Market Investors Excited Over Horizon of Crypto Payment Options Expanding

At a time when crypto market investors seem to be worried about the various regulatory bodies tightening the noose around crypto exchanges, the news of the horizon of cryptocurrency payment options expanding over multiple platforms and industries comes as a whiff of fresh air. Square was one of the first major payment processors to support Bitcoin transactions, in a series of progressive moves. Founded in 2009, Square is a merchant services and mobile payments company that’s known for its portable point of sale systems such as Square Register and Square Reader.

Although a lot of finance experts seem to disagree on the short-term prospects of cryptocurrencies, the push for its adoption is a bandwagon that insiders, leaders and investors can easily hop onto. That’s the reason why a lot of investors were over the moon when Binance’s CEO, Changpeng Zhao revealed that Binance Coin (BNB), an ERC20 token can be used to purchase an aircraft.

The crypto market received another hot news on November 7 when Bithumb, the South Korean exchange announced the launch of its cryptocurrency payment service for major online shopping marketplace Qoo10. Referred to as Asia’s Amazon by Bithumb, the exchange started offering the Bithumb cash payment service for Qoo10 from November 5. Alongside, Paypal, E-money and Payco, this payment option is now listed on the marketplace.

In November 2017, Square moved to beta test Bitcoin payments and by January this year, the company had released the feature to most of Cash App’s users. With this move, Square can now compete head-to-head with several incumbents in the crypto payments processing space. BitPay’s been an incumbent since May 2011 and the new entrant as of February 2018 is Coinbase Commerce, as reported on Cryptoslate.

Binance’s aforementioned announcement pertaining to BNB token came just days after Hinomaru Limousine, in collaboration with Remixpoint, released a plan to integrate Bitcoin Cash, Bitcoin and Ethereum payments into its transportation services, as reported on NewsBTC. A world-famous Swiss watchmaking brand, Hublot, also unveiled limited support for crypto payments. The brand released the exclusive “BIG BANG P2P” watch. It is a Bitcoin-inspired watch that’s created to celebrate the cryptocurrency’s 10^th anniversary.

Bithumb had revealed to crypto market investors in November 2017 that it was working towards creating a simple payment system to facilitate its members to use their cryptocurrencies and KRW to pay for goods and services, as reported on BitcoinNews. A Bithumb official had further added that all cryptocurrencies held in the exchange’s accounts can be used by the users.

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How Ledger Technology NEM Will Curb Fake Degree Certificates Issued In The University Consortium

The Ministry of Education has chosen ledger technology NEM to curb fake degree certificates issued in the University Consortium. It is believed that NEM has the potential to derive the result as it is speedy and has authentication requirements as well as unique traceability features. MADICT– Majlis Dekan-dekan ICT (Council of ICT Deans) has brought this innovative idea in January 2018 and currently it has launchedthe e-Scroll system. 

To develop the blockchain technology for storing and securing each certificate data, the Ministry of Education has formed a team which is comprised of 6 International Islamic Universities include Universiti Malaysia Terengganu (UMT), Universiti Utara Malaysia (UUM), Universiti Teknologi Mara (UiTM) and the International Islamic University Malaysia (IIUM) and Universiti Sains Malaysia (UMS). Whereas IIUM is the current Head of the University Consortium. Professor Datuk Dr. Norbik Bashah Idris from IIUM is leading the team and they will develop ledger technology NEM. Within a moment, the verification process of each certificate will be done through QR Code.

The Ministry had noticed experts in the Universities in Malaysia and proposed them to adopt and develop the ledger technology NEM. Also, it aims to provide expert training for developing the technology and making students more aware of the technology in the Malaysian Universities at the same time. It was stated that all Ph.D. students from IIUM graduating will receive their degree certificates verified through ledger technology NEM in the coming days, New Straits Times reported. 

NEM Foundation Provides Blockchain Services To Boost Economic Growth In Australia

NEM Foundation has decided to boost the economic growth of Australia by implementing the new ledger technology NEM in three sectors include government, academia and industry. With ledger technology NEM technology, government organizations can record transaction by improving transparency, establishing trust and preventing frauds. It helps every industry to change the way of maintaining the information include customer, supply chain and transaction. Various educational sectors can store data include degrees, transcripts and assessments, NEM official website reported.

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How To Identify Exit Scam Stunts Pulled In By Cryptocurrency Exchanges

A cryptocurrency exchange startup, Confido disappeared overnight in November 2017, after it collected $175,000 through its initial coin offering (ICO). Similarly, another crypto startup, LoopX, abruptly shut down in February 2018, after raising $4.5 million through a combination of Ethereum and Bitcoin, from investors. This exchange too promised guaranteed profits. The latest name to join this bandwagon of exit scams is Pure Bit, a South Korean exchange.

A fraudulent practice carried out by unethical cryptocurrency promoters who disappear with investors’ money after or during an ICO is known as an exit scam. The modus operandi that is followed is very simple. Promoters enter the market by launching a new crypto trading platform on a promising concept. The platform then raises money from various investors during the ICO. Once they collect a substantial amount, the promoters vanish with the money collected via the ICO, leaving the investors in the lurch.

Although it is somewhat challenging to identify an ICO announced by a cryptocurrency exchange, investors need to keep certain pointers in mind, before they make an investment decision. One of the biggest challenges pertaining to the virtual world is ownership and accountability. Hence, investors must compulsorily verify the credentials of the crypto team prior to investing their hard-earned money in ICOs.

Investors must also be cautious if a certain business concept sounds too good to be true. Also, ambiguously written and unclear white papers should be a big red flag for investors to identify a potential exit scam. In case a cryptocurrency project seems to be a concept-only and non-existent product, then investors must understand that it probably won’t work. Another sign of an exit scam is big promotions. While all ICO offerings with big promotions may not be potential exit scams, an investor must adopt a cautious approach and carry out background checks of the claims being made, as reported on Investopedia.

In the case of Pure Bit cryptocurrency exchange, the firm’s Facebook page has suddenly disappeared. Not only that, but most of its other public-facing contact options has also vanished. The Pure Bit ICO seemed quite similar to other crypto exchanges that been have funded via the ICO model. Over 13,000 ETH was collected in this ICO, which has now suddenly disappeared, as reported on CCN.

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SEC Is Very Serious About Taming Crypto Exchanges

The U.S. Securities and Exchange Commission (SEC) seem very serious regarding its objective of taming crypto exchanges. The SEC has also issued an open warning to the latter. In fact, exchanges must take this seriously, as there’s no out-innovating the regulatory reach of the commission.

Tokens and cryptocurrencies offered through initial coin offerings (ICOs) are assumed as securities by the SEC. Thus it is of the opinion that cryptocurrency exchanges need to follow the same rules as every exchange. The SEC says that crypto exchanges should register as an alternative trading system (ATS) or a broker-dealer through the commission, as a national securities exchange. However, seeing the present state of affairs, the SEC says that the situation is a mess.

A lot of crypto platforms refer themselves as exchanges. This gives investors the misimpression that they are regulated or in other words, they meet the regulatory standards of a national securities exchange. Many of these so-called exchanges have also set up their own rules in terms of listing new tokens.

Taking its initiative of taming exchanges further, the SEC is in the midst of its first ever case against an exchange running on the Ethereum blockchain. Robert Cohen, the chief of the SEC’s newly created cyber unit said that using any blockchain to create an exchange without central operations, does not take away the original creator’s responsibility.

Cohen said that the focus is not on the label that is attached to something or the technology that is used. The focus is on what the platform is doing, whether it’s on a smart contract or not and whether it is decentralized or not, as reported on Forbes. The commission’s charges are not against the exchange, but Zachary Coburn, the founder of the unlicensed decentralized token exchange, EtherDelta.

In order to help investors pick an appropriate crypto exchange, the SEC has provided a list of questions for them, as reported on TechCrunch. Some of these questions include: Do the investors trade securities on the platform? If yes, is the platform registered as a national securities exchange? What are the trading protocols on the platform? How are prices set on the said platform? How does the exchange safeguard the users’ trading and personal identification information?

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Amazon and ConsenSys-Built Kaleido Launches Full-Stack Marketplace This article was originally posted on The Bitcoin Magazine - the oldest and most established source of news, information and expert commentary on Bitcoin, blockchain technology and [...]

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Save The Date: January 16 For (Tentative) Constantinople Mainnet Activation This article was originally posted on ETHNews - an emerging provider of Ethereum and Blockchain news. They cover breaking news, announcements, information, and in-depth analyses [...]

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This gentleman (CSW) is already sounding a little deranged

submitted by /u/Oald [link] [comments]

source https://www.reddit.com/r/btc/comments/9vly8l/this_gentleman_csw_is_already_sounding_a_little/