Bitpay COO Believes Bitcoin is “Working” as Means of Payment

Bitpay COO Believes Bitcoin is "Working" as Means of Payment

Bitpay’s chief operating officer, Sonny Singh, recently attested to the efficacy of bitcoin as a means of payment, stating that “bitcoin is being used all around the world for things other than speculation and trading.” The COO also reported that Bitpay processed $1.2 billion USD worth of bitcoin payment in 2018.

Also Read: Swissquote Reports 44% Increase in Profit After Adding Cryptocurrency Services 

Bitpay COO Promotes Bitcoin as Means of Payment

itpay COO Believes Bitcoin is "Working" as Means of PaymentSonny Singh, the chief operating officer of Bitpay, recently discussed the use of bitcoin as a means of payment.

Mr. Singh stated that “Bitcoin is actually working,” adding that when “people say ‘wow the price has gone down so much, it’s crashing’ – that’s not relevant to what I’m doing.”

The Bitpay CEO asserted that “The key thing is that bitcoin is actually being used all around the world for things other than speculation and trading.” Mr. Singh claims that Bitpay “did 1.2 billion dollars last year in payments,” adding that such “means people spent $1.2 billion dollars of payments using bitcoin.”

Need for Greater Crypto Education to Foster Adoption

Bitpay COO Believes Bitcoin is "Working" as Means of PaymentDespite his belief that bitcoin is currently “working” as a means of payment, Mr. Singh emphasized the need for greater education regarding the benefits of cryptocurrency in order to foster adoption.

“In America, everyone’s so used to credit cards or goes online and types credit card numbers. But it’s safer and easier to do this through QR code because you don’t have to give your credit card numbers. […] The merchants save money in America by paying with bitcoin, because they pay 1% of the transaction fee, but with credit cards, that’s 4%. So the merchants can make a lot of money if you are paying with bitcoin. But yet they don’t understand it, they have to be educated about it. And the consumers have to get the habit of spending with bitcoin. For them, it’s better and quicker than credit cards, and better for privacy,” he stated.

Mr. Singh added that the typical American cryptocurrency-user is principally concerned with speculation rather than the utility of bitcoin, stating: “A lot of people in America have heard of bitcoin, but not a lot of them own bitcoin. Even the tech people and college kids bought bitcoin, they’ll not spend it. They bought it only for speculation. And if you ask them about bitcoin, they can tell you about the price but nothing else, because they treat it as an investment tool. We need to get these people to actually start to spend bitcoin.”

Asian Region a Key Market for Bitpay

itpay COO Believes Bitcoin is "Working" as Means of PaymentThe Bitpay COO indicated that Asia comprises the company’s major market, stating “I have to say that Asia is a very big market for Bitpay and for bitcoin overall. And it will be that way for a long time, not just for trading, but for businesses as well. If you [live] in China or Korea and you have to pay an invoice to America, let’s say a million dollars, and you use bank services, it’ll take you 3 to 5 days for that payment to happen and it cost 3% to 4% in fees. We can do the whole thing in one day for 1% fee by bitcoin. That’s how bitcoin solves a real pain point. It’s cheaper and quicker than bank wire in most regions of the world.”

Mr. Singh also expressed his confidence that bitcoin “will become a main street product in the next couple of years,” adding “It just takes a little time.”

Do you think that bitcoin fulfills its utility as a means of exchange? Join the discussion in the comments section below!


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Litecoin, EOS, Stellar, Tron, IOTA Technical Analysis: eToro Analyst “Very Bullish” on Litecoin (LTC)

Undeniably, the positive correlation between altcoins as Litecoin, EOS and Bitcoin price is dragging to say the least.

What that means is that when BTC drops in value, altcoins follow suit but there is a little bit of loss amplification.

Nevertheless, research findings from eToro indicate that there is gross undervaluation of Litecoin (LTC). Could this be a signal to buy-hold?

Let’s have a look at the charts:

EOS Technical Analysis

From the News

  • Undoubtedly, Huobi is known world over especially after that mini-hack sometimes in mid-June. As a global exchange, EOS is available for trading. The good thing about it is that traders or merchants can transact free of charge. On the other hand, advertisers will have to pay a 0.2 percent ad fee for exposure.

  • For the nth time, traders cannot withdraw their EOS from Binance. The crypto exchange platform is citing wallet maintenance as an excuse. But, this isn’t boding well with the community since they claim Binance is trying to manipulate the EOS market by allowing deposits only. Anyhow, possible reasons for this could range from regular wallet maintenance, upgrades or addition of more features on their wallets or a potential hack. We can just speculate.
  • Power Ledger will participate in EOSHackton that will take place in Sydney according to EOSphere-Australia. Are these subtle hints of a possible switch from Ethereum to EOS?

Technical Analysis

Risk-reward wise, it’s tricky to liquidate EOS and sync with the market. Well, there are reasons to sell and one of them include that $1,000 erosion of BTC valuation is the last three days or so.

However, while this is enticing, we should consider our EOS trade plans and trade with it. As mentioned in previous EOS technical analysis, sellers will be in charge once they close below $7. Before then, we shall retain a neutral to bullish stand.

Litecoin (LTC) Technical Analysis

From the News

  • Relative to its market cap, Litecoin has the largest number of daily active users (DAUs) and transaction volumes than any other coin. This means the coin is not only popular but it is also active. This might be the reason why most businesses as CheapAir accepts LTC as pay and is available at several POS providers as Wirex. These and many other pointers hint of utility and value. Seeing this unveil, eToro’s Greenspan thinks that there is an undervaluation in Litecoin.
  • Crypto.com previously Monaco, is the latest cryptocurrency platform to support Litecoin and three other coins according to their latest tweet. By availing Litecoin, the platform said they were “transforming it into a go-to, intuitive platform

Technical Analysis

Our Litecoin trading plan is pretty much constant. As sellers continue to wreck havoc on price, aggressive traders can always short on pull backs with immediate first targets at $70, our main support line.

However, in line with our Litecoin (LTC) technical analysis, risk-on traders can wait for conclusive moves below $70 before loading their sells.

On the reverse side, odds of Litecoin’s rapid gains are slim to none but $90, the upper limit of this $20 trade range is our buy trigger.

All that is needed is a breach invalidating that bear break out pattern set on course by June 10 bear candlestick.

Stellar Lumens (XLM) Technical Analysis

From the News

  • By collaborating with Lightyear.io, SharesPost shall add Stellar as an exchange location in their Global Liquidity and Settlement System (GLASS) initiative. Overly, this would be positive for tokens available at Stellar DEX as they will find exposure in global markets and be settled as long as they are complaint in any jurisdiction.

Technical Analysis

As before, we shall maintain our bullish stand and sync with the last two weeks high volume higher highs.

It’s pretty simple to see why: the last five bear candlesticks rejecting higher highs candlestick volumes pales in comparison to the last two weeks daily averages.

As such, we shall interpret this as a lack of conviction by sellers to tow in and that by extension means Stellar Lumens bulls stand a chance.

Besides, we didn’t see a follow through yesterday. As a matter of fact, XLM prices were oscillating within July 1 high lows.

Tron (TRX) Price Analysis

From the News

  • The Tron Foundation is releasing their first Android version of their TronWallet to users. With the wallet, users can easily transact in TRX, participate in mainnet token sales and even vote for super representatives straight from their mobile phones.

Technical Analysis

Technically Tron (TRX) prices are on a ledge and about to capitulate should sellers shove below 3.2 cents, our intra-range sell trigger.

3.2 cents is July’s low and should there be a breach today, then we recommend Tron (TRX) traders to short at every retest with targets at 2.5 cents.

For recovery, our Tron (TRX) technical analysis dictates that prices must trend above 4 cents but as we can see—and unless otherwise—that is simply too steep for TRX buyers.

IOTA (IOT) Technical Analysis

Admittedly, sellers are leading the charge but what is encouraging for IOTA investors is that prices are yet to close below 90 cents.

As highlighted in our IOTA Trade plans, we need to see a high volume thrust below that sell trigger line before we initiate shorts and trade with that sell impetus set by June 22 bear candlestick.

Otherwise, we remain neutral keeping in mind that the longer IOTA price accumulates/range the stronger the break out.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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Russia Reports 15% Increase in Number of Crypto Mining Companies

Russia Reports 15% Increase in Number of Crypto Mining Companies

The Russian crypto sector is expanding. The number of businesses operating mining facilities has increased this year, more Russians own cryptocurrency. Data confirming these trends has been presented by the country’s crypto and blockchain association, which also warned that delayed embrace of digital financial technology costs Russia a trillion rubles each year.

Also read: Swissquote Reports 44% Increase in Profit After Adding Cryptocurrency Services

75,000 Businesses Mine Cryptocurrencies in Russia

Russia Reports 15% Increase in Number of Crypto Mining CompaniesThe Russian Federation, a vast country rich in energy resources including cheap electricity, has what it takes to become a major crypto mining destination. Recently released statistics show that this modern sector of the economy is rapidly developing.

The number of crypto mining companies has increased by 15% in H1 2018 to a total of 75,000, according to the Russian Association of Cryptocurrencies and Blockchain (RACIB). Quoted by the Prime news agency, the association’s president, Yuri Pripachkin, summarized:

According to the results from the first half of this year, the number of mining enterprises in Russia has increased by 15%, to 75,000. The mining industry already employs 350,000 people. As of July 2018, Russia accounts for about 6% of the world’s mining market, which is 1% more than a year ago, while the US and Canada hold the leading positions.

Pripachkin shared the numbers with reporters on the sidelines of the first meeting of the Council on the Digital Economy of the Federation Council, the upper house of Russia’s parliament. Not everything in his comments, however, sounded optimistic. RACIB’s president warned that Russia actually risks missing the opportunity to become a digital financial leader. He stressed that “digital money is already a given” and Russia’s delay in accepting and adopting it “means a loss of investments of up to 1 trillion rubles a year” (>$15 million USD).

To prove his point, Yuri Pripachkin quoted a Morgan Stanley report, according to which the top five countries by trading volume of cryptocurrencies in H1 2018 are Malta, Belize, the Seychelles, the United States, and South Korea, and by number of crypto exchanges – the United Kingdom, Hong Kong, the US, Singapore, and Turkey. Russia is not in either of these groups, he noted. At the same time, RACIB claims the number of Russians owning cryptocurrency has increased this year from 2.5 to 3 million.

Russian Crypto Sector Expects Regulations This Fall

The newly released data confirms what is already obvious – the Russian crypto industry is developing at a fast pace, despite the lack of comprehensive regulations. The final adoption of three bills aimed at legalizing crypto transactions and activities has been postponed until the fall session of the State Duma, the lower house of the Russian parliament.

Russia Reports 15% Increase in Number of Crypto Mining CompaniesIn July, Russian crypto media published information about the employment and remuneration in the fintech sector. According to the statistics, the average salary in the industry has fallen by 40% from the 2017 record levels but, nevertheless, it remains relatively high for Russian standards, 10 times higher than the country’s average for certain professionals.

Earlier, RACIB announced that 70,000 Russians are employed in the crypto sector, a figure that obviously excludes those hired by mining companies. Meanwhile, Russian job search platforms have registered strong demand for crypto and blockchain experts, including PR specialists, software developers, and project managers. Responding to the need for qualified professionals, a number of Russian universities have started offering educational courses and postgraduate programs on cryptocurrencies and blockchain technologies.

What are your expectations for the future of the crypto industry in Russia? Tell us in the comments section below.


Images courtesy of Shutterstock.


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