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November 2020

Telegram’s 300 Million Users May Be Able to Trade Cryptocurrency

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Telegram

Telegram

Crypto bull runs often result in developments that often seem a bit farfetched, but at the end of the day, almost everyone wants to cash in on the phenomenon. It happened in 2017, and it is happening once against in 2019 as Bitcoin led the massive crypto surge in the first half of the year.

Naturally, some of the world’s biggest tech companies are now getting an interest in Bitcoin as well as in the wider crypto ecosystem. It has now emerged that messaging platform Telegram, which is best known for providing complete privacy to its users, is going to introduce crypto trading.

Big News

According to reports, the messaging app is going to provide a crypto trading facility by way of Bitcoin and Button Wallet, the company that is involved in providing crypto wallets. It is important to note that Telegram has a massive user base of around 300 million, and if the company can leverage that user base, then the whole thing could turn into a success. The Chief Executive of Button Wallet, Alex Safonov, stated that this initiative will help in the process of mass adoption of cryptocurrencies, particularly as people do not need to use fiat money for trading purposes.

>> Blockchain.com Partnership with Payment Processor BitPay

The whole thing is simple and should not be difficult for the average Telegram user to pick up. The user needs to activate the Telegram Open Network wallet, which is powered by Button Wallet, and will then be provided with 6.6 testnet grams to use in the account. It is important to note that Button Wallet supports all the major cryptos, including Ethereum, Bitcoin, and Litecoin. Hence, a user will be able to transfer such coins into their new wallet and commence trading with other users on the platform. That being said, it remains to be seen how many users will actually use it once it is launched.

Featured image: DepositPhotos © albertyurolaits

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Chicago Mayor Believes Crypto Adoption is “Inevitable”

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crypto adoption

crypto adoption

Cryptocurrency received an endorsement from Chicago Mayor Rahm Emanuel when he stated that wide-scale crypto adoption is “inevitable” at a FinTech meeting in his city earlier this week.

The chief of staff for former US President Barack Obama said that while he is no expert in crypto technology, he believes digital assets could help financially unstable countries with their economic recovery.

The politician thinks that “an alternative way of currency dealing with the debt markets is going to happen” at some point in the future.

“One day, somebody’s going to figure out—whether that’s Argentina, ten years from now, five years from now—how to use cryptocurrencies to stay alive when their [sic] facing a financial crisis, and then you’re going to find out that this moment has arrived,” Emanuel said of crypto adoption.

Countries like Venezuela have already turned to cryptocurrency in an attempt to circumvent US-led sanctions, attract investment and bring the country back from the brink of full-blown default.

Crypto Adoption: Cryptocurrency Here to Stay

Despite crypto being a highly volatile market, the Chicago mayor isn’t the only one that believes the currency is here to stay. In fact, some believe cryptocurrency could replace fiat currency as early as 2030.

Former IBM engineer Thomas Frey said at a recent event that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”

According to a recent survey led by researchers at the Neustar International Security Council, 80% of businesses are interested in using cryptocurrency for transactions. What’s more, 48% of the survey respondents said that the use of cryptocurrency could be a way for their businesses to generate income by delivering increased value.

Crypto Adoption: Big Companies Moving into the Space

A number of major companies have already begun creating their own cryptocurrencies, including Starbucks, Samsung, Square, Facebook, and IBM.

The most recent company to join the cryptocurrency movement is US multinational financial services giant Visa, which is on the lookout for project managers with blockchain and cryptocurrency knowledge to join their team.

Featured Image: Pixabay

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Bitcoin (BTC) Falls Back Again As Facebook’s Libra Faces Huge Setback

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Bitcoin

Bitcoin

Bitcoin (BTC) has been on a tearing run for much of 2019 after making a remarkable turnaround from its low of last year. However, the past few days have not been particularly great for the cryptocurrency as the price fluctuated quite wildly at the start of the week. Although Bitcoin did recover, the price slumped on Friday yet again as Facebook’s proposed cryptocurrency has reportedly run into trouble with the House of Representatives Committee on Financial Services.

According to reports, the committee has apparently asked Facebook to refrain from developing Libra, its cryptocurrency, and once the news hit the wires, Bitcoin’s price started tumbling.

Key Concerns

The committee has raised concerns that the usage and prevalence of Libra could eventually lead to a monetary system that could end up competing with the one in the United States. Additionally, it would undermine the importance of the dollar, and that is clearly not in the best interest of the country, as most of the global trade is done in dollars. One of the reports even quoted one of the committee members and their fears about Libra. A member said, “This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.”

At the time of writing, Bitcoin is trading lower by 7% at just above $11k mark.

Blow to Crypto Markets

At a time when cryptocurrencies are looking for regulatory clarity, this has come as a heavy blow for most of those. In addition to Bitcoin, other leading cryptos experienced slumps as well. Ethereum (ETH), the cryptocurrency with the 2nd biggest market capitalization after Bitcoin, slumped by 3.8% to hit $285.94 at one point. The third biggest crypto, XRP, went down by as much as 4.4% at one point to slump to $0.383. It is quite clear that it has not been a particularly good day for cryptos, and considering the fact that Facebook has been asked to not produce its crypto, it has created a bit of panic in the crypto sphere today.

>> Litecoin (LTC) Outperforms Bitcoin Ahead of Blockchain Halving

On the regulatory front, the situation was further compounded by the Financial Conduct Authority of the United Kingdom when it said crypto derivatives like futures and options should not be made available to retail investors since they are extremely volatile. This is the sort of situation that cryptocurrencies have experienced for many years, and this is not the first time this has happened. However, the backlash against Facebook’s Libra is a new frontier.

Bitcoin is still up 265% from its last year’s low of $3,200.

Featured image: DepositPhotos © sdecoret

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Veritaseum (VERI) Slumps 60% After Emergency Lawsuit by the SEC

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Veritaseum

Veritaseum

Veritaseum (VERI) slumped 60% in the past 24-hour after The United States Securities and Exchange Commission (SEC) has filed an emergency lawsuit.

Big Blow for VERI

The explosion of the crypto space has led to a lot of tech innovation as companies have resorted to distributed tokens in the form of an Initial Coin Offering in order to raise capital. It has proven to be a highly effective method of raising capital, and many companies have managed to get off the ground using an ICO. However, it goes without saying that the presence of such a tool can also be misused.

Over the years, plenty of entities have conducted ICOs for bogus purposes and managed to dupe people for millions of dollars. However, the Securities and Exchange Commission has now taken a much more active role in this sphere and in a new development, it is now attempting to go after the mildly popular Veritaseum ICO.

It has emerged that the SEC has now moved a Brooklyn court in order for an emergency lawsuit to ensure that the people behind Veritaseum are not able to access the proceeds from the ICO. The SEC claims that the company, as well as its founder Reginald Middleton, had sold the cryptocurrency Veritaseum by telling investors that it was actually software or a gift card. However, that claim is apparently fraudulent, according to SEC, and goes against the regulations with regards to an ICO.

>> New Zealand Tax Authorities Give the Go Ahead for Crypto Payroll

The company managed to raise $14.8 million, but now the SEC is trying to ensure that the Veritaseum and its founder do not have access to those funds. The ICO took place back in 2017 and over the course of the next two years, raised a significant amount of money. At this point in time, only $8 million is left. It goes without saying that as soon as the news about the SEC action hit the news wires, investors started dumping the token en masse and its price crashed significantly.

Veritaseum (VERI) has fallen all the way from $9.40 to $4.50 in the past 24-hours.

Featured image: DepositPhotos © AlphaBaby

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