How Europe is Driving Adoption

According to a poll by bitFlyer that sampled the thoughts and feeling of 10,000 participants across ten different countries in Europe has revealed a high percentage of Europeans who claim that cryptocurrencies aren’t just a ‘phase’.
Bullish in Europe
According to the details of the bitFlyer Google survey, just over 60 percent of Europeans think that cryptocurrencies will still exist by 2029.
Ten countries were involved in the poll including, France, the UK, Belgium, Germany, Denmark, Spain, Poland, Holland, Italy and Norway. The latter of which showed the highest levels of confidence in cryptocurrencies as 73 percent believe digital currencies will still be around in a decade’s time.
Participants in France have the least confidence in crypto though with only 55 percent thinking that crypto will last another ten years.

On the whole, the results of bitFlyer’s Euro Poll are in line with the emerging sentiment of cryptocurrencies moving from hype to legitimate asset class. Earlier this month, a Twitter poll by IMF showed that more than half of the respondents said that cryptocurrencies will become mainstream within the next five years.
As reported by Bitcoinist:

“Since 2018, there has been a considerable uptick in institutional involvement in the cryptocurrency market. From endowment funds taking investment positions to multinational conglomerates looking to establish vital crypto-based services.”

The growing outlook on the next crypto bull run will occur on the back of a strengthened asset class as against the hype-driven speculative play that characterised the 2017 bull market.
Source: Crypto Daily

Spanish Banking Giant To Connect Ripple Remittance Service To Latin America

The use of Ripple technology is being expanded by the Spanish banking behemoth, Santander. 
Currently undergoing the construction of a “payment corridor” that would allow customers in Katin America to send money to the US for free and instantly through One Pay FX. 
Whereas it’s only an option available to customers residing in the UK and Spain (who can send money over to the States via One Pay FX), the bank wouldn’t reveal how many Latin American nations it plans to connect to the corridor, Santander serves Chile, Mexico, Uruguay and Brazil.
In a similar light to Santander’s DLT efforts to date, the new payment capability won’t involve the cryptocurrency that Ripple periodically sells to fund its projects, XRP which will in turn power it separate Rapid product.
In 2018, Santander introduced One Pay FX in four nations that happen to account for more than half of the bank’s profits including, Spain, the UK, Poland and the aforementioned Brazil.

Cedric Menager, CEO of One Pay FX, said that this is gaining traction:

“Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering.”

The Spanish bank hasn’t given any details in regards to its transaction volumes for One Pay FX, Santander said those volumes tripled from January this year to June and volumes for Spain increased by more than a hundred percent.
Menager said that expanding One Pay FX would mean a bigger change for some countries in South America, who will go from making international transfers in branches to instant online payments, than for European countries.

“The international payment experience in the Latin American markets is even less evolved than in the European markets,” he said. “There are even parts of the Latin American market where it’s almost impossible to do an online international payment.”

He later went onto say:

“International payments is a way for us to acquire customers having a painful experience with traditional banking.”

Source: Crypto Daily

Experts Give Their Thoughts On Blockchain And FaceApp Privacy On User Data

Over the past few months, you have probably heard something about an mobile application called FaceApp. This app blew up all over social media so if you haven’t heard about it, not only am I really surprised but here’s a quick recap.
FaceApp is a Russian developed mobile app from Wireless Lab which allowed people to take photos of themselves and make themselves look old, young or as the opposite gender. Like all popular internet tends, FaceApp brought up a lot of controversy in regards to users who uploaded their selfies for editing. 
Thanks to Artificial Intelligence, FaceApp can edit user’s images that they upload to the application. The app only became mainstream popular this year despite being released since 2017.
Faceapp has denied selling or sharing data from users without permission though. Going off an article from CoinTelegraph, as it states in the fifth section of Faceapp’s terms of use, you give the Russian application the right to do whatever they want with images you upload to the site.

“You grant FaceApp a perpetual, irrevocable, nonexclusive, royalty-free, worldwide, fully-paid, transferable sub-licensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, publicly perform and display your User Content and any name, username or likeness provided in connection with your User Content in all media formats and channels now known or later developed, without compensation to you.”

Blockchain
So where are we going with this and what does it have to do with blockchain?

Well, a couple of experts were asked whether blockchain-based dApp could be much better for user privacy and security. Here are a few of their responses:
CEO of Muckr.AI and board member of Blockchain for Impact at the United Nations General Assembly, Susan Oh said:

“Oh, for sure DApps can be better for privacy and security — if they work, and they work for more than 50 people at a time! Scaling vs. security is a classic dilemma. Privacy vs. security is the other one. My question would be: Why does the world need another app/DApp? Why aren’t you building infrastructure and interoperability toward intelligent decentralization, personal agency and transparency?
I guess DApps could in an ideal world — but honestly, I’m not seeing useful things work in a decentralized way as much as I’d like.”

Board member at NYU Blockchain, Timothy Paolini said:

“Blockchains are built around the principles of decentralization, removing the single point of failure risk (think Equifax servers) and cutting out unnecessary third parties by establishing a more direct, peer-to-peer network. This also maintains your privacy and control of your data from third-party apps as data rests at the protocol instead of the application layer. 
For something like FaceApp, this means you could temporarily grant access to your photo stored on the blockchain in order to use its fun filters, but FaceApp wouldn’t be able to maintain a copy”

Source: Crypto Daily

How Ripple Is Taking Over The US

According to a Google Trends last year, the number of United States users that searched for the term ‘how to buy Ripple’ was a lot more than the number of people that were asking ‘how to buy Bitcoin’. The main thing that this shows us is that Ripple is gaining a lot more traction than we previously thought when it comes to mainstream adoption.
Even so, Google users interested in cryptocurrency from outside the US searched more frequently for information in regards taking up a position in the current number one digital asset by market capitalisation than they did for buying XRP.
With all this in mind, the just the term ‘Bitcoin’ outperformed ‘XRP’ on both a global scale and in the US. So maybe the long-awaited flippening that XRP enthusiasts are looking forward to might have to wait for a little bit longer.

So it seems that it’s only a matter of time before the famous payment protocol replaces Bitcoin and becomes the leading digital asset by market cap. Granted this might be a bit of a stretch but those who are part of the dedicated community for XRP, they have been denouncing Bitcoin as an outdated technology.
For the Ripple community, Bitcoin is old and weary when you compare it its rivals. Based on the potentially increased utility, many more transaction per second provide, large numbers of folks are banking on XRP one day outperforming Bitcoin in terms of market cap.
Even though XRP is a somewhat controversial currency, it is still a long way behind Bitcoin in terms of total size of market. There is one factor that Ripple seems to be outperforming BTC on though and that is Google.
A former engineer at Coinbase, Preethi Kasireddy took to Twitter to highlight some of the Google Trends of 2018:

Google’s 2018 top “How to” searches:1) How to vote2) How to register to vote3) How to play Mega Millions4) How to buy Ripple 🤔5) How to turn off automatic updates6) How to get the old Snapchat back7) How to play Powerball8) How to buy Bitcoin 🙃9) How to screen record
— Preethi Kasireddy (@iam_preethi) 2 April 2019
Although this is misleading since this is only based on users in the US and not the whole world.  
Source: Crypto Daily

Next Generation Blockchains: Which Advancements Should We Be Eyeing?

Bitcoin – the original and still de-facto blockchain of choice recently reached its tenth birthday. A mere 10 years later, and the network is still capped at around 7 on-chain transactions per second, with an average block confirmation time of 10 minutes.
While it is all-but certain that these technical barriers will eventually be a thing of the past, it is important to note that there are now a range of innovative and somewhat disruptive alternatives that the industry should keep an eye on.
Whether it’s through increased scalability capacities that can now compete with global legacy systems like Visa, consensus mechanisms that utilize the ever-growing abilities of artificial intelligence, or institutional-grade security that counters the threats of quantum computing of the future – the blockchain industry is moving at an exponential pace.
Here are some of the most notable examples of projects that are playing a leading role in the development of next generation blockchains.
Increase Blockchain Scalability
True. Bitcoin’s scalability and speed departments aren’t doing so well. But what can’t be disputed is the network’s ultra-strong security defences. In fact, this is one of the overarching reasons that a number of influential Bitcoin developers are against increasing the maximum block size as a means to increase speed and scalability – as it is feared that this will reduce the network’s stronghold on security. In return for ultra-strong security, efficiency levels suffer.
However, one such solution that could ease the aforementioned concerns is that of Schnorr Signatures. In its current form, Bitcoin dedicates a significant amount of storage to digital signatures. If, for example, you wanted to send funds from multiple Bitcoin addresses to a single address, each and every transaction would require an individual signature.
On the contrary, Schnorr Signatures would allow the same batch of transactions to be digitally signed just once – subsequently making the underlying blockchain significantly more efficient. Schnorr Signatures can also demand that joint-wallet owners are each required sign a transaction before authorization is granted.
AI and Blockchain go Hand-in-Hand
A project that warrants a mention is that of Velas. The Switzerland-based startup is looking to expand on the capabilities of blockchain and artificial software by also taking into account the decision-making process of human consciousness. The team at Velas refer to this innovative theoretical breakthrough as ‘Artificial Intuition’.

Supporting the Velas blockchain ecosystem is a unique consensus mechanism it calls ‘Artificial Intuition Delegated Proof of Stake (AIDPOS).’ In layman terms, the AIDPOS framework achieves the perfect balance between speed, scalability, decentralization and security – something that first generation blockchains such as Bitcoin and Ethereum are yet to achieve.
In fact, Velas claims that its proprietary network is able to handle upto 30,000 transactions per second. A transactional throughput as high as this would be capable of facilitating virtually any requirement in a real-world setting, especially when one considers that the global payment network of Visa requires just 1,700 transactions per second. 
At the same time, the AIDPOS framework requires a validation consensus of 80%, subsequently ensuring that the network remains safe at all times. This includes a water-tight defence against 51% attacks and double-spending attempts.
Bring Decentralization to the Web
Many involved within the blockchain technology arena have argued that decentralization should further extend to the World Wide Web. In other words, much like in the case of an immutable blockchain infrastructure, information on the internet should remain online permanently – free from the threats of censoring.
One such project that has recognized the need to bring decentralization throughout the digital ecosystem is Arweave. Through its revolutionary Permaweb, not only does the technology facilitate low-cost, highly scalable online data storage, but the information cannot be amended or manipulated by any third party actors.
This was especially useful earlier in the year where the Cogen & Company audit of TrueUSD was transparently placed on the Permaweb. It is also worth noting that over 50 individual dapps – such as Scribe, Email Proof and Albatross, have already built their applications on top of the Permaweb, with numbers of users growing rapidly.
In terms of the underlying technicals, which are the advancements we should mostly be eyeing – Arweave utilizes a next generation version of distributed ledger technology. Known as Blockweave, the protocol validates blocks by ‘weaving’ them through the network – as opposed to the linear fashion that existing blockchain frameworks often rely on. 
As the amount of data stored in the network increases, the amount of hashing needed for consensus decreases, thus reducing the cost of storing data, making it much cheaper than recurring fees from crypto- and traditional competitors.
The Blockweave uses an innovative consensus mechanism known as Proof of Access that allows a network speed of up to 5,000 transactions per second (TPS). In addition, Arweave introduced blockshadowing, a flexibly-sized transaction block distribution algorithm that improves on current sharding techniques by other blockchains.
The Future of Blockchain Technology is Bright
Whether its slow transfers, an inability to scale, or inefficient transaction validation processes  – next generation projects are developing real-world solutions to these many flaws. While most of these innovative projects are still in their infancy, the blockchain community should keep a watchful eye on their progress.
Source: Crypto Daily

Tom Lee Sees Bitcoin as a Legitimate Safe Haven For Investors

The well-known senior analyst and bitcoin bull, Tom Lee is once again showing his confidence in the leading cryptocurrency in that it could be a genuine safe haven for investors.
Lee was asked about whether Bitcoin could be a legitimate safe haven for investors when he took part in an interview for the Fox Business channel on Thursday where he said:
“Yes. You can see it in markets. Where there’s turmoil, the local Bitcoin prices tend to surge and trade at a premium, because people are trying to find ways to protect their money. So yes.”
Performance of BTC
Lee went onto say that Bitcoin has performed very well this year and its no surprise considering that in December 2018, the flagship currency was priced around the $3.5k mark whereas today, we are hitting the $10k range.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

The Fundstrat businessman went onto highlight that Bitcoin is “really uncorrelated to equities, to bonds, so it’s a good diversification hedge.”
Bitcoin is just ‘resting’ according to Lee and can show a significant rise in its price by the end of 2019. Lee goes onto note:
“I think it’s going to be much higher by the end of the year, and potentially at a new all-time high. I think anyone who wants to have a 2% or 1% allocation to Bitcoin as a hedge against a lot of things that could go wrong — it’s a smart bet.”
In terms of price, the leading cryptocurrency is currently priced at $10,066 following a 0.34 percent increase over the past 24 hours. These past two days have been very volatile for bitcoin too as on Thursday, most of the market was bleeding in the red and it seemed that the bull market had had its day, but now everything has changed. 
Source: Crypto Daily

Santander’s Coinbase Block Are Fake As Reps Respond

Following a Reddit thread, a supposed Santander staff told the poster that they were no longer dealing with Coinbase in the United Kingdom. It didn’t take long for the Spanish bank to deny this rumour though.
Stirring the pot
On the Bitcoin subreddit, the poster u/iCheat69 claimed that they had been talking to a rep from Santander who said that would no longer be allowing customers to deposit money into the US exchange. 
The post started off saying:

“Just got off the phone with a Santander rep in the U.K. who informed me they will no longer be allowing their customers to deposit money to Coinbase.”

The user went on to explain that the information they were relating had come from the firm’s complaints department and that they had been told: “I should move to an alternative bank if I wish to make the payment.” 
The reason for this was supposedly because “of an increase in fraud related to Coinbase.” 

The thread now has a lot of comments on it from different users questioning the nature of the post. Some Redditors were venting steam over banks perceived attitude to bitcoin and crypto in general. 
But the whole idea of this Reddit post was rapidly denied by other representatives of the Spanish bank.
The Block was able to get in touch with these representatives but when asked about clarification of its policy on Coinbase, they were told it ‘wasn’t the case’.

“We do not block payments to legitimate companies… in certain circumstances we will refer payments for additional security checks, where we believe there may be a higher risk of fraud.”

Coinbase has had an interesting week, that’s for sure. Earlier this week, the US firm had a spat with Barclays leading it to lose its account with the Banking giant. As reported by CryptoDaily earlier this week, Barclays took a step back from the much-touted relationship in a bid to reduce its exposure to risk, forcing the San Francisco based-exchange to pair up with the UK ClearBank.
Source: Crypto Daily

Measuring The True Impact Of The Blockchain

One of the main trends of 2019 is expected to be tokenisation. This can be anything from a pizza delivery service to artwork can be subjected to tokenisation. Along with AI development, tokenisation will give us an opportunity to order goods and services carried out by autonomous machines and pay with tokens for the completed work. If we take a look at a few aspects of day to day life that could be changed by both virtual assets and the blockchain.
Customer Attitude
Producers of goods and services are usually unable to predict consumer attitudes and behaviours. This can lead to a shortage or even an overproduction after billions have been built on building real-estate which ends up being unclaimed and abandoned.
Smart devices have the ability to record and analyse data obtained from each other. Said data is based on the constantly changing behaviours and attitudes in consumers.

Supply
Shopping online is one of the biggest things in the modern world. Changes in the consumer’s behaviour suggest a supply chain restructure. There are indications that warehouses and production should be located closer to the ‘city dwellers’ whereas delivery services should hire more employees than offline stores. But if you take into consideration the continuous development of AI and blockchain technology, this kind of work seemingly tends to be delegated to robots whose maintenance costs are expected to be lower than that of employees.
As CryptoGlobe state:

“In order to implement such a scenario, we should give robots rights to make decisions and to dispose of small amounts of money, namely, tokens. The Ethereum infrastructure allows for interaction between humans and robots, as well as between robots and robots in the form of a smart contract. For example, your smart fridge orders fresh milk to be delivered by an autonomous drone every morning.”

Ventures into New Markets
Thanks to the blockchain, there are a lot of new markets that were once only available to professionals or those who retained their monopoly through expertise. On top of this, tokenisation will allow the creation of an equivalent of any value – this will include assets that haven’t previously been expressed in a digital form.

“One of the most notable examples is carbon units, acting as the equivalent of CO2 emitted into the atmosphere by enterprises. Until recently, trade in these units was opaque and slow. Now blockchain allows them to be freely traded. This opens up a green capital market for countries, businesses, and even individual smart buildings for keeping records of their emissions.”

What are your thoughts? Let us know what you think down below in the comments!
Source: Crypto Daily

Why You Should NOT Buy Facebook’s Libra

Earlier this year we all witnessed one of the biggest things to happen to cryptocurrency, this was an announcement from the world’s leading social network, Facebook, that they would be releasing their very own cryptocurrency, a token now known as Libra.
Libra is a very exciting concept given the sheer size of Facebook as a platform. The company is in charge of a number of social networks and apps, these include Facebook itself, Messenger a mobile messaging app, WhatsApp, another, yet slightly more security focused messaging app and Instagram, a social network based on images and photography. 
Libra has been designed to act as a cryptocurrency that bridges the gap between all of Facebook’s major areas and promises to give millions of people access to cryptocurrency investments. People trust Facebook (believe it or not) and therefore the release of Libra is a very good thing for the wider cryptocurrency community, simply because it’s sure to inspire some new people to start investing in proper cryptocurrencies like Bitcoin too. When this starts happening, the chances of us seeing a mainstream adoption of Bitcoin become far greater, let’s not forget what this could mean for Bitcoin too… increased interest means more buying, which means more money flows into the markets which means our investments get bigger and the price of Bitcoin rises, in theory at least.

One big thing to remember however is that Facebook has not yet released Libra, therefore any content that you see that is offering to sell Libra (usually in exchange for Bitcoin) is a scam, it seems the social network is pretty rife with these sorts of scams at the moment too. Just to reiterate, you cannot buy Libra yet, if someone offers you Libra, it’s a scam, don’t do it!
According to The Independent: 

“Facebook pages claiming to sell the Libra cryptocurrency are proliferating across the social network, despite the firm’s digital currency still being months away from launch. The pages provide links to official-looking websites, as well as email addresses through which to enquire about purchasing Libra using a credit or debit card. Facebook warned that the cryptocurrency is not yet available to buy and that any site or page offering to sell it is a hoax. A spokesperson for Libra said they were aware of the scam pages and were working with Facebook to take them down.”

Source: Crypto Daily

Read This Before You Next Invest In Ethereum

With the cryptocurrency markets looking very healthy and with the need to invest at an all time high for many of us, we want to take a little bit of time to step back and remind you of some safe investment practices that will help you to become better cryptocurrency investors. In all honesty, when the markets are flying high is is very easy to invest, although just because things look positive, it doesn’t always mean they will stay that way. As a matter of fact, statistically speaking, the longer the markets stay up, the more likely they are to start to retract – please don’t let that trick you into panic buying however.
The first thing to do is to pause and wait out surges. Don’t let FOMO get the better of you, in fact, if you’ve not already bought before the surge, there’s a chance you’ve already missed out anyway. Remember, the aim of this game is to buy when prices are low, and sell when prices are high. Granted, this is the sentiment that does cause the markets to be volatile in these conditions however.

When prices shoot up, people who bought in early start to sell off their cryptocurrency in order to skim off their positive returns. When this happens, price rises start to level off and often, correction occurs. This correction can be relative to the gradient at which the asset climbed, so, if Bitcoin takes a huge leap upwards in a short amount of time, we can expect any correction to also continue on a similar slope, just in an opposite direction.
Remember that this is a risky industry, so if you do choose to invest, only do so if you can afford it. Only invest money that you can afford to lose and always make sure you do your research first. Take the time to learn more about the industry and do what you can to become a better investor.
Our last bit of advice, if you do go ahead and invest and you’re happy you’ve done enough research, always plan out your storage options and future plans. We would recommend only storing your cryptocurrency on an offline wallet to ensure the risk of losing it in an attack or through the failure of an exchange is minimised. You should plan ahead for the future too and take time to watch the markets in order to make predictions about what might happen next. If you do, you’ll be ready to sell back during the next bull run – doing this is a sure fire way to make sure you earn a profit, that’s what we all want at the end of the day right?
Source: Crypto Daily

How Bitcoin Plans To Save The Planet

All too often we read reports about how harmful Bitcoin is to the environment, when in fact there are a lot of positive changes that Bitcoin and blockchain also promises to bring to our eco-culture. Bitcoin mining is a very power intensive process, as is the mining of many other cryptocurrencies. The fact of the matter is that the way the blockchain has been produced, means that very complex computing calculations need to be carried out in order for transactions to take place. This, guarantees a solid layer of security within the blockchain and importantly removes the need for human intervention. However, this also means that great amounts of electrical energy are needed to power and cool the computers. Bitcoin mining requires such vast amounts of energy, that its carbon footprint is huge. 
We should look at the bigger picture here, however, yes, there’s no denying that cryptocurrency mining is damaging, but we also have to remember that the mint of FIAT currencies is also a resource heavy process, one that uses natural materials and of course electricity to take place. We only need to look as plastic bank notes and plastic credit cards to see just how much resource actual FIAT money uses up. Hopefully in the future, we’ll see Bitcoin replace the need for this.

With Bitcoin, there is no longer a need for plastic notes or metal coins, or indeed plastic credit cards. Combined with other digital technologies such as the smart phone and NFC chips, the need for plastic in money will disappear. The use of plastic and metals may seem like the norm, but you shouldn’t forget that these materials have also been mined, mined through metal ore or indeed through oil for the production of plastic. These processes are equally if not more harmful to the environment than the production of Bitcoin, the difference with Bitcoin is that it does also promise change for the future too. 
Bitcoin will eventually remove the need for plastic and metal within our financial systems. By turning to Bitcoin now we can all to our bit to help the environment and help sustain the planet. Worldwide we are seeing eco-movements begin to take over, so, when we reduce our need for single use plastics, why don’t we also help out by reducing our need for plastic in money too? Turn to Bitcoin, save the planet!
Source: Crypto Daily

Unlocking The Transactional Use Of Crypto In Payments Might Be The Key To Mass Adoption

Blockchain technology and its practical application in cryptocurrencies is barely 10 years old. Yet, cryptocurrency has been disrupting markets, industries and economies since Satoshi Nakamato opened the proverbial Pandora’s Box on the future of money with the release of the Bitcoin whitepaper in 2009.
Global political and business leaders now talk about cryptocurrencies – many of them are apprehensive of its disruptive potential and a few of them are cautiously embracing it. One would have thought that almost everybody in the world will be using cryptocurrencies because of how it reduces the power of governments and their agents in determining the valuation of wealth.
Unfortunately, cryptocurrency has largely struggled to unlock mass-market adoption despite all the buzz that it has garnered in the last 10 years. This piece provide insights into why the mass-market adoption of cryptocurrency has been elusive and developments that could help onboard more everyday users.
Cryptocurrency adoption by the numbers
It is somewhat difficult to get accurate data points on cryptocurrency adoption, there are almost 2500 cryptocurrencies in the market and many of them operate in silos. However, we can make decently logical inferences about the state of the cryptocurrency market by looking at Bitcoin stats and maybe adding Ethereum stats to the mix.
For one, Bitcoin is the oldest, most valuable, and most popular cryptocurrency. Bitcoin’s dominance in the cryptocurrency market is about 68%; its market cap of about $208B represents 67% of the $307B market cap of the entire cryptocurrency market as at August 6, 2019.

Cryptocurrencies are insignificant in the grand scheme of things

Starting with the market cap of the entire cryptocurrency market valued at $307.14B, cryptocurrencies are practically negligible in relation to all other asset classes. Data from the BIS suggests that trade in the global forex market averages $5.1 trillion per day. The value of all the gold ever mined is around $7.64 trillion if you multiple current price of gold by volume of gold ever mined. Microsoft (MSFT) has a market cap of $1.02 trillion, Amazon (AMZN) is valued at $928B, and Apple (AAPL) was valued at $911B at the end of Q2 2019.

Growing but unimpressive user base

Data from Blockchain.com suggests that the total number of Bitcoin wallets has increased 50.46% in the last one year to 41,037,416, but that’s not necessarily the accurate number of people using Bitcoin because people tend to have more than one Bitcoin wallet.
However, the number of unique address Blockchain addresses and the total number of daily transactions reveal the growing but relatively insignificance of cryptocurrencies in the grand scheme of things.

Total number of unique addresses used

Total number of confirmed daily transactions

Complexity

Another factor slowing down the mass-market adoption of cryptocurrencies is the perceived complexity associated with Blockchain technology and cryptocurrencies. Blockchain and cryptocurrency are built on cryptography and cryptography is heavily reliant on advanced maths. Many retail investors have been taught to avoid assets that they don’t understand and the highly technical nature of Blockchains drives some potential users away.

Reputational headwinds

Bitcoin first had its widespread use on Silk Road; hence, regulators, traditional financial institutions, and the conservative media have done an excellent hatchet job of demonizing cryptocurrency as the currency in trade for criminals. In addition, the speculative component of cryptocurrency trading coupled with its high volatility has been overexaggerated as another reason why ‘sane’ people should stay away from it.
The cryptocurrency industry is fixing up
The arrival of many financial services institutions in the cryptocurrency market is promoting trust and ease of access to drive the faster adoption of cryptocurrencies. For instance, Skrill, a global online payments and money transfer company made a big crypto push in mid-2018 when it opened up its platform for users to provide a simple way to buy and sell cryptocurrencies.
The fact that Skrill has been operating in the financial services industry for close to 20 years, the scale of its operations, and the strength of its reputation as a reliable payments company already eliminates the initial scepticism and distrust that people have towards pureplay crypto companies.
Skrill also allays the fears of new cryptocurrency users with a reliable and trustworthy custodianship service, dollar cost averaging for investors, easy portfolio management, immediate settlement of transactions, and an Easy-In Easy-Out fiat to crypto gateway.
Secondly, the uptrend in the transactional use of cryptocurrencies is enhancing its widespread adoption and many entrants in the crypto space are developing other use cases for cryptocurrencies beyond speculative trading. The development of stablecoins such as USDT, EURS, and USDC is already addressing the volatility concerns associated with cryptocurrencies. Merchants can now easily get paid in a stablecoin or have their crypto payments automatically swapped into stable coins to protect their revenue from volatility risk.
Lastly, the announcement of Facebook’s Libra has already triggered a sense of urgency on the need for new regulations to catch up with the innovation. Of course, the cryptocurrency industry is polarized about the entry of Facebook into the crypto industry. Some people believe that Facebook’s Libra and its focus on emerging markets could be the key to drawing many of the world’s unbanked population into the digital economy. Critics are worried that the cryptocurrency would be face with increased reputational risk because of Facebook’s current troubles with regulators.
Nonetheless, many of the regulatory uncertainty surrounding cryptocurrencies in many jurisdictions are already being addressed and clear regulatory conditions make it easier for people to position themselves for the future of money without running afoul of current or future legislation.
There’s still more work to be done
Currently, the most compelling reason to buy Bitcoin or any other cryptocurrency is directly/indirectly hinged on the possibility that its price could increase. However, the industry won’t scale very fast and adoption will be limited to tech enthusiasts, traders and investors until everyday people can get paid in crypto, buy their coffee with crypto, and maybe access financial services such as loans or insurance with crypto.
There is also a long list of technical challenges relating for scalability, speed, and security that must be fixed. For instance, during the height of 2017’s bull many Bitcoin transactions were stuck as unconfirmed for as much as one week. The fee structure on many Blockchains require users to sacrifice speed for low transaction costs. Hence, the mass market adoption of cryptocurrencies will happen faster if transactions speeds become comparable to speeds on legacy technology and at a cheaper price.
To fully unlock the mass-market adoption of cryptocurrencies and onboard the rest the world; the cryptocurrency industry needs to build an ecosystem of networks that facilitate the transactional use of cryptocurrencies.
Source: Crypto Daily

How Bitcoin Has Boosted These Industries Over The Years

Cryptocurrency is an ever-growing industry which has spread throughout almost every industry. At the time of writing, there are more than 1,000 cryptocurrencies listed on exchanges and because of the decentralised nature of said currencies, they have many uses. Some of those industries include travel, education, social media, real estate and more! Let’s take a look at some of these industries and how cryptocurrency has had an impact on them.
Gaming
The cryptocurrency hype train has opened up tons of new possibilities for game developers. The ORB project is a good example of a game that allows the user to transfer their in-game cash into other assets and then exchange it for fiat money.
Travel
Getting involved in the travel space is a great industry to get stuck into, especially for the cryptocurrency. There are some companies like Cheapair.com which have been accepting Bitcoin as a form of payment for purchasing hotels, car rentals, cruises and flights for around six years now.
Social Media
The growth of social media is phenomenal. The industry has grown so much that you can even make a full-time career out of it. Some social networks are utilising blockchain technology to connect with artists and performers. In addition to this, people with specialised skills and talents to those who may be interested in it.
Put simply, transactions on social media are carried out through cryptocurrencies.

Education
Universities in North America and Germany are now accepting cryptocurrencies as a mode of payment. Bitcoin is especially allowed for the course fees and student bills.
Real Estate
It is now possible to buy houses using cryptocurrencies. This is thanks to the blockchain. Propy.com and mycoinrealty.com are two real estate firms that accept Bitcoin as a payment option so you can buy your dream property.
Fast food
There are some big players in the fast food space that now accept cryptocurrency as a form of payment. Pizzaforcoins is one such company that accepts around 50 types of cryptocurrencies as payments. The popular fast food restaurant Subway is another firm which accepts crypto in some selected stores. Soon, you’ll be able to buy your footlong from Subway all in crypto!
What are your thoughts? Let us know what you think down below in the comments!
Source: Crypto Daily

Tether’s Trading Volume Suggest Bitcoin Could Surge To $20,000

Recent perks in the trading volume of one of the world’s leading stablecoins; Tether, suggests that Bitcoin could be about to embark on another huge price surge up to Bitcoin’s all time high of $20,000.00. Because Tether is a stablecoin, the value of it’s tokens does not change, it’s fixed to the price of the US Dollar (and other cryptocurrencies). The premise of this is that stablecoins give investors a way of buying cryptocurrency via stable means, without having to keep transferring from FIAT to crypto. Tether in short just turns your US Dollars into easier to spend, virtual dollars.
When the volume of Tether peaks, the value of Bitcoin usually follows, because surges in the Tether trading volume means that more investors are looking to buy cryptocurrencies. Nobody buys Tether for the sake of it, it’s always a means to further investment. This is a trend that experts have picked up on, one that now has many believing Bitcoin could be about to reach the stars again.

Cointelegraph have published some stats about Bitcoin that suggest there is a correlation between the increasing Tether trading volume and Bitcoin’s more recent price hikes:

“Bitcoin is consolidating near $11,800 (a resistance formed in Q1 2018) after bouncing off the double bottom at $9,500. This level now serves a strong weekly support and FilbFilb believes consolidation below resistance is a bullish indicator. A break above $14,000 also represents a new 2019 all-time high and the news event surrounding this event could lead to an influx of capital from investors of various ilk. In combination, these factors make a strong bullish case for Bitcoin price in the run up to the May 2020 halving.”

What will happen next then? Well, the figures are suggesting that the trading volume of Tether is only going to get greater. Eventually however this will start to decline as those Tether tokens start to be exchanged for other cryptocurrencies. Because Bitcoin is by far the biggest, then we can assume that the majority of this value will move into Bitcoin, if it does, the price of Bitcoin will soar as a result of this new interest. There is of course a chance that these tokens could be exchanged back into FIAT currency, or could be more widely spread across the markets which would make a Bitcoin bull run less likely. The only thing we can do now is simply wait and see. 
Source: Crypto Daily

Mangocoin Accused Of Copying Bitmain

Mangocoin is a new cryptocurrency concept that has recently found itself in a spot of bother after leading cryptocurrency mining manufacturer Bitmain accused Mangocoin of making false claims about Bitmain’s association with the cryptocurrency. According to Cointelegraph:

“Cryptocurrency mining hardware manufacturer Bitmain has accused a cryptocurrency project of falsely using its name in the promotion of a product dubbed Mangocoin (MNG). In an Aug. 9 blog post, Bitmain states that it came across a fraudulent use of its brand in the sale of a product dubbed Bitmain Cloud Miner and in the promotion of Mangocoin.” 

Furthermore:

“The fraudsters allegedly masqueraded as Bitmain and promoted the products on their website, application and software. Bitmain thus warned the public that Mangocoin and its social media accounts, website, application and dedicated groups in messenger apps are not the company’s business channels or platforms, noting that Bitmain does not stand behind MNG as its developer.”

Bitmain believe that the use of the Bitmain brand was to give Mangocoin some legitimacy so it could act as a real cryptocurrency, when in reality, it turns out that it could simply be a scam coin designed to trick users into investing. Bitmain have reinforced these claims by issuing the following statement:

“We would like to remind our existing and potential customers to correctly identify the service provider when purchasing products, to sign up for or purchase anything online only after careful deliberation and stay alert to misleading promotions, illegal fund-raising, fraud and other malicious activities on the internet.”

As investors, we should all hear this warning. Cryptocurrency investment is very risky and therefore if you choose to invest in a new project, no matter who seems to be endorsing it, you should always do your own further research in order to ensure your investments are going to legitimate causes. Sadly, it’s pretty easy for scammers to create fake tokens in order to drain money from investors who think they are buying into something special. 
The best way to stay safe is to only purchase cryptocurrencies through legitimate means that you have used before, such as via licensed cryptocurrency exchanges. Only invest money that you can afford to lose, if you keep your wits about you, you can stay safe – that’s the most important thing. 
Source: Crypto Daily