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July 2014

Chinese Cryptocurrency is Not Coming Anytime Soon, Says Reports

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Chinese cryptocurrency

Chinese cryptocurrency

Ever since Bitcoin and other cryptocurrencies became far more mainstream following the remarkable rally in 2017, there has been a lot of talk about large institutions getting into this space. For instance, banking giant JP Morgan came up with its own digital coin last year. However, in 2019, a bigger piece of news came to the fore.

It emerged that the Chinese central bank, the People’s Bank of China, was going to launch its own digital asset. It goes without saying that this is a major development in the history of cryptocurrencies, and, naturally, there is a lot of excitement about the Chinese government getting into space in such a big way.

Ease of Speculation

Yesterday, it emerged that the Chinese central bank was readying to launch the cryptocurrency in November this year. However, the speculation was dismissed by the Chinese newspaper Global Times, which is well known for being close to the government. The newspaper sent out a tweet through its official Twitter account and stated, “Refuting media reports of launching a state-backed cryptocurrency in the coming months, #China’s central bank termed them as ‘inaccurate speculation.’” The announcement put cold water on all the speculation that has gone on regarding the cryptocurrency over the recent weeks.

>> ECB Questions Stablecoin Stability Amidst Regulatory Uncertainties

Throughout the course of August, speculation has been rife that Chinese cryptocurrency was going to be launched at some point in November. At the start of August, the People’s Bank of China stated that the development of the digital currency had been accelerated.

Yesterday, several reports emerged in which it was stated that the central bank was going to distribute the coins among China’s biggest financial institutions in order to ensure that it is distributed efficiently across the vast population. Although it is true that no date has yet been given regarding the launch, it is fairly clear that the whole thing has probably been deferred for now.

Featured image: DepositPhotos © Alan

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How Accepting Cryptocurrency Could Save Businesses Money

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accepting cryptocurrency

accepting cryptocurrency

If you’re like many, you’ve probably heard a lot about cryptocurrency in the past few years. It grows in popularity every day, and for businesses, it could save them money. When deciding if cryptocurrency will work for your business, you should also consider the pros and cons. For some companies, the integration will work well. For others, though, it may not yet be a wise investment.

What is Cryptocurrency?

Cryptocurrency is an internet-based form of money that uses blockchain technology and cryptographic properties to facilitate a transaction. It is a decentralized platform, meaning it has no authoritative figures, banks, or institutions that control the information and money transfers. You’re essentially in charge of your own funds.

The two most common types of cryptocurrency are Bitcoin and Ethereum, though there are many more lesser-known ones out there. Each uses blockchain technology for conducting transactions and maintaining security. Each block represents a transaction that cryptography connects in the digital realm. The blocks hold information like timestamps and authentication processes.

The transaction process is important because the blockchain ensures a certain amount of security. Though this technology makes it difficult for cybercriminals to steal or harm your funds, these incidents can still occur. If you’re considering cryptocurrency for your business, you’ll want to consider how much money you can make, retain, and use for purchases through crypto funds. You’ll also want to research the security level of your chosen platform.

Benefits of Accepting Cryptocurrency

A business will see many benefits when accepting cryptocurrency. It’s a newer form of payment that can add dimension to the services and products a seller provides.

Cryptocurrency’s decentralized platform appeals to many. Banks and institutions can often be difficult to work with. If you’d like to transfer your money or start an investment account, sometimes a bank will advise against it or encourage loans. With crypto funds, you can control everything yourself. This dynamic gives you more agency to invest and sell the way you want to.

Cryptocurrency also makes it easier for groups of people to pay together in one payment. Crowd-sourced payments are necessary at times, especially for joint business deals. At some other times, customers will simply want to split purchases. Cryptocurrency makes that easy through its various platforms. Plus, you’ll see all this activity in a public ledger, which ensures more security.

While these benefits can be financially helpful, several other advantages can directly save money for businesses.

>> 6 Types of Crypto Assets You Need to Know About

How It Can Save Money

For starters, transferring money with cryptocurrency is cheaper. Many payment services or banks may have fees that come with moving around your funds. Often, the more money you want to move, the higher the fee. When using cryptocurrency platforms, though, these fees are minuscule, which ultimately adds up so you can save.

Similarly, banks allow for chargebacks after business transactions occur. A chargeback lets a bank reverse a transaction, taking the money from a business and giving it back to the consumer. While these actions are sometimes necessary, it can be a significant loss of revenue for certain companies. Cryptocurrency doesn’t have chargebacks—all transactions are final. This dynamic lets the money stay with the business.

If you do choose to work with cryptocurrency, you can then expand your customer base. Among the demographics, millennials invest in cryptocurrency more than any other generation. As a business incorporates crypto payments, it will draw in more of this demographic. You can expect to see tech-savvy individuals supporting the company, too.

Cryptocurrency also makes international sales easier. There’s no intermediary, and you don’t need to adhere to conversions. Cryptocurrency is universal and can facilitate investments across borders.

Due to these money-saving benefits, the businesses that stand to gain the most from integrating cryptocurrency are bigger companies. Any business in the tech industry should start thinking about incorporating cryptocurrency, too, if they haven’t already. Progress remains frequent and fast in both of these areas—using cryptocurrency makes for a wise investment.

Cons of Accepting Cryptocurrency

Though there are many helpful ways to save money and grow business with cryptocurrency, there are some cons, too.

The most common drawback that people point to is the crypto market’s volatility. Cryptocurrency values can skyrocket in one instant but drop in the next. For example, Bitcoin was worth over $15,000 at the end of 2017 but decreased by over half about a month later. This kind of fluctuation can hurt businesses and the value of their products and services.

Regarding transactions, cryptocurrency doesn’t have the range that regular money does. It can’t collect interest, and only select locations will accept it. With fewer transaction options, businesses might not see growth when investing.

Security is also a touchy subject. You may occasionally hear about security issues within the crypto world, which can deter many people. Though the lack of centralization can be a plus, here it’s a drawback. If you lose your funds or a cybercriminal steals them, you likely won’t get that money back. If you lose a lot of money, this loss can devastate your business.

The businesses that should not accept cryptocurrency are newer, smaller enterprises. Any company that can’t afford to lose any funds should wait until it has developed enough to have a strong foundation. Business owners can also wait until cryptocurrencies become less volatile, but that could be a while.

Should You Invest?

Ultimately, investing will be up to the business owner. If the risks outweigh the benefits, then it might not be the time to invest. However, if the pros are greater than the cons, it could be a money-saving option that will grow your enterprise.

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

Featured image: DepositPhotos © nicholashan

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LG Working on a Blockchain Phone to Compete with Samsung

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blockchain phone

blockchain phone

A blockchain phone is not something many would have thought of even a few years ago. Even around three years ago when the remarkable cryptocurrency bull run had just started off, it was still looked upon as a novelty, and not many had a lot of ideas about what it could eventually become. At the time it was unthinkable that a really strong ecosystem was going to grow that could make cryptocurrency ownership and trading far easier for people.

Blockchain Phone Market Heats Up

That being said, it has actually come to pass that the crypto ecosystem is getting stronger with every passing month. Last week, the Korean electronics giant Samsung announced that it is going to come up with its own crypto supporting phone.

However, its fierce competitor and fellow Korean electronics giant, LG, was not going to be left behind. It has now emerged in the South Korean press that LG is currently in discussions with DApp, a blockchain application developer and is keen to introduce its own brand of blockchain phone. It is a step that LG had to take in order to ensure that it does not fall behind Samsung, which is all set to include blockchain capabilities in the Galaxy Note 10 model that is going to be launched soon.

>> Ripple (XRP): $26 Million Moved to Co-Founder Jed McCaleb

This is an entirely new development in the world of smartphones and one that could well open the floodgates for other companies to follow suit. The Samsung blockchain phone is going to be equipped with its own crypto wallet, and that is an interesting feature, considering the fact that many crypto investors do not like to hold their tokens on exchanges.

Samsung is going to launch this particular phone in the South Korean market initially and then it will go from there. LG’s plans with regards to the matter are currently unknown, and the reports did not indicate whether it is going to launch a blockchain phone at a global level.

Featured image: DepositPhotos © perig76

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Ripple CEO is Working Hard on XRP’s Success

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Ripple

Ripple

XRP, the world’s third-biggest cryptocurrency by market capitalization, has not had a great year so far and Ripple has come under a fair share of fire over the state of affairs. The San Francisco-based startup holds the highest number of XRP tokens and has been responsible for developing greater awareness about the cryptocurrency.

Ripple’s CEO Makes Bullish Note

However, the poor performance this year has been blamed on the company’s practice of selling off large chunks of XRP, and many believe that this practice has depressed the price of the token. Even though the wider crypto sector enjoyed a rally, XRP languished, and so, Ripple’s CEO Brad Garlinghouse has decided to address these allegations yet again.

Over the past few quarters, the scale at which XRP has been sold has increased steadily, and that led to a lot of heartburn in the media, as well as among investors. At the time, Garlinghouse had stated that the XRP is being given away in order to fund more crypto projects. However, that did not appease the Ripple community, and recently some had threatened that they will instead try to go for an XRP hard fork.

>> Santander Launches First Ever End-to-End Bond on Ethereum Blockchain

In an interview yesterday with CNN, Garlinghouse said that since Ripple is the largest holder of XRP, it has the biggest interest in the ultimate rise of the cryptocurrency.

Garlinghouse was also questioned about the allegations of having ‘dumped’ the company’s holdings in the market at an alarming rate. However, Ripple’s CEO explained that a healthier XRP ecosystem is in everyone’s best interests, and hence, the company would never resort to such tactics.

Earlier on this month, Garlinghouse had taken to Twitter in order to dispel these allegations and stated that the rate of XRP sales had in fact gone down from one quarter to the next. That being said, investors are surely going to be more interested in Ripple and its actions going forward.

Featured image: DepositPhotos © rastudio

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