Jack Dorsey’s Cash App Now Allows Users to Send Bitcoins for Free

Users can now send BTC directly using a Cash App tag for free

Jack Dorsey has been at the forefront of promoting Bitcoin adoption to the world. A Cash App, a Twitter founder’s payments app, will make it easier and cheaper for users to send Bitcoin across the app.

This Wednesday, in a tweet, Cash App confirmed users can now directly send Bitcoin BTC -1.12% Bitcoin / USD BTCUSD $ 57,872.03
-$648.17-1.12%
Volume 55.78 b Change -$648.17 Open $57,872.03 Circulating 18.66 m Market Cap 1.08 t
4 h Jack Dorsey’s Cash App Now Allows Users to Send Bitcoins for Free 4 h NFT Buyers and Sellers Could be Liable to “Unknown” Capital Gains Tax in the United States 5 h EU Regulators Warn Investors About the High Risks of Investing In Cryptocurrencies
on the app to other app users using their $CashAppTags. The service will be totally free, which places Cash App as the desired layer 2 solutions to boost Bitcoin adoption.

Allowing users to send BTC to tags directly reduces the errors in typing long Bitcoin addresses, leading to loss of coins.

The minimum amount to send is 1000 satoshis, or 0.0001 BTC (~$5.70, at current prices). A weekly sending and receiving limit of $7,500 is also set in the service.

To celebrate the achievement, Cash App gave away $1 million in BTC to its Twitter followers. To win an apportion of the free BTC, users had to follow the page and retweet the post disclosing your $cashapptag and #CashAppBitcoin. Even if you missed out on this giveaway, the popular app runs a promotion a few times a month.

Cash App has seen massive Bitcoin adoption rates – adding 3 million BTC users in 2020 and an extra 1 million users in January 2021.

Read Original/a>
Author: Lujan Odera

Jihan Wu’s Bit.Com Plans To Launch The First Ever Bitcoin Cash (BCH) Option Contracts

Jihan Wu’s Bit.Com Plans To Launch The First Ever Bitcoin Cash (BCH) Option Contracts

  • Bitmain founder Jihan Wu launches Bitcoin Cash (BCH) perpetual swaps on Bit.com exchange.
  • The exchange teases the world’s first BCH option contracts.

Bit.com, a Jihan Wu-owned exchange, announced on Wednesday, plans to add perpetual swaps of Bitcoin’s fork project, Bitcoin Cash (BCH). Reports from Chinese blockchain insider Colin Wu further confirms that the exchange is planning to become the first to offer BCH option contracts.

Bit.com Introduces BCH Perpetual Contracts

In a tweet sent out on Wednesday Colin Wu stated Bit.com, a Seychelles incorporated crypto exchange, has added Bitcoin Cash (BCH/USDT) perpetual swaps to its list of crypto derivatives. The exchange was founded by Jihan Wu, the ousted founder of Bitmain, the largest cryptocurrency mining rig producer, to offset the latter’s losses.

The BCH/USDT perpetual contract launches Thursday, January 20th, offering traders up to 33X leverage on their trades. To increase participation in the new swaps, Bit.com will airdrop up to $100,000 in BCH tokens to any new users and traders who haven’t used the exchange before Jan 20. The deadline to participate in the airdrop ends January 27, with a maximum of $10 being paid out per trader.

The exchange will also offer additional bonus rewards for registration on the platform, KYC compliance, joining the Bit.com social media channels, interacting with the community, and too large BCH depositors with at least 5 BCH (~$2,400).

Wu Teases the First-Ever BCH Option Contracts

Additionally, Bit.com is set to become the first exchange ever to list BCH option contracts on February 1, 2021, Coin Wu confirmed. At launch, the BCH option contracts will be settled in Tether (USDT) only to boost the overall market participation in these new derivatives.

According to the Chinese crypto market inside man, Jihan Wu is launching the BCH derivative products to cover the losses made by Bitmain on BCH. Matrixport, the parent firm of Bit.com, announced its plans to launch Bitcoin derivatives back in July 2020 as Wu and Bitmain’s co-founder, Micree Zhan fought over control of Bitmain. Colin Wu’s tweet reads,

“Jihan Wu has been attacked internally. Therefore, in recent years, he has made few public opinions on BCH,”

“Bitmain will be split within a week, and he may pay more attention to the BCH ecology.”

Read Original/a>
Author: Lujan Odera

Legendary Investor Bill Miller: ‘Bitcoin Could be Rat Poison’ But ‘Cash is the Rat’

Legendary Investor Bill Miller: ‘Bitcoin Could be Rat Poison’ But ‘Cash is the Rat’

The Ongoing Trickle into Bitcoin Will Become a Torrent as BTC is “Very Early in Adoption Cycle”

According to veteran investor Bill Miller, Warren Buffett would be right in calling Bitcoin “rat poison” but in this case, rats could be cash.

Miller’s latest bullish comments on the digital asset came in his 4Q 2020 Market Letter which was released on Tuesday.

The renowned billionaire first announced his support for Bitcoin in November when he said “it’s staying power gets better every day.”

At the time he predicted that every major bank and high net worth firm is going to eventually have some exposure to Bitcoin BTC 7.50% Bitcoin / USD BTCUSD $ 36,852.98
$2,763.97 7.50%
Volume 74.67 b Change $2,763.97 Open $36,852.98 Circulating 18.59 m Market Cap 685.2 b
5 h Bitcoin Supply Liquidity Falling Faster than Ever Amidst ‘Tremendous Demand’ 5 h IGT Gets Regulatory Approval to Use Bitcoin & Crypto’s at Slot Machines 5 h What’s Happening on the Bitcoin Network Amidst The Red Hot Market?
.

The fund manager while sharing a few thoughts on Bitcoin noted this time that the world’s largest cryptocurrency has been the best performing asset category in 2020. With its more than 50% gains since the middle of December, Bitcoin surpassed JPMorgan and Berkshire Hathaway in market capitalization, he wrote.

“It has outperformed all major asset classes over the past 1, 3, 5, and 10 years,” wrote Miller adding that “yet it is still very early in its adoption cycle.”

According to him, the policy the Fed is pursuing has an objective to have investments in cash lose money in real terms for the foreseeable future. And he thinks the market is “underestimating the risks of inflation” because as the economy becomes more normal and consumption will accelerate, so will the money velocity.

This money printing led the likes of PayPal and Square to jump on Bitcoin, both of which alone estimated to be buying on behalf of their customers all the 900 new bitcoins mined each day, reads the letter.

It further notes that not only Bitcoin beats cash, but digital gold has many advantages over the yellow metal. Miller wrote,

“If inflation picks up, or even if it doesn’t, and more companies decide to diversify some small portion of their cash balances into bitcoin instead of cash, then the current relative trickle into bitcoin would become a torrent.”

Read Original/a>
Author: AnTy

Greenpro Capital to Invest $100M in Bitcoin; Will Replace Cash With BTC on Balance Sheet in Q1

Greenpro Capital to Invest $100M in Bitcoin; Will Replace Cash With BTC on Balance Sheet in Q1

Greenpro “fully believe in BTC as a store of value” and sees other crypto-assets like ETH as a better return option. Bitcoin investments have become the way to pump the company shares in 2020.

The Kuala Lumpur headquartered Nevada corporation, Greenpro, has announced its intention to set up a Bitcoin Fund for investment. The company will use its subsidiary, cryptocurrency exchange CryptoSX, to acquire its BTC stake.

The decision to launch a Bitcoin fund has been made in the light of the ongoing mass adoption of BTC by banks, hedge funds, insurance companies, and institutions, said the company in its official announcement.

Greenpro also believes that Bitcoin, the world’s most widely-adopted cryptocurrency, is a reliable store of value as such the company’s crypto strategy will produce significant value to the company.

The company not only has a belief in BTC but also other cryptos like Ethereum which by providing better returns, preserve the value of their capital as such a better option than holding cash in their balance sheet.

This year first MicroStrategy, which has invested more than a billion-dollar in BTC as a reserve asset, and then Square with its $50 million investment has given value to BTC as a replacement to cash as a reserve asset. Greenpro CEO CK Lee, who recently received an Honorary Ph.D. in Finance and Cryptocurrencies from Rivera University located in France said,

“We fully believe in BTC as a store of value. I’ve instructed our investment bankers to raise debt in Q1, 2021 of up to US$100 million to invest in BTC. The Company will also invest its own cash into BTC.”

In response to the news of Bitcoin investment, the shares of Greenpro Capital jumped 133% in pre-market on Monday. After going as high as $2.41, a price level that was last seen in October of this year, GRNQ shares have settled around $1.87 for now.

Read Original/a>
Author: AnTy

Bitcoin Cash Node (BCHN) in the Lead with 123 Blocks Following the Hard Fork Chain Split

The Bitcoin Cash Network, a hard fork of the largest network Bitcoin, has yet again split into two new Blockchains.

Out of the total hash rate, Bitcoin accounts for the majority at 98.1% while Bitcoin Cash has a share of 1.2%, and a mere 0.7% goes to mine Bitcoin SV, which was the result of the hard fork from Bitcoin Cash in Nov. 2018.

During this upgrade, Bitcoin Cash ABC (BCH ABC) received no hash power making it possible for Bitcoin Cash Node (BCHN) to become the dominant software of the Bitcoin Cash network.

BitMEX’s research arm said there are no two chains because BCHN produced three blocks after the split, and not a single one was produced by BCHA.

But Bitcoin ABC took to Twitter to share that Bitcoin Cash blockchain has split into two chains, and now there are two separate coins called BCHA and BCHN. As such, people who owned Bitcoin Cash before the split now own both of those coins.

All of this has been because Bitcoin Cash went through a hard fork on Nov. 15 at 12:00 UTC, which has been contentious.

It is a regular thing for the Bitcoin Cash network, which undergoes an upgrade every six months. If the community is unable to meet consensus, the chain splits, which is what happened when BSV came into existence and exactly what’s happening this time as well.

This time, the upgrade also included a controversial new “Coinbase Rule,” which requires 8% of mined Bitcoin Cash to be redistributed to Bitcoin ABC to fund protocol development.

This was opposed by another group who removed this “miner-tax” from their source code.

With the last common block between the BCHN & BCHA networks now mined by Antpool, the chains have split at height: 661,647.

The BCHN chain is currently 123 blocks ahead.

Bitcoin Cash Hash Rates by Network Summary
Source: Coin.Dance

Even before the fork, 80% of the miners supported it, and some major crypto exchanges also announced support for BCHN.

With hash power in BCHN’s favor, if BCH ABC doesn’t attract enough hash power, the blockchain may just disappear.

Read Original/a>
Author: AnTy

Cash App Blocks a Bitcoin User’s Access to Account with No Explanation

Bitcoin proponent Twitter CEO Jack Dorsey’s Cash App seized the funds of a user who was using it to buy Bitcoin.

The crypto user took to Twitter to share their grievance that they have been a user of the app for years to buy “thousands of dollars worth of Bitcoin” and convert it into fiat.

This happened while Bitcoin is enjoying a rally; today, it surged $15,000, up more than 100% YTD.

According to the app user, he wasn’t “engaged in any shady activity,” but Square’s Cash App reversed his withdrawals and took all his money, over $1,000.

“After a recent review of your transfer of funds, we detected the use at Cash App for activity in violation of Cash App, Terms of Service. As a result, you will no longer be able to use Cash App to send or receive payments,” said the message from Cash App’s email support. It further read:

“We are also exercising our discretion under Sections 4 and 5 of the Cash App Terms of service in the decision to block or reverse your transfer of funds.

For security reasons. Unfortunately, we cannot provide more details regarding our decision.”

As per the company policy, in peer-to-peer money transmission service, fraudulent transactions may result in the loss of funds with no recourse at all.

The crypto community voiced against this move, with Samson Mow, CSO of Blockstream, pointing how “This can and will happen with every custodial service; it doesn’t matter if their CEO is nice or supportive of Bitcoin.”

Miles Suter, Square’s cryptocurrency expert, then responded that it was all a mistake, and the issue has been resolved.

“There was a mistake made here. Your account should be in good standing, and your withdrawal is not going to be reversed,” said Suter.

Read Original/a>
Author: AnTy

Apple Can Buy 145k Bitcoin With Just 1% Of Its $191 Billion of Dollars Held in Cash

Apple has a total of $191.83 billion cash on hand, down from quarter third of 2020, when it was $193.8 billion. Apple is known for having one of the largest cash piles among the companies.

At Bitcoin’s current price of $13,300, if the tech giant Apple, hypothetically, decides to buy as much BTC as it can with the cash on hand, it can gobble up 14,423,308 BTC.

Currently, 18,529,856 BTC is circulating in the cryptocurrency market.

This represents 88.24% of Bitcoin’s total 21 million supply but doesn’t include millions of coins lost forever.

Apple is the biggest asset by market cap of $1.9 trillion, while Bitcoin is just 13% of this with a $246 billion market cap at 21st place.

Follow in the footsteps of MicroStrategy

When it comes to other tech giants, Microsoft had $137.98 billion at the end of its fiscal first-quarter. In comparison, Google and Amazon had $121.08 billion and $71.77 billion, respectively, at the end of the second quarter.

With so much money sitting in cash and short-term investments at these big companies, it has captured the crypto community’s attention, especially following publicly listed MicroStrategy and Square replacing a portion of that with Bitcoin.

“Apple’s cash is decreasing in value. Perhaps they should follow in the footsteps of MicroStrategy and test the waters with even 1% percent in BTC,” wrote one trader.

Even with just 1% of its investment, Apple can buy 144,233 BTC.

MicroStrategy was the first one, and since then, others have come forward to announce Bitcoin as a reserve asset as a hedge against the debasing US dollar. MicroStrategy CEO Micahel Saylor actually revealed this week that he personally owns 17,732 BTC and has been running a full node of Bitcoin Core version 0.20.1 for over a month now.

Bitcoin is at the early stages still, and in 2020 it sees increasing adoption with PayPal, JPMorgan, and billionaire investor Paul Tudor Jones all feeling its effect.

Compared to gold’s trillion market cap, this digital gold is just starting and has a long way to go.

“We’ve talked about $5T of cash sitting in public company corporate treasuries. What hasn’t been talked about is the $8.5T sitting in sovereign wealth funds, i.e., ‘the wealth of nations’ Their exposure to bitcoin is zero, their optimal portfolio will require it,” said on-chain analyst Willy Woo adding to the hopium.

Read Original/a>
Author: AnTy

Coinbase Now Allows Instant WIthdrawals via Mastercard & Visa Debit Card

San Francisco-based Coinbase is now allowing instant cash withdrawal through Mastercard and Visa debit cards.

“Don’t wait days for your cash when you need it now,” it says.

In a move towards the defining characteristics of crypto, transacting instantly, and anywhere, anytime that is curbed by the traditional banking system, Coinbase is offering instant withdrawals in about 40 countries.

These instant withdrawals will cost US customers a 1.5% fee (minimum $0.55), while for the UK and European customers, it is up to 2%.

Coinbase product manager Eddie Lo shared that customers in the US, UK, and Europe can withdraw funds with a linked Visa debit card with US customers allowed through Mastercard as well.

“The ability to easily spend, send, and receive crypto is critical to growing the cryptoeconomy, so we’ll continue building even more ways for our customers to access and use their crypto on Coinbase,” said Lo.

Using Visa to convert crypto balances into fiat means it can be spent at more than 60 million merchant locations while providing “faster, simpler and more connected experience” for Coinbase users, said Terry Angelos, SVP and global head of fintech, Visa.

Customers have the option to select between standard or instant withdrawal methods.

According to Sherri Haymond, executive vice president, Digital Partnerships at Mastercard, today’s digitally driven consumers want real-time payment options, and Mastercard will help them achieve “greater flexibility and convenience” in converting their cryptocurrency into fiat currency.

Also Read: Coinbase Pro to Pass the Rising Network Fees Onto The Customer

Read Original/a>
Author: AnTy

Another Fork of the Fork? Bitcoin Cash Upgrade Coming in November

Bitcoin ABC and its lead developer Amaury Sechet are forking Bitcoin Cash now, according to BCH proponent Roger Ver.

“Bitcoin ABC and @deadalnix have announced that they are forking away from #BitcoinCash on Nov 15th. We wish them good luck with their new coin and thank them for the free airdrop to all BCH holders,” tweeted Ver.

Ironically, November 15th is also the day when Bitcoin Cash (BCH) was hard forked into Bitcoin SV (BSV) back in 2018.

However, it is just an upgrade, as a month back, Sechet published an update about Bitcoin ABC where he talked about making primary improvements such as a new Coinbase Rule and change to the Difficulty Adjustment Algorithm to the blockchain.

“The addition of this new rule represents a significant step. […] node implementations, have developed a financial reliance on powerful interests such as mining corporations, venture capital funds, and angel investors,” read the blog.

Ver’s reaction came following Bitcoin ABC’s 0.22.1 release, which will activate the new coinbase rule, diverting 8% of all newly minted BCH to a development fund on Nov. 15.

Cointext CTO Vin Armani, who sees a split to be a more desirable outcome than infighting, says the most important thing about the event is that “there will finally be a Bitcoin network, with the roadmap necessary to become peer-to-peer cash at a global scale, that doesn’t include vocal and influential humans who believe you can fund such a project with donations.”

He further shared that the vocal people in the council have cryptographically proven that they are major miners and holders in the network, and their incentives are aligned with increasing the value of the network. If these influential people get “overthrown,” it will be by those with an even greater stake.

In the Bitcoin Cash network, Bitcoin ABC has 533 nodes (42%), while BCHN’s 126 nodes represent just a 10% share in the network’s 1,260 total nodes.

Bitcoin Unlimited (BU) implementation that has the largest share 44%, with 565 nodes, however, is opposed to the coinbase rule. And if BU and BCHN come together, they can reject the November upgrade.

Read Original/a>
Author: AnTy

The Herd is Coming: Software Startup Snappa Converts its Cash Reserves into Bitcoin

It has started!

MicroStrategy invested $250 million, and then Tahini’s converted all of their cash reserves into Bitcoin. Now, the graphic software startup, Snappa, is replacing 40% of its cash reserves with the largest digital asset.

In the official company blog, the co-founder of Snappa, Christopher Gimmer, who is a finance major with a minor in economics, shared that they decided to diversify in bitcoin because of the fear of inflation.

The massive amounts of quantitative easing along with fiscal stimulus, that he expects the governments to keep doing more of, will result in currency debasement and a loss of purchasing power.

As such, “in order to hedge this risk, we’ve chosen to adopt Bitcoin as a primary reserve asset on our balance sheet.”

Like a true Bitcoiner, Gimmer emphasizes the scarcity of the digital asset, which, unlike fiat, will get more scarce over time. He also sees BTC hitting $100k by the end of 2021 as “fairly realistic,” thanks to its fundamentals and the state of the macro-economy.

As the Canadain-based startup continues to scale and generate free cash flow, they had to choose the option to put the money in, and obviously, they went with the “good money.”

Also, with only 1.7% of gold’s market cap, he is “confident” that bitcoin will continue to outperform the precious metal as well in the coming years and decades.

“After falling down the rabbit hole and spending hundreds of hours studying the underlying protocol and all the game theory behind it, we began steadily accumulating bitcoin beginning in March of this year,” said Gimmer.

“This position now makes up a significant percentage of our company’s overall cash reserves.”

So, the small-scale companies have already started taking the bitcoin route just like the countries facing problems with their fiat currency; Venezuela, Argentina, Zimbabwe, Nigeria, Kenya, and Turkey, have been the first ones to adopt BTC.

As Marty Bent said, “The herd is coming.”

Read Original/a>
Author: AnTy