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PayPal Holdings Inc. (NYSE:PYPL) Enters Cryptocurrency Industry By Allowing Buying And Selling Of Crypto

paypal holdings inc. (nyse:pypl) enters cryptocurrency industry by allowing buying and selling of crypto

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PayPal Holdings Inc. (NYSE:PYPL) is foraying into the cryptocurrency market by allowing its customers to buy and sell cryptocurrencies through their PayPal accounts. Customers can also hold bitcoin and other digital currencies in their online wallets.
PayPal is introducing cryptocurrencies to its users
Users can spend their virtual currencies to make purchases on over 26 million merchants on the PayPal network that accept PayPal. The company is planning to launch the US purchase option in the coming weeks, with the rest of the world expected to enjoy the offering from early 2021. PayPal will expand the offering to Venmo next year.
The move aims at encouraging the adoption and use of cryptocurrencies globally. Dan Schulman, the company’s CEO, said that the service is also preparing the PayPal network for the new central bank digital currencies expected to launch soon. He said that the company is working with central banks and has all digital currencies in mind and how they can integrate them into the network.
Among the first digital currencies PayPal will add to the service include Litecoin, Ethereum, and Bitcoin Cash. PayPal said that all the coins will be stored in one’s digital wallet. Digital coins are a …

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PayPal terminates relationship with domain registrar Epik over ‘alternative’ cryptocurrency | ZDNet

paypal terminates relationship with domain registrar epik over ‘alternative’ cryptocurrency | zdnet

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PayPal has cut ties with Epik over financial risk issues and problems reportedly associated with Epik’s digital coin services. 

The domain registrar and web hosting company’s transactions will no longer be processed by PayPal on its behalf.In a series of open letters posted by Epik in response, the company cited “service risk” as the reason given by PayPal to withdraw its support — and while PayPal regrets the “inconvenience caused,” the e-payments service said, “the matter has been reviewed at length, this decision is final, and there will be no appeals to the decision.”See also: PayPal explores cryptocurrency company acquisitions, BitGo named as potential purchase Epik offers domain registration and hosting services and has been connected to Gab, a network popular with right-wing audiences, which was previously de-platformed by GoDaddy. According to Mashable, the problem lies within Epik’s “Masterbucks” cryptocurrency, which can be purchased, converted into fiat currency including US dollars, or used to purchase domain services. Unnamed sources said the digital coin has not been processed through the appropriate “legal steps,” and while PayPal attempted to sort out the situation a month ago, no agreement has been reached.  This appears to have been disputed by Epik, which …

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Bitcoin Is Back With A Bang: Cryptocurrency Hits $18,000 After An Announcement From PayPal

bitcoin is back with a bang: cryptocurrency hits $18,000 after an announcement from paypal

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Bitcoin is on an upswing once again. After PayPal made their announcement of permitting users to transact with virtual currency, the cryptocurrency saw a meteoric rise to $18,267 for one Bitcoin.

Approximately 26 million PayPal merchants can now carry out a trade using Bitcoin as a legitimate form of payment from February 2021 onwards.

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Investors have relied upon Bitcoin instead of currencies that have been fluctuating due to the COVID-19 pandemic. Bitcoin has managed to score another high with the recent reliability expressed by PayPal and witnessed by share prices of cryptocurrency.

Within a span of seven months, cryptocurrency has managed to soar from $8736 to over $18,000 per Bitcoin and increased 110 percent value.

The entire market value stands to value a staggering $337.1 billion.

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The “bubble boom”, at the end of 2017, saw investors purchasing Lamborghinis, luxurious estate, and popularity with their Bitcoin. This notorious trading helped in achieving the highest ever price of $25,037 on December 11, 2017, that Bitcoin had seen till recently surpassed by cryptocurrency.

The legitimacy of Bitcoin is positively affirmed by the Chief Executive of deVere Group, and legal advisor of cryptocurrency, Nigel Green.

This declaration of validity of Bitcoin by Mr. Green was in reply to the …

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PayPal’s New Service Is A $50 Billion Stimulus Check For Bitcoin

paypal’s new service is a $50 billion stimulus check for bitcoin

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The logo of online payment company PayPal is pictured during LeWeb 2013 event in Saint-Denis near … [+] Paris on December 10, 2013. AFP PHOTO ERIC PIERMONT (Photo by Eric PIERMONT / AFP) (Photo credit should read ERIC PIERMONT/AFP via Getty Images)

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OBSERVATIONS FROM THE FINTECH SNARK TANK
PayPal announced that it has been granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS). The license will enable PayPal to launch a new service that will enable its customers to:

Buy, hold, and sell cryptocurrency (initially Bitcoin, Ethereum, Bitcoin Cash, and Litecoin) directly within the PayPal digital wallet.
Use the cryptocurrencies as a funding source for purchases at its 26 million merchants.

PayPal said there would be no service fees for buying or selling cryptocurrency through December 31, 2020, and no fees for holding cryptocurrency in a PayPal account.
According to the firm’s press release:

“Consumers will be able to instantly convert their selected cryptocurrency balance to fiat currency, with certainty of value and no incremental fees. PayPal merchants will have no additional integrations or fees, as all transactions will be settled with fiat currency at their current PayPal rates.”
PayPal will require users to hold purchased cryptocurrencies in …

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AMD Could Repurpose First-Gen RDNA GPUs for Cryptocurrency Mining

amd could repurpose first-gen rdna gpus for cryptocurrency mining

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(Image: AMD)Though the cryptocurrency mining rush seems to have faded out considerably over the past few years, the industry is still relatively booming. With PayPal’s announcement that it would be joining the fold, Bitcoin just got a positive boost in popularity. AMD may have its Big Navi set for release in just a week’s time, but these recent developments (as well as some intriguing findings) could indicate that AMD is looking for a way to utilize some of its older RDNA cards as important parts of the blossoming cryptocurrency market.Interestingly enough, Phoronix found the “navi10 blockchain SKU” while sifting through Linux drivers. This could indicate a completely different SKU for a Navi graphics card with a focus on cryptocurrency mining. Based on the RDNA 1.0 architecture, it would include 2,560 Stream Processors and 40 CUs. It would, however, be a bit underwhelming on the graphics display side, with its Display Core Next (DCN) and Video Core Next (VCN) engines disabled.AMD already uses the Navi 10 silicon for at least four models of Radeon graphics cards, such as the Navi 10 XT and the Navi 10 XL in the Radeon RX 5700 XT and Radeon RX 5700. If these cards do end up arriving, it likely …

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The Future of Cryptocurrency in 2020 and Beyond – Star of Mysore

the future of cryptocurrency in 2020 and beyond – star of mysore

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As a digital currency, cryptocurrency is developed and managed thru the use of modern and high-end encryption techniques. 
From an academic concept, cryptocurrency has become a reality. This is especially true when bitcoin was introduced into the market in 2009.

Since then, its client base has been growing. In 2013, for example, it had captured a significant number of investors and caught the attention of people from other walks of life. 
While it has gained more than $2 billion, it recently plunged. Due to that, it has raged a debate about the future of the crypto-market. 
The Future of Cryptocurrency 
Some experts believe institutional money would enter the crypto-market. Economic analysts say the possibility of floating cryptocurrency on the Nasdaq is higher than expected. Over time, this would take the credibility of the market into a different level. 

Other experts believe that cryptocurrency of any size and niche requires a verified exchange-traded fund (ETF). 
How does it work? Investing in bitcoin and other related cryptos are complicated. With ETF, the process of investing in cryptocurrencies would be swift, seamless, and convenient. 
Understanding Bitcoin 
Among the top cryptocurrencies, bitcoin is on top of the list. As a decentralized currency, this crypto is packed with …

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Crypto experts reveal their favourite cryptos

crypto experts reveal their favourite cryptos

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In the crypto-verse, Nigeria remains one of the fastest-growing and lucrative markets for crypto traders and global investors to be in. 
Data retrieved from a Chainalysis report ranked Nigeria as the eighth (out of 154 countries) in its 2019-2020 global adoption index. Africa’s largest economy is first among other African countries in peer-to-peer payments (moving $139 million in the past year). 

The increased usage by many young, educated Nigerians is often attributed to the high bureaucratic processes by many commercial banks for transfers, not forgetting stringent cash control mechanisms set by the Nigerian Central bank in controlling cash flows. Crypto provides low-fee remittances and an alternative way to preserve and grow wealth. 
Nairametrics decided to seek the opinions of crypto experts on what cryptos they would consider investing in, apart from the known flagship crypto Bitcoin. Their responses were as insightful as they were diverse, ranging from popularly known altcoins to some new ones. 

Clement Hugbo – Founder and CEO at Crevatal Technologies 
“As volatile and unpredictable as cryptocurrencies are, they are still one of the best investments to get right on and it’s never too late. 
5 Cryptocurrencies I will advise to invest in at this time are: 

Binancecoin, BNB 
Ethereum, …

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A New Zealand perspective of how our courts try to resolve the issues

a new zealand perspective of how our courts try to resolve the issues

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Currencies

A New Zealand perspective of how our courts try to resolve the issues when a cryptocurrency business collapses and where investors and their ‘wallets’ stand in the washup. Are they unsecured creditors, or trust beneficiaries?

24th Oct 20, 9:46am

This article originally appeared in LawNews (ADLS) and is here with permission.

By James Cochrane, Arran Hunt & Samantha Chow

Cryptocurrency markets have been volatile in the wake of Covid-19, including a sharp correction and significant selloff in tech equities. This means investors are at risk of further cryptocurrency insolvencies in New Zealand or affecting Kiwi investors.

This article looks at the recent New Zealand High Court decision in Ruscoe & Moore v Cryptopia Limited 2020 (in liquidation) [2020] NZHC 728, alongside the curious Canadian tale of Quadriga CX (QCX) and considers what investors can do when faced with a crypto insolvency.

Cryptopia collapse

In January 2019, the Christchurch-based cryptocurrency exchange, Cryptopia, suffered a serious security breach resulting in NZ$30 million worth of digital currency being hacked and transferred into an undisclosed exchange. Liquidators Grant Thornton were appointed on 15 May 2019.

With the rising value and popularity of crypto assets, Cryptopia at its liquidation date had more than 2.2 million registered users and employed 37 staff. To give some context …

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Why low latency is important for cryptocurrency exchanges, explained

why low latency is important for cryptocurrency exchanges, explained

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In the volatile world of cryptocurrency, latency becomes even more important than ever before, as prices can move swiftly in a matter of seconds. Furthermore, extremely low latency will be essential in bringing institutional money into these platforms. The digital nature of cryptocurrency, not to mention the hype and uncertainty that surrounds the majority of the space, can lead to substantial volatility in crypto markets. Only a few seconds can make a huge difference in how successful a strategy is. More than ever, traders need to know that their trades are being posted as quickly as possible.  Another latency issue that users encounter on cryptocurrency exchanges comes from a lack of standards or uniformity. One exchange may have great infrastructure and speed, while others are lagging behind. This can cause headaches, as many traders interact with multiple platforms, especially arbitrage traders who seek to make a profit from price discrepancies across different markets. These opportunities don’t last long, and having low latency is essential to be able to capitalize on them. These issues with performance don’t only affect individual human traders. The cryptocurrency space is currently being broken into by institutional investors, and if this …

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AMD’s next GPU might not play games, but could make you money with cryptocurrency mining

amd’s next gpu might not play games, but could make you money with cryptocurrency mining

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New Linux drivers have been spotted that suggest that AMD could be working on a graphics card that won’t play games, but will instead be used for cryptocurrency mining.Spotted by the Phoronix website, patches in AMD’s open-source Linux driver make reference to a “navi10 blockchain SKU” with a device ID of 0x731E.What’s interesting is that this mysterious GPU has the Display Core Next (DCN) and Video Core Next (VCN) engines disabled, which suggests that not only will it not be for gaming, but it won’t even come with any display outputs to connect it to a monitor.After the gold rushBecause of its apparent lack of display outputs, it’s likely this is a GPU for cryptocurrency mining. A few years ago there was a bit of a virtual gold rush as people used GPUs to mine for cryptocurrencies such as Bitcoin, and depending on your setup, you could make a decent profit.While the cryptocurrency craze has died down a bit (thankfully, as it made trying to buy certain GPUs for gaming almost impossible), there are still digital prospectors out there hoping to strike it rich. GPUs that are specially designed for …

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