China’s Digital Yuan will “Certainly Erode the Dollar’s Primacy in the Global Financial Market” – Deutsche Bank Report

  • Cash to remain part of the economy for decades to come but digital payments will grow at “light speed”
  • Mobile payments to quadruple in the next five years while blockchain wallets by decade end
  • Cryptocurrencies have the potential to revolutionize payment standard

The latest research on “The Future of Payments,” by Deutsche Bank titled “Part I. Cash: the Dinosaur Will Survive … For Now,” talks about the existence of cash even though there would be a transition to the digital payments.

The first in a three-part series where the bank forecasts trends in cash, online, mobile, cryptos, and blockchain, it predicts that cash will be part of the economy for decades to come because people have developed a deep-rooted trust in the paper during uncertain times.

Factors contributing to Cash‘s long-term existence involves the paper money being easier to monitor the spending, faster to pay, really convenient, accepted almost everywhere, a secure method of paying, and keeping the purchases anonymous. Cash is also easier to tip and to avoid cyber-attacks on users’ money, said the 3,600 customers surveyed across the US, UK, China, Germany, France, and Italy by the bank.

Digital Payments to Grow at “Light Speed”

While cash will exist, this period will also see digital payments growing at “light speed,” which it says would lead to the extinction of the plastic cards.

Despite encountering regulatory hurdles, blockchain wallet users continue to “mirror” the Internet users which the bank expects to hit 200 million, quadruple, by the end of the decade.

Over the next five years, the German multinational investment bank says mobile payments are expected to quadruple, the effects of which are expected to arrive sooner in emerging markets.

“As China (and India) develop electronic, crypto, and peer-to-peer strategies, the epicentre of global economic power could shift,” it says.

The bank points out how China is already working on a central bank-backed digital currency that could be used as “a soft- or hard-power tool.” Companies in the country are, in fact, forced to adopt a digital yuan which Deutsche Bank says “will certainly erode the dollar’s primacy in the global financial market.”

Further experimentation expected in a post-financial-crisis environment

While providing a detailed explanation of the most famous cryptocurrency Bitcoin, it notices that BTC is a highly volatile currency. To minimize the fluctuations, fiat-backed stablecoins have been embraced whose “price stabilisation usually requires some kind of trusted intermediation or centralised infrastructure.”

Cryptocurrencies, the banks says is still in the early adoption stage but “we should expect further experimentation to take place in the context of a rapidly digitising society and a post-financial-crisis environment.”

As for the crypto adoption, though stores have started accepting cryptos as a payment method, the number is small but the growth trend is noticeable among online travel booking platforms and through retailers like AT&T and Newegg.

Payments made by Bitcoin have also taken off but they still represent a “tiny fraction” of global payments.

“Nevertheless, cryptocurrencies have the potential to revolutionise payment standards,” said Deutsche.

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Author: AnTy

Bitcoin to the Moon in 2020? A Few Worthy Story Lines

Happy new year crypto crew! It’s officially the new year in every part of the world, unless you reside in a timezone we are completely unaware of. Thank you for all of your support, engagement, and motivation in 2019 – it has kept the mission of crypto-education alive and well.  

Going into 2020, we’re launching new services that will solidify your understanding, awareness, and mobility within crypto – so, watch this space. Having said that, let’s do a recap of some of 2019’s top crypto moments. 

Bitcoin Grows a Pair of Wings 

Rising from the ashes of 2018 bear market despair, BTC was launched into orbit after a dismal period marked by a $3,200 price floor. In what felt like one fell swoop, Bitcoin took out ambitious target after target, going straight through overhead resistance until it had all but swept up the $14,000 mark.  

For a moment, it looked primed to retest previous all-time highs, but that wasn’t to be. A retrace has reduced gains by nearly half, but the market has still seen hand-over-fist gains compared to this time last year.  

Retail Investors Abandon Hope 

Despite the incredible gains seen through the first half of the year, the green was mostly restricted to BTC and a handful of other assets. The altcoin market, by and large, has performed pretty poorly.  

Conferences, mainnet launches, partnerships – none of these price-boosters of old seem to have the same magic anymore. There were some bright spots such as Chainlink, but such success stories were far from common. 

Retail investors have seemingly lost interest in crypto as evidenced by the abandonment of spaces like Crypto Twitter, subreddits like EthTrader, and Telegram groups. Those who have weathered both the good and the bad have largely done so by tuning out entirely.  

Will a run-up toward the Bitcoin halving in May change that? We’ll definitely find out. 

Craig Wright Flexes on Hodlonaut, Gets Shut Down 

Everyone’s least favorite Satoshi imposter crossed the line earlier this year when he started a legal suit rampage against his doubters. Amongst those doubters was Hodlonaut, a Twitter cat wearing a spacesuit.  

After Wright threatened to sue and unmask Hodlonaut, the entire cryptosphere banded together in a scene reminiscent of the Avengers: End Game. To add a bit of comeuppance to the entire scenario, Wright was also owned in the court of law, where he was ruled against and ordered to hand over half his BTC to the estate of Dave Kleiman. 

Bakkt Gains Steam 

Despite its initial debut being widely panned as a failure, Bakkt has bounced back to claim higher highs throughout a turbulent (and mostly down) market.  

In another telling moment, Bakkt’s CEO, Kelly Loeffler, resigned after being appointed to the US Senate, where hopefully she’ll continue campaigning for a crypto future. 

Next, we’ll look ahead to 2020 with an analysis of trends and events to watch for. Until then!

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Author: Bitcoin Exchange Guide News Team

Block.One Now Part of EOS Elections as Centralization OF EOS Network Rages On

Block.One revealed that it will become part of EOS election as the issue centralization of the platform emerges yet again. The company behind EOSIO platform now says it will be taking part in all electoral aspects in order to select Block Producers within the EOS blockchain, Cointelegraph reports.

Through a series of tweets one of the EOS Block Producers known as EOS New York revealed that one company was in control of 6 Block Producers which led to intense criticism that EOS blockchain was being centralized.

For months, EOS has always claimed that it is secured via proof-of-stake which is a delegated model and 21 Block Producers have been designated to take over the operations of the EOS token holders with the sole aim of operating the platform’s nodes. Block.One has always insisted that this model is aimed at offering enhancement to proof-of-work model where the highest performance output is achieved utilizing very minimal energy.

Block.One also explains that maintenance, as well as verification of the EOS platform, needs the coordination of just a fraction of nodes which makes the network have the capability to produce blocks in half a second.

In mid November, the company made an announcement saying it will become part of the participants in elections in order to delegate the EOS Block Producers. The company stated that it held a small portion of EOS token and it also looks forward to using the EOS public blockchain. The company also explained that it held not more than 9.5% of the entire supply of EOS token in circulation. The announcement also explained that that Block.One’s participation was helpful in making sure the EOS network hold on to its health.

The current tweets by EOS New York comprised of screenshots from Whois search results which showed that the domains from EOS Block producers, eosunioniobp, stargalaxybp, eoszeusiobp1, eosathenabp1, validatoreos as well as eosrainbowbp came from one identity going by the name ‘fun eos’ located in Shenzhen, China. The revelations led to massive criticism from industry heavyweights ranging from Vitalik Buterin to Larry Sanger.

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Author: Joseph Kibe

Oldest Bitcoin Mining Pool Releases Details On New Stratum V2 Specifications

Mining is a vital part of the Bitcoin network and most people who work on mining pools know this pretty well. It is because of this understanding that everyone was paying attention when Slush Pool, known as the first Bitcoin mining pool ever, released their specifications for its new protocol.

Formerly known as Bitcoin Pooled Mining Server, Slush Pool was founded nine years ago and it was the first BTC mining pool to appear in the market. Now, the organization has just released its newest mining protocol: Stratum V2, which was created by Braiins Systems.

The new protocol brings several upgrades for the people who use the pool. One of them is aimed to diminish the consumption of bandwidth, while another reduces the CPU load. Now, this version of the protocol will have a robust encryption system that will make it harder for any hackers to interfere with mining. Other updates are related to decentralization and aim to improve it.

Apart from all of this, one of the main advantages of the new protocol is known as “light mining”, which is a header-only version of mining that allows someone to sacrifice some flexibility to mine with older hardware. It is a good idea for people who do not possess the money to keep buying expensive mining rigs.

If you want to give your opinion about Stratum V2, you can do it. The launch is currently subject to public debate and people can freely contact the company to give their opinions on the quality of the new upgrade.

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Author: Gabriel Machado

The FDA Needs to Provide Clear Guidelines on Blockchains, According to Researchers

While many people can only imagine what Bitcoin is, Blockchain is only part of what makes cryptocurrencies what they are, and the United States Food and Drug Administration (FDA) has been urged to show interest in it.

FoodOnline recently reported that researchers have started to urge the FDA to investigate blockchain technology’s potential in food safety. The person in question was Alex Manders, the Head of Blockchain Solutions of the Information Services Group (ISG). ISG in itself is a tech advisory and research firm, based in Connecticut.

At a meeting held for the public, aptly named “A New Era of Smarter Food Safety,” Manders spoke up. He urged the FDA to start examining blockchain solutions, investment options, and vendors. He argued that they should help enterprises understand how to use blockchain to improve food safety, all across the supply chain.

ISG: Biggest Challenge is nontechnical

ISG considers the most critical challenge associated with blockchain’s overall adoption in the food and drink industry as something “nontechnical.” Instead, ISG believes ignorance to be the most significant cause of concern within the food industry. They explain that lack of understanding on existing blockchain infrastructures, things like collaboration models and vendors, would be the main problem. By extent, these challenges could include a simple lack of governance or industry framework.

ISG has suggested that the FDA should set up grants or funds for harvesters, farmers, retailers, and distributors that want to implement blockchain in a bid to make the food supply chain more efficient and transparent.

Current successes (And Failures)

While the FDA hasn’t done anything remarkable so far with blockchain, it doesn’t mean that companies haven’t already tried to make use of its distributed ledger technology. IBM, the global tech giant, had made an announcement about its new collaboration with Raw Seafoods. This announcement, coming last week, saw the Massachusetts-based food firm taking steps to digitize their scallop supply chain, sourced from the Atlantic Sea Scallop Fishery. They will do this by making use of the IBM Blockchain Platform to create an immutable ledger.

While Raw Seafoods is gaining success, Nestlé was seeing unexpected difficulties. While the Swiss food retailer is beloved across the globe, it seemed to be having issues with developing a blockchain. They had announced that their blockchain-based supply chain project was facing an unexpected amount of challenges along the way.

The organization is reevaluating its traditional business practices, in light of the unprecedented challenges compared to other digital innovation plans.

While some may want to deny it, the invention of blockchain-based technology is a massive milestone in the digital world. In time, centralized and decentralized networks will be equally common, if not favoring decentralized databases, due to the increase of security it brings.

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Author: Ali Raza

Swindling Advertisements on Facebook Try to Con Investors About Joining TON Investment

Fake news has been making rounds on Facebook about being part of the Telegram Open Network platform.

Kommersant, the Russian news outlet reported that ads were appearing that promoted a certain “Successful Investor” account on Facebook. Upon clicking the ad, you are directed to a website that purports to be Russian economics and technology media outlet RBC.

You will find a publication that resembles an investigation article; it has links to a website. The site has got a video that shows “unique scheme” of getting cash and also provides you with a registration form that is allegedly for TON platform.

A domain search service, Whois says that the domain for that website was registered back on Aug 30. The scheme promises users that they could take home $150 to $235 on a daily basis after they have given out their telephone numbers and email addresses. It is to be treated as a fraud because TON platform is yet to be unleashed.

However, as we drew close to the end of August during the $1.7 billion initial coin offering for Telegram, three anonymous investors said that Telegram was prepared to sell the foremost Gram tokens by October of this year.

TON Platform

Telegram unleashed its node software and TON testnet explorer on its website earlier this month. This is already 2 months ahead of the scheduled instigation of the digital currency (Gram).

Cointelegraph in April said that Telegram had granted access to a testing version that was to be discreet on the TON blockchain to several developers. The blockchain platform had extremely high transaction speed according to the anonymous test developers. This meant that the technology would be useful and ease out stress on lengthy transactions.

TON Labs, a software startup, is allegedly developing a solidity compiler for this technology. The Labs is currently managed and run by token offering investors for Telegram. Solidity compiler is a programming language that is also used in unfolding smart contracts on Ethereum platform. This, therefore, makes the Ethereum DApps compatible with the TON blockchain technology.

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Author: Daniel W

‘Bitcoin Price Bullish Momentum to Continue for a Year if $9,000 Support Level is Not Broken’

Bitcoin (BTC) has traded below the $10,000 USD mark for the better part of the past week as bears take over the market. However, one upcoming analyst, Nunya Bizniz, sent a tweet showing the possibility of a bullish run in the coming months. Nunya pointed out the 15 month Volume Weighted Moving Average has crossed below the price which is a bullish signal for BTC’s price. The cross occurred earlier in the year and offers investors hope of breaking the all-time high price before the end of the year.

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Signals are always late, never wrong. BTC’s 15 month volume weighted moving average sees a golden cross (Source: Nunya Bizniz)

While the crossing represents only an indicator of what is to happen in the coming months, bulls in Bitcoin are hopeful for an extended bullish momentum. The last time the price crossed above the 15 month volume Weighted Moving Average in late 2015, the bullish momentum extended for over a year. This shows BTC price may continue appreciating in the coming year or so.

Bitcoin Price in the Consolidation Phase, Targets $9,000 Support Level

Despite the pioneer cryptocurrency showing signs of long term bullish momentum, the short term price looks to fall below the current $9,600 USD mark. A technical cryptocurrency analyst, Yorke780, published a tweet on the possibility of an incoming bearish trend as the directional movement index (DMI) of BTC witnessed a bear cross which shows the BTC’s bullish run is nearing its end.

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The Directional Movement Index (DMI) sees a bear cross showing a possible bear run in coming days. (Image: Yorke780)

The price is expected to drop to the $9,000 USD support level before bouncing back to start a refreshed bullish momentum that may well push it past its ATH.

Bitcoin (BTC) price faces a consolidation towards the $9,000 USD support level. A bullish momentum expected? (Image: TradingView/@KenyanMiner)

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Author: Lujan Odera

Ex-Coinbase CTO To Be Decentralized Finance Blockchain Project Findora’s New Strategic Advisor

Coinbase’s former CTO Balaji Srinivasan has just decided to be a part of Findora, a blockchain company focused on decentralizing the financial market. The former Coinbase exec will become one of the new strategic advisors of the project.

When he left Coinbase, the executive affirmed that he “enjoyed his time” and was ready for the future in order to find new challenges. He also has experience as a general partner at Andreessen Horowitz, a prominent venture capital firm and as the CEO of Earn.com, a messaging service focused on the blockchain technology.

Dan Boneh was also hired as an strategic partner in the same day. He is the current head of the cryptography group of the Stanford University.

Charles Lu, the CEO of Findora, has affirmed that it was important to welcome personalities such as the two new advisors on the team now. These are people with years of experience, he affirmed, and will be very important in order to offer unique insight to Findora.

According to him, the company has the goal of democratizing finances and will continue to do it while letting the users have more control over their data whenever it is possible.

This way, the CEO believes, individuals and companies will have more financial freedom to be a part of the global ecosystem. The goal of the platform is to support open banking, P2P lending, asset securitization and several decentralized apps.

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Author: Gabriel Machado