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Are Cryptos and Government like Water and Oil?

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Cryptos are not only good for the public but also very beneficial for governments as well. In most cases, governments are starting to utilize cryptos.

There is no denying that cryptos are nothing but a benefit to our modern lives. People use these digital assets from their many functions. These could be the transparency of companies, the anonymity in their use and overall profitability of trading them. However, cryptos are not only good for the general public but also very beneficial for governments as well. In most cases, governments are starting to utilize cryptos as a means of running banking operations or bypassing international sanctions with their use. The speed at which cryptos can be transferred completely trump the old ways, like Wire transfer, it is a much more effective way of doing business. But how exactly do governments see cryptos? Do they consider it a threat, or a boon?

 

Iran and Russia – best examples

Both Iran and Russia are currently facing a lot of sanctions from pretty much the whole world. Their political actions have caused them a lot of trouble in terms of their economies, and something needed to be done to bypass them somehow. You probably already know that businessmen don’t really care what a country has done in the past, as long as they can pay for their services. This was the case with Russia in the start of 2017 when predictions were made that their economy would continue tumbling down, the weakening of the Rubble is a testimony to that, therefore an alternative to international business was desperately needed. Same case with Iran.

 

Iran has gone as far as giving a national cryptocurrency the green light after their fiasco with Donald Trump. It’s just too hard to handle all of these sanctions and an Iranian state cryptocurrency can definitely give them a chance to breathe. The realization of the project, however, remains uncertain, as many aspects are still being discussed among the authorities.

Russians had the same idea about a potential “Crypto Rubble”, but it was quickly disregarded. You see, Russia holds a lot more authority in the world, therefore nobody could truly dare to “go all in” in terms of sanctions. This meant that Russia still had a lot of opportunities as sanctions became softer and softer, therefore the idea was scrapped at the beginning, but the fact that it was introduced is already a good indicator.

 

 China – bypassing own restrictions

China is well on its way to digitalizing most of its industries. However, this didn’t stop them from banning cryptos. However, many experts believe that the ban will soon be lifted as the government is starting to see cryptos in a new light. The fact is that the 70 companies, currently operating in the free trading zone of Guandong, have achieved quite a lot, and the Chinese government has noticed. Add that to the fact that Chinese are the least likely to use cash when making a purchase, and you have yourself a recipe for a crypto haven.

 

More to come

As cryptos continue to grow, despite their price fall in the recent past, governments are finding it un-affordable to ignore them. They are all gearing up for an actual crypto dominated future, and it can be seen. The success of Ripple-Net is also a testimony to the bright future, as banks are starting to utilize the digital assets more often. The fear that ensured bans in some countries is starting to fade away, as authorities start to actually research and learn more about cryptos. It is just a matter of time before everything switched over, but which crypto will it be?

 

No matter what you think about Bitcoin or Ripple, the cryptos that will be most prominent on a national level, will definitely be stablecoins, which the governments themselves will undertake in terms of development. So keep an eye out, you don’t want to miss the big prize.

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Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Now Send & Receive Bitcoin and other Cryptos through Whatsapp

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People will very soon be able to transact cryptocurrencies such as Bitcoin through Whatsapp using a cryptocurrency wallet service developed by Wuabit.

It seems that the people will very soon be able to transact cryptocurrencies such as Bitcoin through Whatsapp using a cryptocurrency wallet service developed by Wuabit.

 

Send Bitcoin through Whatsapp:

The cryptocurrency wallet service by Wuabit will allow people to send, receive, trade, shop and access their cryptocurrencies using the Whatsapp messenger.

 

The Wuabit team also aims to add other social media platforms such as Telegram, Facebook and Viber to their supporting platforms. A publication by The Express, a local news outlet in Britain states that the beta version of the wallet service shall be available for the public from April.

 

According to Wuabit, Artificial Intelligence technology shall be a large part of the wallet service and people will be able to send, receive or trade cryptocurrencies by just typing messages such as “Send 0.2 BTC to John”.

 

According to Wuabit, they are a cryptocurrency wallet which is accessible through a chat interface. The publication on the official website of the company mentions the different security, privacy and the process through which people will be able to transact cryptocurrency.

 

A team member spoke to The Express stating that they will be starting off with Bitcoin only. People will be able to access the wallet service by Whatsapp, Telegram and even SMS.

 

The cryptocurrency payments through WhatsApp messenger which has a massive user base will be able to introduce the crypto space to a large number of people.

 

There are also rumors all around the cryptocurrency space that Facebook is soon going to launch its own cryptocurrency for the Whatsapp messenger for the users in India. Whatsapp is the most used messaging app in the country of over 1,3 billion people.

 

What are your thoughts on the Wuabit wallet service for Whatsapp and platforms? Do you think it will boost the adoption of cryptocurrencies? Tell us in the comments section below.

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The Amazon of Switzerland: Digitec Galaxus now accepts Bitcoin.

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The biggest online retailer of Switzerland, Digitec Galaxus has now started to accept bitcoin along with other cryptos as a method of payment.

The biggest online retailer of Switzerland, Digitec Galaxus which is also known as the ‘Amazon of Switzerland’ has now started to accept bitcoin along with other cryptos as a method of payment.

 

Digitec Galaxus accepting cryptocurrency payments:

According to Digitec Galaxus, they were willing to integrate cryptocurrency payments on their platform for a long time. The users will now be able to make their payments using Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ripple, Binance Coin, Litecoin, Tron, OmiseGo and NEO.

 

According to the Co-Founder Digitec Galaxus, Oliver Herren, Cryptocurrencies such as bitcoin are captivating and could very soon be an important method of payment for all ecommerce stores and they are happy to support it. He also said that people will pay using cryptocurrencies because the ones who own them are willing to use them somewhere, some are not being able to convert them into fiat currency because of banking regulations and others would just like to try latest things.

 

Digitec Galaxus also admitted that by integrating cryptocurrency payments, the company is going to showcase itself as a progressive brand.

 

Partnership with Coinify:

Digitec Galaxus has partnered with a third-party cryptocurrency payment processing company, Coinify. All the payments accepted through cryptocurrencies shall be instantly converted into fiat currency i.e. Swiss Franc. This would ensure that the cryptocurrency market volatility does not create an issue for the company.

Cryptocurrency payment method will be available only for Switzerland based users for now, although, the company plans to integrate the same soon for the users in Germany as well.

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