Tag Archives: bitcoin

Nigeria Becomes Eighth African Nation to Welcome Bitcoin ATMs

Nigeria Becomes Eighth African Nation to Welcome Bitcoin ATMs


Image courtesy of CoinTelegraph

            APRIL 01, 2020

Africa's largest country has welcomed its first Bitcoin ATM.

Blockstale BTM, the company that installed the ATM in the Dazey Lounge and Bar in Lagos state, plans to launch more than 30 more terminals across Nigeria.

"Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa," Blockstale's chief executive and founder, Daniel Adekunle, told local media on April 1. 

Adekunle developed his Bitcoin ATMs in partnership with a tech firm based in Shenzhen, China.

Nigeria welcomes Africa's 15th Bitcoin ATM

Despite being home to the largest trade volume in Africa, Nigeria is the eighth country in the continent to host a Bitcoin ATM — with Blockstale's comprising the 15th in Africa.

According to CoinATMRadar, South Africa is home to seven crypto ATMs, Ghana hosts two, and Botswana, Djibouti, Kenya, Uganda and Zimbabwe each have a single terminal.

With Nigeria comprising Africa's largest economy and population, the country's first Bitcoin ATM may be a signpost for broader adoption across the continent. Coinstale's terminal is only the second Bitcoin ATM in West Africa.

Nigerian LocalBitcoins volume drops after KYC overhaul

Recent weeks have seen roughly 220 Bitcoins, or $1.38 million worth, of peer-to-peer (P2P) trade between BTC and Nigerian Naira on LocalBitcoins.

However, Nigerian LocalBitcoins has dropped by roughly 50% since the P2P platform strengthened its KYC requirements during September 2019.

Nigerian 'Bitcoin' searches top Google Trends

Nigeria also consistently tops Google searches for 'Bitcoin' — driving nearly twice the traffic as the second-ranked country, Austria, according to Google Trends.

Three of the top five ranked nations for 'Bitcoin' searches are African — with South Africa and Ghana ranking third and fifth respectively.

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Original article posted on the CoinTelegraph.com site, by Samuel Haig.

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Fake Trading Volumes and the Price of Bitcoin: Are They Connected?

Fake Trading Volumes and the Price of Bitcoin: Are They Connected?


Image courtesy of CoinTelegraph

            MARCH 30, 2020

Last year, Bitwise Asset Management reported to the United States Securities and Exchange Commission that 95% of trading volume in Bitcoin (BTC) was fake. Bitwise found that, according to data published by CoinMarketCap — a widely cited tracker of crypto statistics — Bitcoin's approximate average daily volume in April 2019 was $10 billion. In comparison, just $5.5 billion worth of Apple stock — the most liquid stock in the world — trades daily, and the market cap of Apple stock is nine times the size of Bitcoin's.

The Blockchain Transparency Institute has been investigating fake volume in crypto markets since 2018. Its April 2019 report suggested that 17 of the 25 largest exchanges listed on CoinMarketCap had more than 99% fake volume. The most recent report from September 2019 showed "wash trading rates at high levels from 96.9% up to 99.7%."

As recently as 2019, the exchanges reporting the most volume were in some cases unheard of. According to Bitwise's research, the largest reported exchange from April 2019, FCoin, declared $1.7 billion in daily trading volume, despite at the time having just 4,781 followers on Twitter. It had been mentioned only four times on Bloomberg, all in the context of fake trading volume, and the marketing tool Alexa ranked it as having the 56,539th largest website globally.

The Bitwise study ranked Binance as the largest exchange with real volume, though it ranked 15th overall when those reporting fake volumes were included. During April 2019, Binance reported $218 million in daily trading volume — 1/7th that of FCoin — despite being mentioned 6,830 times by Bloomberg, its CEO being followed by 342,000 people on Twitter, and having a website that ranked 971th in the world, according to Alexa.

The Bitcoin market is steadily maturing, to be sure, and today's Bitcoin market is not like it was in the past. Many first-generation pillars of the Bitcoin ecosystem were started by first-time entrepreneurs who were simply interested in Bitcoin. Mt. Gox, the beleaguered, Japan-based Bitcoin exchange, was once a site for trading Magic: The Gathering cards. CoinMarketCap, the most popular data aggregator in the space, was started in 2013 as a part-time project run out of an apartment.

Today, the best-known crypto exchanges are large enterprises operating in a maturing ecosystem. Regulated Bitcoin futures, the development of institutional short lending, large algorithmic market makers, Bitcoin custody and custodial insurance have added to the efficiency of the market. Despite Bitcoin's faked volume, and a spot market smaller than commonly thought, its price is more accurately determined every day.

Bitcoin spot prices, as well as other larger-cap cryptocurrencies, are considered accurate, thanks to an established global market for Bitcoin trading and the prevalence of exchanges around the world. What's more, traditional data aggregators — think Nasdaq, the Intercontinental Exchange, Bloomberg and Thomson Reuters — are entering the industry, which will give us only a clearer picture of the data that affects Bitcoin trading.

Internet attention and the price of Bitcoin

Researchers from the University of Cagliari in Italy used Google Trends, which illustrates how frequently a fixed term is looked up, to study the interplay between Bitcoin and Google's search engine. They specifically researched the relationship between Bitcoin's trading volumes and the volume of Bitcoin-related search queries made using Google.

In a report titled "The Predictor Impact of Web Search Media on Bitcoin Trading Volumes," the researchers found "significant cross correlation values, demonstrating search volumes power to anticipate trading volumes of Bitcoin currency."

The researchers studied the period between June 2014 and July 2015 and compared Bitcoin trading behavior with data on search queries obtained from Google Trends. The report concluded:

"We can affirm that Google Trends is a good predictor, because of its high cross correlation value. Our results confirm those found in previous works, based on a different corpus and referred to a different Bitcoin market trend. As future advancement, we are thinking about the possibility to apply this kind of approach to different contexts in order to better understand the predictive power of web search media. An other likelihood could be to consider not only search media but also social media like Twitter, Facebook and Google+."

As trading both digital assets and more traditional stocks and commodities become progressively digitized, online mentions will likely play a key role in determining and predicting the sentiment of various markets, not just cryptocurrency.

Crypto has "no exposure" to stocks and macroeconomics

In a 2018 report titled "Risks and Returns of Cryptocurrency," researchers Yukun Liu and Aleh Tsyvinski from Yale University found that the risk–return tradeoff of Bitcoin, Ether (ETH) and XRP differs from those seen in stocks, fiat currencies and precious metals. "Cryptocurrencies have no exposure to most common stock market and macroeconomic factors," they wrote. "They also have no exposure to the returns of currencies and commodities."

The authors concluded that cryptocurrency returns can only be predicted by aspects specific to crypto:

"Specifically, we determine that there is a strong time-series momentum effect and that proxies for investor attention strongly forecast cryptocurrency returns."

In short, cryptocurrency returns have little exposure to traditional asset classes, such as stocks, fiat currencies and commodities.

The researchers determined that cryptocurrency returns are predicted by two factors: momentum and investor attention.

"Our findings call into question popular explanations that supply factors such as mining costs, price-to-'dividend' ratio, or realized volatility are useful for predicting the behavior of cryptocurrency returns."

How is Bitcoin trading regulated?

When trading Bitcoin, knowing the rules and regulations is essential. The U.S. Internal Revenue Service declared in 2014 that Bitcoin was property, not currency. Any profits made from Bitcoin investing and trading, therefore, would be taxed at each investor's capital gains rate, not an ordinary income rate. 

In July 2019, the IRS sent letters to 10,000 digital-currency holders who failed to pay taxes or properly report taxes on digital assets. IRS Commissioner Chuck Rettig stated:

"Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties."

Altcoins and having a plan

There are other things to keep in mind when trading. Before trading a specific digital asset, especially those considered altcoins, investigate its trading volume. If you're considering trading a more obscure altcoin, then you should learn how many such tokens are being bought and sold daily.

The higher the trading volume, the easier it will be to buy and sell the digital asset. Low trading volume, on the other hand, suggests a lower level of liquidity; that is, a trader could struggle to buy or sell the digital asset on the open market. Crypto exchanges have even delisted tokens with dubious or declining trade volumes.

Having a plan for every trade can help ensure you don't make a knee-jerk reaction in a fit of emotion-based trading. Disciplined investors and traders draft a game plan for the prices at which they intend to buy and sell an asset and don't deviate from this plan. In order to manage this, traders can use stop-loss orders, which ensure an asset is sold at a predetermined price.

The views, thoughts and opinions expressed here are the author's alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and you should conduct your own research when making a decision.

Justin O'Connell is the founder of ChangeOutput.com, a communications shop for blockchain. He first wrote about Bitcoin in early 2012 and has worked in the industry ever since. He has software engineering experience, and his written work has appeared throughout the industry over the years.

Original article posted on the CoinTelegraph.com site, by Justin O'Connell.

Article re-posted on Markethive by Jeffrey Sloe

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Report Shows San Francisco Home to Highest Crypto Owners in US

Report Shows San Francisco Home to Highest Crypto Owners in US

By MUSKAN BAGRECHA   Posted on 28/03/2020   2 Min read

  • A report by CoinTracker revealed that San Francisco has the highest number of crypto owners and it is home to investors with highest average crypto wealth.

A report published by CoinTracker revealed the statistics of cryptocurrency ownership in the United States. The findings have been derived from a cumulative data collection since 2013. As per the report, San Francisco has transcended all the other major cities in the US in terms of crypto ownership with an average portfolio value of USD 55,000. San Francisco is followed by Palo Alto, Oakland and San Mateo with average portfolio size of USD 39,000, USD 35,000 and USD 30,000 respectively. New York ranked sixth with average crypto holdings of USD 23,000.

In terms of concentration of crypto investors, San Francisco topped the list with a user index of 100, followed by New York with 92, Los Angeles with 57.2 and Chicago with 48.8. Ashburn recorded the highest crypto investors on per capita basis.

The report also showed that in the US, as much as 50.3% of the crypto wealth of the investors comprised of Bitcoin (BTC), followed by Ether (ETH) at 28.7% and Tether (USDT) at 4.1%. However, certain cities like San Diego, Nashville, Seattle and Boston, among others, showed that people had a greater capital held in ether as compared to bitcoin.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Image Courtesy: Pixabay

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Report: Binance Futures Surpasses Bitmex in 24hr Bitcoin BTC Trade Volume

Report: Binance Futures Surpasses Bitmex in 24hr Bitcoin (BTC) Trade Volume

The Binance Futures platform is less than a year old but has managed to eclipse BitMex in 24 hour trade volume.

In Brief:

  • According to a new report, the Binance futures platform has eclipsed BitMex in 24-hour trade volume.
  • At its peak, Binance Futures managed an all-time-high of $9 Billion in Bitcoin (BTC) futures contracts in a day.
  • Binance has continually kept building and being a few steps ahead of the competition.

In a tweet a few days ago, the Vice President of the Binance Futures platform, Aaron Gong, announced that the platform was now leading in terms of the volume of Bitcoin (BTC) contracts traded in a 24 hour period. Mr. Gong went on to thank users of the platform who have made this feat possible.

$2.3 Billion in 24hr Trade Volume, Eclipsing Bitmex

The exchange went on to release a full report explaining that the platform's BTC perpetual contract was averaging $2.343 Billion in 24-hour trade volume compared to Bitmex's $2.121 Billion in a similar time frame. At one point, Binance successfully handled $9 Billion worth of Bitcoin contracts in a day.

Rapid Growth of the Binance Futures Platform

Launched in September 2019, the Binance futures platform currently has 24 USDT contracts covering major digital assets such as BTC, Ethereum, XRP, Litecoin, Dash, Link and more. Such a variety has allowed the exchange to host half of all the top 10 most liquid altcoin contracts. (Also to note, is that in September 2019, the exchange acquired JEX: a crypto derivatives trading platform.) Mr. Gong is quoted as explaining that the trustworthiness of Binance is the reason for its accelerated growth.

Since our inception, it has been an exciting time for traders as crypto markets displayed stronger demand and volatility. Therefore, choosing a reliable and trustworthy exchange for risk-hedging has never been more critical than before. Hopefully, Binance Futures emerge as the market-standard choice for traders as we continue to expand our ecosystem throughout 2020.

Additionally, Binance has one of the lowest trading fee structure available in the crypto-verse as well as a considerably stable and quick matching engine.

(Feature image courtesy of Sheri Hooley on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author's and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin Gains After US Federal Announces Unlimited Stimulus

Bitcoin Gains After US Federal Announces Unlimited Stimulus

By RTTNews Staff Writer | Published: 3/24/2020 2:15 PM ET

Cryptocurrency rose over $14 billion in 24 hours as the most popular digital currency Bitcoin is up 5%.

Bitcoin is trading at $6,628, up 5.19% from previous day and 35.08% from last week, according to data from Cointelegrah. Ethereum is up nearly 5% at $137, while Litecoin rose 4% to $39.93 and XRP recorded a more than 3% jump.

According to CNBC, the market capitalization, or entire value of the cryptocurrency market, rose over $14 billion to reach $182.62 billion.

The increase in Bitcoin's price came after the US federal government announced $700 billion of direct capital injection through the purchase of Treasury securities and mortgage-backed debt. The Fed said that they will purchase bonds by as much as needed to help the economy absorb shocks arising from the coronavirus pandemic.

In an interview with CBS on March 22, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis said, "There is an infinite amount of cash in the Federal Reserve. We will do whatever we need to do to make sure there's enough cash in the banking system."

Bitcoin is currently on course to reach $7,000 levels.

For comments and feedback contact: editorial@rttnews.com

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Report: Bitcoin’s BTC Correlation With the SampP 500 at a 2 Year High

Report: Bitcoin’s (BTC) Correlation With the S&P 500 at a 2 Year High

The last 2 weeks has seen the price of Bitcoin follow that of traditional stock markets.

In brief:

  • Since news broke of the extensive spread of the Coronavirus, Bitcoin (BTC) has had an uncanny correlation to the traditional stock markets.
  • A recent report by the team at Santiment shows that Bitcoin's correlation to the S&P 500 is at a 2 year high.
  • The report went on to predict a faster Crypto recovery compared to the stock market.

Ever since the traditional markets took a nose dive due to the global economic effect of the Coronavirus, Bitcoin traders have noticed an uncanny correlation between BTC and the major stock market indices of the Dow Jones Industrial Average (DJI) and the S&P 500 (SPX). All three assets have followed a similar downward trajectory as seen in the Tradingview screenshot below.

Report: Bitcoin's (BTC) Correlation With the S&P 500 at a 2 Year High 1

Bitcoin's Correlation with the S&P 500 at a 2 Year High

The team at Santiment recently released a report proving that BTC's correlation with the S&P 500 is at a 2 year high. They too were inspired to do the research when both the crypto and stock markets took a massive hit by the impact of the Coronavirus. In the report, the team explained the correlation as follows:

Within the last week, Bitcoin’s correlation with the S&P 500 index ballooned to a 2-year high, and is currently hovering at 0.6…

They further explained the value of 0.6 as follows:

  • 1 -> BTC and S&P move identically
  • 0 -> BTC and S&P move completely independent from each other
  • -1 -> BTC and S&P move in opposite directions

Prediction that Bitcoin Will Recover Faster than Traditional Markets

At the end of the report, the team suggested that Bitcoin and crypto will recover faster than the stock markets. They explained that the crypto market is a new type of economy that is yet to be bogged down by the complexities of the traditional markets.

Crypto is a new type of economy, one that facilitates the production of digital value designed to be distributed in a pure, peer-to-peer way. These and correlated factors have contributed to swift recovery of the crypto market in the past, and will no doubt do the same again.

On the other side of the coin, the traditional markets remain overburdened with too many moving parts. The Wall Street machinery is partially digital (notably the part responsible for the most growth in recent years) but the vast majority remains carpal, physical in nature.

(Feature image courtesy of Pineapple Supply Co. on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

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Two Canadians Sentenced To Federal Prison For Bitcoin Fraud

Two Canadians Sentenced To Federal Prison For Bitcoin Fraud

By RTTNews Staff Writer | Published: 3/20/2020 10:36 AM ET

Two Canadian nationals have been indicted and sentenced to two years in the U.S. federal prison and three years' supervised release for committing Bitcoin fraud in a Twitter scam, according to a statement by the U.S. Department of Justice (DoJ).

Karanjit Singh Khatkar, 23, and Jagroop Singh Khatkar, 24, conspired to commit wire fraud and money laundering to steal bitcoin from an Oregon resident. The Khatkars are residents of the city of Surrey in British Columbia, Canada.

Karanjit Khatkar was arrested on July 18, 2019 upon arrival at the McCarran International Airport in Las Vegas and was detained pending trial. Jagroop Khatkar appeared voluntarily in the court on December 16, 2019.

Both the Khatkars pleaded guilty. They also paid $142,349 as a prepayment of restitution to their victim.

The two defendants used a Twitter account with the name @HitBTCAssist between October 2017 and August 2018 to trick victims into thinking they were communicating with a customer service representative from Hong Kong-based crypto currency exchange HitBTC.

In the process, the defendants responded to the Oregon victim's query about cryptocurrency withdrawal process from her HitBTC account. They hoodwinked her to extract information and managed to log in and take over her email and HitBTC accounts as well as her account at U.S.-based crypto exchange Kraken.

They then transferred 23.2 bitcoins from the victim's HitBTC account to Karanjit Khatkar's Kraken account, with Karanjit Khatkar in turn transferring about 11.6 bitcoins to Jagroop Khatkar's Kraken account.

Two days after, Karanjit Khatkar used the amount to buy a Mercedes-Benz with C$56,598 and Karanjit Khatkar used tens of thousands of dollars for gambling while staying at high-end casinos in Las Vegas.

Apart from the restitution prepayment, the Khatkars were ordered to pay an additional $42,162 to the victim for a total of $184,511. This case was investigated by FBI and prosecuted by Assistant U.S. Attorneys for the District of Oregon.

For comments and feedback contact: editorial@rttnews.com

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Bitcoin Reclaims the 200 Weekly MA Has BTC Decoupled from the Stock Market Turmoil?

Bitcoin Reclaims the 200 Weekly MA. Has BTC Decoupled from the Stock Market Turmoil?

Last week, Bitcoin (BTC) lost the 200 Weekly MA and dropped as low as $3,700. It has since recovered this crucial support.

In brief:

  • Bitcoin (BTC) lost the crucial support of the 200 Weekly MA due to the global economic impact of the Coronavirus.
  • For the past few weeks, BTC has been correlated to the stock market that has been continually in distress.
  • The King of Crypto has since reclaimed this crucial support indicating a possible decoupling from the stock market turmoil.

As the rest of the crypto community is closely watching Bitcoin’s impressive gains from $5,200 to $6,900, something exciting has just happened: The King of Crypto has reclaimed the 200 Weekly Moving Average. This achievement might put BTC on a trajectory to still prove its worth in the markets as a safe haven asset. This is the same Moving Average (in yellow) that indicated a bottom to the 2018 bear market. The following Bitfinex BTC/USD chart gives a better visual cue of the situation.

Strong Bitcoin Weekly Candle

Also to note, is that the weekly candle is a strong green one. This fact was pointed out by popular Crypto trader @CryptoDude999 in the following tweet.

Has Bitcoin Decoupled from the Stock Market Turmoil?

The resurgence of Bitcoin and regaining the 200 Weekly Moving Average is grounds to speculate that BTC is again the focus of investors seeking alternative assets to rally behind during the current market uncertainty brought about by the spread of the Coronavirus. Crypto trader @hodlonaut best captures this fact through the following tweet.

Best to Exercise Caution with BTC

However, it might be wise to maintain a level of caution given the fact that the weekly MACD in the first screenshot, shows that the trend might still be in favor of the bears. Bitcoin also faces tough resistance at $6,900 . It was rejected at this value a few hours ago. Also to note is that the week is not yet over. The strong weekly candle might fall victim to low trade volume that is a characteristic of most weekends.

(Feature image courtesy of Katrina Berban on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

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Bitcoin Price Spikes to 7K as Fed Balance Sheet Nears 5 Trillion

Bitcoin Price Spikes to $7K as Fed Balance Sheet Nears $5 Trillion


Image courtesy of CoinTelegraph

            MARCH 20, 2020

Bitcoin (BTC) was gearing up to crack $7,000 on March 20 as the cryptocurrency's miraculous turnaround produced almost 90% weekly gains.

Cryptocurrency market daily overview
Cryptocurrency market daily overview. Source: Coin360

Data from Coin360 and Cointelegraph Markets showed BTC/USD trading at around $6,600 on Friday, having risen by more than 20% in the preceding 24 hours alone.

Exchange spreads were wide — on Bitstamp, for example, an unusual one-minute candle briefly took Bitcoin to $7,140.

Bitcoin 1-day price chart
Bitcoin 1-day price chart. Source: Coin360

Bullish momentum intensified in the second half of the week, following fresh announcements of liquidity printing by central banks on a historically unprecedented scale.

As Cointelegraph reported, in-house analyst Keith Wareing predicted that BTC/USD would top out at around $7,200. For this, $6,400 should remain as support, he said.

Fed balance sheet hits record

The events place Bitcoin firmly at odds with stocks and the wider traditional market. In the United States, where markets failed to react to monetary stimulus promises, the Federal Reserve's balance sheet hit record highs of $4.66 trillion.

Over the past week, the balance sheet increased by $356 billion, claiming the title of the largest such increase ever since 2008 — the height of the global financial crisis.

Analysts had increasingly argued that the coronavirus pandemic's side effects had become worse than 2008, while Bitcoin appeared to weather its first global financial meltdown.

Other safe-haven assets, notably gold, were yet to stage a similar recovery on Friday. At press time, XAU/USD was still down 5.6% for the week, after a modest 3.4% rebound.

Original article posted on the CoinTelegraph.com site, by William Suberg.

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Coinbase Rolls Out Bitcoin Batching To Cut Transaction Fees By 50

Coinbase Rolls Out Bitcoin Batching To Cut Transaction Fees By 50%

By RTTNews Staff Writer | Published: 3/17/2020 10:33 AM ET

US-based cryptocurrency exchange Coinbase rolled out a new feature called Bitcoin transaction batching, which is expected to save users more than 50% on network fees and also significantly reduce the load on the Bitcoin blockchain network.

Each Bitcoin transaction requested by a Coinbase customer is broadcasted a single on-chain transaction. Starting today, Coinbase will be bundling multiple sends into a single transaction. The new update requires no action from customers, who will immediately see reduced network fees.

A single transaction that fulfills requests sent by multiple users occupies less space in each block than each being processed individually.

Bitcoin transaction batching will be applied to both Coinbase and Coinbase Pro platforms. However, Coinbase Pro customers will see no noticeable changes to the experience as 100% of network fees are already covered.

The new feature will lead to a small delay in a transaction being broadcast to the network, but will not impact the time it takes for transactions to be confirmed at the normal rate for customers.

This is expected to improve usability of Bitcoin's open protocol, as a major obstacle for Bitcoin usability is scalability, or the rate at which the network is capable of processing transactions.

All Bitcoin transactions are required to pay a network fee, or a processing fee. However, users pay an average network fee for a single transaction of over $30 during periods of high activity on the network as Bitcoin users compete to outbid each other via network transaction fees.

Currently, daily median network fees on the Bitcoin network are approximately $0.30 for a transaction. Batching will help make Bitcoin more usable by lowering overall network fees and freeing up space on the blockchain, which will in turn increase transaction throughput, and helps to increase scalability.

Coinbase recently enabled support for users of their wallets to send cryptocurrencies such as Bitcoin using short user-friendly addresses instead of traditional long hexadecimal addresses. Every Coinbase Wallet user has a small and simple username.

Coinbase also recently became the first pure-play crypto company to be approved as a Visa principal member. This membership will enable Coinbase to issue Visa debit cards known as "Coinbase Card" directly without depending on third-party issuers. This will enable customers to spend their crypto balances direct from their Coinbase account.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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