Blog

Top 3 Coins to Watch – Week 46

As we make our way through Q4 2020, several cryptocurrency projects are making upgrades to their platforms and other changes that could arouse the interest of the broader cryptocurrency community. With all eyes on Bitcoin and Ethereum, this week’s selection of top 3 coins to watch aims to shine a light on some smaller market cap cryptocurrencies, which look set for some interesting price action.

1. Bitcoin Cash (BCH)

Bitcoin Cash is a hard fork of the world’s largest cryptocurrency – Bitcoin. It started out on August 1, 2017 following a dispute regarding block size among Bitcoin developers. Bitcoin Cash supporters, led by Roger Ver, pushed for a larger block size limit in order to facilitate more transactions. Bitcoin Cash blockchain thus features an 8 MB block size and can handle up to 116 transactions per second (TPS).

Buy/Sell BCH

BCH Hard Fork Expected to take place on November 15

Due to a disagreement among Bitcoin Cash developers regarding the allocation of BCH for future protocol development funding, Bitcoin Cash is expected to undergo a hard fork around November 15. Already in August, a group called Bitcoin Cash ABC (BCH ABC) proposed a protocol update, which includes a rule that 8% of mined BCH would be distributed to Bitcoin ABC developers in order to finance ongoing protocol development. However, Roger Ver and Bitcoin Cash Node (BCHN) were against this change, leading to the only possible solution to address the wishes of both sides – a hard-fork. It appears that Bitcoin Cash Node will prevail, though:

“At the present time, over 70% of blocks are signalling for Bitcoin Cash Node while less than 1% are signalling for Bitcoin Cash ABC, so Bitcoin Cash Node looks like it will be the dominant chain by far.”

BCH holders are advised to keep an eye on the developments around the hard-fork and move their coins to a personal wallet under their control, although some of the leading exchanges such as Binance, Huobi and OKEx have announced that their exchange wallets will support the chain fork. Kraken exchange announced that it will be supporting the Bitcoin Cash Node regardless of the outcome, but as far as Bitcoin Cash ABC is concerned, it will be supported only if hashpower on the ABC network is at least 10% of the hashpower on the Bitcoin Cash Node network. Definitely worth to follow the event, especially if you are already a holder of BCH.

2. Stratis (STRAX)

Stratis is a blockchain environment and a cryptocurrency for enterprise users. With a focus on the financial industry, the project aims to offer its customers an easy way to build blockchain-based solutions. Stratis supports the native C# programming language, which is already widely used, and therefore acts as a simple bridge to blockchain technology.

Buy/Sell STRAX

Stratis Mainnet Release to take place on November 12

The team behind the Stratis project has announced that their mainnet will finally be released on November 12. The updated and renamed STRAX Blockchain will include several new features, including support for the development and deployment of DeFi smart contracts. Even though the name of the project will stay the same, holders are required to swap their STRAT tokens for STRAX tokens, which will be the medium of exchange on the mainnet. Users must swap their tokens until November 12 at 9 AM GMT as STRAX tokens that remain unclaimed in this swap window will be irreversibly destroyed in October 2021. More information regarding the token swap can be found here.

3. PChain (PI)

PCHAIN is the world’s first native multichain system, which features the support for Ethereum Virtual Machine (EVM). It consists of one main chain and multiple derived chains and the consensus is reached based on the patented PDBFT algorithm, which has significantly reduced the cost of communication. The smart contracts of PCHAIN can be easily invoked with other non-native Tokens (BCH, ERC20). Much like Stratis, third-party developers, including corporations and financial institutions, can build smart contract-enabled applications atop PChain.

Buy/Sell PI

First Monthly Token Burn Following the Successful Mainnet Update

PChain’s team completed a successful Mainnet upgrade in October and is set to conduct its fourth monthly token burn. The burn, which will destroy 50 million PI tokens is scheduled to take place on November 15. After November’s burn, the team has 6 more to go, as they plan to continue burning the tokens, until destroy a total of 500 million tokens. Around 2.6% of the total supply is forever removed out of circulation during each burn. In addition, the team has just confirmed the launch of their mobile wallet application for iOS. Android users will sadly have to wait a bit longer, but PChain assures that the wallet will be made available for download in Google Play store soon as it is already being reviewed. Furthermore, Epoch 17 delegation and voting process is scheduled to end this week, with the vote results being publicly announced by November 10.

November 9, 2020
Spend Crypto on Amazon and Other Top E-Commerce Platforms with Shopping.io
The adoption of digital assets is trending upwards, but cryptocurrency holders still can’t spend their coins at many of the most popular retail services. Whether it’s because of the volatility of cryptocurrencies or just the fact that the technology is still fresh, major platforms like Amazon, eBay and Walmart do not accept cryptocurrency for payments.

Even though it’s possible that these companies could change their cryptocurrency policies in the future, Shopping.io is solving the problem for cryptocurrency holders right now. The Shopping.io platform allows users to shop at the largest e-commerce platforms with over 100 different cryptocurrencies.

Cryptocurrency have plenty of reasons why they’d prefer to pay with digital assets and not with fiat currency. Cryptocurrencies function in a decentralized manner and can be sent to anyone across the globe in a 24/7 manner. Due to their decentralized design, transaction fees are often much lower than what users have to pay for using traditional payments systems.

Shopping.io supports Amazon, eBay, Walmart and over 100 cryptocurrencies

Users who want to shop at their favorite platforms with cryptocurrency now have an extremely convenient way of doing so. Setting up an account on Shopping.io only takes a minute – enter your email, set a password, and your good to go. Once you log in to your account, you can start searching for products on Amazon, eBay and Walmart. When you’re ready to purchase the item, you’ll be asked to provide your shipping information. Then, you’re ready to make your cryptocurrency payment!

Shopping.io has integrated CoinPayments, one of the largest cryptocurrency payment processors in the world. Thanks to this integration, you can pay with over 100 different cryptocurrencies when buying products on Shopping.io. Thanks to the massive selection of supported coins, it’s not just about Bitcoin or Ethereum, but altcoin fans are covered as well.

Now is a great time to be using Shopping.io

Since cryptocurrencies offer low transaction fees, Shopping.io can save on credit card processing fees. This makes it possible for the platform to provide a better experience to its users, for example by offering free shipping from Amazon and eBay. Shipping.io users from the United States can accept to get their items delivered with 2 days, and they can take advantage of the standard 30-day refund and return policy.

At the moment, users are able to create accounts for free and Shopping.io is also offering a 10% discount on all items, which will only be available for a limited time. Moving forward, users will have the option of choosing a Starter or Pro account, with the 10% discount being reserved for Pro users only.

Shopping.io is working to upgrade its platform even further, and plans to introduce a number of new features. This will include a Shopping.io token, which will provide even bigger discounts of up to 15% to its holders. In the near future, Shopping.io will also add AliExpress as a supported retailer.

Currently, the Shopping.io platform only ships items to the United States.

Learn more about Shopping.io:
- Twitter: https://twitter.com/shopping_io
- Telegram: https://t.me/shoppingio
- Discord: https://discord.gg/36xNXa6
- Instagram: https://www.instagram.com/shopping.io_official/
- Facebook: https://www.facebook.com/shopping.io/
November 8, 2020
Square Announces BTC Revenue Growth – Cash App Generated $1.63 Billion in BTC Revenues in Q3 2020

Square made headlines in the cryptocurrency markets on Thursday as it announced that it recorded $1.63 billion in Bitcoin revenues through the Cash App in Q3 2020.

According to Square’s data, the gross profit from Cash App’s Bitcoin feature for the period mentioned above was $32 million. Square introduced the BTC purchase service at the beginning of 2018, and the revenues from the service have added up to $3.4 billion until now.

The third quarter of 2020 was a successful period for Square, and it sold $1.63 billion bitcoin throughout this period. This figure emphasizes advancement and development in the firm’s Bitcoin business. Square’s gross profit from BTC sales in this period was $32 million, which is 15 times more than the same period last year. Square’s BTC sales in the third quarter of 2020 comprises around 90% of the BTC sales since the launch of this service. Square revealed that Bitcoin activities in Cash App are growing, and customers are becoming more engaged with Bitcoin.

Square attracted a lot of attention last month when it announced a $50 million investment in Bitcoin. This company believes in cryptocurrency and its essential role, seeing crypto as a way of participating in the global economy and monetary system. Square considers this investment a long-term investment, and the firm is confident about Bitcoin’s infrastructure and its future capabilities.

BTC sales represent only a fraction of Square’s gross profit. For instance, the net income from selling Bitcoin in the second quarter of this year was $17 million, and it was just 2.84% of the gross profit. Throughout the third quarter of 2020, CashApp created $385 million in gross profits. CashApp transactions have increased dramatically during this year, and it has provided various products for the customers.

Square noted that its 2020 CashApp redesign helped make CashApp users more likely to buy Bitcoin. The new version also introduced the option of buying and selling shares.

Square’s report about its Bitcoin sales indicates considerable growth in Bitcoin adoption. Today, many people and businesses are using crypto, and the cryptocurrency ecosystem is making progress.

November 8, 2020
Breitling Taps Ethereum to Supply Digital Certificates for Its Luxury Watches

Switzerland-based Breitling is famous for its luxury watches. The prestigious company is cooperating with blockchain project Arianee to release a new type of certificate for its watches. Breitling now provides a unique digital code that verifies the source of its products.

Arianee is utilizing ERC-721, an Ethereum standard for non-fungible tokens. Breitling uses this solution for its digital passport. It is a blockchain-based solution, and it helps Breitling guarantee the future of the passports and protect them against alteration and manipulation.

When customers purchase a watch from Breitling, they will receive a card that can be scanned. Then, they can download a wallet from Arianee and install it on their smartphone. Everyone can add their watch to the wallet. Key information like serial number and the date of activation can be seen here – it`s a sort of digital guarantee.

These kinds of certificates are useful when you want to sell your luxury watch. This feature helps you verify the validity of your watch, and prove to potential buyers that it is not a counterfeit. Every watch owner can change the certificate possession and transfer ownership to another person.

Breitling can attach information during the time, and for instance, you can have the history of the watch’s repairs. This transparency is fantastic, and everyone can track the watch during its lifetime.

The certificates are privacy-based, and information like email address, phone number, and other personal details won`t be released. The address of your wallet is the only thing that is attached to you.

Breitling’s new certificates are just one of the use cases for non-fungible tokens, as they can enable many significant use cases in the industry. Dentsu Tracking is another organization that works with Breitling. This organization can help Breitling to trace its supply chain.

Digital certificates mentioned in this article are a creative approach, and represent yet another use case for blockchain technology. Counterfeit products are always a risk, especially when it comes to luxury products, and this blockchain-based solution can help combat counterfeiting. Blockchain can revolutionize supply chain management and regulation, and it protects the products against manipulation and alteration.

Many people see blockchain as a technology for Bitcoin, Ethereum, and other cryptocurrencies. However, blockchain has countless applications beyond just finance and money. Blockchain can and has been used in different fields like medical care, banking, agriculture, education, and many more.

November 7, 2020
7% of Americans Have Bought Bitcoin, Study Shows

It is not news that the distribution of cryptocurrency around the world is not equal and some countries have more access to cryptocurrency or interest than others. Previous studies have suggested that the United States has the highest concentration of cryptocurrency users as well as services like cryptocurrency ATMs.

However, a newly published study by Statista states that only 7% of Americans have purchased Bitcoin at any point in time. This means that cryptocurrency investments in the country can be classified as being in the ‘early stages’ of growth.

Americans, the Rest of the World and Cryptocurrency

It has been suggested that bitcoin is on its way to emerging as a new assets class, in the same vein as gold. While cryptocurrencies can function as legal tender in some situations, a majority of its current use leans towards it being used as an investment. This can be seen in the amount of institutional support being given to the industry and the new products available to maximize cryptocurrency investments such as margin trading and cryptocurrency-based loans.

However, some flaws have been pointed out in the methodology of the study. The list in question only features a handful of countries and not all the nations of the world. Countries featured include Japan, Germany, Spain, China, Nigeria, Vietnam, and South Africa. Notable cryptocurrency hubs like South Korea are excluded from this list and according to some, it leaves much to be desired.

“It’s a survey of select countries. It’s not a straight top to bottom survey. IE there are countries that belong on this list that are not listed,”

Dan Tapiero, the co-founder of 10T Holdings.

What Can be Done?

As cryptocurrencies as a whole are seeking greater use from the public, it is imperative that various entry barriers be removed to achieve this goal. Certain countries, such as China and India, have restrictive laws that prevent widespread use of cryptocurrency. Furthermore, cryptocurrency exchanges often require strict know-your-customer procedures before accounts can be opened and transactions completed.

Then there is the distrust of cryptocurrency that often exists among the public. For many, cryptocurrency is still a novel concept that they do not feel comfortable putting their funds into and this further hinders adoption. However, increased visibility and proper crypto education can help to endear all cryptocurrencies, not just bitcoin, to the general public. This, coupled with the emergence of crypto as the new asset class, will ultimately increased global adoption.

November 7, 2020
Legendary Investor Paul Tudor Jones is More Interested in Bitcoin than Ever Before

Paul Tudor Jones is a legendary investor who currently manages Tudor Investment Corp. He rose to prominence in 1987, when he predicted a collapse in the equities markets. Jones also works as the chairman of Just Capital, which classifies US firms based on communal and environmental standards. Jones is a respected figure in the investment world, and many people from across the globe are imitating his strategies.

Jones first entered the Bitcoin market in 2017, but he exited after he doubled his invested. In May of 2020, he started advocating for Bitcoin again. At the time, he discussed the aggressive money printing policies of central banks as a reaction to the COVID-19 and called them the “Great Monetary Inflation”. Jones claimed:

“We are witnessing the Great Monetary Inflation — an unprecedented expansion of every form of money, unlike anything the developed world has ever seen”.

Paul Tudor Jones is bullish on bitcoin

Jones was recently interviewed by CNBC and expressed his bullish instance of Bitcoin. He reiterated that considers BTC as a haven against the quantitative easing policy of central banks. Jones also said he thinks Bitcoin plays an important role in maximizing the yield of his fund. He sees Bitcoin investment similar to investing in high-profile stocks like Apple.

Now, Bitcoin’s price action is in a good position as BTC has made a tremendous recovery from its March lows. PayPal made headlines in October when it authorized its users to purchase, sell and hold crypto. It was a massive piece of news, and it attracted a lot of attention from experts and large firms. After PayPal’s entrance to crypto space, many finance giants have started to take cryptocurrencies much more seriously.

Paul Tudor Jones pointed to the fact that a lot of smart people are in the Bitcoin space. Earlier, he had talked about some fundamental properties of bitcoin, and the scarcity of this currency attracted him. Bitcoin has a limited supply, and only 21 million bitcoins will be available at the end. No one can print bitcoin more than this determined supply, and a central authority does not control it.

Jones has his reasons for suggesting Bitcoin as an investment. He compared Bitcoin to assets like copper and gold, and he even thinks Bitcoin can be valuable than these kinds of assets. We can transfer bitcoin around the world very rapidly, and we can easily divide it into smaller units called Satoshi.

In the interview, he revealed that his view on Bitcoin become even more bullish than before:

“I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin, and it’s got a long way to go.”

Jones thinks the quantitative easing policy and the COVID-19 pandemic will prepare a background for inflation to increase. We’ve seen unprecedented money printing activity by central banks lately, and it will have its consequences. Conversely, Bitcoin is a store of value that has deflationary properties baked right into its code.

November 6, 2020
Jack Ma Predicts a Bright Future for Digital Currencies

Jack Ma is the founder of Alibaba, a major Chinese e-commerce company. In a speech at the Bund Summit in Shanghai, Ma global regulations and expressed his support for digital currencies. He believes digital currencies are very significant for a new economy and financial system.

He called digital currency something that can create value and encouraged thinking about a new kind of economy through the power of digital currency. However, it is not exactly clear what Ma meant by »digital currency«. When we talk about digital currency, there’s many possible interpretations.

The crypto world reacts to Ma’s statements

The cryptocurrency community quickly reacted to Ma’s comments, but there were many different interpretations.

Binance CEO Changpeng »CZ« Zhao tweeted about Ma’s digital currency comments, and even Ethereum creator Vitalik Buterin joined the discussion. After CZ’s tweet, Buterin asked him about the meaning of the term »digital currency« in Ma’s statements. Zhao answered that “the meaning is up for interpretation.”

While China has very strict regulations for cryptocurrencies, Bitcoin and other cryptocurrencies are still bought and sold in the country. The biggest BTC miners are still located in China, and they mine most of the new BTC. This is a form of centralization, and it may be problematic for the crypto community in the long term. However, many also believe that the concentration of Bitcoin mining in China is not problematic and miners can migrate from China whenever they want.

Potentially, Ma was talking about central bank digital currencies (CBDCs) during the speech. There’s a competition between different countries regarding this issue, and China has been in the lead so far. China’s digital yuan, which is often called DC/EP, is in the testing phase now.

Ma called world regulations regarding banking and finance old and outdated. He also criticized The Basel Accords as something old. Basel Accords are a series of banking regulations that were last updated in 2010.

Regulation is necessary and vital in the financial world, but some regulations stifle innovation, and they are a sort of hindrance. Technology is making progress, and we need flexible rules. Technology is like a double-edged sword, and regulations should control it.

Ma considered World regulations as an obstacle in front of China’s progress and development. He thinks the rules are not suitable for the young generation and developing nations. Ma’s comments have roots in reality. Many global regulations are mostly relevant to US and European citizens. Meanwhile, many people in developing countries are underbanked, and there’s no place for them in international finance. Blockchain’s mission is revolutionizing this world and realizing democracy in its full sense. Cryptocurrency can help a lot in this context, and it can create open markets around the world.

November 5, 2020
Bybit becomes new International Champion Partner of Borussia Dortmund

Dortmund, Germany (November 5, 2020): Borussia Dortmund (“BVB”) is further driving its international marketing and expanding its presence in Asia. The club is excited to launch a global multi-year partnership with the innovative tech company Bybit.

Borussia Dortmund has experienced rapid growth internationally and was able to expand its fan base around the globe as well as establish fruitful partnerships. Heavily involved in the club’s international efforts and new businesses were its Singapore and Shanghai offices, which are just some of the touchpoints BVB shares with its new international Champion Partner Bybit.

Established in 2018, Bybit is an ambitious challenger in the market and one of the fastest growing cryptocurrency platforms. Like Borussia Dortmund, Bybit’s corporate colors are black and yellow; like Borussia Dortmund, Bybit focuses on the fundamentals and never stops to improve; like Borussia Dortmund, Bybit values talent and commits to building a supportive playing field, on which talents can meet the moment and rise to the occasion; therefore, it was a natural choice for Bybit to connect with BVB to further expand its European business.

“We are thrilled to be a Champion Partner of Borussia Dortmund. As a young and ambitious company, we identify with the authenticity and youthful energy for which BVB is well-known around the globe, as well as the diligence and relentlessness that Borussia Dortmund players radiate. It is no wonder the club has one of the most passionate fan communities in the world,” stated Bybit’s co-founder and CEO Ben Zhou. “The intensity and the passion of BVB go beyond the football field. Through this partnership, we want to demonstrate to everyone that we are here for the long run. With a storied history, a proven record of success, and deep ties with its community, BVB is our ideal partner. From one black and yellow to another — we are proud to call ourselves firstly fans of Borussia Dortmund and secondly Champion Partner.”

Carsten Cramer, managing director of Borussia Dortmund, said: “BVB is both a club of long tradition and one that is open-minded and innovative. We are impressed by how responsibly Bybit acquits itself in its business approach, and glad to be a first-mover in Germany to collaborate with a brand in the cryptocurrency sector. We look forward to seeing this partnership help build trust and confidence in the sector and in our community.”

BVB is looking forward to collaborating with the rising player in the cryptocurrency market in the upcoming years. This new partnership is an equally clear signal for sport to embrace innovative technologies in an increasingly digital world, and for innovative technologies to connect with the sporting world.

About BVB

Borussia Dortmund is one of the most successful football clubs in Germany: as well as eight German Bundesliga titles and four German Cup victories, Dortmund has also won the European Cup Winners’ Cup, the Champions League in 1997, and also the Intercontinental Cup (World Cup Championship) in that very same year. With over 159,000 members in total, it is one of the five largest sports clubs in Germany and is the seventh largest worldwide.

About Bybit

Bybit is a cryptocurrency trading platform established in March 2018. The company provides online trading services to international individual retail clients as well as professional traders.

For more information please visit: https://www.bybit.com/

For updates, follow Bybit’s social platforms on Twitter and Telegram.

November 5, 2020
Is a 30% Retracement in the BTC Market Possible?

Cryptocurrency market analyst Josh Rager says that formidable resistance could be forming in front of Bitcoin`s rising movement. If we look back at the Bitcoin price history, there have been many significant corrections, with BTC sometimes dropping as much as 30%. These kinds of pullbacks have usually been seen after huge bull-runs.

The long-term prospect of Bitcoin is bullish, but a bearish scenario could materialize in the meantime. The cryptocurrency market has experienced a significant upward movement in 2020, and Bitcoin reached around $14,000 this year. It is currently trading at its highest prices since January 2018.

Many analysts believe in Bitcoin`s capability to protect against inflation, and they think this capability is the main reason for its bull-run in 2020. Unlike fiat currencies, BTC has a limited supply, and no one can control and print it. Bitcoin is increasingly being perceived as a store of value with the ability to preserve purchasing power. Therefore, many people see Bitcoin as a safe haven, similarly to gold.

The COVID-19 pandemic has had severe consequences on global finance, and central banks have to follow quantitative easing policies and print a lot of money. This money printing process can lead to the erosion the purchasing power of fiat currencies. In response, many people are shifting their cash to other assets such as Bitcoin or stocks.

Dips are impending

In Josh Rager’s view, corrections are natural for healthy bull-runs. They are normal reactions to rallies, and these dips will attract many new investors to the market. The pullbacks can be a great opportunity for investors to obtain an asset like BTC at a more favorable rate.

Most of the investments will come from traditional markets. The recent Bitcoin bull-run has attracted many traditional firms, who now have cryptocurrency on their radar. Bitcoin`s futures markets have also grown significantly in 2020, indicating that institutional interest in Bitcoin and cryptocurrency is increasing.

PayPal`s recent decision to add cryptocurrencies in the list of its offerings was also a great bullish signal for the cryptocurrency market.

More money printing and more bullish prospects for Bitcoin

If the US government releases the second stimulus package, Bitcoin`s bullish movement could become even faster. This quantitative easing policy will accelerate BTC adoption, and it is because of the advantages of Bitcoin compared to fiat currencies.

The stimulus package could deteriorate the status of the US dollar and decrease its purchasing power. It means more positive points for the king of cryptocurrencies, and indeed, we can say that Bitcoin`s adoption is imminent.

November 5, 2020