Alipay Makes Blockchain Record as China Pays Less Attention to Bitcoin

These are interesting times for the blockchain niche in China. Xiang Hu Bao is a blockchain-dependent mutual aid network that is run by Alipay, a payment processor. It just made a new impressive record with its more than 100 million customers.

Opened in October 2018, the platform offers a comprehensive health package that sees to the needs of those afflicted with more than 100 kinds of disease conditions. Apart from being a blockchain-dependent network, Xiang Hu Bao also has some other perks for those who want to make use of it. For example, the users on the platform do not need to cough out any admission fees or even make any kind of upfront payments. As far as risk is concerned on the platform, it is shared by everyone involved and the same goes for the payouts too. Now with more than 100 million customers on its platform, Xiang Hu Bao looks more than prepared for the future.

China Focuses on Blockchain

Apart from becoming the darling of private investors, there are other things going on very well for the blockchain community. Probably the most amazing of all these is the fact that the government of China is now placing a lot of attention to blockchain technology. This technology got a massive boost when it was loudly promoted and endorsed by President Xi Jinping. Ever since the announcement was made, the Chinese government has been making concerted efforts to consolidate the adoption of blockchain technology in its projects at every level.

The goal is to ensure that blockchain technology plays a very big role in the economic advancement of the country. This explains why the Bank of China is making aggressive use of blockchain technology all through its insurance sector. The goal of this is to improve and promote efficiency.

As it is now, it does not look like the Chinese government is going to reduce its efforts in this regard. On the 7th of November, the China International Import Expo was held and it was yet again another pointer to what the government of China has in mind. At the event, the Shanghai Customs, the Shanghai Municipal Commission of Commerce and representatives from six different banks appended their signatures to form what is now known as the Blockchain Alliance. This is a group that is going to assist in the use of blockchain at several levels to promote trade across international borders.

Chinese Government Means Business

That is not even all. The government of China is also ready to spend as much as $2 billion just to improve the blockchain network in the country. This is a goal that the government is planning to achieve by 2023. Things are really looking good for the blockchain niche in China at the moment. In addition to the fact that the government is interested, several private interests are also doing the same. These include big brands like Alibaba and Huawei and all these can mean just one thing – that blockchain technology has a bright future in China.

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Author: Ali Raza

Ripple Rumor: MoneyGram and Visa’s New P2P Debit Card May Use XRP Based On Past Partnership

A very interesting rumor has surfaced in the crypto world this week. MoneyGram has recently announced a partnership with Visa to create a new P2P debit card. Now, the XRP community believes that XRP tokens may be involved in this deal.

The official press release affirms that this new P2P system will be used for money transfers in the U. S. People will be able to send money domestically using the app, which will use Visa Direct.

Visa Direct is a platform that is being used by Visa for payments all over the world. According to Alex Holmes, the chief of MoneyGram, the company is always focused on creating the best experiences and to empower its users to send money to family and friends.

The Rumors About the XRP Use

As you may know, MoneyGram was recently acquired by Ripple. This prompted several people on the internet to believe that the new debit card service may use XRP tokens as a way to transfer money. This would, according to the community, be a huge boost for the popularity of the crypto asset.

XRP tokens are very good for quick international transactions, so the community is betting that the service will be used for international payments when the service finally startds to be used outside of the U. S.

Obviously, many people still doubt this theory and so should you. Despite how quickly this rumor grew in the XRP community, there is absolutely no real indication that the whole theory is true. We’ll still have to wait for a long time before we can be certain that XRP will indeed be used in this new product.

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Author: Gabriel Machado

Hotmine’s Bitcoin Miners Are Using Mining Rigs To Heat Homes In Eastern Siberia

Oles Slobodenyuk, the CEO of Hotmine, has created a very interesting product. His company decided to create a Bitcoin mining machine that could be used as a way to heat homes. The place in which it will be used? Siberia, one of the world’s coldest regions.

The idea of his project is to be able to sell at least 200,000 mining devices that can also be used as heaters. Crypto mining generally heats up a lot, so the idea is really useful. The company’s goal is to offer the ability to heat houses in at least 80% of the devices sold.

According to him, the miners will not be so potent as industrial ones, but they will be very useful. They can provide a lot of heat at the same time that they can make around $55 USD per month. This way, the owner will not only spend money heating the house but also make some cash at the same time.

With local electricity being around one to two cents per hour, the heater would spend around $10 USD to be used, so the profit would be $45 USD. Free heating for all, it seems.

This company was founded in 2013 and it has grown up a lot recently. Mostly due to the creativity of its leads and their ability to tackle problems and find interesting solutions.

Slobodenyuk is not only an inventor but also an idealist. He believes that crypto mining should be more decentralized. According to him, each house should have its own full node, which is the only real way to provide all the needed decentralization to mining.

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Author: Hank Klinger

Decentralize Crypto Keys? One Non-Profit Company is Proposing Exactly That

There are plenty of interesting blockchain ideas out there. Each one proposing to disrupt some small or substantial part of the industry they’ve set their sights on. But a brand new proposal is actually thinking of taking the whole process of decentralization even further.

How? By decentralizing the very private keys that these solutions commonly use.

A Matter of Trust – How a Trustless Bot Could Handle You Crypto Keys

Far from being some kind of fringe company, Tide is one of the more better-known non-profits advocating for greater personal privacy for users online. According to the team, it has developed a brand new kind of decentralized technology – this allows for the provision of a completely trustless bot to be made responsible for the provision of codes for users.

Otherwise referred to as a Delegated Automated Trustee (DAT), this solution effectively aggregates and decentralizes the whole process of obtaining private keys.

According to a further announcement from early-August, this Delegated Automated Trustee can operate as the custodial solution of a crypto-key, this allows for users to manage access to personal data, or even enable a wider array of automated trading bots that can access funds without the use if a full key.

So what does this process entail for those using it? The key protecting the data or various range of crypto assets are divided a number of pieces, which are then split between a collection of nodes. These keys are split across nodes in order to ensure that no single node has full access or knowledge of the whole key. And even if one of these nodes did, they wouldn’t have the authority to unilaterally use it.

It’s because of this system that DAT represents, not only an autonomous solution, but also prevents malicious access to your key pretty much impossible.

One of the additional features of this is that these various nodes can actually perform functions through the use of the key. The user can then choose to specify the parameters that would otherwise dictate the authority provided.

So What on Earth is DAT?

This same trustless bot solution can actually manage access to a users personal data, perform decentralized authentication solutions, along with password and key recovery solutions. These also include a range of business processes that would otherwise require longer-term access to crypto-assets, can actually be granted to these bots, so long as it falls within specific criteria.

Michael Loewy, the co-founder of Tide, provided a couple of examples of what exactly these kinds of criteria could consist of:

“In the context of the Tide ecosystem those instructions may be a set of rules determining which data fields I’m prepared to trade with certain types of organizations — for example, I don’t want any contact details traded with political organizations. That same concept can also be applied to advanced crypto trading — for example, social trading where my instructions may be to follow or mirror the trades or a peer or expert trader.”

Privacy as a Business Solution

Some of the centralized solutions out there within the centralized world have actually sought to provide a range of solutions that could address some of the issues. The problem is that these same solutions have serious vulnerabilities due to these same centralized architectures.

This architectural flaw limits automated trading bots that are developed by these centralized entities, while providing a more secure solution. However, with the use of a trustless DAT solution, these trading bots can actually operate in a decentralized way on similar kinds of exchanges without giving up any kind of sensitive information.

One of the underlying advantages that comes with the use of a decentralized exchange is that users of them have complete and total control over their funds and private keys. The use of a centralized bot, for example, introduces into this decentralized system a centralized point of attack; putting all of your data at risk. Considering the fact that Bots using DAT are trustless, this risk is significantly lower.

As an investor, holder or enthusiast in the cryptocurrency world, ensuring a continued level of secrecy when it comes to your private keys is critical. Anyone that could get hold of them would effectively get access to your crypto assets. This is one of the underlying issues that face parties seeking to operate as custodians in the cryptocurrency space. With DATs being one of the very real solutions that could keep this information in the hands of the end user.

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Author: James Fox

DataTrek Market Researcher: Bitcoin Can Be A Turmoil Indicator in Geopolitical Affairs

New studies about Bitcoin are uncovering some very interesting truths behind the most famous cryptocurrency of the world. For instance, a new study made by DataTrek Research appoints that Bitcoin can be used as a way to determine geopolitical turmoil.

Nicholas Colas, the co-founder of the company, has recently spoken to CNBC and affirmed that Bitcoin could be used in order to find indications of political unrest. He used the local price rise of the token in Hong Kong as an example of that.

According to him, the price of the asset could be used to predict that Hong Kong would suffer a capital flight during the political tensions which are happening there right now.

He also affirmed that Bitcoin can definitely be seen as a safe haven asset right now. Crypto investors affirmed this for a long time, but this is becoming each time more undeniable right now. According to Colas, BTC was one of the few stable assets during the turmoil because it was not linked to the country in any way.

Peter Tchir, a Forbes contributor, was also responsible for affirming recently that Bitcoin was a major indicator of financial turmoil and political crisis.

However, it should be noted that BTC is still a very volatile asset and that betting everything on it might not be the most secure idea during troubled times. There are no guarantees that the prices will not go down again before they go up.

Because of this, investing everything in BTC is a much more sensible decision in complete chaotic situations such as Venezuela and not so much in situations in which there is a small risk. In this case, a more diversified portfolio can be considered more secure.

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Author: Bitcoin Exchange Guide News Team

Comparing Bitcoin’s ‘Bubble’ To Amazon During Dot-Com Era; BTC’s Breakout is ‘Extremely Bullish’

Comparing Bitcoin's 'Bubble' To Amazon During Dot-Com Era; BTC's Breakout is 'Extremely Bullish'

Bitcoin has had a few interesting periods where prices plummet and things look pretty gloomy. However, even when the bear cycles are terrible enough to worry even the most passive investors, the coin still finds its way out and begins to surge again.

Bitcoin’s penchant for a healthy rise after a terrible fall is significant because such speed is largely unusual in traditional markets. Bitcoin’s recovery from its bearish times has recently been compared to Amazon’s surge cycle at the time of the dot com bubble. This comparison was made by Messari, the crypto analytics firm.

Bitcoin Surge Bigger than Amazon’s

Ceteris Paribus, another analytics firm, recently highlighted this comparison made by Messari, in a recent tweet. Posting a graph of the BTC/Amazon comparison, Ceteris Paribus expressed that:

“The latest $BTC cycle mirrors $AMZN during the dot-com bubble, but the recovery has been much more swift. Even with the recent sell off, Bitcoin is 54% down from its high, vs. the 85% Amazon was trading at over a similar timeframe.”

Continuing this comparison, Ceteris Paribus further explained the similarity between both assets, as dissimilar as they fundamentally are, is the fact that the two of them “both traded on pure speculation”. Setting $BTC well ahead, the tweet further said:

“Bubbles follow similar patterns, but the quick $BTC breakout has been extremely bullish…[and] still much further ahead than most people imagined in Dec.”

More Dot Com Era Comparisons

Ceteris Paribus and Messari have noticed some similarities between the crypto market and the dot com bubble but others have also drawn a few parallels. Expert trader and analyst, Peter Brandt, also recently compared the altcoins, to a crash during the dot com bubble.

According to Brandt, Bitcoin would continue to rally but unlike the usual occurrences, the altcoins might not rally along with it. Brandt said:

“Following 2001-02 tech collapse, dotcoms with real value exploded. The ‘alt’.coms went bankrupt.”

Another comparison was recently made by Blockstream CEO, Adam Back. Speaking on June 26 at a panel during the San Francisco Bitcoin 2019 conference, Back – who also invented the hashcash Proof-of-Work (PoW) system which was applied to the algorithm used in Bitcoin mining – pitted Bitcoin and the earlier days of the internet together.

According to him, there used to be something called the “internet time” which was used to describe the period in the early dot com era where there was a lot of new innovation happening very fast. However, Back has said that Bitcoin “seems to be moving even faster.” He believes that:

“Bitcoin has come much further and much faster than people expected.”

Back in April, a crypto payment processing frim known as Moon, made an announcement letting users know that shopping on e-commerce platforms like Amazon, is now possible.

According to the announcement, shoppers can use any lightning-enabled wallet to shop on these sites, using Moon’s browser extension. Moon already facilitated crypto shopping on e-commerce sites before using Lightning by making a connection between the extension and exchanges like Coinbase. Ken Kruger, Moon’s CEO, spoke on the extension and how it works. According to him:

[It] will pop up a QR code and it will have the lightning invoice, which you could also copy and paste if you can’t use the QR code for some reason, and you’ll be able to pay with your favourite lightning wallet.”

Kruger however explains that Amazon doesn’t receive Bitcoin. However, the Bitcoin is converted to fiat with help from some unnamed financial institutions, allowing the sellers on Amazon receive their funds in fiat.

Bitcoin’s price is $10,622.52 BTC/USD exchange rate today. The real-time BTC market cap of $189.34 Billion currently ranks #1 with a chart dominance at 65.70%, daily trading volume of $10.74 Billion and live coin value change of BTC 8.55 in the last 24 hours.

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Author: Tolu

Bitcoin’s Roller Coaster Week: Ebbing and Flowing With Futures Expiry

Bitcoin's Roller Coaster Week: Ebbing and Flowing With Futures Expiry

Bitcoin has been on an interesting and energetic journey over the last couple of weeks. Having seen values soar by more than $2,000 as of Wednesday, pushing it beyond $11,500 to a staggering $14,000 with a record breaking volume of more than $44 billion dollars

While it enjoyed a brilliant rally, it also endured a similar kind of reversal in as many days starting off last night by European time, receding back to around $11,800 on Thursday.

What we can see from some of the above candlestick charts, especially from the large green candle alongside the equally substantial red candle, with Bitcoin managing to scrape at the incredibly rare $14,000 marker.

While this was more than a welcome surprise for  investors, this price point was an unfortunately shaky one, with a range of fast movements and a general ‘feeling’ of great heights from the market. As a result, a price correction was expected to be around the corner.

The moment that it manages to reach the $14,000 marker is also the time when we would all expect there to be a steady retreat away from it as BTC adjusts to newer heights. As it all looks pretty standard for the most part.

While this is the way the cookie crumbled for the Bitcoin market of 2017, the past is no clear indication of what the future holds for crypto. We have a pretty extensive lesson to take from the meteoric surge that Bitcoin underwent during 2017.

Back during that time in 2017, when Bitcoin successfully managed to push upwards from around $9,000 to around $12,000 all before staggering back down to about $9,000, with it managing to climb further up from thereafter.

In contrast, Bitcoin, while managing to do the same here, but at higher points of $14,000 and higher still before it reaches resistance levels at around $17,000.

Were it to have climbed up even further without any kind of correction then perhaps there may have been a more substantial reason for investors to feel concerned about the ongoing reversal, but the current dip that Bitcoin is experiencing is actually pretty healthy all things considered.

This is substantiated by the fact that CME Bitcoin futures officially close tomorrow, not before clocking in a truly amazing 132,455 Bitcoin representative contracts being exchanged over the course of yesterday along – totaling an incredible 1.5 billion dollars.

CME’s Bitcoin Futures contracts have been at a pretty strong premium and continue to operate at the same level during the time this is published, with a longer premium rate placed on contracts for September as well, some of which are being priced at more than $600.

So what does this mean for Wall Street overall? Ultimately, its overall performance is basically in the green, but there is to be some loss expected with this as yet healthy performance.

While this is the case, there has been some noticeable one off market selling over the course of Wednesday evening. As a result of this news, it may be the case that Wall Street was responsible for the dip, while the June contract comes to a close on Friday.

This isn’t so much of a surprise for more experienced investors, however, the dipping pattern ahead of the expiry of futures contracts has been happening with a degree of regularity over the past 3 months, almost like clockwork, with CME’s futures design facilitating this trend.

While this may not essentially be something that is wholly unique to Wall Street, but with what we have previously seen with the likes of OKCoin, which had been regarded as one of the popular settled futures related to Bitcoin – this too had created a similar kind of ebb and flow pattern.

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Author: James Fox