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Millions of Britons now hold cryptocurrency like bitcoin

millions of britons now hold cryptocurrency like bitcoin

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Not so long ago, sandwiched somewhere in between the EU referendum and the coronavirus pandemic, bitcoin and cryptocurrencies briefly became the hottest global topic.With prices soaring, many blindly took a punt, worried they would miss out on a chance for a quick and large profit – the only way was up and all that Yazz. You heard overheard conversations about buying bitcoin, ripple, ethereum and more everywhere. It seemed everyone was piling in, young and old, with the hopes of turning hundreds or thousands of pounds into something more substantial.Many subsequently had their fingers burnt – bitcoin prices fell from a peak of nearly $20,000 in December 2017 to $3,000 a year later, others saw their currency vanish, exchanges disappear, or were scammed. Bitcoin boom? The FCA has provided a snapshot of crypto BritainA lucky few, likely to have been involved when the price was low and the industry unknown, may have turned a handsome profit.Fast forward to today and while cryptocurrencies remain niche, there is still plenty of interest around bitcoin and the like, with ways to buy it far easier than a few years ago.And for those who managed to buy in at $3,000 a coin in that dip a …

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Billionaire Bitcoin (BTC) Bull Peter Thiel and Coinbase Are Backing This Little-Known Cryptocurrency

billionaire bitcoin (btc) bull peter thiel and coinbase are backing this little-known cryptocurrency

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Crypto investment heavyweights are backing Reserve, a stablecoin project designed to create a new universal store of value while generating potential profits for investors.
Coinbase Ventures is backing the project, and Reserve executives have now confirmed that Bitcoin (BTC) bull Peter Thiel and Y Combinator president Sam Altman have each purchased a claim to receive tokens in the future.
The stablecoin will be backed by up to 100 on-chain and off-chain assets and utilize a dual token system, as described by crypto researcher Lark Davis.
“Why would a stablecoin go up in value? There’s actually a two-token model. The first is RSR. That is the token I own and the one you will want to buy if you want to invest in Reserve. This token is the governance token, allowing holders to vote on proposals, and it gives rights to arbitrage within the network.
RSR guarantees the collateralization rate of RSV, which is the stablecoin, and it maintains the value of RSV. So when the price of the RSV stablecoin goes above a dollar, then the protocol will sell new or excess RSV for either RSR or tokenized assets to then correct the price. RSR has an automated token …

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UNICEF turning to cryptocurrency in fight against Covid-19

unicef turning to cryptocurrency in fight against covid-19

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Global children’s charity UNICEF is looking to greatly expand its use of cryptocurrency as it aims to respond to the demands of donors and better support companies around the world in their fight against the effects of Covid-19.

UNICEF announced last month that it is to invest 125 ether (worth around $28,500) in eight companies from seven different countries as part of its cryptocurrency fund (CryptoFund) aimed at addressing global challenges.This could be followed in the months ahead by a similar fund which using bitcoin, according to UNICEF blockchain lead, Christina Lamazzo.“To date, we haven’t had any large bitcoin donors, but we’re very much looking forward to bringing a large donor onboard,” she tells Finextra Research.In addition, UNICEF is looking to build a “consumable block explorer”, which would allow the general public to follow the trail of funds, as well as a set of internal tools to track balances and valuations across different crypto exchanges.“This would help us work with cryptocurrency better as an organisation and further enable the crypto funds to support the companies that we’re working with,” Lamazzo adds.Benefits of cryptoThe eight recipients of CryptoFund have already been provided $100,000 in fiat …

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Data Startup Wants to Rank Every Cryptocurrency Product From Media to Wallets

data startup wants to rank every cryptocurrency product from media to wallets

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Cryptocurrency data startup Nomics, in partnership with Nexo, is introducing algorithmic rankings of crypto wallets, lenders, custodians, tax services and over-the-counter desks. The plan is to eventually extend these rankings to every crypto product category, including media outlets.According to Nomics CEO Clay Collins, the same algorithm is applied to all categories without any manual intervention, which should make the rankings more objective. Each entity receives a reputation score based on social media activity and site links. The exact recipe is not disclosed in order to prevent manipulation.Unexpected resultsThis blind algorithm, at times, produces interesting results. Nexo tops Cryptocurrency Credit Lines rankings, while its arch-rival Celsius Network lands occupies 25th place. Collins assured Cointelegraph that this is not due to any manipulation and can probably be explained by the fact that Celsius Network only offers a mobile wallet, leaving its website as a basic landing page. In a recent Cointelegraph interview, Celsius CEO Alex Mashinsky said that this is a conscientious choice as it allows the company to reduce a potential cyber attack vector.Collins said that Nomics will be releasing rankings for two additional product categories every week. He would like Nomics rankings to become the “U.S. …

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Bitcoin As A Payment System — Crypto Cards And The Rocky Road They Travel

bitcoin as a payment system — crypto cards and the rocky road they travel

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(Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

The financial space was rocked by the news that German fintech group Wirecard filed for insolvency owing €3.5bn. Not only a financial failure but also a seemingly “elaborate and sophisticated fraud,” according to EY, the company’s auditor for more than a decade.  
Many companies using Wirecard’s service would have been struck by the news, and would have had to hit the panic buttons, including a few crypto companies using Wirecard for their own card payment systems. 
Already a difficult operation to get right, crypto payment, and crypto payment cards are only starting to make their way into the mainstream but it is instances like this that really hinder their potential and growth. Bitcoin has had a few changes in designation over the years, and as it stands, making it a payment system is harder than it once was.

The major cryptocurrency has undergone a number of evolutions in its some 11 years of existence. The digital currency began life as a medium for exchange in transactions, and found its first use when 10,000 BTC was traded for two pizzas (those pizza’s are …

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A Major New Cryptocurrency Trading Platform is Coming to the UK – Business Manchester

a major new cryptocurrency trading platform is coming to the uk – business manchester

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Like much of the rest of the world, the UK has seen gradually rising interest in cryptocurrency of late. A few years ago, it was still looked upon by many as an obscure technological gimmick, or a fleetingly popular internet token system. Now, however, cryptocurrency is more established as an asset class that has staying power and can impact society in multiple ways.Part of the expanding interest in cryptocurrency comes from the simple fact that it’s become more useful. A growing number of businesses, both in person and online, are accepting cryptocurrency in exchange for goods and services. And for that matter, there are now debit cards that allow people to use cryptocurrency (indirectly) to make payments just about anywhere. All in all, it’s simply become more feasible to conduct real-world transactions with digital currencies.Beyond the potential to make payments with cryptocurrency, we’re also seeing occasional stories in the UK about crypto-related businesses finding success. In some cases this means the creation of entire new cryptocurrencies (which aren’t necessarily businesses in all cases). In others though, crypto-related startups are succeeding. As an example, we highlighted a crypto mining machine business late in 2018 that had …

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Why the government should regulate and not ban cryptocurrency

why the government should regulate and not ban cryptocurrency

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The Indian government must not permanently ban cryptocurrency (also referred to as ‘token’ or ‘coin’ or ‘digital currency’). Any permanent ban on cryptocurrency would only reflect a lack of understanding of the positive impact the technologically powerful cryptocurrency can create on the Indian economy.Many governments have expressed fear over tokens as there is no central authority to regulate the value or oversee the exchange of tokens. The fear stems from an inability to regulate the crypto market or monitor the valuation or track the transfer of cryptocurrency. With fiat currency, governments can do all of the above. Most central banks world over, in conjunction with their respective governments, pass monetary policies each year. The goal of the monetary policies is to specifically control the global value of money. The government through its monetary policies regulates employment, spending, investments and inter alia controls investment.The Indian government can mitigate the above threat by issuing Central Bank Digital Currency (“CBDC”). CBDC shall be backed and controlled by the RBI. CBDC would have legitimacy and would encourage the public to purchase/trade. It would have the ability to become mainstream (as it is backed by the Central Bank) and help to push …

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Market Wrap: As Traditional Markets Rally, Bitcoin Gets Boring – CoinDesk

market wrap: as traditional markets rally, bitcoin gets boring – coindesk

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Bitcoin broke above $9,250 for the first time since Friday as the leading cryptocurrency continues to trade in a tight range just above $9,000 for several weeks. But cryptocurrency markets have stayed quiet as traders expect a big move. Bitcoin was trading hands around $9,250 as of 20:00 UTC (4 p.m. ET). 
Ether, the second-largest cryptocurrency by market capitalization, gained 3%, trading around $232 as of 20:00 UTC (4 p.m. ET), according to Bitstamp.
Despite trading above $9,250, bitcoin is still stuck within a tight range of a few hundred dollars above $9,000. As a result, 30-day volatility continues to decline. In fact, bitcoin’s volatility reached its lowest mark since Feb. 23, according to Coin Metrics.
As bitcoin stagnates, traditional markets soar. Tesla made an all-time high Wednesday, climbing $1,134, up more than 6% from its daily open. Zoom also bounced back toward its all-time high of $262 after dropping Friday through Monday, up 3.6% from its Wednesday open. 
Why is bitcoin so quiet? There are simply “more eyeballs away from the crypto market and more towards traditional financial markets,” said Eliézer Ndinga, research associate at digital asset manager 21Shares. Many retail traders are using the popular retail equities trading platform Robinhood to speculate as traditional markets rally amid the on-going coronavirus pandemic. 
“ …

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Cryptocurrency Market News: PayPal rumors are still lurking around Bitcoin and other cryptocurrencies

cryptocurrency market news: paypal rumors are still lurking around bitcoin and other cryptocurrencies

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Here is what you need to know on Wednesday, July 1, 2020

BTC/USD is close to $9,300 after losing its daily uptrend. Bulls are fighting to stay above the daily 12-ENA at $9,266.

ETH/USD is again outperforming Bitcoin and others gaining almost 3% today and climbing above both the 12-EMA and the 26-EMA on the daily chart.

XRP/USD is still struggling to stay above $0.17 and above a descending trendline formed on May 11.

Haven Protocol has experienced a massive 40% price increase over the last 24 hours climbing to rank 143rd by market capitalization. Pundi X, which has announced some news with PayPal, has also seen a significant price surge of 26%. Other big gainers include Kusama, IoT Chain and SNX. 

Chart of the day: XVG/USD daily chart

Market

PayPal has recently started hiring crypto and blockchain specialists, further fueling the rumors that the company is looking to support in some way the use of cryptocurrencies. No one truly knows what PayPal intentions are, but it’s clear they are looking into the blockchain technology significantly. 

Pundi X seems to have jumped into action already and it’s allowing merchants to sell cryptocurrency via PayPal already. 

To be able to support a leading online payment …

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HOW CRYPTOCURRENCY HAS INFLUENCED UK GAMING – Island Echo – 24hr news, 7 days a week across the Isle of Wight

Information Access and Management (IAM) Platform powers IAM Network - 60,000 + engaged information professionals worldwide.

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If you are looking for some online casino action in the UK, you’re in for a big surprise. Over the last two decades, most traditional casino brands have shifted to the digital landscape as more people in the country are now online. It’s a smart strategy to target a wider market, and it has driven the impressive growth of the gambling industry.
One of the biggest trends powering online casinos is the use of cryptocurrency. For a country that has not been quick to embrace cryptocurrencies, there’s a lot of excitement over crypto gambling as players look for better experiences.
This article looks at the impact of cryptocurrencies in the industry and the future of the trend.
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Cryptocurrency Gambling
Digital currencies have dominated financial debates since the launch of bitcoin over a decade ago. From bitcoin, Ethereum to Tether USDT, there are now over 1600 digital currencies offering alternative banking solutions to internet users.
For an industry that’s dependent on fast pay-outs, the casino industry has been among the early adopters of cryptocurrencies as a form of payment. Most gambling operators offer multiple banking methods, but these are either slow, unsafe, or …

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