A person living in the United States can now purchase a Domino’s Pizza with Bitcoin thanks to an app utilizing the Lightning network to enable the transaction.
The Lightning Pizza (LP) app allows a person to buy Domino’s Pizza by converting Bitcoin to fiat currency. The app allows a user to either get their pizza delivered or pick it up themselves. Lightning Pizza is based on a pre-existing app called Fold that lets you buy other takeaway items with Bitcoin. Fold can be used to pay for an Uber ride, Starbucks, Dunkin Donuts, or Target.
Fold released Lightning Pizza (LP) on February 13 and the company is already getting feedback from customers. The release has allowed LP to iron out any bugs that may get in the way of ordering the pizza. Such a testing phase is crucial with a third party app that merely relays the transaction information to the actual pizza shop.
One can imagine that various issues could arise if the transaction is disrupted in some way. A pizza shop, for example, may only accept cash in the event of a power disruption. LP plans on deploying the project in Canada if all goes well in the United States.
Project leader Will Reeves says his motivation for making the app is to partly show that the Lightning network has practical uses. The app in part is to promote the Lightning network but is also a fun project to engage people with cryptocurrency in general.
The Lightning network seems to be a good fit for the project because it boasts a transaction time of around 30 seconds. Take that time and combine it with a delivery time of around 30 minutes for the pizza and you have a practical use of Bitcoin. One of the criticisms of Bitcoin has been its lack of scalability and the impact of this on consumers. A person, for example, would find it impractical to buy a morning coffee with Bitcoin if the transaction took 30 minutes to clear.
The LP app is only available in America at the moment yet the developers are eyeing off other nations to release the project. Keep in mind that Domino’s pizza itself has used PayPal payments in countries like Australia. This allows consumers to quickly pay with their PayPal account and even split a bill amongst friends.
The LP app at this stage appears like a Most Viable Product (MVP) and is more focused on developing as a startup before making any serious profits. It is a good development, moreover, in developing Bitcoin as a form of cash rather than simply as a novel way to store money.
Anyone who’s been following Cardano knows that the project has been struggling in recent months. The project has failed to meet investor expectation and its token ADA has been taking big hits in the market.
After starting strong and maintaining a respectable position in its ranking when it was launched, recent months have seen the token slip below the top ten ranking. As we reported, this has since seen the project announce that it will be re-launching its roadmap.
It is, however, no secret that what the project has achieved this far is nothing short of admirable. Without a fully launched project and with no dApp on the platform, the project’s token ADA has achieved to be in the top 20 coins in the world and hold a value of more than $1 billion at the time of press. This achievement has been recognized by Weiss ratings which in a recent post noted that Cardano could become the ‘king of dApps’ when fully launched.
In a previous post, Weiss rating shared statistics showing that EOS was the current king of dApps with Tron following close, this is despite Ethereum holding the title for years, including in 2018. Ethereum’s slip up has been as a result of competition something it plans to remedy through its upcoming upgrade. In the more recent post, Weiss ratings stated that it was highly optimistic of Cardano stating it was expecting great things from the platform once fully launched.
“#Cardano hasn’t fully launched yet, therefore, usage is low and there are no #dApps running on it. Once finished, we expect great things out of the protocol, quite possibly taking #EOS’s place as the number one dApp platform. We are cautiously optimistic. #KingOfDapps”
Cardano has in recent months disappointed investors but it remains one of the most promising projects with one of the most qualified team. Weiss ratings acknowledge this. But like most investors, it remains “cautiously optimistic”.
Cardano (ADA) Price Analysis
At the time of press, ADA is recording gains of under 1%, trading for a little over $0.041. Extended gains look likely over the coming days as the market is still strongly bullish. For the short-term, the coin is sending clear signals of a bullish trend but its long term prospects are shrouded with doubt. The project will need to boost the token with positive news, with the outcry of development growing among investors and enthusiasts.
This week, as usual, was full of activities, most of it focused on the future of cryptocurrencies and cryptocurrency adoption. Top among the stories were predictions on the future price of Bitcoin which have been mostly bullish.
The market also experienced a slight relief for most cryptocurrencies and is still showing signs of a higher move. Here are the top stories for the week in case you missed any.
Fundstrat 2019 report suggests cryptocurrencies will soar high
Financial analysis firm Fundstrat has given cryptocurrency enthusiasts a ray of hope as their outlook report for the year 2019 shows cryptocurrencies will be seeing significant growth. The report highlighted a few indicators of a good market for the year, one of which the increasing disinterest in the U.S Dollar.
Other indicators include the possible approval of ETFs and the launch of Bakkt in spite of the SEC’s role in slowing down the growth of the industry. This is one of several bullish predictions that point to a great future for the asset.
Ripple Crypto exchange Coinmotion says XRP is not a cryptocurrency
A cryptocurrency exchange that just listed XRP, Coinmotion says XRP is very centralized and cannot be considered as a cryptocurrency. Other reasons given by the Finland-based exchange are that the cryptocurrency is not based on a blockchain and is not mined.
There have been several arguments about this and reports say that Ripple holds over 60% of the total XRP circulating supply, another reason why it is considered as a highly centralized token. Although Ripple CEO Brad Garlinghouse has tried to fight this argument, several overwhelming points have been raised on the subject by different entities in the space, making it hard to go away.
Twitter Poll reveals most people think XRP is the second largest cryptocurrency
There have been many arguments on which of ETH and XRP deserves to be the second largest cryptocurrency by market capitalization. Weiss Ratings set up a Twitter Poll on the subject and the result showed out of 1,833 respondents, 80% say XRP should be on the second spot while ETH has 20%. ETH recently took the second spot from XRP based on Coin Market Cap data. Some people (the 80%) believe the data is inaccurate as other websites such as Forbes show XRP market cap at $30 billion.
Twitter Bot warns XRP holders to sell their assets
A bot has been sending a series of warnings to XRP holders on Twitter to sell their XRP. the warning came as a result of a rumor the Ripple team will soon abandon the company to start a new project. The messages are believed to be sent from Twitter accounts controlled by some mischievous users.
It, however, raises suspicion as the Ripple team already are facing accusations that they have inflated XRP market cap and so the price. A similar event was recorded in the past when a similar bot sent messages to Ripple followers encouraging them to buy XRP because the price was going up.
The long-awaited Bakkt launch has been postponed to later this year. According to information from the CEO of Intercontinental Exchange (ICE) Jeffrey Sprecher, the launch will no longer hold in April as scheduled but has been shifted to later in the year. Although no clear reason was given for the second postponement in the year, it may be due to inadequate preparation for the launch which may be expected in the last quarter of the year.
10 billion BTT sent to thousands of TRX accounts in airdrop
Also within the week, Tron sent 10 billion BTT to thousands of TRX accounts in an airdrop for the new BitTorrent token BTT. mainly, Tron CEO Justin Sun stressed that the transactions were carried out in just four hours. This may be a message to the public on the performance of Tron’s platform as the CEO is known to always promote. The company is planning to distribute another 11.8 billion BTT in the coming months.
Finance Guru Ric Edelman says Bitcoin ETF is On the Way
A finance expert Ric Edelman At this year’s Inside ETFs Conference in Hollywood said a Bitcoin ETF is on the way. According to Edelman, SEC has legitimate concerns that are responsible for the delayed approval of ETF applications but an approval will soon be granted. He added that there are many serious players in the industry whose presence warrant an ETF and VanEck or Bitwise ETF should be approved soon.
Nasdaq to add Bitcoin and Ethereum indices to its global data services
American stock market and exchange operator Nasdaq has announced its intention to add Bitcoin and Ethereum indices to its global data services in the coming month. The indices Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) are to be added to the platform to provide real-time spot or reference rate for 1 BTC and 1 ETH respectively.
Investors encouraged to buy Bitcoin before the bear market ends
A Chinese Bitcoin bull and billionaire Zhao Dong has said the bear market is the perfect opportunity for intending investors to buy the cryptocurrency before it is too late. According to Dong, Bitcoin is likely to reach $50,000 by 2021 and the surge will start in 2020 so only 2019 is left for investors to buy the asset.
Similarly, another investor Josh Rager has also said this time may be the last opportunity to buy 1 Bitcoin before it becomes unaffordable in the year 2021. Rager estimates Bitcoin price to reach a staggering price that most will not be able to afford an entire BTC. Several other predictions have been made in the same direction this year which makes them quite valid as information that should inform investment decisions when it comes to Bitcoin.
SWIFT believes its GPI is payment tracker is outperforming Ripple’s blockchain
Ripple’s major rival in the remittance industry SWIFT believes it may be ahead of Ripple with its new GPI payment tracker. SWIFT which has fallen behind Ripple because of the blockchain technology upon which Ripple is built now offers a GPI that enables banks across the globe to monitor and track payments. This is one of SWIFT’s major achievements in recent times especially when it started competing with Ripple.
American banking giant JP Morgan this week launched its new cryptocurrency token JPM Coin. the token which is to be used for cross-border payments is the first to be issued by a bank. Although JP Morgan Chairman has not been very friendly with cryptocurrency, the gesture indicates that mainstream institutions are beginning to develop an interest in the cryptocurrency industry.
Still, on the JPM Coin, Ripple, the leading remittance service blockchain project may now be facing more stiff competition as JP Morgan enters the market. However, there is an argument that most banks will not be interested in the token and so it does not constitute a threat to Ripple. The launch of the coin though has set an example for other banks which are potential Ripple clients to create their own tokens which indirectly potentially affects Ripple’s market. Only time will tell though. Read the full story here.
Coinmama hacked, 747 million records compromised
The latest and probably the hottest story this week is the recent hack of Coinmama brokerage platform leading to the loss of data of 747 million users. The lead information includes email addresses, passwords and personal data of over 450,000 users on several websites linked to the company.
Luckily, the management swung to action to counter the attack before it got out of hand. The 450,000 affected users were mainly those who joined the platform earlier than 5th August 2017, an investigation report says.
Grin coin is privacy focused cryptocurrency that is aiming to offer the community a product based on ideas and technology rather than hype and ICO marketing. The Mimblewimble blockchain is being utilized by Grin developers to ensure a leave of privacy and scalability they claim has not yet been offered. The whimsical name is inspired by Harry Potter and its wizarding Gringotts Bank.
To maintain a level of transparency and show the community that they are truly building something of value, the project is totally driven by donations. The developers are putting their extra time into Grin without the support of a foundation or barrels of money rolling in and shares a true sense of purity with the original cryptocurrency, Bitcoin.
The projects’ founder, like Satoshi Nakamoto, has remained anonymous. He goes by the name ‘Igno Peverell’, and his goal is to build something that is valuable, community-based and open source without crossing over to the overhyped “buy my coin” section of the space.
The anonymous Peverell spoke to cryptobriefing via email and shared his thoughts on Grin’s adoption.
“We try to keep developing Grin and make it a great project and great community and to not worry too much about externalities and [things] we don’t really have control over.”
Grin has been listed on 2 popular exchanges already. After being listed at Bittrex and Poloniex, Grin is showing to have some real value and staying power. This is usually viewed as a culminating and rewarding step for crypto startups, But Peverell is still more focused on viable usage and a strong community of adopters.
“Personally, I don’t find them important at all. It’s early days. It’s nice with validation, but we have a lot of work to do. That’s the beauty with a project team that doesn’t have interests aligned with price movements – we work to advance the community and ecosystem, not to make the price go up and down.”
This project should excite fans of decentralization and those who believe the development of useful technology is much more important than the rollercoaster markets. Poloniex released a statement that echoed this sentiment when they decided to list Grin.
“We believe in supporting crypto projects which encourage distributed, voluntary development and fair, decentralized methods of token distribution. ”
Regardless of price, projects with their minds set on building should be applauded as they attempt to realize the potential of the blockchain.
In a tweet on February 13, DigiByte (DGB), a blockchain company revealed that the test of DigiAssets on its blockchain has begun. DigiByte is touted to be secured, uncensored and scalable which are features that will lead to its high demand by decentralized application developers reports a media outlet on February 16.
Pilot Phase of DigitAssets on Blockchain
According to DigiByte, the pilot of DigiAssets on its blockchain has begun and its developers are testing the asset issuance, asset explorer, wallet integrations etc. DigiByte is reportedly a blockchain that offers more capabilities than others and some of these include an enhanced level of security, non-censorship, and scalability.
In the area of security, the decentralized blockchain platform is said to have technicalities that make it secure and less susceptible to attack. Therefore, companies that are looking to launch their tokens on DigiByte can bank on this level of protection. This security is also its selling point which will attract companies in the cryptocurrency industry to take advantage of it.
Scalability of the DigiByte Blockchain
Digibyte blockchain is also believed to be one of the most scalable blockchains out there. It can process a high number of transactions daily (as high as 40 million transactions), thereby allowing assets running on it to scale swiftly. Moreover, applications that are targeted at a large audience will find this blockchain beneficial.
Also worthy of note, is the uncensored nature of the DigiByte blockchain which holds a promise of allowing asset owners to control their tokens. Here, there is no fear of their project being shut down for one reason or the other as would have been the case with a centralized system.
Digibyte Blockchain to Influence Token’s Price
Consequently, these capabilities will bring about high demand for the blockchain and indirectly influence the price of the DigiByte tokens. While the cryptocurrency is currently trading for less than a dollar ($0.008), there are speculations that the wide adoption will help to spike its price as was the case of the Ethereum blockchain which influenced the price of the Ether tokens.
In the same vein, it has been outlined that DigiByte has been undervalued. Nevertheless, there are expectations of a price increment in the near future given its fundamentals. The latter can be attributed to the virtual asset’s lesser supply in comparison with some cryptocurrencies whose price was able to hit over a dollar in 2017 when the crypto bubble occurred.
Ripple may be getting another major partnership deal as cryptocurrency exchange eToro considers a deal with the company. CEO of the exchange Yoni Assia revealed this following the Fintech conference in France where he discussed with Brad Garlinghouse, CEO of Ripple on a possible partnership.
According to Yoni,
“I think as a fintech company it’s very important for us to foster relationships with other fintech companies. Obviously, we’re one of the largest trading platforms on XR – so very interested in forming a relationship with Ripple Labs and understanding what we can do together.”
eToro is a cryptocurrency exchange based in Tel Aviv, Israel. It offers trading options for top cryptocurrencies including BTC, XRP, ETH among others. It’s CEO and founder Yoni Assia is an advocate of blockchain technology expansion and is optimistic that the technology will change wealth management as all assets will soon be digitized to enable timely transfer globally.
Unlike the current wealth management method, Yoni believes blockchain technology will change things for good.
“Today, when you buy a specific asset in your bank, it’s very hard to move that asset out of the bank. So if it’s your mortgage or if it’s stocks or bonds, it’s not that trivial. Especially not overseas. So by definition you can’t tell your bank, ‘You know what, give me my Apple shares.’ It’s not transferable to you. You can tell them, ‘Move it to another financial institution.’ The biggest difference in tokenized assets is that you’re able to transfer them to your own potential wallet. And that means it’s just faster.”
Ripple’s payment technology has been making waves since its launch. Other crypto exchanges in partnership with Ripple include Bittrex, Coins.ph, Bitso, and Bitstamp. Ripple reported earlier this year that it has over 200 institutional clients around the globe in 6 continents. Although this has been contested, more partnerships seem to be coming Ripple’s way and its expansion continues.
Partnerships like this have always favored Ripple’s token XRP with the market cap rising and the price as well. eToro’s partnership shouldn’t be an exception and XRP may soon go back up to the second spot which many believe it has always occupied. Meanwhile, Ethereum (ETH is still at the spot and it will be interesting to see what happens next between these two contenders.
A few days ago, a well-known Chinese billionaire, Zhao Dong, posted on a WeChat group saying that Bitcoin was about to break out in a massive bull run and that the time to buy in is now.
On the same chat, another influential crypto investor has appeared to drop a rather mind-boggling comment. Commenting on Zhao’s post, Zhu Fa dropped a bombshell when he opined that the next crypto bull run could see Bitcoin rise up to hit between $74,000 and $740,000 (500,000 yuan – 5,000,000 yuan).
Zhu is the co-founder and main operator of Poolin, a Chinese crypto mining pool. With roughly 11% share of the total global hashrate, Poolin is currently the 4th largest crypto mining pool in the world. WeChat forums were abuzz when Bitcoin was hitting its highs, but the enthusiasm that since toned down to moderate discussions.
The Highs Of Bitcoin (BTC)
In December 2017, Bitcoin hit its all-time-high (ATH), reaching a baffling $20,000 price per coin. However, the gain wasn’t to last long as the bear market set in not long after the opening of the next year (January 2018).
Since then, the bears have largely persisted. In fact, compared to the values of December 2017, Bitcoin seems to have shed off a whole 80% of its ATH value. Now Zhu says that the current market situation “feels more like a bear market,” but all is not lost.
Despite this persistent bear attack, Bitcoin still has some strong believers, among them Tim Draper, Tom Lee, and Mike Novogratz. These guys believe that the crypto is yet to reach its full potential and that a massive bull run is just around the corner.
Market prices aside, Bitcoin has been gaining quite some traction of late in terms of adoption and general acceptance. Just a few years ago, only a small fraction of the world population and those in the financial world really knew about Bitcoin and cryptocurrencies. Now, things have changed for the better. In fact, Bitcoin seems to be gaining favor among various institutions and business enterprises that have since begun to accept it as a valid means of payment.
Institutional investors have stepped in too. Various popular institutions like Harvard, Yale, and Stanford University have put up Bitcoin investment funds as well as other projects in the Blockchain technology. Financial institutions like Nasdaq, Fidelity, and Bakkt are also coming in to facilitate easier crypto trading by institutional investors.
One of the largest crypto brokerage platforms in the world has suffered a severe security breach. Coinmama, which is the platform’s name, experienced the breach on February 15. As a result, email addresses and passwords of over 450,000 users have been compromised. The attack involved about 24 websites associated with Coinmama and about 747 million data records. Coinmama boasts a user base of over 1.3 million users.
Moments after the hack, the platform’s management took swift measures to stem the hack after a list of the compromised email addresses and passwords was leaked somewhere in the dark web. According to the investigating team at Coinmama, only about 450,000 users were affected. Those affected are mainly users who joined the platform before 5th August, 2017.
However, no cryptos were stolen during the hack and none of the leaked login information has been used to access the users’ accounts. The platform has since moved to notify its users to change their login details to avoid the leaked information being used to steal from their accounts. The company has also pledged to strengthen the security system on the platform to prevent unauthorized access in the future.
Not The First
Coinmama isn’t the first online platform to experience such intrusion. Others like MyFitnessPal and Coffee Meets Bagel have had the same experience. According to Ariel Ainhoren from IntSights, the same vulnerability has been used to hack into other large databases and most of these platforms were running a particular database software, PostgreSQL. The vulnerability allowed the hacker to download the databases across multiple websites once they penetrated the main system. Ariel was speaking to TechCrunch.
The hack occurs just as reports are spreading of another crypto exchange known as QuadrigaCX that has lost its customers’ money stored in inaccessible cold wallets. These types of incidents have made the people’s confidence in crypto markets and exchanges in particular to wane, and that’s not something that exchanges would welcome.
That adds to the growing sentiment that crypto exchanges have poor security and management systems that don’t quite protect the users’ digital assets adequately. However, most of these cases are isolated, especially considering that there are large crypto exchanges like Binance, Coinbase, and Gemini that have set high-security standards and have never been hacked since they entered the industry.
In the last couple of days, Bitcoin has taken a position above the $3,600 mark. Despite doing so in a dramatic surge last week, there has been lack of enough pressure to push prices beyond this range.
After initially encountering resistance at the $3,670 position, the coin has not retested the position or even traded close to it since. Fortunately, the crypto leader has persistently remained above $3,600 which sets it up well for the next bullish charge. But, the lack of buying pressure in the last couple of days could be a sign of the bearish trend coming back.
Although its lack of volatility in the last couple of days has been admirable, it is concerning for many who believe it’s weakening its chances of a bullish charge.
Above $3,700 Or Below $3,500?
Continuing to trade within its current range will continue weakening the coins support level and this could see Bitcoin drop below $3,500 in the coming days. According to some analysts, Bitcoin’s inability to continue rallying is a sign that the leader was not oversold at the $3,400 position as it was perceived last week when the coin rallied.
If so, Bitcoin could soon slip back below $3,500. This could hurt the market immensely right when it is beginning to get back on its feet. A drop below the $3,500 psychological position will see many investors jump ship, triggering a sell-off.
Citing Hyperwave, Financial Survivalism– prominent cryptoanalysts, has stated that he expects Bitcoin to hit $1,165 before soaring and hitting over $10,000. The analyst, like many others, is calling for a bottom within the $1,100 to $2,500 price range. He also agrees that when a bottom if found, prices will rally and hit over $10,000.
Over the coming days, should the market receive a boost in the form of positive news that increases investor confidence, Bitcoin is likely to climb above $3,700. Extended gains should see the coin hit $4,000 a more respectable and attractive position in the eyes of investors. This can only be found through a major adoption of the technology by a major institution or supportive legislation.
Bitcoin [BTC] Price Analysis
At the time of press, Bitcoin is recording marginal gains of under 1%, which is the case with most major coins in the market. The rest of the weekend could see the coin record more substantial gains as the market remains hugely optimistic over the future of Bitcoin and the slightest positive trigger could see prices soar high.
Over the years, investors have faced a common problem of locating the safest and convenient medium to store their cryptocurrencies after purchasing them from the exchange websites. We have, therefore, compiled some of the best cryptocurrency wallets that offer storage services for multiple coins.
Coinpayments is one of the most popular and renowned cryptocurrency wallets on the internet. It is an online based cryptocurrency wallet with an App that can be installed on mobile devices.
It has one huge advantage and that is its ability to support multiple coins without the need to signup for different platforms. Its popularity reached its peak when it became supportive to 1200 cryptocurrencies.
I took a time to go through some reviews about this wallet and to my utmost surprise, Exodus wallet has garnered popularity among most of the cryptocurrency users. I have personally used the wallet and I was amazed by its design. Exodus wallet supports multiple cryptocurrencies and best of all, it is an offline wallet.
This means private keys generated are not stored by the platform, and they have no access to your coins. It is completely free to use and has a fair transaction fee. It also offers a one-time click feature. This means there is no need to go through an authentication process before doing an exchange.
Just as the Exodus wallet, Jaxx is one of the best mobile based wallets on the internet. Jaxx is also compatible to windows and other OS devices. It is an offline wallet that does not hold your private keys and have no access to your stored cryptocurrency. In this case, users have absolute control over their funds.
Edge wallet was created in February 2018 and has been one of the best cryptocurrency wallets out there. It was earlier created for only Bitcoin but later rebranded itself to support multiple cryptocurrencies.
One of its strength is its “easy to use” feature. It does not demand users to undergo any long process of verification before getting access to their funds. Users have to enter their passwords and pin code to login.
In a situation where a user loses his/her device, the wallet can be restored on a new one. It offers two-factor authenticator and recovery code to retrieve an account. Edge wallet support cryptocurrencies including Bitcoin, Bitcoin Cash, Ripple (XRP), Litecoin, Augur (REP), Wings, and Matryx.