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October 2013

Libra Testnet Surpasses 50,000 Transactions Since September Launch

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Libra

Libra

The Libra testnet has logged over 51,000 transactions since it was reset in September, with 34 projects having been developed on the network according to an update released by The Libra Association last week.

In a blog post titled “Five months and growing strong: the Libra project,” the project’s lead developer, Michael Engle, said, “It’s been just five months since we announced the Libra project on June 18, 2019, and nearly a month since the Association charter was signed by its members in Geneva. We’ve been working diligently to build the global community of developers and the technical infrastructure needed to support it.”

Of the 34 projects developed in the seven weeks since launch, 10 of those are wallets and a further 11 are blockchain explorers. Libra has emphasized the importance of involving the extended community, which supports the planned digital currency and recently held a Core Summit with Association technical team members. Topics covered at that summit included an overview of Libra core and its roadmap as well as how to run a node and build a wallet. From November 26, the project will launch a new streamlined process for submitting code and documentation.

The technical milestone is welcome news for proponents of the project, which has received substantial scrutiny and regulatory pushback from governments and regulators around the world, casting doubt as to whether the digital coin will ever actually come to fruition. The Libra Association, the nonprofit body overseeing the project, was launched last month after 21 members signed the association’s charter.

>> Tether to Launch Gold-Backed Stablecoin: What to Expect

The launch came despite several high profile defections from the project, with Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA) all jumping ship just a week before Facebook (NASDAQ:FB) CEO Mark Zuckerberg was due to defend his plans for Libra before a congressional committee hearing. Zuckerberg said that Libra will not hit the market without US approval, with the launch of the stablecoin delayed until mid-2020 at the earliest.

Featured Image: DepositPhotos © BiancoBlue

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Breaking Down the Barrier Between Fiat and Crypto

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fiat

fiat

It can be tough to get started with cryptocurrency because, at first glance, it does not seem easy to buy coins and tokens. The big exchanges such as OKex and KuCoin focus almost exclusively on crypto-to-crypto purchases, and while that is certainly useful, it does not help people who are just starting. Additionally, once people find a reliable fiat-to-crypto service, they then likely have to transfer their coins to another crypto exclusive exchange if they even want to consider buying some of the lesser-known altcoins. Every crypto fan has likely gone through this process sometime in the past, so they probably all understand how off-putting it can be for beginners. Luckily, there are companies that are trying to solve this problem.

Crypto Banking Services

In the last few years, companies have been coming out that offer cryptocurrency and banking solutions. Over the past year or so we’ve seen the likes of Wirex, N26, Atronocom, and Revolut come to fore and really push the boundaries when it comes to how we see banking services. Users are usually given access to a crypto banking app on their phone, which lets them carry out a number of tasks, including being able to trade cryptocurrency in many cases.

Once released, these bank accounts will be fully functional, complete with IBAN certification. Users can even opt for a debit card linked directly to them. This is the type of progress that is needed within the industry as it essentially makes crypto more beginner-friendly.

>> Regulators Discuss Cryptocurrency Legislation Ahead of G20 Summit

Binance’s Fiat Option

Binance may largely be a crypto-to-crypto exchange, but in January it launched a fiat option for the pound and euro. This is designed to make the process of going from fiat to obscure crypto easier than ever. This is something that many of the older crypto fans have been anticipating for years, largely because they understand how complex and tedious it is to usually buy smaller cryptocurrencies with fiat. Hopefully, Binance soon expands the number of fiat options it has available.

With companies like those mentioned above focusing on easing the crypto process, it won’t be long before we see the entire industry try and do the same. As the years go on, getting into crypto has become less and less time-consuming. There is clearly still a big barrier between crypto and fiat, but that barrier is getting increasingly smaller.

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

Featured image: DepositPhotos © SectoR_2010

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Ripple (XRP) Records 5-Month High: Trading Volumes Continue Increasing

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Ripple

Ripple

When Ripple (XRP) was created, the developers had in mind a platform that could support financial and banking institutions. Almost a decade later, the company has started to see success, and although it’s not quite at a rate that was expected, there is some visible progress.

Ripple Growing Relationship with Institutions

The company has already established an excellent working relationship with a number of central banks such as the Saudi Arabia Monetary Authority, the central bank of Saudi Arabia. According to former Chief Market Strategist Cory Johnson, the company also has an open communication relationship with the White House.

The World Bank and the IMF have lauded the efforts of Ripple in transforming livelihoods. The objective is building liquidity, and the transfer of funds in Web 3.0 will be easier if firms and people were in a position to transfer funds instantly. Ripple (XRP) enthusiasts believe that through XRP’s liquidity tool, xRapid, a facilitator can make it happen.

>> Bitcoin Acceptance Growing: Microsoft Excel Adds Bitcoin Symbol

XRP Jumps 25% in a Week

Ripple (XRP) is one of the top altcoin movers this week, with a gain of 25% in just one week. Although there is a ceiling of about $0.46 to $0.48, bulls are optimistic that the solid march will continue. At the time of writing, XRP is trading up by 4% at $0.465. Ripple has a market capitalization of $19.54 billion currently.

Although conservative investors are waiting for a breakout above the highs set on May 16, there is nonetheless a window for aggressive investors to ramp up in the near future with possible price targets expected to range between $0.60 and $0.80. Trading volumes have surged in the last six days from 19 million to around 59 million, and because of the bullish trend, any break from the May high could see volumes hit 187 million.

What do you think?

Featured image: DepositPhotos © adriantoday

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John McAfee Reiterates His $1 Million by 2020 BTC Price Prediction

by
VanEck Bitcoin ETF

John McAfee

In a rather haughty Tweet posted earlier today, American crypto enthusiast John McAfee wrote that he was “laughing his f—— ass off” at the concern over Bitcoin’s falling price this week.

The entrepreneur went even further and reiterated his prediction that Bitcoin would reach $1 million by 2020.

What has him so bullish?

John McAfee Predicts Bitcoin $1 Million by 2020

Bitcoin price has fluctuated wildly in recent weeks. Unable to breach the $14,000 mark, Bitcoin topped out at approximately $13,650 and fell back below $10,000 at the end of June. Then last week, a similar bull run happened again, only this time, Bitcoin reached approximately $13,050 before declining.

Now, as the coin trades for $10,557 USD, the market is showing concern for the coin’s future—the sentiment is notably bearish.

However, McAfee is laughing it off. His Twitter post from this morning reads as follows:

“Bitcoin is at the mid 10’s and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It’s rising drastically. I’m still positive about my $1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more.”

The notorious entrepreneur has a point. Yes, Bitcoin has lost around 9% on the week; however, on the month, it is trading up 23%, and in the last three months, it has made a gain of over 100%.

And the bullish sentiment doesn’t stop there. John McAfee recently predicted that in only ten year’s time, “there’ll be no fiat anywhere in the world […] everything will be cryptocurrency.”

>> Tether (USDT) Accidentally Creates $5 Billion in Crypto

John McAfee for President?

McAfee is currently in exile in Cuba for allegedly evading US income tax charges. He is at the same time coordinating his second campaign for the American presidency.

Recently, he stirred the market when he said he would reveal who Satoshi Nakamoto is. However, he reneged on this when noting that the ensuing controversy could damage his efforts to fight extradition to the US.

Are you as bullish on Bitcoin as McAfee? Let us know your thoughts!

Featured image: DepositPhotos © nevarpp

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