Bitcoin Deposits Gets Added To CashApp

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Recent news shows that Square’s CashApp has enabled Bitcoin deposits for its users. The app previously offered to purchase, sell and transact Bitcoin to other addresses. However, judging by user reviews, not all CashApp users have this feature.

Just recently CashApp users started tweeting that the popular payments application has enabled Bitcoin deposits. Although many users show appreciation and gratitude, of course, just as many users say that either their apps haven’t yet got the feature, or that trusting such third parties your Bitcoin as CashApp and similar, is reckless and doesn’t imply on you holding your keys. However, CashApp has done similar activities in the past. In November 2017, they also allowed several users to buy and sell Bitcoin. Later, they announced this feature to all users.

Additionally, about a week ago, Marty Bent tweeted an image, showing that he can accept Bitcoin deposits on his CashApp.

This points out to question – How long has Square prepared for this move? How long have they developed this feature? This means that they gave access to a round of selected people to test their app before they announce it publicly.

However, users have reported that if you have enabled the withdraw function once on your CashApp, the company will ask you questions about your job position, source of income and other KYC type of questions, in order to enable the deposit function.

Square Along with Jack Dorsey, the CEO, Heavily Invests in Bitcoin

It is well known for crypto enthusiasts that Square and Twitter CEO Jack Dorsey is a massive Bitcoin proponent. In addition to that, earlier reports show that Square in the first quarter of 2019 alone was bringing in $65.5 million revenue through Bitcoin. The actual profit was somewhat around $830,000. Square also has another side company – Square Crypto, which is focusing only on Bitcoin. At the moment, they are hiring new developers, in order to develop tools for the Bitcoin blockchain. CoinDesk reports that former Google director Steve Lee has been recently named as the first new member of the team, however, his role hasn’t yet been specified.

As for the CEO Jack Dorsey, as mentioned above, he is a massive Bitcoin proponent. Once he has said that Bitcoin will become a global currency for all. Another interesting fact is that he has revealed that he is buying Bitcoin for as much as $10,000/week.

In addition to this news, it is worth mentioning that Square’s CashApp, currently is only available in the United States.

Source:

https://www.coindesk.com/square-is-expanding-access-to-bitcoin-deposits-for-cash-app-users
https://www.coindesk.com/squares-bitcoin-revenue-jumped-to-65-5-million-in-q1-its-highest-ever

Facebook’s Project Libra Will Change Cryptocurrency Industry Forever

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Since Facebook revealed its new project Libra, and everything that is related to it, people are starting to wake up and speculate – Is Facebook’s Project Libra going to take over the cryptocurrency industry? Such a company which has billions of daily users simply couldn’t not leave a mark. Whether it will be a good or a bad mark, let’s see.

As we reported earlier, Facebook announced the white-paper of their ever long speculated crypto project – Libra. Along with Libra came the Libra Association, Libra Reserve, and Calibra. Calibra will first serve as the digital wallet where users can store their Libra’s and exchange with each other. Libra Association will govern this app, and eventually, Calibra is meant to develop financial services and products around the Libra Network. The Libra association consists of 28 large corporations and companies which specialize in wide range of industries coming from blockchain and finance ranging to entertainment and telecom companies.

After these news struck the cryptocurrency ecosystem, people are starting to ask questions, whether Facebook could disrupt the crypto industry as a whole?

Facebook Completely Misunderstands Money

As Caitlin Long, the member of Wyoming Blockchain Task Force, also known as the crypto Mom, yesterday described in her first Project Libra analysis:

“Facebook completely misunderstands money. Facebook understands payment systems – but that’s not the same as money. Two telling quotes: “Libra is backed by a reserve of real assets.”; “Many cryptocurrencies today (eg #Bitcoin & #Ether have no underlying assets to back them.” Money is a good that serves as an HONEST LEDGER – it doesn’t need to have intrinsic value because it attains value by people trusting it to be an HONEST LEDGER.”

She points out that just because Facebook is backed by many different assets, doesn’t mean that people will give the currency value. She believes that Facebook has widened the conversation on what money really is.

“Libra is the first denationalized “money” that billions of people in the world will encounter […] billions of people will soon become woke to the unfairness and instability of current monetary and payment systems,” writes Caitlin in her Twitter profile adding: “People are smart – they will figure out Libra isn’t scarce and will migrate to bitcoin and other crypto over time,” she predicts.

Libra Will Educate More Users

Because of yesterday, millions, if not billions, of people realized that cryptocurrencies are a real thing because up until now, all they had heard about crypto or Bitcoin was that it is a speculative and very volatile market without any future or actual use case. Now when the man himself – Mark Zuckerberg makes a Facebook post about a cryptocurrency that Facebook is developing… I mean, I fully believe that yesterday alone made more people aware than the last years in crypto combined.

The fact that a company of such scale and authority recognizes crypto as a asset class, that has a use case, is huge! And I tend to agree with Caitlin. The time frame could be 5 years what we are looking for, but eventually people will start looking into other crypto’s. I mean, as soon as project Libra will lack in something, there will always be hundreds of cryptocurrencies that will do it better. And you know – once you start fooling around with sh… I mean Altcoins, you eventually find Bitcoin and stick to it. Of course, everything won’t go as smooth as I just described and it most definitely won’t happen anytime soon, but it could be a pattern. Most importantly, if Libra or Facebook is talking about third-world countries where people are struggling to even pay the transaction fee, then once they take the bite by Facebook, they will realize that because of crypto there can be even less fees or even a fee-less system.

But all-in-all, Facebook has done a really great job in terms of courage of taking the first step. It could’ve been Google, or any other company, but Facebook took the first bite and takes on the mission to educate billions of people. These might not be intentional lessons on what crypto is, but still, this will do just as fine.

Source:

https://www.forbes.com/sites/panosmourdoukoutas/2019/06/18/facebook-could-change-the-game-for-bitcoin-eth-xrp-and-litecoin/#353a3b96737a

Facebook’s GlobalCoin Will Likely Pay Interest to Users

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A Wyoming Blockchain regulator and so-called “crypto-mom” Caitlin Long has made 6 predictions on the upcoming Facebook’s cryptocurrency dubbed GlobalCoin. She predicts that Facebook could potentially pay interest to its users.

“Facebook will pay interest to users of its cryptocurrency, which will eventually lead to populist calls to repeal subsidies at the heart of the US banking system,” she writes on Twitter.

Backed Assets could probably be stored in the Federal Reserve

It is a well-known fact that Facebook’s anticipated cryptocurrency will be a stablecoin. That means that it will be backed by a large sum of fiat currency. This money Facebook will probably store somewhere where it could generate interest. That is why Caitlin speculates that the place where to hold that amount of money could be the Federal Reserve.

Caitlin Long says that up to date, stablecoin issuers have generally pocketed the float on assets backing the coins. However, her next prediction is that Facebook won’t be able to pocket these big profits without sharing them with their users. Simply because of the fact that Facebook’s cryptocurrency will be the largest and most public crypto entity one has ever seen in this market.

“If Facebook doesn’t share these interest spoils with users, a chorus of critics will loudly publicize how much money Facebook and its partners are pocketing,” says Long.

According to Federal Reserve’s interest on excess rate, the Federal Reserve pays 2.35 percent.

More Predictions

Long went on and predicted other things related to the Facebook’s cryptocurrency. She believes that Facebook’s GlobalCoin will face all kinds of regulatory uncertainty. In addition to this, she commented that she knows a perfect regulatory structure for this. Hinting her Wyoming Blockchain Task Force and the state of Wyoming in general.

Next, she believes that the new cryptocurrency will reveal how much of the recently widely discussed Facebook 2.3 billion users are real. This is because in order to use the currency users will have to pass KYC procedures.

She goes on saying that Facebook will become a “huge data honeypot for governments globally with all the privacy and tax reporting implications such as data honeypot entails,” she writes. All-in-all, she asks quite a rhetorical question. In the case of Facebook being struck with government regulations – “would it fight or fold?”

GlobalCoin Could Drive Bitcoin Adoption

The last thing that Caitlin predicts is that the development of GlobalCoin could potentially boost the adoption of Bitcoin. She says that by “educating consumers about the benefits of crypto and improving the user experience, Facebook will pull more users into Bitcoin, whether it intends to or not.” While Bitcoin is the king of cryptocurrencies, it is still the only ledger in the cryptocurrency field which is considered the most honest of all. People will recognize this as they embark with the new cryptocurrency. If comparing Bitcoin to Facebook’s GlobalCoin, the main reason why people might turn to Bitcoin is that it’s more scarce while Facebook’s cryptocurrency is not.

“Facebook will greatly accelerate the pace of teaching people about cryptocurrencies. And when this happens, more people will turn to bitcoin for one simple reason—bitcoin is scarce, while Facebook’s cryptocurrency is not,” says Long. 

Source:

https://www.ccn.com/facebook-cryptocurrency-pay-interest-users
https://twitter.com/CaitlinLong_/status/1137832406206046209

Mainstream Adoption: AT&T Now Accepts Bitcoin!

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Judging by recent news, the US telecom and media conglomerate AT&T now will be accepting Bitcoin! Customers will be able to pay for their phone bills online with Bitcoin! AT&T is the largest multichannel video service provider in the US. They have around a total of 22,3 million subscribers.

AT&T Expanding Services

While you cannot use Bitcoin to buy phones and other merchandise what AT&T offers to their clients, this is a very good head-up start for a company of such scale. Cryptocurrency enthusiasts now can pay with Bitcoin for their phone bills. This is done via a partnership with BitPay.

Kevin McDorman, vice president at AT&T, explained that AT&T has a lot of customers using cryptocurrencies. So the company decided to come forward to their clients and a rational step was to allow Bitcoin payments. He said:

“We’re always looking for ways to improve and expand our services. We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

Kevin McDorman

Large companies start to acknowledge cryptocurrencies

This move from AT&T is just yet another step towards mass cryptocurrency adoption. This year, more than ever, there have been multiple companies that announce that they are working on ways how to use, develop or implement Bitcoin or cryptocurrencies as such on their services or platforms.

These companies include Facebook and JP Morgan with their stablecoin development, IBM and their blockchain implementations, Starbucks accepting crypto payments, Fidelity adding Bitcoin to their services, NYSE along with NASDAQ acknowledging Bitcoin, Harvard and Yale investing huge sums into Bitcoin, Microsoft using it in their Azure service, and many others at this point.

Today you can hear about Bitcoin in most of the traditional media platforms. CNBC now covers a daily segment about Bitcoin. They encourage investors to think about investing in BTC. The cryptocurrency lately is all around the news and each day brings new horizons development and implementation-wise. The bull is here to stay for quite a while. 

Source:

https://about.att.com/story/2019/att_bitpay.html
https://twitter.com/APompliano/status/1131270293689966593

Photo by Wojtek Witkowski on Unsplash

BREAKING: Binance HACKED!

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Yesterday, May 7, Binance, one of the largest cryptocurrency exchanges by trading volume, experienced a security breach. The exchange got hacked and the hackers got hold of approximately 7,070 BTC

Hackers Obtain User Data

Binance CEO Changpeng Zhao immediately did a report on Binance’s inside blog explaining that the hackers were able to obtain a large number of user API keys, 2FA codes, and other info. He stresses that hackers possibly used various techniques including phishing and virus attacks. Also, he claims that there might be several other techniques that hackers used in the hack. Moreover, there still might be additional user accounts that are affected.

It looks like the hackers used only one transaction in which they transferred the stolen 7,070 BTC. CZ says that the hackers only impacted their hot wallet storage which accounts for roughly 2% of the whole Binance BTC holdings. All other Binance’s wallets are safe and intact, says CZ.

Well-orchestrated actions and patience

CZ claims that the hackers had the patience to wait and execute “well-orchestrated actions through multiple independent accounts at the most opportune time”.

“The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that,” reads the report.

A few tweeters got hung up on the phrase “The transaction is structured in a way that passed our existing security checks…” speculating that this might be an inside job.

Binance will use the SAFU fund to cover losses

On July 3, 2018, Binance announced its Secure Asset Fund for Users (SAFU). Binance developed this in order to offer future protection of interests of all Binance users. Binance allocates 10% of all trading fees to this fund.

However, many industry professionals and projects which are related to Binance have shown support for Binance, by offering to pay the 7,070 BTC to Binance. For example, Justing Sun, the CEO of TRON, offered personally to deposit 7000 BTC on Binance to purchase BTC, BNB, TRX, and BTT. A few tweeters interpreted this as “openly admitting to market manipulation”.

Nevertheless, Binance will lock all deposits and withdrawals for a whole week. The reason being a thorough security review. CZ says that they have to go through their systems and data “which is large”. However, trading will still be live.

Suggestion to “rollback” Bitcoin

In the early hours of this incident, Jeremy Rubin (@JeremyRubin) suggested CZ to rollback Bitcoin, in order to recover the lost funds.

CZ did a livestream explaining everything what had happened and in this livestream he discussed the “rollback” option.

Udi Wertheimer in his Twitter profile conducted a thread where he explains why this is an outright nonsense.

He says that this would cost more than the actual hack and could potentially lead to more huge transactions at risk of being double-spent. Also, many other exchanges might be impacted and this could “hurt” the Bitcoin credibility. Wertheimer explains that a day of mining costs 1,800 BTC. Most importantly he said that “this is no Binance chain with CZ signing all the blocks”. By actually trying to rollback Bitcoin, many miners would be affected and the whole Bitcoin ecosystem in general. However, CZ from Binance dismissed this idea rather quickly.

BitMex Research Twitter profile posted a 2016 Reddit thread where a rollback was discussed when hackers stole around 120,000 BTC from Bitfinex. In this thread users comment on the potential negative consequences. 

Wertheimer also reminded that previously Binance had stated that holding assets on their exchange is as safe as being in possession of ones own keys. Now we see that this statement is ridiculous and you should never store your assets entirely on an exchange. Even “SAFU” won’t help. 

Source:

https://www.binance.com/en/support/articles/360028031711
https://www.binance.vision/glossary/secure-asset-fund-for-users

Photo by Flickr

Fidelity plans to offer crypto trading within “a few weeks”

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Judging by yesterday’s Bloomberg reports, Fidelity Investments is planning to offer the world’s most popular crypto asset to their institutional customers within a few weeks. 

What is Fidelity?

Fidelity Investments is a Boston-based American multinational financial service corporation. It is commonly referred to as one of the largest asset managers in the world with $2,46 trillion in assets under management. Also, their combined total customer asset value is around $6,7 trillion. Moreover, they operate a brokerage firm, provides fund distribution and investment advice, retirement services, wealth management, securities execution and clearance, and life insurance.

Plans to offer cryptocurrency trading to customers

In October 2018, Fidelity created “Fidelity Digital Assets” based on their belief that Wall Street will soon start trading and safeguarding digital assets. This has put them in front of their competitors as other firms hasn’t publicly shown any interest in digital currencies.

Now Fidelity would join brokerages like E*Trade Financial Corp. and Robinhood in order to offer crypto assets to their clients. However, Fidelity is targeting institutional customers not like Robinhood or E*Trade – retail investors. Fidelity backs their actions with their study which they released on May 2. It show that around 47% of institutional investors think that digital assets are worth investing in.

“We currently have a select set of clients we’re supporting on our platform. We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin,” says Fidelity spokeswoman Arlene Roberts.

Digital Gold – Bitcoin.

Bitcoin is up more than 50% this year, recovering from the 2017 bull run all-time-highs when it surged to around $20,000. Now the digital asset sits at $5,900 looking to touch one of the most important trend-lines at $6,300.

The question, that most Bitcoin investors after reading this news, would be – will this affect the price of Bitcoin? It is not quite clear whether Fidelity will open up a digital asset brokerage or sell these assets using the OTC (over the counter) method. One thing is for sure – institutional investors are eying cryptocurrencies, especially Bitcoin. Not long after, Fidelity’s competitors will also start looking into the crypto niche. This will drive user adoption and new money coming into crypto. Referring to Fidelity’s survey where they questioned 441 investors – 72% prefer to buy investment products that HOLD digital assets, while 57% prefer to buy them directly.

Source:

https://www.bloomberg.com/news/articles/2019-05-06/fidelity-said-to-offer-cryptocurrency-trading-within-a-few-weeks?srnd=cryptocurrencies
https://www.bloomberg.com/news/articles/2019-05-02/fidelity-survey-finds-institutional-investors-are-eyeing-crypto
https://en.wikipedia.org/wiki/Fidelity_Investments

Photo by Flickr.

Bitcoin Chart Analysis. UPTADE!

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An update on the Bitcoin chart analysis, since everyone is so bullish at the moment.BTC has currently formed a nice trading channel. As it might seem at first glance, price action upon resistance level seems to be weak due to low bounces. However, seeing the highlighted candle we see pretty aggressive wick which means that the selling power is still there.

The two most likely scenarios are as presented in the picture (insert might go up down or sideways meme here). To make a decent decision you must observe the volume and order book at current level upon reaching the resistance – possibly on lower timeframes. The most likely scenario for Bitcoin is the bearish one due to the fact that there is low volume. If Bitcoin price accumulates at the resistance that is a no go for short because that shows a weakening of the selling pressure. Otherwise, there is not a reason for being bullish. Bitcoin price made a lower low, and from a FA perspective, a new bull run is very unlikely.

BTC/USD hourly chart

It must be mentioned that trading these ranges can be very profitable. Combining S/R levels with RSI oversold/overbought areas are easy low-risk trades.

A new Lightning App developed an easy way how to receive Bitcoin!

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Yesterday, Pierre Rochard presented his new Lightning app. He developed an easier way for Lightning Network users to get inbound capacity in order to receive Bitcoin. The app will join other services which seek the same mission. Two of them are Bitrefill’s “Thor” and “Lightning Loop” from Lightning Labs. 

The problem

Nowadays the most common problem for LN transactions is that the receiver has to have sufficient funds in his LN channel in order to receive a payment. This makes it particularly difficult for new users to start receiving Bitcoin. Now with the new Lighting Power Users app, it will become easier for users to set up a short-lived channel. This is for users who want to accept a payment imminently for a smaller fee.

How to use it?

https://lightningpowerusers.com/home/

In his medium blog, Rochard elaborates on the few steps that a user has to go through in order to make his payment with the Lightning App. You have to go to the Lightning power users website and install Joule. Next, you need to enter your pubkey, if they are already connected with LN Power Users node, but if not, then you have to enter your pubkey@host:port. Then you have to select how much inbound capacity you would like to request. Again, if you are connected with their LN node, you will be granted an inbound capacity for three days for free, however, if you’re not connected, you want additional inbound capacity or you want it to last longer than three days, then they charge a “capacity fee”. Next, you select the chain fee rate.

“When blocks are full and the mempool (tx queue for entering blocks) is backed up, you can pay less and wait longer for the channel opening transaction,” says on the website. After that, just click on Pay with Joule and Confirm.

Decentralization is Rochard’s goal

Rochard refers to earlier days when users had to submit a Google Form which he would later use to manually set up a channel. Now with this new service, this automates the process.

“I think what I want to see is a large variety of ways to do this. If we rely on just LNBIG or other services, then bitcoin’s not as decentralized. So, that’s my goal. To provide a reliable service,”

says Rochard.

Additionally, Pierre thinks that in the future developers will figure out a way how to completely hide the inbound capacity step. He elaborates on one particular approach which would involve iterations on lightning’s autopilot feature, or just a newer computer science technique such as machine learning.

Source:

https://www.coindesk.com/this-new-lightning-app-aims-to-make-getting-paid-easier
https://lightningpowerusers.com/home/
https://medium.com/@pierre_rochard/how-to-request-inbound-capacity-from-lightning-power-users-605799214474

Photo by Philippe Donn from Pexels

Bitcoin Chart Technical Analysis. Thursday, April 4

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Today let’s analyze Bitcoin charts. Recently Bitcoin has gone +20% and there have been many speculations on why that happened. It remarkably grew by $1000 in a little more than an hour.
Bitcoin experienced yet the most significant rally this year. When Bitcoin went pass $5,200 we advised you all to be careful on our social media pages:

#Bitcoin goes past $5,200! We all know that those who were waiting for a bigger drop, now are biting their nails and…

Gepostet von bestcoininvestments.com am Mittwoch, 3. April 2019

But after a good run-up, now we are starting to have a minor correction. Higher timeframe still screams for a cooldown due to the fact that the RSI is still overbought. Lower timeframes are also oversold and just bounced off support on 1H charts which signals for a possible small upwards move for Bitcoin.

However, Bitcoin chart’s short timeframe trend seems to have reversed as shown by the H&S pattern. Although it is not perfectly symmetrical, it is an indication of a forming lower high which means – signals for a possible trend reversal!

What happened with Bitcoin? Is the bear market over?

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As we all have noticed by now, Bitcoin just had a break out from $4,1k to $4,8k in a matter of an hour. The crypto twitter is going crazy, everyone is asking for an explanation and almost everyone is super-bullish! At the moment, Bitcoin is +14% which is a view many of us haven’t seen for quite a while. Let’s look into this, what might’ve caused this, what to expect and what to do from this point on. 

Broke crucial resistance point at $4,200

As we reported earlier Bitcoin had only two possible scenarios left from that point on. Whether we plunge deeper in the bear market or have a bullish breakout of the $4,2k resistance point. As we can see, the second scenario has fulfilled. Some say that Bitcoin now will be testing $5,5k – $6k in the future. If we break that resistance we’re up for a bull market. If not, we’re plunging deeper into the bear. Possibilities of Bitcoin temporary testing new highs before diving back below $4k also are in the air. 

$500 million liquidated on BitMEX

As many call Bitcoin “very volatile” and some try to counter that accusation, today Bitcoin sure was volatile enough to liquidate $500 million on BitMEX alone. BitMEX is one of the most popular leveraging platforms for Bitcoin and many traders were shorting Bitcoin right and left in this bear market period. However, today’s price increase resulted in massive liquidation and BitMEX now sees almost $3 billion in volume which is 3x higher than yesterday. The price of Bitcoin even touched $5,129 at one point on BitMEX.

https://twitter.com/lawmaster/status/1112971889813741568

Fake News in the cover of April Fools

Another interesting assumption is that because of the many articles that were coming out on April Fools, trading bots algorithms started picking that up and started buying. For example, one of the news was a fake article about the SEC finally approving Bitcoin ETF. The other one was about Warren Buffet finally investing in Bitcoin. Of course, many say that such news cannot move the price of Bitcoin. Partly, I believe that statement, but when it comes to trading bots and algorithms, you can never know.

What to do now, and where is it heading?

Now is the time to find your own belief into what has happened. One thing is for sure, new money has come into crypto. Another thing is that we should see a small correction in Bitcoin’s price. The asset already has stabilized at $4,7k. If we see a correction, that could indicate a small alt-season, because people would want to take profits out of this Bitcoin rally, and that means putting them into alts. Some say that we could be testing out a new surge if $4,2 becomes the resistance.

Of course, the community is going nuts and everyone is super-bullish. People FOMO’ing left and right trying to squeeze that lemon as hard as they can. However, the feeling in the past weeks has been ever so optimistic and almost everyone is bullish. And as we know – it might as well be the opposite – once everyone is bullish on one thing – happens the other which no one anticipated.