding Facebook’s stable coin initiative: GlobalCoin.

CFTC Indicates Interest

The Financial Times reported on Sunday that Christopher Giancarlo, the chairman of CFTC, had confirmed that talks regarding the support for the stablecoin were in early stages. He added that the goal of the discussions is to confirm if the cryptocurrency will fall under the regulatory remit of CFTC. The chairman said that CFTC was interested in understanding the stablecoin better and that action could only be taken when there is an application. For now, however, no application has been made for GlobalCoin.

This news comes after the company was in discussions with US and UK government officials regarding the regulatory concerns and opportunities of Facebook’s GlobalCoin. Project Libra’s objective is to permit Facebook users across the world to transfer money.

>> BitMex Ventures Invests in PDAX, Increasing Activity in the Philippines

Too Early to Tell

Since the CFTC and Facebook are still in discussions as CFTC tries to understand the coin, the chairman indicated that it was still early to ascertain the possibility of GlobalCoin falling under the CFTC remit. However, Giancarlo indicated that if the stablecoin will get backing of the US dollar, then the possibility of it being tied to derivatives will be minimal. He further indicated that the main compliance issue by regulators will be how the company will implement and adhere to anti-money laundering and KYC measures.

Some people believe that Facebook’s GlobalCoin will be a game changer in the crypto industry, while some hold that it is such an expensive feat that won’t go far.

Featured image: DepositPhotos © bernardojbp

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Will the Real Nakamoto Please Stand Up?

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Bitcoin SV

Bitcoin SV

One of the most interesting events in the crypto sphere in the New Year has been the strong gains that have been generated by cryptocurrencies like Bitcoin SV (BSV). One pattern that can be discerned from the recent gains in BSV is the fact that it followed one of the two conscientious Bitcoin hard forks.

While most of the other cryptocurrencies traded flat, BSV managed to gain as much as 45% over the course of the past 24 hours. It goes without saying that it has given rise to a lot of speculation with regards to the price action.

Key Drivers

One of the most popular theories that have been put forward by market watchers is that Craig Wright may have gotten hold of the final set of documents that could prove that he was indeed the founder of Bitcoin, Satoshi Nakamoto. The documents in question are known as the Tulip Trust documents, and it has been claimed that Wright is going to submit those documents next week at a court hearing. The court hearing is related to the case between Wright and the late David Kleiman’s estate. Kleiman used to be Wright’s business partner, and this speculation has resulted in a major rally in Bitcoin SV.

This is a crucial development in the case and is particularly important since the judge gave Wright until February 3 to produce the documents. In a court order on January 10, the judge explained, “Given the Defendant’s many inconsistencies and misstatements, the Court questions whether it is remotely plausible that the mysterious ‘bonded courier’ is going to arrive.”

>> Telegram Hit By New SEC Evidence Showing Token Trading After ICO

The possibility of Wright getting his hands on these documents has created a lot of speculation, and much of it is being played out in the Bitcoin SV price action. It remains to be seen what goes on during the court proceedings next week.

Bitcoin SV has soared over 145% since the beginning of the new year.

Featured image: DepositPhotos © info@crashmedia.fi

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