Day: June 12, 2018

First shopping center in Slovenia started accepting cryptocurrencies.

Adoption of the blockchain within the financial services industry is on an intense upward trajectory, according to the findings of management consulting company Greenwich Associates. They have found that the industry is spending about $1.7 billion per year on the technology.

Banking Industry Spends $1.7 Billion Each Year on Blockchain as Products Are Rolled Out

While the banking industry remains in strong opposition to the cryptocurrency market for a number of disruptive reasons, banks and other firms within the financial ecosystem have been exploring blockchain technology in the last few years. The R3 consortium launching in 2014 is the most popular bank organized project. The industry is now moving past the proof-of-concept phase and has started to commercialize blockchain products, reports Bloomberg.

Greenwich Associates, a market intelligence and advisory services provider based in Connecticut, U.S., has published a study that showed blockchain budgets increased 67% last year. Not only that, but one in 10 of the banks and other companies are now reporting distributed ledger technology (DLT) budgets in excess of $10,000,000.

The firm conducted over 200 interviews with market participants for one of the most comprehensive studies on the topic to date, including those of blockchain budgets, team sizes, use case exploration, key challenges, and other issues.

The report concluded that banks and other firms have doubled blockchain initiatives in 2017, with top-tier banks now having an average of 18 full-time employees working on it. Fourteen percent of participants in the study said they have successfully deployed a production blockchain solution, with payments and trade finance being their main focus.

Cost reduction is the biggest driver of blockchain investment and development, surpassing motives such as revenue opportunities, settlement issues, and diminished risk and cost of capital, according to the study authored by Richard Johnson, vice president of Greenwich Associates Market Structure and Technology.

“More than half of the executives we interviewed told us that implementing DLT was harder than they expected. Nevertheless, more than three-quarters of projects currently under development are expected to be live within two years.”

Although the report states that payments are a top priority for banks in their development of distributed ledger technology, banking institutions are on the losing side of the race and bleeding customers as well as transaction volumes. Legacy systems are now competing with scalable, real-time, and on-demand infrastructures able to reduce the marginal cost of a transaction potentially to zero.

The international payments business is being unwillingly handed over to non-banks who have taken 40% of market share for consumer-to-consumer (C2C), cross-border payments from banks. Banks have also lost 30% and 5% of the consumer-to-business (C2B) and business-to-business (B2B) payments markets, respectively.

Featured image from Shutterstock.

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The OTC market for Bitcoin is bigger than the exchange market. Exchanges set the price but the biggest trades don’t happen there. In 2018, bitcoin OTC trading volumes have become even bigger.

Becalmed markets around the world appear to paused in time for a breakout on any positive signal from the “historic” Singapore summit between President Donald Trump and Kim Jong Un.

Becalmed markets around the world appear to paused in time for a breakout on any positive signal from the “historic” Singapore summit between President Donald Trump and Kim Jong Un.

Even though Trump and Kim have shaken hands, we are yet to see a slow down in Bitcoin prices which we all know anchors alt coin prices. In real sense, Bitcoin dominance stands at 38 percent and the general crypto cap is up to $309 billion but this is apparently not stopping sellers from eroding Litecoin, EOS and Tron valuation. In fact, Litecoin is trading below $110, a key support line while EOS is down testing $10, a sell trigger line.

Let’s have a look at these charts

EOS Technical Analysis

EOS Daily Chart by Trading View

Even though we have internal testing that demonstrates that the EOS network can easily handle hundred of thousands of transactions, still, we need to see the performance of the blockchain once everything is ready. With this, we already have comparisons between Bitcoin and EOS and how dismissal the former is. However, note that the permissionless nature of Bitcoin is what makes it hard to scale while EOS has it is to some permissioned. Besides, some even claim EOS is more centralized than Ripple despite the ability to vote out Block producers in EOS. As it is, it operates more like a democracy with a transparent system that is on-chain.

Price wise, EOS is down 18 percent in the last 24 hours and with that move, its testing the main support line at $10. From the chart, it’s clear that prices are now aligning with bear pressure that was set in pace by June 10 depreciation. So, today I recommend shorting and placing stops above June 11 highs of $11.5. Sell targets would be at $7.

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart by Trading View

There is a new PayWithLitecoin website where users can track which merchant supports LTC. It’s also a platform where they can check which sites users are demanding LTC incorporation. From statistics, it is emerging that users have been consistently asking the likes of Amazon and eBay to allow LTC checkout. It’s no secret that any inclusion of LTC as a payment method in any of these big corporations would propel prices to new highs.

On to the charts and Litecoin sellers are pushing prices lower. Note that after yesterday’s bear candlestick and 13 percent depreciation, trading with the trend and shorting at every highs with targets at $90 and lower should be the way to go. On the cautious side, any appreciation that would put prices above $110 and $130 would be an antidote for bears effectively cancelling our bear forecast.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart by Trading View

Like the rest, Stellar Lumens is down 18 percent in the last 24 hours meaning our previous trade plan is right on track. So, like yesterday, selling and trading with the trend with targets at 18 cents and stops above 27 cents would be ideal. On the flip side, any appreciation above June 10 highs and 30 cents would negate our trade plan.

Tron (TRX) Technical Analysis

Tron Daily Chart by Trading View

Is Binance indirectly endorsing Tron? It may be if we see their recent move not only of listing TRXUSDT pair but also their public support of their mainnet launch that goes live in less than 14 days. It’s obvious that such declaration is not only a long-term support for the newly minted coins but it will boost TRX liquidity and its credibility in the crypto verse.

BinanceにTRXUSDTが新規追加されました。

Binanceはこちらhttps://t.co/2kdiJ5wQ2r#Binance #TRXUSDT

— 新規上場!! (@crypto_notice) June 12, 2018

Zooming on to the chart and like EOS and the rest, sellers are pressing the gas pedal. The trend is obviously clear and in days to come and even to mainnet launch, selling and trading with the trend looks like a good strategy. In this regard, I would suggest selling on every high with ideal resistance at 5 cents and bear targets at 4 cents and later 3 cents as we have pointed out yesterday.

IOTA (IOT) Technical Analysis

IOTA Daily Chart by Trading View

Despite CEBIT 2018 and IOTA work with Volkswagen, still prices are registering double digit losses. After yesterday break below our previous sell trigger line at $1.6, we should be looking for further sells with targets at $1.3. That’s ideally at April lows and my recommendation is to look for shorting signals in the 4HR chart.

The post IOTA, EOS, Tron, Stellar Lumens and Litecoin Technical Analysis (June 13, 2018) appeared first on NewsBTC.

Leading players from Switzerland’s financial, technological, academic, and legal sectors have established a new organization to promote blockchain technology

Over the past six months, cryptocurrencies have been steadily entering the mainstream world more and more by being featured on billboards, newspapers, radio broadcasts and television shows. Now, this July residents from the New England region will be able to hear a weekly radio broadcast called Cryptomania which aims to educate the masses about the benefits of cryptocurrencies and broadcasts every Saturday on Boston’s FM radio signal 104.9.

Also Read: Canadian Exchanges to Report Transactions Over $10k per Proposed Regulations

New England Blockchain Group Launches Cryptomania Radio Broadcast on Boston’s FM 104.9   

Residents from Boston, New Hampshire, and the North Shore will soon be able to tune in to an FM radio broadcast every Saturday that will feature discussions about bitcoin and cryptocurrency solutions. Listeners can set their dials to the FM radio signal 104.9 this July as the Massachusetts-headquartered organization New England Blockchain LLC (NEB) will launch its first show “Cryptomania – Bitcoin & Beyond.”

The show was created by the NEB founder Dana McIntyre who will also host the show with his sidekick Jameson Rust. The two say that the broadcast will feature a “simple and humorist explanation of Bitcoin and Blockchain technology.” The show aims to educate the public and show them how cryptocurrencies operate and detail how easy it is for anyone to purchase a small fraction of bitcoin.

“Hosting the first weekly FM radio show on Cryptos in America is a real honor for us and highlights our commitment to bring relevant, cutting-edge content to our listening audience and the mainstream public,” McIntyre stated this week.

Every Saturday Two Million North Shore Residents Can Tune In

The show will air every Saturday at 9:30 Eastern Standard and can be listened to in other areas in the world by tuning into Northshore1049.com. The show will have a large audience to entice as the FM radio signal 104.9 reaches areas in southern New Hampshire and North of Boston and Merrimack Valley regions of Massachusetts which accounts for a population of over 2 million residents.

The announcement for the new radio show in Boston follows other mainstream broadcasts announced over the past few months. For instance, news.Bitcoin.com reported on the Youtuber Jason Appleton planning to launch his Crypto Crow Show on “CBS, the CW and Roku to over 47 million homes.” Another example is when the post-cable network Cheddar announced this past March it would be broadcasting a thirty-minute show about cryptocurrencies called Crypto Craze.

Bitcoiners are sure to welcome the new radio broadcast Cryptomania that’s dedicated to teaching people about bitcoin and cryptocurrencies in the Boston region. However, the NEB organization’s upcoming broadcast this July is not the first weekly FM cryptocurrency radio show in the U.S. as the Austin based Crypto Show has been airing on 89.1 FM for years now.

What do you think about a radio broadcast about bitcoin and other cryptocurrencies airing throughout New England’s North Shore region? Let us know what you think about this subject in the comment section below.

Images via Shutterstock and 104.9 FM  

Want a comprehensive list of the top 500 cryptocurrencies and see their prices and overall market valuation? Check out Satoshi Pulse for all that hot market action!

The post A New Cryptocurrency Radio Broadcast Launches on Boston’s FM 104.9 appeared first on Bitcoin News.

Blockchain technology represents an emerging sector and new paradigm of technology whose implications are massive. Speculation aside, it is becoming increasingly clear that blockchain is going to revolutionize a number of industries in national and global economies. Here are three such industries where blockchain-led disruption is imminent.

1. Insurance

The insurance industry is a mess, and everyone knows it. Hundreds of billions of dollars are spent each year in advertising and lobbying by insurance companies at every level. In 2016, Geico alone spent more than US$1.3 billion in advertisements solely within the US. The source of all these expenditures are the payments made by consumers, the monthly payments and premiums that, in a perfect world, would go 100% toward the claims made by those who have found themselves in need.

The peer-to-peer, autonomous nature of blockchain networks makes this gargantuan mess the perfect target for transformation. The technology exists for decentralized insurance pools, where participants decide exactly what rates fit best, and smart contract governance ensures that money is never mishandled. This is exactly what Tides, a peer-to-peer health insurance network, seeks to accomplish. In the Tides ecosystem, participants can create their own health insurance pools, where they have complete freedom to join the pool with rates they find fit best. By removing an insurance provider with the perverse incentive to not pay for healthcare from the equation completely, 100% of monthly payments can be redistributed to insurance claims or reimbursements at the end of a term, rather than the majority going to advertisement and politics. This alternative completely empowers consumers in a way not previously imaginable.

2. Medicine

Big pharma is another massive industry with equally large negative externalities. The patient-dominated, IP nature of pharmaceuticals lies at the epitome of the gross commoditization of human health, which is what many argue to be a blatant violation of a basic human right. In 2015, big pharma CEO Martin Shkreli entered the limelight as a pharmaceutical super villain for his transparency in his decisions to raise prices on his company’s drug by more than 5,500%. However, Shkreli’s behavior closely mirrors the norm of this industry, rather than the exception.

A Decentralized Autonomous Organization (DAO) protocol that utilizes an approach similar to DASH’s funding or Einsteinium’s science research (ignoring the glaring issues presented by other components of both projects) to fund medicine research could have massive implications. The idea is that participants in the DAO would vote to fund universities or other laboratories in researching new medicines. Results from that research would be published directly to the blockchain, where it would be broadcast forever as public intellectual property. This would eliminate the ability to monopolize and profitize certain life-saving pharmaceutical compounds. Other blockchain-based initiatives such as Medibloc and Patientory have focused on digitizing and organizing healthcare documents, but none have taken on medicine with this approach.

3. Finance

Bitcoin was initially conceived as a radical disruptor to global financial institutions and a tool to defend individuals worldwide against them, so it comes as no surprise that the financial world is poised to see widespread integration. Ripple’s network of over 100 financial institutions is continuously growing, and the 97% reduction in costs for participants of the blockchain infrastructure is too good to ignore. A majority of financial institutions already have or plan to begin investing in blockchain systems as a massively more efficient way to move money and keep records.

However, what’s likely more meaningful and resonates more closely with core cryptocurrency values are initiatives involving individuals who are unbanked or taken advantage of by banks worldwide. Numerous projects are rolling out infrastructure for mobile banking, remittance networks, and peer-to-peer lending to people who otherwise would not have access to such services. The projects focusing on these initiatives are far too many to count, but they are led by IBM-backed Stellar, which provides remittance solutions, mobile banking, and micropayments in its mission to service the billions of unbanked people around the world. Platforms like SALT and ETHLend are also connecting money lender and borrowers in peer-to-peer, trustless lending systems that remove the dependency of both parties on banks and other financial institutions.

Wells Fargo has announced that it will begin to block all cryptocurrency purchases on credit cards under the Wells Fargo name.

Wells Fargo Imposes Credit Card Restrictions

Despite the ban, Wells Fargo has implied that the ban may only be temporary. To clear up the waters regarding this issue, Shelley Miller, a representative from the financial institution, said:

“Wells Fargo will continue to evaluate the issue as the market evolves.”

The aforementioned representative from Wells Fargo also said:

“We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”

In February, Citigroup, JPMorgan Chase and Bank of America were the first banks to impose restrictions on the purchase of cryptocurrencies, due to fears of volatility and high amounts of financial risk. It is surprising to see Wells Fargo make a move many months later, but there is a chance that the company did not take the brunt of financial damage until now.

Wells Fargo is undoubtedly one of the largest financial institutions in the U.S., valued at a staggering $270 billion dollars on the stock market. Seeing such a large financial player restricting its clients from accessing the cryptocurrency market has some worried.

Was This Move Reasonable?

However, others in the community see this move as justified, as credit cards debts have begun to rack-up over the purchase of some cryptocurrencies.

According to a report made by LendEDU, a credit and loan firm, approximately 18% of cryptocurrency investors used credit cards to fund their cryptocurrency buying sprees. However, approximately one-fifth of the aforementioned 18% were not able to pay back their owed balances. 

Although numbers regarding this issue are kept under lock and key, it is likely that some of the debtors owed large sums to their loaners. 

This low rate of debt repayment may have something to do with the declining prices seen with the cryptocurrency market over the past few months. ‘Fear of Missing Out’ (FOMO) has become a common ideology for cryptocurrency investors, with many unfortunate individuals buying in at peak prices in an attempt to make a successful investment.

Not only that, but there are countless stories on internet forums that depict cryptocurrency investors taking out massive loans just to obtain more crypto assets. Most of these stories have not ended well, as prices have dropped by over 70%, putting these investors into very tough financial situations.

The current climate around the cryptocurrency industry is a mixed bag to say the least. Some traditional institutions will not even touch cryptocurrencies with a ten-foot pole, while others are willing to accept the industry with open arms. Over the next few months and years as the cryptocurrency market grows, these traditional companies will have to begin to align themselves, either with or against cryptocurrencies.

Featured image from Shutterstock.

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