Tag Archives: Cryptocurrency

Tron’s DeFi Ecology is Increasingly Popular, What Can it Offer to Cell Protocol?

Tron’s DeFi Ecology is Increasingly Popular, What Can it Offer to Cell Protocol?

If the king of digital currency in 2019 is IEO, then the award shall go to DeFi in 2020. Ever since the Bitcoin block reward halved in May this year, the focus of the entire digital currency market has shifted to DeFi.

According to statistics from DeFi Market Cap, on April 14, the total market value of DeFi reached US$1 billion; on June 9, the market value reached US$2 billion; on June 25, the value exceeded US$6 billion; on July 5th, the number reached $7 billion. In terms of the total market value, the scale of lock-up, and the DeFi related token price, DeFi have shown rapid growth.However, with the rise of DeFi, problems occurred: 1) Incomplete blockchain infrastructure needs to be strengthened. 2) Whether market applications can truly attract users and create value remains to be tested 3) Building a DeFi ecosystem requires a two-way choice between projects and public chains. Faced with these problems, Tron has offered us an effective solution, a Tron DeFi ecosystem. In recent months, Justin Sun has been working hard to promote Tron’s DeFi ecosystem, triggering a big number of projects launch on Tron, despite that they have launched on ETH already. During that period, Justin Sun released the lending platform JUST Lend, TRON wBTC JUST BTC and the decentralized trading platform JUST Swap all in one go, completing the DeFi ecosystem in Tron.

Compared with the high handling fee in ETH, the DeFi projects in Tron is much user-friendly with a little handling fee, attracting many users. In addition, Tron’s two major user traffic portals, BitTorrent and Tron version of USDT, are both large user traffic, and the traffic of Tron APP always ranks top among all public chains, offering a huge user base to the DeFi projects on Tron. More importantly, Tron claims to be one of the few public chains that can deploy smart contracts POS mechanisms while be compatible with the public chain of the Ethereum virtual machine. Therefore, if those DeFi projects on Ethereum wish to transfer to Tron, they only need to pay a little fee. Based on Tron’s official statement, it may take about half a year for a project to move from ETH to another public chain, yet it only takes one or two weeks to move to Tron. The rapid transfer speed, huge user base, and perfect infrastructure have made Tron popular. Many projects are looking forward to seizing the opportunity to become a part of the ecosystem, and Cell is one of them. Recently, the Cell Protocol team released its white paper, indicating that Cell Protocol will launch Tron DeFi ecosystem soon.

Cell is a decentralized oracle network based on blockchain technology. The Cell oracle addresses the problem of price up-chaining through a decentralized incentive scheme, the Price Oracle. At present, the quotation mode of mainstream oracles on the market is basically uploaded by nodes and verified by voting, with the biggest drawback of lacking a guarantee of the correctness of the uploaded price. In a decentralized world, any risk of centralization may cause the entire system to collapse. Unlike the other oracles that obtain data from trusted third parties outside the chain, Cell’s incentives allow prices to be formed directly on the chain. Participants of the Cell protocol need to invest real money to be responsible for their own words, and the agreement will also encourage those who are brave enough to speak. No authorization is required for the quotation system: anyone is free to enter or exit to participate in the quotation without system verification, and the arbitrageur can take the order to verify, and then the agreement generates accurate oracles quotations based on algorithms. To put it simply, after the certifier price of the target asset is quoted, if there is a gap between the price and the quotation of the mainstream exchange, others will have an arbitrage incentive to eat the bill. In this way, it can encourage the miner to provide the most accurate price. At the same time, no eaten order means no-arbitrage space and the quotations will be close to mainstream exchanges. Therefore, these quotations will eventually be adopted by the system based on certain algorithms to form accurate price data. As the core competitiveness of Cell, Cell’s quotation system can solve industry problems such as lack of price facts on-chain. After joining Tron’s DeFi system, Cell can have a greater value and more potential for growth.

  1. Based on Tron, users can enjoy extremely low handling fee.

In a UniSwap transaction on DeFi based on Ethereum, the required fee has risen from a few dollars to ten dollars, twenty dollars, and sometimes even as high as one hundred dollars. As for other DeFi contract calls, the cost is even higher. Such a high transaction fee has become a barrier for beginners and users with small token amounts. However, on Tron, each transaction consumes about 1 TRX only, aka $0.03, which is only around 6/10000 of the gas fee on ETH. In addition, the TPS of Tron is 200 times better than that of Ethereum, and the cost is less than 1%. In other words, the high congestion/high gas rate will never happen on TRON. As Cell is based on Tron and users can enjoy a faster network and lower transaction fees.

  1. The design is more decentralized, and the prices obtained through incentives are more authentic.

Cell oracles adopt market game theory. In the cell protocol ecology, there is a mutual game between quoters and verifiers, and their identities can transform at any time over time. Unlike other oracles that obtain data from trusted third parties outside the chain, Cell’s incentives measure makes prices directly formed on the chain, making the Cell oracles more resistant to attacks, more decentralized, and ensure that the on-chain prices are closer to market fairness price.

  1. No pre-mining, Tron DeFi ecosystem is in need of price oracle 

Cell oracle does not predict the motivation of participants, so the cost of doing evil needs to be considered. This is also the main starting point for designing an incentive mechanism based on the game in the system. Due to the existence of arbitrageurs, after the perpetrators reported false prices in the system, they were quickly traded by the arbitrageurs, and the funds required to quote again were doubled. It can simulate the cost of doing evil increases exponentially. In the token distribution, all coins are released through the Cell price feed, and the distribution ratio is high. As oracle is very important to DeFi and Tron DeFi is in lack of a price oracle to resist market fluctuations, Cell launched the market in the right timing! In addition, Tron attaches great importance to DeFi. As early as 2019, Tron began to deploy DeFi infrastructure and made it fully compatible with Ethereum. Cell’s launch can receive great technology and user base support from Tron. Tron is planning to play big and every upgrade of Tron is an opportunity for the Tron DeFi ecosystem. Therefore, I believe that Cell Protocol will have great performance with the support of Tron. Let’s look forward to the future development of Cell!

Article Produced By
Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He is the founder of Blockmanity. He trades cryptocurrencies and holds some but he prefers holding USDT.

https://blockmanity.com/news/tron/trons-defi-ecology-is-increasingly-popular-what-can-it-offer-to-cell-protocol/

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Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

Bitcoin
Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to gain adoption outside of the elite tech savvy forums and deep web blogosphere. However, it didn’t stop the white paper from being ultra-relevant, even then. While a large majority of the population still has trouble grasping the real importance behind decentralized currency, crypto still has a massive following- even if it’s just for the value. But the point behind the currency wasn’t one of monetary worth and gain, instead something a bit more noble. The fallout following the subprime mortgage crisis of 2007, the entire world was looking at a crippled economy and massive recession. Entire countries were devastated following the dubious investments made by US bankers. But it wasn’t just bankers shouldering the blame; but an entire litany of centralized financial mega-players, including regulators, credit agencies, government housing policies, consumers, and many, many more. 

What the Bitcoin white paper offered was a better way to take control of personal finance. A more responsible paradigm that didn’t revolve around intermediaries making money- but instead individuals. People. Everyday residents use their finances in the way they were meant to be used. Anonymous, fungible, decentralized money. An immutable public ledger that could be viewed and validated by the people themselves, cutting out the ability to speculate on things like high-risk loans. Removing the system that instigates quantitative easing practices, which often lead to devastating periods of hyperinflation or deflation. It offered a system that was built, run, and verified by the very people who use it most, with an intrinsic value that only rested on utilization. This was bitcoin. A borderless currency system that didn’t require a credit history, or any history. Just an online wallet and some imaginary coins. 

Decentralized, For Your Convenience 

While not all of these principles have made the final cut of bitcoin as we know it today, there are still a number of the original values that dictate the way the network behaves. Perhaps the most important being the concept of decentralization. Cryptocurrencies have brought in the ability for people to self-manage. And it’s not just about finance anymore. Entire businesses are now being built on decentralized platforms, using a democratic structure to exist. Smart contracts are removing arbiters and lawyers. A number of different cryptocurrencies completely extinguish the need to transfer funds into several different currencies before reaching a final destination, which also removes stacks of astronomical fees. Decentralization could become the norm in the future, which is really just the process of removing middlemen. Putting individuals in a position of greater control, with a much lower likelihood of human error or influence on whatever system is becoming decentralized. While bitcoin brought us the idea of decentralization when it comes to currency, other popular cryptocurrency platforms are beginning to incorporate decentralization with a number of other valuable services.  

Many people seem to get a bit twitchy when confronted with the idea of decentralization and “imaginary coins”. However, if you’d like to test the effectiveness of systems already in place, consider what would happen if everyone withdrew all of their money from their bank accounts at once? In America, there already exists a parable for this. It was called the Great Depression. The dollar you hold in your hand has no more “real value” than a bitcoin in your online wallet. The institutions that we put in place to control and safeguard these imaginary dollars? Well, let’s just say that their value isn’t much different, and perhaps oftentimes, much more destructive. What bitcoin has, and will continue, to offer is a better power structure that eliminates the need for externality. A system that breeds self-sufficiency. Which is arguably something that mankind has been struggling to obtain since the dawn of time. A paradigm in which there are no leaders, just users.

Article Produced By
Globalcoin

Independent ICO Research and Reporting on the Biggest Cryptocurrency Winners From a Top 10 Crypto News Site
 

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Advertising, PR, Guest Post Scams in the Blockchain & Crypto World

Advertising, PR, Guest Post Scams in the Blockchain & Crypto World


Well the World is strange but if you fall to Scammers the World can be more strange for you and your Business.

 
Many Businesses publish Press releases and Guest Posts, ok so far no problem but most of them Deal with Scammers and dont know that! The Internet have so much offers for Advertising your Business and you can find in any Forum or Classified Ads offers who promise you Guest Posting and Sponsored Advertising on Bitcoin or Blockchain websites. But is it True you can buy it here cheaper than on the Websites direct?No it is, the new Scams promise you to get your Articles published for less Money than on the website self to order! They call themself PR Agencies – Be carefull!
 
Serious websites not accept reselling there Advertsing offers! If you find PR services they offer you to publish your PR on half of the Internet Blockchain sources, be warned! And the Scammers are many, we self get about 100 Emails per Week with requests for Guest Posts from 3th part not affiliate with us! For that Please note: Do not Deal with any other sources to Advertise on TheBitcoinNews.com, we do not Authorise any Resellers or Affiliates to sell Online Advertising for our Website anymore! Most of this offers are Scam and your Press release, Guest Post or Sponsored Post will not published if you not Deal direct with us!  Double check Email addresses and website URLs, the Scams even copy easy and fast full website contents to harm your and our Business!
 
Article Produced By
TheBitcoinNews.com
Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest. Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.

https://thebitcoinnews.com/advertising-pr-guest-post-scams-in-the-blockchain-crypto-world/

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Kraken Cryptocurrency Exchange Gets US Banking License, Plans to Be Global Bank

Kraken Cryptocurrency Exchange Gets US Banking License, Plans to Be Global Bank

Cryptocurrency trading platform Kraken has received a banking license recognized under federal law to operate as a bank in the U.S. The company has outlined its plans to offer a number of cryptocurrency-focused financial services locally and globally.

Kraken Now a US Bank

Kraken announced Wednesday that it has received a U.S. bank charter. “The state of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), tentatively called Kraken Financial,” the company detailed,

elaborating:

Kraken Financial is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law.

The announcement further states that Kraken Financial “will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets.” The Wyoming Legislature enacted HB 74 last year, which authorized the chartering of Special Purpose Depository Institutions, which Kraken described as custody banks for digital assets. As a bank, Wyoming law requires Kraken Financial to maintain 100% reserves of its deposits of fiat currency at all times. “If every client were to demand withdrawals of their fiat at the same moment, Kraken Financial would be able to fulfill each withdrawal immediately without regard to how many loans we had outstanding,” the company emphasized.

Kraken Financial will be regulated by the Wyoming Division of Banking. It will have a permanent physical presence in Cheyenne with back-office teams and functions. Kraken clarified that it “will operate an online and mobile-first banking model.” The company explained that its banking operations “will start locally, but will soon operate globally,” noting that the SPDI charter will help expand its reach across the United States, “and will also help the broader Kraken organization to service companies around the world.” Initially, accounts are only available to U.S. residents, but the company says, “We hope to expand globally soon.” Kraken also outlined the services it plans to offer. In the first year of operations, digital asset custody, demand deposit accounts, wire transfers, and funding services will be available. Within the next few years, more services will be added, such as staking, trust accounts, a complete suite of online and mobile banking services, and debit cards.

Article Produced By
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

https://news.bitcoin.com/kraken-bank-cryptocurrency/

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MSTR Stock Up 9.21% on Tuesday and Up 8% Today, MicroStrategy Adopted New Treasury Reserve Policy Focused on Bitcoin

MSTR Stock Up 9.21% on Tuesday and Up 8% Today, MicroStrategy Adopted New Treasury Reserve Policy Focused on Bitcoin

After investing in BTC for the first time last month, MicroStrategy yesterday announced that it had purchased more Bitcoins.

Business intelligence company, MicroStrategy Incorporated (NASDAQ: MSTR), is leading in the list of companies that have adopted Bitcoin as their reserve currency. Earlier last month, the company expressed its belief that the virtual currency powered by a public blockchain is superior to cash over the long term, claiming it to be a “reasonable hedge against inflation.” After investing in Bitcoin for the first time earlier last month, MicroStrategy yesterday announced that it has purchased more bitcoins. Apparently, the company now controls Bitcoin worth almost half a billion dollar according to the market value at the time of publication, around $10,900. Notably, MicroStrategy (MSTR) stock jumped 9.21% to close Tuesday trading at $155.75, and continued with the rise during Wednesday’s pre-market, trading around $160.

At the time of writing, MicroStrategy stock is $7.64% up, trading at $167.65. With a market capitalization of around $1.51 billion through Tuesday, approximately 33% of it is in Bitcoin. The company has been increasing its Bitcoin reserve and dramatically reduced its fiat reserves. According to SEC filings, the company purchased 38,000 BTC worth $425 million at an average price of $11,111. “We just had the awful realization that we were sitting on top of a $500 million ice cube that’s melting,” CEO Michael Saylor told the media.

MicroStrategy Decisions about Bitcoin That Pushed MSTR Stock Higher

The decision to use Bitcoin as its reserve currency might be one of the best the company will ever take or the dumbest ever. This is primarily because Bitcoin is highly volatile and its value derived from mere speculation. “This will go down in history as one of the smartest or worst CEO decisions of all time. Case studies and books will be written about it. Either way, it took enormous guts for a public company CEO and I commend him for the courage,” said Barry Silbert, the CEO of Grayscale. Bitcoin increased demand has sustained its market price above $10K for around two months. With institutional investors pumping more cash into the Bitcoin market, governments will be compelled to create policies to govern the industry.

As a result, the cryptocurrency industry will eventually be globally adopted both by institutions and retail investors. The likelihood of other companies following MicroStrategy’s footsteps are very high. “MicroStrategy is adopting a #bitcoin standard. Other companies will follow. Finally, central banks will follow (Switzerland likely to be the first.) A new gold standard for the digital age. A neutral store-of-value will create more checks and balances for governments,” said Datavetaren, a pseudonymous software engineer. MSTR investors are hopeful that the company will certainly experience huge gains which will exponentially increase its value. This is perhaps the main reason that MSTR stocks keep on rising each and every other time the company purchases more Bitcoins.

Article Produced By
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

https://www.coinspeaker.com/microstrategy-stock-policy-bitcoin/

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Traders Counting on BTC Sky-Rocketing by End of Year, Today Bitcoin Price Is Below $11,000

Traders Counting on BTC Sky-Rocketing by End of Year, Today Bitcoin Price Is Below $11,000

 Traders Counting on BTC Sky-Rocketing by End of Year, Today Bitcoin Price Is Below $11,000

Today, on September 17th, the BTC rate pushed off an important resistance level – $11,000. Currently, it rests at $10,842.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Tech analysis of BTC/USD: Bitcoin price is down today.
  • Traders promise that the BTC renews the highs until the end of the year.
  • The uncertainty pushed traders to buy the BTC.

On W, the Bitcoin is finishing the correction of ascending dynamics. The quotations are forming a bounce off 61.8% Fibo, which will signal further growth. The aim here is at 100.0% Fibo. The MACD histogram is positive, which is, again, most probably a signal of further growth. The signal lines of the indicator keep intertwining after they formed a Black Cross, which, in turn, signals soon continuation of the growth. The Stochastic keeps growing slightly to the overbought area, which, again, makes further growth of the coin more probable.

On D1, the tech picture of the coin looks almost the same as on W: the pair stopped correcting and goes on growing. The aim of further growth from the support line is $12,700USD. The MACD histogram is growing but remains in the negative sector. The signal lines of the indicator formed a Black Cross, signaling another insignificant correction. The W and D1 give controversial signals; meanwhile, the continuation of the trading situation that presumes a short correction before growth looks more probable.On H4, a correction of BTC/USD looks more probable than on the larger timeframes. The Stochastic is forming a Black Cross in the overbought area, providing another signal of correctional movements. On September 14th, the employees of an analytical company Skew.com published a tweet pointing at a large number of call-options for December 2020. Note that their number is larger than in December 201 when the rate of the leading cryptocurrency tested its high of $19,600USD.

It turns out that many traders expect the price of the BTC to have reached $28,000USD, $32,000USD, or $36,000USD by the end of the year. The largest number of contracts (which is 752) is at the level of $36,000 USD. We see that investors are in quite a bullish mood but there is also a fundamental part in all this. As a rule, the Bitcoin rate grows actively not right after a halving but some six months after it, so we should take account of the current positive moods of the crypto world concerning the aggressive growth of the BTC. Moreover, the rate of the asset may be somewhat influenced by the upcoming presidential election in the USA along with the general economic instability in the world. All these factors, including the price, may push traders to buy Bitcoin today, which is confirmed by numerous buys near $10,000USD (on absolutely different platforms, by the way). Moreover: the expectations of the Fed’s decision about the interest rate made the rate of the cryptocurrency test $11,000USD. This makes us sure that currently, the pressure from the BTC/USD buyers will be just growing.

Article Produced By
Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

https://www.coinspeaker.com/traders-counting-on-btc-sky-rocketing-by-end-of-year/

 

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A New ‘Wave of Regulatory Obligations’ Over Crypto Players in EU

A New ‘Wave of Regulatory Obligations’ Over Crypto Players in EU


In what is described as the most comprehensive regulatory framework for cryptoassets to date,

a leaked EU draft document reveals that both issuers of cryptoassets and providers of related activities will have to make crucial choices as they face what is described by industry experts as a “wave of regulatory obligations.” The leaked document, titled Markets in Crypto-assets Regulation (MiCA), went into great detail on how the EU wants to regulate cryptoassets, with a particular focus on fiat-pegged stablecoins. A copy of the 167-page draft was obtained by XReg Consulting, a firm that specializes in digital asset regulations, which said in a comment sent to Cryptonews.com that they expect the new regulations to “shake up the industry” both inside the European Economic Area (EEA)

and around the world.

Affected firms need to “brace themselves for a wave of new regulatory obligations,” and hence make “important strategic decisions that will dictate the future success of their business,” the consulting company said.

Also reporting on the draft document was the EU-focused news outlet EURACTIV, which said that the final version of the document is expected to be presented “in the coming weeks,” making the EU the first major jurisdiction to regulate cryptoassets. And according to EURACTIV’s report, stablecoins, referred to in the document as “asset-referenced tokens” or “e-money tokens,” appear to be an area of particular concern for the EU regulator, with far stricter oversight proposed than for other cryptoassets. Stablecoins that are deemed to be “significant,” will fall under the supervision of the European Banking Authority (EBA). The EBA will, in turn, have powers to conduct investigations, on-site inspections, and impose fines of up to 5% of the issuer’s annual turnover, EURACTIV’s report said.

In terms of its full applicability, however, the proposed rules apply to far more players than just stablecoin issuers. Instead, it refers to a broadly defined group called “crypto-asset service providers” (CASPs) and “issuers of cryptoassets,” which combined covers anyone who offers cryptoassets to third parties. And according to the draft, anyone developing cryptoassets targeted at the EU market must produce a white paper that needs to be approved by both national and EU regulators before the issuer can start operating – a change in policy that undoubtedly will present a major challenge for the industry. Moreover, Xreg Consulting said the proposed rules will harmonize crypto regulations across the entire European Economic Area (EEA), and “replace any national legal and regulatory regimes

for cryptoasset activities.”

“An EEA-wide approach means that CASPs authorised in one Member State will gain access to the Single Market by passporting their services,” the firm added.

Up until now, cryptoasset issuers have largely operated in a regulatory gray area globally, and it remains to be seen if major players in the industry will comply with the new regulations, and if not, what EU regulators will be able to do about it. Meanwhile, as reported in September, Japan’s top financial regulator, the Financial Services Agency (FSA), hinted that companies and organizations dealing with cryptoassets and stablecoins needed to abide by strict anti-money laundering (AML) and anti-terrorism financing compliance protocols and suggested that “new rules” could be introduced later in the year. Meanwhile, a new white paper by international law firm Perkins Coie claims that regulated financial institutions can ensure compliance with AML obligations when supporting privacy tokens.

Article Produced By
Fredrik Vold

Fredrik Vold is a regular contributor to Cryptonews.com, covering cryptocurrency and blockchain related news on a daily basis. His area of expertise is the cryptocurrency markets, and his portfolio includes cryptocurrency and blockchain related analysis pieces. He's also a trader, financial writer, and technical analysis enthusiast, who closely follows not only cryptocurrencies, but also the stock and forex markets. Fredrik is the founder of LUVO Content Marketing, a finance-focused online marketing agency.

https://cryptonews.com/news/a-new-wave-of-regulatory-obligations-over-crypto-players-in-7733.htm

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Why Bitcoin is a popular means of payment in Africa

Why Bitcoin is a popular means of payment in Africa


Originally designed as a means of payment, many use Bitcoin only as an object of speculation.

Not so in some countries in Africa.Chainalysis has now observed traffic and trading patterns related to crypto transactions. It turned out that Bitcoin in particular is used as a means of payment in some African countries.

As Chainalysis claims to have found out, the volume of monthly Bitcoin transfers under $ 10,000 to and from the African continent grew to a total of $ 360 million in June 2020. This corresponds to an increase of 55 percent over the previous year. These transactions are typical of individuals and smaller businesses. The pure number of monthly transfers has also almost doubled to 600,700. Chainalysis was able to locate the majority of its activities in Nigeria, South Africa and Kenya.

The transactions are less about everyday purchases such as groceries. However, traders, who often source their goods from China or the United Arab Emirates, unanimously report to Reuters that their trading partners have asked to switch to cryptocurrencies. The advantages are obvious: Payments can be made faster and more conveniently, there are no exchange fees. However, the practice is far from risk-free; the exchange between the national currency and Bitcoin is carried out via unlicensed brokers. The Nigerian state is also making it clear that this is not a legal tender and that investors are not protected. Nonetheless, Nigeria saw nearly 50 percent more small-scale transactions in June this year, to $ 56 million. The number of all transactions rose by 55 percent to 120,000.

The fact that Bitcoin is enjoying this increasing popularity in African countries of all places is only surprising at first glance. Many countries on the African continent are characterized by an above-average young and tech-savvy population. Hard dollars – the de facto currency in global trade – are hard to come by with weak currencies. And complex bureaucratic structures make financial transactions even more difficult. Frankline Kihiu, a crypto broker from Nairobi, Kenya, knows this too, and in an interview with Reuters she confirms: “People are very quick to adopt technologies that make their lives easier. In most African countries, there are many government restrictions. With Bitcoin you can ignore it. “

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest. Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.

Article Produced By
The ButCoin News – Bitcoin News source since 2012

https://thebitcoinnews.com/why-bitcoin-is-a-popular-means-of-payment-in-africa/

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Blockstack Rises from the Recent Bottom; Trades at $0.203

Blockstack Rises from the Recent Bottom; Trades at $0.203

Blockstack Price Analysis

Today, Blockstack price was seen trading at $0.203 with a volatile movement against the US Dollar after hitting the Month-to-Date lowest at $0.139 on the 24-hour chart. After breaching the lower band, the STX price is currently trading within the range and not hitting any trading extremities. However, as per the formation of Bollinger Bands on the daily chart and the lack of support from MA50 reflects moderate volatility. However, with gradual rise in the price after hitting the bottom at the onset of the month, Blockstack now draws a choppy yet accumulative trend and, in this regard, the MACD line moves in intersection with the signal line. The RSI is at 43.59 and shows no trading extremities.

Article Produced By
Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

https://www.cryptonewsz.com/blockstack-rises-from-the-recent-bottom-trades-at-0-203/

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Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Daily Market Overview Featuring Bitcoin, Ethereum and EUR/USD

Bitcoin is up 0.68% today after losing 1.04% in price yesterday.

The first cryptocurrency still remains bearish as the Dollar Index is gaining and the S&P Volatility Index is falling sharply since September 3. Currently, on a 4-hour chart BTC/USD has formed an ending diagonal and retraced from the dynamic support and is about to test the upper edge of the ending diagonal at $10 600. If bulls are able to push the price above $10 600, Bitcoin might continue the uptrend move towards 200MA at $11 120 – $11 200, these levels also are considered as an important support and resistance. If Bitcoin closes below the dynamic resistance (lower edge of the diagonal), we might see a drop to $9 982 – $9 887.

Ethereum lost 6.81% yesterday – the day it launched the Phase 0 of Ethereum 2.0 update, though was able to gain 3.04% today. Unlike an ending diagonal formed by Bitcoin on 4H chart, Ethereum has formed a bearish flag below the lower edge of which might push bears to drag the price to the nearest support at $324. In order to show another uptrend, bulls should get the price above EMA20 and a static resistance of $372. Closest MA resistances are at $386 and $395.

Euro started the week with 0.25% gain against the US Dollar as EU stocks open higher amid new coronavirus vaccine hopes. On a 4H chart, the pair is still trading within ranges of the expanding diagonal, testing higher dynamic resistances and lower dynamic supports. Euro is currently testing the intermediate dynamic resistance which it was able to break previously. The pair is still above MA100 and MA200, hence bulls might consider it a good signal for pushing the price higher. Important resistance ahead is $1.18780, above which the price might continue towards 1.19000. Another stimulus for bulls is the recent quote from Goldman Sacks which states that the fair rate for EUR/USD is $1.30.

Article Produced By
Aziz Kenjaev

Senior Vice President at Overbit. Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.

https://www.coinspeaker.com/daily-market-overview-bitcoin-ethereum-eurusd/

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