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Now is the time when people typically start assessing what the year ahead is likely to bring for various topics and industries. Bitcoin is no different. Investors and enthusiasts will likely notice several trends becoming prominent. Here are four of them.

1. Bitcoin-Compatible ATMs Become Widely Available

Reports indicate 2019 will be the year that Bitcoin ATMs take off in cities across the United States. Chicago recently got 30 new machines, bringing the city’s total to nearly 100, with Philadelphia having approximately the same amount.

Those ATMs are solely for dispensing bitcoin, but there are traditional ATMs in New York that give this currency to users. Interested persons create accounts with LibertyX, a bitcoin payment provider. After passing the approval process, they can purchase up to $3,000 worth of bitcoin per day using their debit cards at ATMs.

These ATMs could encourage people to start using bitcoin for the first time or start dealing with the cryptocurrency more extensively than before. Individuals are accustomed to using ATMs to serve their financial needs, so it’s not a big step for them to get bitcoins from ATMs too.

2. More Involvement From Central Banks With Bitcoin and Other Cryptocurrencies

One of the things people typically love about bitcoin is that they can use it without having bank accounts. However, in 2019, one of the bitcoin trends that may become apparent is that central banks start supporting cryptocurrencies by supplementing their gold reserves with them.

During a presentation at the first bitcoin summit in Israel, bitcoin pioneer Nick Szabo outlined the reasons why he predicts more countries will begin using cryptocurrencies, especially in places that are subject to extreme conflict or financial mismanagement. He also believes central banks will start to supplement their gold reserves with cryptocurrencies.

Szabo explained: “There’s going to be some situations where a central bank can’t trust a foreign central bank or government with their bonds, for example. One solution that’s been developed is to have the Swiss government hold it for you – that’s not a trust-minimized solution. The Swiss government itself is subject to political pressures, and so a more trust-minimized solution is cryptocurrency.”

In 2018, Christine Lagarde, the managing director of the International Monetary Fund (IMF), also expressed why central banks should issue cryptocurrencies. This trend may not reach full-scale adoption in 2019, but it’ll become evident that central banks shouldn’t shy away from bitcoin or the crypto industry at large.

Just this week, JPMorgan announced its own ‘cryptocurrency’ dubbed JPM Coin to much criticism.

3. A Push Toward More Bitcoin-Centric Tourism

In May 2013, someone spent 10,000 BTC on pizza, but a more recent trend is an increase in companies and localities encouraging tourists to spend Bitcoins when they travel. In March 2018, Germany’s tourism board began accepting Bitcoin for its services.

More recently, an Australian beach town in Central Queensland became the first digital currency-friendly tourist town.

When people travel to different countries, one of the first things they typically have to do is visit currency exchanges. If this trend continues, people could do away with that necessity and travel solely with Bitcoin. Doing that requires planning, but it could end up being convenient for travelers who don’t want to deal with traditional money when they’re away from home.

4. An Increase in Smartphones That Store Bitcoin

A look at the plans for future devices made by tech brands indicates there’s a push for smartphones with integrated wallets that store bitcoin and other cryptocurrencies. In late 2018, HTC announced the Exodus 1, which is a blockchain-focused phone with a wallet. People could only buy the phone with cryptocurrencies.

Rumors are also swirling that the Samsung Galaxy S10 will have a crypto software wallet via a trademarked invention called the Samsung Blockchain KeyStore.

It’s too early to say how successful such phones might be, but these early adopters could spark a more significant trend if users prefer this approach to hardware wallets, for example. Tech brands watch what competitors do and don’t want to wait too long to offer similar products if they seem viable.

[Note: This guest article was submitted by Kayla Matthews]

Do you agree? And what other trends do you see for Bitcoin this year?

Images courtesy of Shutterstock

The post 4 Bitcoin Trends Likely to Dominate 2019 appeared first on Bitcoinist.com.

source: https://bitcoinist.com/bitcoin-trends-dominate-2019/

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Central bank digital currencies (CBDCs) and Bitcoin could scarcely be more different. One is permissioned, the other permissionless; one centralized, the other decentralized; one is censorable, the other censorship-resistant. Despite their dissimilarities, CBDCs might just be the best driver yet for Bitcoin adoption.

Also read: Mobile Gifting Platform Swych Announces Cryptocurrency Support

CBDCs Are the Best Thing That Could Have Happened to Bitcoin

When JP Morgan unveiled its eponymous stablecoin on Feb. 14, the sound of sniggering could be heard throughout the cryptosphere. Aside from the irony given CEO Jamie Dimon’s previous Bitcoin bashing, there was the notion, advanced by benighted mainstream media, that Jpmcoin, which runs on a permissioned ledger and settles transactions between JP Morgan banks only, presented a threat to Bitcoin.

“JPMorgan Just Killed the Bitcoin Dream” screamed one headline, prompting further sniggers from the crypto community. CBDCs and cryptocurrencies exist on parallel tracks that do not cross. The former serves as a type of stable digital currency that is issued and wholly controlled by banks. CBDCs share some characteristics of cryptocurrencies in facilitating fast and low-cost cross-border transfers, but the similarities end there.

The greatest threat these instruments present is not to cryptocurrencies such as Bitcoin, but rather to slow and inefficient settlement systems such as Swift. Last year, the former chair of the United States Federal Deposit Insurance Corporation, Sheila Bair, said CBDCs could have “severely negative consequences” for the “bank-dominated payments system.” CBDCs, including stablecoins such as Jpmcoin, may deleteriously affect the incumbent financial system as well as Ripple’s native cryptocurrency, but their impact on Bitcoin is likely to be positive.

How CBDCs Are Bullish for Bitcoin

The emergence of central bank digital currencies serves to legitimize and normalize digital currencies as the future of money. Within this broad context, any attention they receive helps to put further distance between Bitcoin and the tired “drugs, speculation, and tax evasion” narratives. Should CBDCs gain traction, however, people will quickly discover that they offer few improvements over the current financial system and come bearing several distinct disadvantages.

Digital currencies transferred via permissioned ledgers or pseudo-blockchains facilitate real-time tracking of customer spending at all times. Anyone deemed to be persona non grata, or even suspected of transacting with people deemed undesirables, is liable to have their funds frozen and account suspended. These provisions are already in place with the legacy financial system, but CBDCs will amplify the powers available to governments and regulators, with sophisticated forensics tools providing unprecedented insights into the spending habits and social behaviors of citizens.

Crypto fiat (i.e. government controlled permissioned cryptocurrencies) will be the biggest battleground globally for human rights over the next decade. China is leading the way, many other countries, including some big western democracies, will follow. https://t.co/8BqfmBJ2mP

— Ari Paul (@AriDavidPaul) February 13, 2019

In a world of CBDCs, there will be no place to hide and no freedom to transact without being authorized by the powers that be. It’s easy to imagine a dystopian future, based on China’s social credit system, in which citizens are billed for their healthcare and screened for employment based on their purchase history and social circle. The rise of central bank digital currencies will also bring benefits, of course, such as lowering the cost and time involved with wiring money abroad. Given the notoriously siloed nature of financial houses, however, it would be optimistic to expect CBDCs to operate globally. Just like Jpmcoin, it is likely that there will be little to no interoperability with CBDCs, preventing these digital currencies from even realizing their limited potential.

As a rising tide raises all ships, increased adoption of digital currencies benefits Bitcoin. When users of central bank digital currencies tire of their limited functionality, lack of privacy, and susceptibility to censorship, they’ll come searching for an alternative means of sending money cheaply, quickly and permissonlessly and they’ll find Bitcoin. CBDCs make for poor digital currencies but are a great Trojan horse for Bitcoin.

Do you think CBDCs will benefit or threaten Bitcoin? Let us know in the comments section below.

Images courtesy of Shutterstock.

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The post Central Bank Digital Currencies Are a Trojan Horse for Bitcoin appeared first on Bitcoin News.

source: https://news.bitcoin.com/central-bank-digital-currencies-are-a-trojan-horse-for-bitcoin/

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Stablecoins are increasing their visibility within the crypto space as the universe of stablecoins expands and they become easier to trade. Now, digital exchange Huobi Global offers, as a trial, the HUSD Solution V2.0 to provide traders with support for interchangeability between various stablecoins.

All Stablecoins Seek to Lower Volatility But They are Not 1:1 Interchangeable

Stablecoins’ purpose is to minimize price volatility by being pegged to a fiat currency or an exchange-traded commodity, such as a precious or industrial metal.

The HUSD Solution V2.0 offers support for interchangeability between four stablecoins: Gemini Dollars (GUSD), Paxos Standard (PAX), True USD (TUSD), and USD Coin (USDC). These four coins are represented by one token, the HUSD.

Users can deposit any PAX, TUSD, USDC, or GUSD, and then withdraw any of these four tokens, regardless of which token was initially deposited. Neutral’s article entitled “Case Study of Huobi’s HUSD Solution,” explains,

When you deposit any kind of stablecoins, they will be shown as HUSD in your account. You may withdraw any kind of stablecoin; when the balance amount of a certain stablecoin is not sufficient in your account, you may choose any other stablecoin with enough balance amount to withdraw.

When announcing the launch of HUSD (V.1) in October 2018, Huobi Global claimed that the HUSD aimed to facilitate traders’ decision-making processes among various stablecoins, while saving trading costs. However, design flaws were detected in the first HUSD version.

According to Neutral, the problem with the original version stemmed from the fact that it allowed for 1:1 interchangeability between PAX, TUSD, USDC, and GUSD. That is, any of these coins could be exchanged for USD 1.

However, Neutral notes that Huobi Global overlooked the fact that “stablecoins are not interchangeable on a 1:1 basis even though they are equivalent in redeemable value.”

These slight price discrepancies contributed to the issuance of various tokens to people at a rebate to increase liquidity. As a result,

Traders then took advantage of the situation, using the HUSD solution to redeem and arbitrage for full price. In this situation the 1:1 ratio between stablecoins offered by HUSD did not hold, and market makers took advantage to earn a quick profit.

HUSD Solution V2.0 now removes the fixed 1:1 exchange rate, basing the values between stablecoins not only on pricing but also on various other factors.

For example, among other factors, the underlying stablecoin price is now set by data obtained from various mainstream exchanges. And, “Users have to designate time and amount independently to interchange stablecoins, going from an automatic exchange to a manual one.”

Is There a Stablecoin Craze?

The stablecoins universe is expanding. For example, in October 2019, GMO Internet announced the launch of a Yen-pegged stablecoin. And, last month, Cryptogarage joined forces with Tokyo Tanshi to launch the Liquid sidechain based SETTLENET suite, which aims to be the first application Yen-pegged stablecoin.

In January 2019, KRWb also announced the upcoming launch of the KRWb, which is going to be a 1:1 Korean Won-pegged stablecoin.

This past week saw JPMorgan unveil its JPM Coin stablecoin that will be used in securities transactions and as part of the bank’s treasury services features.

Moreover, Facebook, according to a Bloomberg report, wants to issue its own stablecoin to allow WhatsApp users to exchange money.

For many, stablecoins represent the future. As CoinJar co-founder Asher Tan put it, “It’s a craze right now.”

Do you think stablecoins will become mainstream crypto assets shortly? Let us know your thoughts in the comment section below.

Images courtesy of Shutterstock

The post Huobi’s V2.0 ‘Stablecoin for Stablecoins’ Aims to Close Arbitrage Loophole appeared first on Bitcoinist.com.

source: https://bitcoinist.com/stablecoin-huobi-usd-v2/

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In the first edition of The Daily this weekend, we focus on a study estimating that 13 percent of people have used digital coins for payments. We also look at the latest financial report from Nvidia indicating losses due to falling demand for chips used in cryptocurrency mining. Lastly, a broker suspends its crypto CFD offering.

Also read: Coinbase Bug Bounty, Tradingview Crypto Dashboard, Bitfinex App Update

Report: 1 in 10 People Use Cryptocurrency for Payments

The popularity of cryptocurrency as a payment method has been increasing despite the falling price of digital assets over the past year. According to a recent study conducted by cybersecurity company Kaspersky Labs, 13 percent of those surveyed have already used crypto to make purchases.

Almost 13,000 people from 22 countries were surveyed. Commenting on the results, Vitaly Mzokov, head of verification at Kaspersky Labs’ Growth Center said:

Despite a fall in cryptocurrency prices, there is still a strong desire for digital transactions amongst consumers. Our consumer research has found that 13% of people have used cryptocurrency as a payment method, which was surprising to see.

The authors of the study also found that more and more businesses from various sectors such as retail and food services have started offering crypto payment options. For example, a growing number of food delivery platforms now accept cryptocurrency, as news.Bitcoin.com reported recently.

Nvidia Sees 24% Drop in Quarterly Revenue

Leading video card manufacturer Nvidia has announced a significant decrease in its quarterly revenue, which fell 24 percent to $2.21 billion from $2.91 billion a year ago. The figure is also down 31 percent from $3.18 billion in the previous quarter, the company reported. However, Nvidia also noted that for fiscal 2019, revenue was $11.72 billion, up 21 percent from $9.71 billion a year earlier.

The drop during the quarter that ended on Jan. 27 has been attributed largely to falling demand for chips used in cryptocurrency mining and gaming applications which weighed on the company’s earnings. Jensen Huang, chief executive officer of Nvidia, commented:

This was a turbulent close to what had been a great year. The combination of post-crypto excess channel inventory and recent deteriorating end-market conditions drove a disappointing quarter.

According to Nvidia’s founder, the company’s fundamental position and the markets it serves are strong, despite the setback. “The accelerated computing platform we pioneered is central to some of world’s most important and fastest growing industries – from artificial intelligence to autonomous vehicles to robotics. We fully expect to return to sustained growth,” he added.

The financial report details that in fiscal 2019 Nvidia returned $1.95 billion to shareholders through a combination of $1.58 billion in share repurchases and $371 million in quarterly cash dividends.

Mtrading Suspends Crypto Offering

Mtrading, a broker regulated in Belize, is suspending its cryptocurrency CFD offering. The decision comes in response to weak demand from clients. Traders with open positions in the affected assets now have a close-only feature, Finance Magnates reported. They will not be able to open new trades with cryptocurrency. According to the publication, the open positions on these instruments will be closed at the company’s market close price on Feb. 28.

“While we believe our trading conditions were very good for crypto trading, the demand for these instruments was not what we had anticipated. We still believe blockchain and cryptocurrency has a place in the future, but for now, better opportunities lie in more traditional instruments,” the company said. Like many other financial brokers, Mtrading started offering crypto-based products when the prices of digital assets were on the rise.

What are your thoughts on today’s news tidbits? Tell us in the comments section.

Images courtesy of Shutterstock.

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The post In the Daily: Cryptocurrency Payments, Nvidia Losses, Suspended CFD appeared first on Bitcoin News.

source: https://news.bitcoin.com/in-the-daily-cryptocurrency-payments-nvidia-losses-suspended-cfd/

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BMW’s Group IT Centre in Munich will today, February 15, host the first European colloquium of the Mobility Open Blockchain Initiative (MOBI) as the car manufacturer delves deeper into the use of blockchain in automotive enterprise.

The MOBI was launched less than a year ago by major car manufacturers BMW, General Motors, Ford and Renault, among others, in order explore the potential of the blockchain in the automotive and mobility space.

The 30 founding members of MOBI also include companies not directly related to automotive manufacturing, with some of them dealing directly with blockchain. The likes of Bosch, Blockchain at Berkeley, Hyperledger, Fetch.ai, IBM and IOTA are some of the other contributors.

The aim of the colloquium

In Munich, members of MOBI will meet at BMW’s IT centre for two days in what is being described as a platform for sharing knowledge and experience and to promote and develop common standards for applying blockchain and distributed ledger technologies in the mobility industry.

“The hype surrounding blockchain has died down, and it is even met with occasional skepticism now. We are convinced, however, that blockchains represent a real opportunity and will eventually break up the established, centralized market by making it possible to create more decentralized platforms and so give consumers more control over their data,” explained Andre Luckow, who heads the department responsible for blockchain and distributed ledger technologies at the BMW Group.

Read the full Article

source: https://iota-news.com/bmw-opens-its-doors-for-mobility-open-blockchain-initiatives-first-european-colloquium/

Post source: BMW Opens Its Doors For Mobility Open Blockchain Initiative’s First European Colloquium

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In case you didn’t realize it during the brutal bear market of 2018, the days of stupid money flowing stupidly into any and every cryptocurrency-related project are over. Now, it’s all about the maturity of the nascent market, and that means institutional investors ‘need’ to step in — a sentiment not lost on some startup companies. 

One such startup is Tagomi, a Jersey City-based company of under 20 people that offers a trading platform for institutional investors looking to throw around big bucks. As noted by Forbes, the company boasts an ex-global head of electronic trading at Goldman Sachs and a Harvard grad with experience at Union Square Ventures as founders, alongside a consulting/private equity/venture capitalism expert.

Tagomi apparently works by providing institutional clients with easier onboarding into the world of cryptocurrencies by pooling liquidity from approximately 10 exchanges and finding the lowest prices via algorithms — for a commission of 0.10 percent to upwards of 0.25 percent per trade, of course. Co-CEO Greg Tusar explained:

The current exchange model requires you to prefund your trade. When you want to buy $1 million of bitcoin, we need to have thought through where you’re likely to want to buy.

Tagomi aims to make life easier for institutional investors by storing hefty funds on Coinbase Pro, Gemini, Kraken, Bitstamp, and others.

Of course, “institutional investors” has been a buzzword for, at least, a solid year now. Many people speculate that smart money is still on the sidelines, but others insist that this belief is misguided. The world’s most successful traders and investors buy the bottom and sell the top. To think that institutional investors are not currently playing the game might be foolish. (If they are, they are almost certainly on the short side until a true bottom for Bitcoin hits.)

Tusar claimed:

Current trading volumes underestimate what we see in terms of institutional interest.

What do you think about Tagomi? Are institutional investors playing the waiting game, or are they already here? Let us know your thoughts in the comments below!

Images courtesy of Shutterstock.

The post Crypto Startups Are Targeting Institutional Investors, But When Will They Finally Arrive? appeared first on Bitcoinist.com.

source: https://bitcoinist.com/crypto-startups-are-targeting-institutional-investors-but-when-will-they-finally-arrive/

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According to the recent Medium post published by TRON Arcade, a blockchain-based RPG called CryptoDungeons is to become the latest hit on the TRON blockchain.

Excited to announce our collaboration with @CryptoDungeons https://t.co/XdaJN23svi #blockchain #crypto #gaming pic.twitter.com/OVYY8lsdNK

— TRON Arcade (@TRONArcade) February 9, 2019

The announcement was published on February 8th, and it states that the CryptoDungeons TRON game is still in development. However, the team is preparing to announce a presale soon, meaning that the official launch is not far away.

About CryptoDungeons

CryptoDungeons was originally developed to be a part of Ethereum’s network. However, the team has decided to bring it to TRON instead. Soon enough, the fans of the game will be able to experience its story, universe, and characters on TRON blockchain.

The game is centered around Heroes who can be bought and used for exploring dungeons, crafting various items, gathering food, and alike. The game also offers five races for players to choose from — Humans, Elves Dwarves, Orcs, and Angels. Additionally, there will also be four classes, including Warriors, Mages, Rogues, and Priests. Each class will have its own unique abilities, with the Warrior class being presented as an example. The abilities that this class features include Strike, Heavy Strike, Shield Wall, Shield Slam, and Warrior Shout.

Meanwhile, the story revolves around a troubled kingdom of Brightdawn, which is preparing for war. The players will start by gathering materials that can be used for creating armor and weapons. There are several quests to be done right at the start, and players are advised to choose their Hero carefully, as not all of them are equally suited for challenges that can appear during the quests.

Finally, players can also create parties which might be necessary to take on the more difficult dungeons. During these raids, it will be possible to find rare and valuable items.

The units, as well as in-game items, are to be represented by NFTs which can be bought in the CryptoDungeons’ store. Whether the item is crafted or found during quests, gamers will be able to buy them or sell them on the Auction House. Buying and selling Heroes and items can be done through the use of TRX, and the announcement also mentions TRX prize pots, as well as Player vs. Player tournaments.

TRON Arcade also states that their goal is to make crypto gaming mainstream, and they invite everyone interested in the game to join the CryptoDungeons Discord, as well as to follow their Twitter account for further updates.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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The post TRON Ecosystem New Addition — CryptoDungeons appeared first on Global Coin Report.

Read more at https://globalcoinreport.com/tron-ecosystem-cryptodungeons/

source: https://globalcoinreport.com/tron-ecosystem-cryptodungeons/

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As many are likely aware of, the previous twelve months were not particularly friendly to cryptocurrencies, and there were two major market crashes since January 2018. However, it could be that investors’ wishes are finally coming true, as the market is currently seeing actual gains. While there is still no certainty regarding this behavior, investors around the world are finding the current development to be quite refreshing.

One interesting development that was noticed these days is the increase of VeChain’s price, which is seeing minor gains at this time.

VeChain (VET) price grows

While most cryptocurrencies experienced some extreme ups and downs during their lifetime, VeChain is usually surprisingly unaffected by the market’s behavior. In fact, its price chart typically shows no major changes, and it seems pretty flat in comparison to other cryptocurrencies.

While this may be a good thing, as the lack of volatility means that the coin is more stable than most, the fact that the price is usually not affected makes the current gains that much more peculiar.

In the last 24 hours, VeChain’s price has grown by 2.16%, placing its value at $0.00401120 at the time of writing. The growth is minor, and the coin’s value only increased by a fraction of a cent, but this is still not typical behavior for this cryptocurrency, which attracted the attention of analysts and investors alike.

Many have started mentioning VET on social media, which shows how unexpected it was to see VeChain change its behavior.

Sunday Scoreboard:#LTC and #BNB lighting up the Top 10. #ADA #Neo #waves & #VET showing nice gains to round out Top 25. #BTT is showing rookie of the year so far and is up today when logic says it should be other wise due to airdrop on 11th (or possibly before). Onwards.

— “RB3” – The Blockchain Bull! (@RobertBagley) February 10, 2019

In time, VeChain could grow even more, unless the current positive momentum is somehow disrupted.

Meanwhile, some in the crypto community also noticed an unusual trading behavior involving VeChain, as one Binance user put up a 25 million VET sell wall right next to a 63 million buy wall.

#vet

Putting your 25m sell wall into a 63m buy seems legit lmao

Largest volume sell wall at lowest possible level

Boy when this 63m guy hits his vet bag target this will melt faces pic.twitter.com/JuneIxijEO

— Bull Of Bitcoin (@Bull0fBitcoin) February 10, 2019

The sentiment regarding cryptocurrencies, and VeChain, in particular, seems to be changing again, and some even claim that VET is among the most undervalued coins on the market. While there are likely numerous other projects that could use more attention, as many are located below VeChain (currently holding the 25th spot), it appears that today’s market is quite appreciative of this particular project.

Besides, the fact that VeChain is moving from its slumber is proof enough for a lot of people that the market is ready for a real, positive shift, and that the crypto industry still has potential. It is still too early to say whether that potential will turn into large gains or not, but so far, the market has been doing relatively well.

While it is hard to tell where the market might go from here, the positive change has encouraged the community, and every bit of growth helps after a year-long crypto winter.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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The post Positive Crypto Price Trend Moves VeChain (VET) appeared first on Global Coin Report.

Read more at https://globalcoinreport.com/positive-crypto-price-trend-vechain-vet/

source: https://globalcoinreport.com/positive-crypto-price-trend-vechain-vet/

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On Feb. 15, the Dallas-based mobile gifting company Swych announced it will be accepting cryptocurrencies for payments. Starting next week, instead of using traditional payment processors, Swych users will be able to pay using decentralized digital assets such as BCH, LTC, ETH, BTC, and ETC.

Also Read: Bitcoin’s Social Contract Must Be Resilient to the Whims of Future Generations

Swych Mobile Gifting App to Add Support for 5 Cryptocurrencies

The popular mobile application Swych allows people to give virtual gift cards from over 600 well known retailers and if the person receiving the gift doesn’t like the store they can easily swap the virtual funds for another retailer. Swych was founded in 2015 by Deepak Jain and is backed by capital investment from UAE Exchange Group, a global money transfer exchange, and payment solutions provider. The gift cards available stem from retailers such as Toysrus, Old Navy, Macy’s, Nike, Target, Best Buy, Gap, Banana Republic, Sephora, Nordstrom, Amazon, and more. Essentially Swych allows users to purchase and send gift cards similarly to platforms like Egifter and Gyft. However, the mobile application allows people to effortlessly switch gift cards if they don’t appreciate the particular brand originally gifted.

Swych uses payment providers like Apple Pay, Paypal, Amazon Pay, and Google Pay. But according to an announcement on Friday, the company will be accepting five cryptocurrencies next week. Swych users will be able to pay with bitcoin cash (BCH), litecoin (LTC), ethereum (ETH), bitcoin core (BTC), and ethereum classic ETC. Deepak Jain, CEO of Swych, explained during the announcement that gift cards are a de facto choice among consumers and some of the same consumers also want to spend digital currencies.

“We feel we are ahead of the game considering most retailers have not yet chosen to accept crypto payments,” Jain stated. “In keeping with Swych’s mission of providing our consumers with choice and flexibility, we’d like to provide new options based on our customers’ needs — crypto integration is one of the many requests we’ve received.

‘Cryptocurrencies: The Go-to Choice for Consumers’

Jain says Swych is the only application that allows consumers to send gift cards by simply using a mobile phone number. Swych also got into blockchain technology last year and has rolled out a cross border gifting platform that’s built on top of the Stellar network. Jain believes blockchain technology and cryptocurrency solutions will make the digital gifting platforms’ operations become far more efficient. “While digital gifting is undoubtedly an amazing use case for blockchain, so is payments and I think cryptocurrencies are gradually going to become the go-to choice for consumers to make purchases on the internet,” Jain emphasized.

“For crypto holders, this means they can essentially use their crypto holdings for gift cards that are spendable at hundreds of different retail outlets,” Jain conceded. “There’s no doubt that this will be attractive to a large portion of the community, irrespective of whether the market is up or down.”

What do you think about the digital gifting platform Swych accepting cryptocurrencies? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Pixabay, and Swych. 

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The post Mobile Gifting Platform Swych Announces Cryptocurrency Support appeared first on Bitcoin News.

source: https://news.bitcoin.com/mobile-gifting-platform-swych-announces-cryptocurrency-support/

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Nvidia managed to survive declining cryptocurrency mining chip demand to post total full-year revenue of $11.72 billion. The company forecasts an aggressive rebound for the 2020 fiscal year, but Wall Street analysts say such forecasts are overly optimistic given the lack of significant change in the market.

Sale of Cryptocurrency Mining Chips Plummet

The U.S. gaming hardware maker released its full-year earnings report for the 2019 fiscal year (which ended on January 27, 2019) on Thursday. According to the report, the company’s total revenue for the year stood at $11.72 billion, a 21 percent increase from the previous year.

Despite the overall earnings growth, Nvidia reports an underwhelming Q4, with earnings down by more than 30 percent from Q3 figures. This decrease is largely due to a drop in demand for computer chips by cryptocurrency miners.

For half of 2018, miners seemed relatively untouched by the prolonged bear market that gripped the rest of the cryptocurrency arena. However, by Q3 2018, it began to become apparent that miners were starting to fill the pinch.

Back in May, Bitcoinist reported that they expected a 67 percent drop in the sale of graphics card used by cryptocurrency miners. The mid-November 2018 bitcoin price crash, which almost took BTC to nearly $3,000, also exacerbated the situation with many miners forced to turn off their rigs.

Commenting on the Q4 performance, Nvidia CEO, Jensen Huang, said:

This was a turbulent close to what had been a great year. The combination of post-crypto excess channel inventory and recent deteriorating end-market conditions drove a disappointing quarter.

Wall Street Says Future Rebound Remains Unlikely

To reassure investors, Nvidia issued a forecast based on an aggressive rebound in demand, but Wall Street analysts don’t share the same view. According to analysts like Gene Munster of Loup Ventures, the projections from Nvidia do not seem realistic.

Speaking to Reuters, Munster opined that the predicted 35 percent growth in year-over-year revenue for the fiscal year 2020 assumes a boom akin to that of 2017 cryptocurrency market.

With the U.S./China trade face-off still unresolved and no significant upward movement in the virtual currency market, analysts say demand from miners isn’t expected to rise any time soon.

Do you envisage any scenario where there will be a trend reversal in demand for cryptocurrency mining chips in 2019? Let us know your thoughts in the comments below.

Image courtesy of Nvidia, Shutterstock

The post Nvidia Mining Chip Sales Drop 30% in Q4 Amid ‘Post-Crypto Excess’ appeared first on Bitcoinist.com.

source: https://bitcoinist.com/nvidia-chip-cryptocurrency-mining-q4-drop/

Post source: Nvidia Mining Chip Sales Drop 30% in Q4 Amid ‘Post-Crypto Excess’

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