Day: March 15, 2018

According to a recent study of 100 U.S. based merchants that use Square Inc.’s payment technology — a good majority surveyed are open to taking bitcoin as a form of payment. Nomura Instinet surveyed merchants who made at least $100,000 in annual revenue and 60 percent said they would accept bitcoin instead of USD.

Also read: Bitcoin Futures Launch in the UK

Amid Bitcoin Volatility, 60% of Square Merchants Still Willing to Accept the Cryptocurrency

During the first month of 2018, the cryptocurrency proponent and Square CEO Jack Dorsey announced the integration of bitcoin with it’s ‘Cash App.’ Dorsey who is also the CEO of Twitter has been a bitcoin fan for quite some time and is very vocal about his cryptocurrency enthusiasm. Since Square launched the Cash App integration with bitcoin, a research survey was conducted by Nomura Instinet which showed that more than half of Square merchants who participated would take BTC rather than dollars.

“This result is surprising, especially amid bitcoin’s elevated volatility,” Nomura Instinet analyst Dan Dolev explained this week.

Since Adding Cryptocurrency Features, Square’s Public Shares Rise by 49%

The research called “SQ Survey: Merchants Say YES! To Bitcoin” reveals that the highest represented age group in those surveyed and willing to accept the digital currency was 31-40. About 40 percent fall under that category, explains the researcher Dolev’s note to clients.

“Like Amazon in its early days, we believe that little of Square’s future revenue streams are currently visible,” the analyst Dolev details.

The researcher also reveals that more than 7 million merchants are using the Square Cash App. Roughly 95 percent of the participants called the application “excellent” or “good” while the remainder said the app was “average.”

“Undoubtedly, the success of the Cash App is a significant achievement,” Dolev writes to clients.

Currently, an individual can set up the app in minutes and send peer-to-peer payments, store money, receive their paycheck and buy and sell bitcoin.

Since Square started the bitcoin initiative, the company’s public shares have been selling like hot cakes. Square’s digital currency initiative that started in February of this year has pushed Square’s stock up over 49 percent.

What do you think about the study with Square merchants and their willingness to accept bitcoin payments? Let us know in the comments below.

Images via Pixabay, Bloomberg, and Youtube. 

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The post Survey Says 60% of Square Merchants Are Willing to Accept Bitcoin appeared first on Bitcoin News.

The future of all technology is in sight, the blockchain revolution, artificial intelligence and quantum computing. Anybody watching this space knows that it is growing at an exponential rate. The boundaries of technology are being pushed on a daily basis. Token generation events are going live on a regular basis. What is it about these technologies that catches the eye of the everyday user? Is it decentralization, transparency, anonymity or is it all just a big bubble that’s about to burst?

A Decentralized Future

An immutable fact about blockchain is that it is entirely transparent, with nearly all blockchain projects being open source, enabling any developer to modify or add sections of code to the project. Altering logged data throughout a blockchain is virtually impossible. Everything is traceable, with countless amounts of eyes prying on the space at any one time. It gives complete trust back to the everyday user.

Some projects look to enhance anonymity, not entirely possible with a blockchain open ledger. Although an address is linked to one person, that person’s identity remains unknown, except with sophisticated blockchain forensics following the transaction trail. A variety of blockchain projects have opted to have multiple ledgers, public and private ledger options. Could this be a defiance of the point of decentralized and transparent space?

“Privacy is not something that I’m merely entitled to, it’s an absolute prerequisite.”

Marlon Brando –

Specific modern-day problems arise with complete anonymity and a lot could be said for being able to transfer a large number of funds from point A to point B without transparency. Does society need to establish a firm base on the moral standing of this matter? After all, nobody wants to see blockchain technology fund terrorism, money laundering or trafficking.

Secrecy is the linchpin of abuse of power… its enabling force. Transparency is the only real antidote.  

Glenn Greenwald –

Decentralization plays an integral part of blockchain technology, with no central data hub in use. The blockchain uses predetermined variables to manage each transaction. The blockchain runs these through nodes (people’s computers) which are all connected via the internet. Eliminating the central data hub could, of course, cause mayhem for central banks and big tech giants if this technology is to see global adoption.

Quantum Problems

Will artificial intelligence and quantum computing help restore order, will they enable a new era of blockchain technology? Or will quantum computing render blockchain technology completely useless? There is already a quantum computing blockchain project in the works. Who knows what will come with quantum resistance, and whether it will enable or disable.

The post Blockchain For the Future, A Brave New World appeared first on BitcoinNews.com.

Cryptocurrencies are “an important item” on the agenda for next week’s G20 summit, documents show.

Cryptocurrencies are “failing” under the definition of money Governor of Bank of England Mark Carney said in speech earlier this month at the University of Edinburgh, and their adoption has been in a “spirit of dystopian fear and libertarian optimism” after the Global Financial Crisis.

The price of bitcoin fell in dramatic fashion yesterday following Google’s announcement that it would no longer support cryptocurrency and ICO-related ads. Prior, bitcoin had been trading for approximately $9,100, though following the search engine’s sudden decision, the price fell nearly $1,000 (eight percent), and it has been hovering at $8,200 ever since.

For the most part, bitcoin is managing to hold its ground despite several resisting factors. Per Coindesk data, the asset fell to a new low of $7,676 late last night (the lowest it’s been since February), but it has since experienced a near $600-rise to place it at its current trading level.

This news suggests that while the bears have the upper hand, they are not holding all the cards. Bitcoin may have stumbled, but it hasn’t necessarily crashed. Small incremental jumps have been witnessed throughout the day as bitcoin continues to recover and gain traction a mere 24 hours after Google’s nearly fatal decision.

Fundstrat’s Thomas Lee is still bullish on the coin, maintaining his sentiment that bitcoin could strike the $25,000 mark by the end of the year. He is, however, doubtful about its short-term movements, and believes the price could fall as low as $6,000 before another bull run strikes.

At press time, nearly $60 million has been erased from the cryptocurrency market, and bitcoin is not alone in its fall from grace. Other virtual assets, like ether coin, are trading for just over $600, though the currency briefly dipped into the high $500 mark early this morning. Litecoin is currently trading for about $162 (a fall from its recent $200 figure), and Ripple is trading for about $0.69 – down a few cents from yesterday.

The primary reason behind bitcoin’s continual drops could be the now constant threat of regulation. As bitcoin and related cryptocurrencies become more mainstream and garner mainstream public support, officials are seeing a stronger need to take a stand.

In Asia – where impending regulation appears stronger than it does in the United States or North America – South Korean authorities spent Monday through Wednesday raiding three individual bitcoin exchanges, where it is believed the companies purchased new coins through other platforms using funds from consumer accounts. Among the materials and equipment taken were numerous hard drives, money transfer receipts, accounting files and even employees’ mobile phones to see if evidence of fraud could be uncovered. South Korea is also seeking to ban all future anonymous cryptocurrency trading.

The growing presence of ICO-related scams also seems to be a solid factor behind bitcoin’s fluctuations. Events like those involving Giza – which is under scrutiny for allegedly operating an ICO scheme that swallowed over $2 million USD in investors’ money – are becoming more commonplace, thus birthing regulation’s growing presence.

Lastly, another source suggests that worldwide interest in bitcoin is just phasing out. Hitwise, which monitors the online searches of nearly three million U.K. residents, says that total bitcoin searches have dropped by nearly 61 percent in 2018, and that less exposure to information about bitcoin through Google could do even further damage.

The Merkle will continue to bring you price-related coverage as it arises.

Thinking about adding cryptocurrencies to your portfolio? This is why it is a good idea. #IN_DEPTH

The Autorite des Marches Financiers has extended its blacklist of non-compliant investment companies to include crypto businesses.

French financial regulators have joined those in neighbouring Belgium in releasing a “blacklist” of digital currency websites. According to them, these sites have been pushing investments on the public in a way that is banned under French and European law.

French Regulators Crackdown on Illegal Financial Products

The list comprises of 15 websites. These entities are either deliberately flouting French and European law or are unaware of regulations under the Sapin II law and the MiFID.

The AMF, France’s financial markets regulator have put together the following list of those websites that they feel are illegally targeting domestic investors. According to Finance Feeds, the AMF are careful to point out that the below list is not exhaustive:

http://akj-crypto.com/
http://bank-crypto.com/
https://bcoin-bank.com/
https://bit-crypto.net/

Home

Accueil

https://cryptobankweb.com/
http://crypto-major.com/
https://cryptopartnersinvest.com/

Home

Home

Home

Home

https://krakenaccess.com/
http://www.minedecrypto.com

The issue is that under the Sapin II law in France, digital advertising for potentially harmful Contract For Difference (CFD) products and certain binary options is strictly forbidden. The AMF has concluded, based on their February classification of cryptocurrencies and financial products relating to them, that they do indeed fall under the remit of Sapin II law.

In addition, the French regulator also commented on a slew of online trading platforms offering various financial products where the underlying asset is cryptocurrency. These products allow exposure to cryptocurrency’s volatility without forcing investors to get to grips with actually handling digital currency themselves.

The AMF believes that cash-settled contracts such as these should be considered as derivatives. Therefore, they fall under the legal requirements of the EU’s Markets in Financial Instruments Directive (MiFID). This legislation sets various rules that these products and those offering them must comply with. Such regulations are intended to make European markets safer and more transparent following the 2008 financial crisis.

The French blacklist follows that which was published in Belgium just last month. There, the Financial Services and Markets Authority (FSMA) also named a group of websites deemed to be illegally going after potential investors in Belgium.

Whilst the French are using existing regulations to police the exploding cryptocurrency space, the EU has recently declared that they will create specific legislation themselves addressing digital currencies. Last month they stated that regulation needs to happen at the global level but that they would take on the task themselves if such a global response was not forthcoming. The EU Financial Chief, Valdis Dombrovskis said late last month:

“We do not exclude the possibility to move ahead [by regulating cryptocurrencies] at the EU level if we see, for example, risks emerging but no clear international response emerging.”

The post French Regulators “Blacklist” Cryptocurrency-Related Websites appeared first on NewsBTC.

The government of Gibraltar has released a white paper detailing its plans for the regulation of tokens and token sales.

Amid the rising number of crypto-related scams that are coming about with the ever-increasing popularity of cryptocurrencies, Finance Minister Wopke Hoekstra outlined his concerns over the recent rapid boom in the popularity of the coins in a six-page letter to the Dutch House of Representatives and the Senate.

Hoekstra argued that there has been little time to understand and react to the changing landscape, and that the current supervision and regulatory framework is ill-equipped to deal with it; because of the cross-border nature of the technology and markets, closing those gaps requires a unified approach across governments and borders.

Like many other policymakers, Hoekstra sees the value in promoting and developing the technology behind cryptocurrencies — specifically blockchain technology. However, in addition to the concern over fraud and hacking, the minister also expressed concern over the immature and unregulated nature of the market and how to better inform consumers of the potential risks.

Elsewhere

The Australian Taxation Office (ATO) has also issued a warning to the public: be wary of scammers impersonating the ATO and demanding Bitcoin or other cryptocurrencies as a form of payment for fake tax debts. Officials in other countries are calling governments and citizens alike to be wary of cryptocurrencies, too. According to a statement from the agency, so far, $50,000 has been paid in Bitcoin to scammers claiming to be its representatives — and this number is sure to increase.

Kath Anderson, the Assistant Commissioner of the ATO, describes the situation as follows: “Cryptocurrency operates in a virtual world, and once the scammers receive payment, it’s virtually impossible to get it back. Scammers are constantly adapting their methods to maximize their chances of picking your pocket. Unfortunately, it was inevitable that scammers would target cryptocurrency given its current popularity and anonymity.”

In attempts to decrease the likelihood of this continuing to happen, the ATO is warning taxpayers that scammers are constantly changing their methods — now looking to increase their gains using cryptocurrencies. In 2017, the ATO received almost 80,000 reports of scams and more than $2.4 million dollars were lost to scammers that claimed to be from the agency. Another strange aspect is that almost 1/3 of victims didn’t use cash or cryptocurrencies but reportedly paid their scammers in iTunes gift cards — $900,000 worth.

The ATO reiterates in its statement that phone calls that threaten with legal procedures or calling the police, are not from the ATO office. The agency also suggests that scammers will try to steal personal and private information like home addresses, first and last names, bank account numbers and other sensitive data — information the ATO won’t be calling to ask for over the phone.

“If you receive a phone call out of the blue, threatening police or legal action if you don’t pay a debt, or the person calling you is rude and aggressive, hang up, it won’t be the ATO. Any call-back number provided should be checked via an independent internet search to ensure you are calling the ATO,” reads the statement.

The post Dutch Finance Minister Joins Australia in Warning Public of Cryptocurrency Scams appeared first on NewsBTC.

The decision to ban all crypto ads from its AdWords platform is dictated by the need to “protect the open web”, Google claims. #FOLLOW-UP

American Express’ travel and merchant arm has filed a patent application looking at using a blockchain to facilitate quick transactions.

The team behind the Lightning Network have made an exciting announcement today. Lightning Labs have released a beta version of the software that is ready for use on the Bitcoin main network.

Is Lightning Network the End of the Scaling Debate?

The Lightning Network is a technology that is aimed at increasing the number of transactions per second that the Bitcoin network can process whilst retaining the robust security that has caused people to liken Bitcoin to gold.

Lightning Labs have spent over a year developing the piece of open source software. Blocksteam and Acing, two other companies who specialise in blockchain programming, have also contributed.

The announcement today states a piece of software (the Lightning Network Daemon) that developers can use to communicate with the protocol is ready for use with real Bitcoin. It does, however, recommend that users keep the amounts they experiment with small whilst the software is still so new.

Big day for bitcoin, Lightning goes live on mainnet!  

Announcing the first Lightning beta release for the live bitcoin network, lnd 0.4. Read about it here: https://t.co/aaYec7Orsj

— Lightning (@lightning) March 15, 2018

The release is the fourth version of the Lightning Network Daemon. It expands on previous versions with an enhanced feature set, improved fault-tolerance, many bug fixes, and other safety and security features required to allow users to use it with real money.

Lightning Labs acknowledge this first mainnet release as “an important milestone”. They also state that the software released today is intended for use by developers, other technical users, and those hoping to operate the necessary routing nodes used to facilitate Lightning Network payment channels.

In a blog post, they state:

“This release is also the first release of lnd [Lightning Network Daemon] that has an option to run on Bitcoin’s mainnet, with the necessary safety, security, and fault-tolerance features required for real-world, real money usage.”

Meanwhile, the founder of both Twitter and Square, a payments processing application, is amongst those investing in Lightning Labs. According to Quartz, Jack Dorsey has committed personal funds to project, along with others, to the tune of $2.5 million. Evidently, the entrepreneur remains bullish long-term on Bitcoin, despite the recent price pullbacks.

Jack Dorsey has long been optimistic about Bitcoin’s role as a digital cash of the future. His Square Cash app recently began integrating support for users to buy and sell Bitcoin. The upgrade to the application was rolled out to only a small section of the application’s users last November. The features then were somewhat limited. These have since been expanded, as has the number of users able to buy, sell, and transfer Bitcoin with the app.

The post Bitcoin Scaling Solution Lightning Live on Mainnet, Twitter CEO Funds it appeared first on NewsBTC.