Tag Archives: crypto

Binance Cloud to Allow Users to Launch a Crypto Exchange Within 5 Days

Binance Cloud to Allow Users to Launch a Crypto Exchange Within 5 Days

Image courtesy of CoinTelegraph

            FEB 17, 2020

Binance's newly released Binance Cloud platform might be somewhat different from what the crypto industry expects the new feature to be.

After Binance founder and CEO Changpeng Zhao (CZ) first hinted at the introduction of Binance Cloud on Feb. 8, the new service has been officially released on Feb. 17, targeting users willing to set up crypto exchanges, according to a blog post by Binance.

All-in-one infrastructure for launching a crypto exchange

According to the announcement, Binance Cloud will serve as an all-in-one infrastructure platform for customers and partners to launch digital asset exchanges based on Binance's industry-leading technology, security, liquidity as well as custodial services. The solution also supports dashboard for managing funds, multilingual functionality, as well as a range of trading pairs and coin listings.

The Binance's new exchange-specific cloud solution will provide users with a method of setting up a crypto platform in their local markets. Binance Cloud's features include crypto spot market and futures trading as well as local bank API integrations and peer-to-peer exchange services from fiat to crypto, the announcement notes. In the future, Binance Cloud plans to add more features like staking, over-the-counter trading services as well as token issuance with initial exchange offering platform.

CZ says that Binance Cloud will allow users to launch an exchange within three to five days

Speaking about Binance Cloud in an interview with Cointelegraph, CZ outlined that the new service will particularly target people in regions that are not yet covered by Binance. CZ said that Binance Cloud will allow those people to run their own exchanges in local markets that are far from Binance “both fiscally and also culturally or just knowledge-wise” to date.

The Binance CEO also told Cointelegraph that Binance Cloud would allow any partner to launch an exchange within three to five days in case if “other preparations are in order.” According to the original announcement, the first major digital asset exchange fully powered by Binance Cloud will launch in early March 2020.

Binance Cloud comes in line with Binance's mission to unlock crypto for everyone

CZ also pointed out that Binance Cloud is the first initiative of its kind, claiming:

“Binance Cloud is a product suite previously missing from the market […] We are eager to share the quality experience of Binance through different brands, communities, and markets globally.”

Speaking to Cointelegraph, CZ was unsure of who had initially conceived the idea of Binance Cloud, beyond the fact that it was not him. The Binance CEO added that the origin of the idea is not as important as execution. CZ stressed that Binance Cloud aims to enable everyone to access crypto and contribute to global adoption. CZ said:

“We want to enable more of our partners to access crypto, so that other people can do this together with us in enabling people to access crypto. So the concept behind Binance Cloud is that we want to provide a platform where other people can help us enable access to crypto. So that's really the idea behind it.”

The news comes amid a recent report claiming that Binance has applied for a license to operate in Singapore. Originally based in Malta, Binance will now purportedly expand its regulatory compliance by acquiring a license from the Monetary Authority of Singapore.

On Feb. 16, Cointelegraph published an interview with CZ, in conjunction with the CEO winning the top position in the Cointelegraph's first-ever Top 100 list.

Original article posted on the CoinTelegraph.com site, by Helen Partz.

Article re-posted on Markethive by Jeffrey Sloe

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Crypto Lending Firm Blockfi Secures 30m to Facilitate Mainstream Adoption

Crypto Lending Firm Blockfi Secures 30m to Facilitate Mainstream Adoption

Image courtesy of CoinTelegraph

            FEB 13, 2020

Cryptocurrency-lending startup BlockFi has secured $30 million from an array of investors, including Morgan Creek Digital, Winklevoss Capital and Arrington XRP Capital.

The Series B funding round was led by United States-based capital fund Valar Ventures, with participation of Akuna Capital, CMT Digital, Avon Ventures, Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, and Hong Kong-based HashKey Capital, among others, according to a Feb. 13 announcement shared with Cointelegraph.

With a view to launch products for mainstream

With the raised funds, BlockFi — whose users can earn compound interest on and trade loans backed by assets — now has more than $650 million in assets on the platform. The company is planning to allocate the secured funds to the enhancement of its staff and expansion of its offerings.

BlockFi hinted in the release that it will roll out products accessible to a mainstream audience, starting with a mobile app in the coming months. “We’ve demonstrated that we can build financial products around cryptocurrency that can look and feel like the apps you already have on your phone, and we’re well-positioned to drive mainstream adoption,” said Flori Marquez, VP of operations and co-Founder of BlockFi.

At this point, BlockFi’s initial annual percentage yield on assets is 8.6% for Bitcoin (BTC), Ether (ETH) and stablecoins, while the company also provides crypto-backed loans which allow investors to access liquidity up to 50% of an asset’s value in USD, and zero-fee trading.

Crypto loans sector proliferates

Previously, founder of hedge fund Arrington XRP Capital, Michael Arrington, told Cointelegraph that he sees great potential for crypto lending companies.

Arrington noted that higher interest rates are already driving adoption. “I know of first-time crypto users who are buying stablecoins to get higher interest rates than they normally would be able to with fiat,” he said.

Cryptocurrency loans and lending began gaining traction during the 2018 bear market. As a recent analysis by Cointelegraph showed, the entire crypto loan industry is estimated to be worth nearly $4.7 billion, with demand for crypto loans rapidly increasing.

Original article posted on the CoinTelegraph.com site, by Ana Alexandre.

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Sacramento Kings Launch Blockchain-driven Memorabilia Auction Platform

Sacramento Kings Launch Blockchain-driven Memorabilia Auction Platform

By RTTNews Staff Writer | Published: 1/22/2020 9:36 AM ET

American professional basketball team Sacramento Kings launched NBA’s first live blockchain-powered auction platform for authentic memorabilia in partnership with New York-based blockchain technology firm ConsenSys.

Sacramento Kings is using ConsenSys’ Ethereum-powered supply chain product called Treum for fans to bid on in-game sports gear that is worn during matches. During Kings home games, fans will be able to participate in a live auction of game-worn gear. Anyone from the fans watching the game in the arena to the fans watching from home can bid on any Kings live auction item.

Kings guard Buddy Hield’s game-worn jersey was the first to be auctioned off during the game with proceeds used for Hurricane Dorian relief efforts. Proceeds from future auctions will go toward the Sacramento Kings Foundation unless specified.

The total value of the U.S. sports memorabilia market has been valued at $5.4 billion annually. There are currently no industry standards for authenticating items and protecting fans from purchasing counterfeit merchandise.

The auction’s highest bidders will receive the authenticated gear, tagged and verified, along with a token, representing proof of ownership and also serves as a Certificate of Authenticity (CoA).

This partnership follows the Kings recent launch of the NBA’s first physical blockchain-powered range of crypto-collectible in professional sports.

The Sacramento Kings, one of the most tech-savvy ownership groups in the NBA, had partnered BitPay in 2014 to become the first sports team in the world to accept Bitcoin payments for match tickets and promotional products.

Recently, it teamed up with blockchain startup Blockparty to launch NBA’s first blockchain-driven reward program for the NBA’s first predictive gaming app called ‘Call the Shot.’

In July 2018, Sacramento Kings had become probably the first professional sports team to foray into cryptocurrency mining and use the funds for charity program ‘MiningForGood.’ They installed crypto-mining machines inside their arena.

In August, Dallas Mavericks became the second NBA team after Sacramento Kings to accept cryptocurrency Bitcoin (BTC) as an additional method of payment for match tickets and merchandise. It teamed up with Bitcoin payment processor BitPay to process all the payments using Bitcoin.

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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Crypto Community Reacts to Ripple CEO’s Hint at Company IPO

Crypto Community Reacts to Ripple CEO’s Hint at Company IPO

Yesterday, it was revealed that the chief executive of Ripple Labs, Brad Garlinghouse, made a massive announcement during an event surrounding the World Economic Forum of 2020 in Davos, Switzerland.

At the Wall Street Journal event, Garlinghouse said that he believes in the next 12 months, “you’ll see initial public offerings in the crypto/blockchain space.”

Garlinghouse, touching on the long-held sentiment that Ripple will eventually issue shares on the public market, went on to say that “We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”

In other words, Garlinghouse thinks it is a “natural evolution” for his company to issue shares on public stock exchanges.

Of course, this comment quickly elicited a massive response from the crypto community. Some were positive, some were negative, and some were neutral.

Community Responds to Potential Ripple IPO

One of the most notable responses to this news was one from Bully, a cryptocurrency commentator who works as a lawyer. The pseudonymous commentator posted the below tweet, seemingly throwing shade at Ripple’s intent to issue shares on public exchanges, further adding to his point by publishing an image from South Park that says: 1) start up, 2) cash in, 3) sell out, and 4) bro down.

More seriously, prominent XRP and Ripple commentator GreenEggsnHam, who sports over 16,000 followers on Twitter, wrote that this news is disappointing to hear to him. The commentator specifically looked to the fact that Ripple has “half a billion dollars in cash and billions more in XRP escrow,” which would suggest that there is no need for the company to raise funds on public markets. They continued:

This is nothing but a wealth transfer mechanism and I find it utterly disgusting. There is zero reason for Ripple to become a publicly traded company – they don’t need the funds. I expected more from these guys.

This comment garnered hundreds of likes from others in the cryptocurrency community.

On the other side of things, XRP bull and eerily accurate cryptocurrency trader Credible Crypto shared an article from popular Ripple community member Hodor, in which he laid out the potential effects a public listing of shares of the fintech company could have on Ripple itself:

This influx of capital from an IPO is used by the company to expand and achieve far greater levels of growth than they otherwise would…

Hodor suggested that if his calculations of a large multi-billion-dollar IPO is correct, the company could bag big business deals, enlist powerful marketing campaigns, and acquire many companies to help push the adoption of its technology.

This potential demand might not be hearsay. Per previous reports from Ethereum World News, the company was late last year valued at $10 billion in the venture capital markets in a $200 million Series C funding round. This made it more valuable than WeWork.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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US Congress Looks at Role of Crypto and Internet in Funding Hate Crimes

US Congress Looks at Role of Crypto and Internet in Funding Hate Crimes

Image courtesy of CoinTelegraph

                       JAN 15, 2020

The House Financial Services Committee has raised concerns over the use of cryptocurrencies to fund domestic terrorism in the United States.

In a Jan. 15 hearing, the FSC Subcommittee on National Security, International Development and Monetary Policy has examined how U.S. financial institutions can combat domestic terrorism, extremism and acts of hate.

Titled “A Persistent and Evolving Threat: An Examination of the Financing of Domestic Terrorism and Extremism,” the hearing featured five witnesses reporting on various fundraising methods used by organized domestic extremists. Particularly, the officials and executives have outlined crypto as an important fundraising tool for hate crimes, emphasizing that criminal funding is often distributed via popular social media platforms like Facebook and Telegram.

Facebook and Telegram help domestic extremists get funding through Bitcoin

Jared Maples, Director of the New Jersey Office of Homeland Security and Preparedness, the first witness to address the matter in the hearing, stressed that the U.S. authorities should be closely looking to the use of crypto in funding acts of domestic extremism. Noting that foreign terrorist organizations have used Telegram and Facebook to solicit funding through Bitcoin (BTC) the official listed a number of incidents that involved the cryptocurrency.

Projecting that organized domestic extremists will continue to fund their activities via crypto alongside selling counterfeit goods, drug and weapon trafficking, cigarette smuggling, Maples called Congress to not ignore the industry as a source of funding hate crimes in the U.S.:

“We cannot discount the future role of cryptocurrencies in funding acts of domestic extremism, both within New Jersey and across the United States.”

Supremacy groups turning to Bitcoin as they are cut off from traditional payment processors

Rena Miller, specialist in financial economics at the Congressional Research Service, pointed out that combating the financing of extremist groups in the U.S. poses some new challenges due to the emergence of newer online methods of fundraising. In this regard, the executive cited a 2017 study by the Anti Defamation League (ADL) that claims that supremacy groups in the U.S. tend to be decentralized rather than highly organized, often relying on crypto.


As the study also outlined the role of social media and crypto for these domestic extremists, Miller suggested that the U.S. government should be collecting and analyzing financial data more extensively. As part of the effort, authorities should have access to data provided on social media and payment processors. She said:

“Cross-cutting issues that span different areas of congressional oversight may become more important; for example, access to data provided on social media sites and payment platforms.”

ADL exec stresses that Bitcoin is still transparent despite its anonymity

George Selim, senior vice president of programs at the Anti-Defamation League, emphasized that transactions on the Bitcoin blockchain are still transparent and can be tracked despite its anonymous character. In this context, Selim mentioned Neonazi BTC Tracker, a Twitter bot that posts information related to certain identified Bitcoin wallets. Specifically, Selim noted that Stormfront, the oldest and largest white supremacist website on the Internet, received about $30,000 in Bitcoin prior to October 2017, while white supremacist hacker Andrew Auernheimer received more than a million dollars in the cryptocurrency.

The executive concluded that Congress should fund a significant study into how crypto is used in funding domestic hate crimes. Selim also suggested that the U.S. should create a certain framework that allows platforms that enables crypto-related platforms track online transactions and prevent the potential for exploitation of their services. He noted:

“New forms of financial products and services, including cryptocurrencies, should be addressed. Analysis should cover challenges as well as opportunities inherent in these new financial products and services for those endeavoring to stop the funding of hate and violence.”

While the U.S. is trying to address all possible terrorist financing loopholes against the backdrop of disturbing rise of domestic terrorism and hate crimes, some experts claim that crypto is “poor form of money” for terrorists. Back in 2018, U.S. Congress concluded that terrorist groups that attempted to raise funds via crypto have not had great success. Similarly, U.S. nonprofit think tank RAND Corporation said that crypto is not well-suited for the needs of terrorist groups.

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Meanwhile, the European Union has recently enforced another important anti-money laundering law that aims to bring more transparency to financial transactions for combating money laundering and terrorist financing. Came into effect on Jan. 10, the European Union’s 5th Anti-Money Laundering Directive has apparently forced some crypto firms in Europe to shut down their businesses, partly due to requirements to disclose too much information about their clients.

Original article posted on the CoinTelegraph.com site, by Helen Partz.

Article re-posted on Markethive by Jeffrey Sloe

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Square May Soon Add These Bitcoin Investment Features

Square May Soon Add These Bitcoin Investment Features

During the previous crypto bubble, Square, the fintech startup run by Twitter’s chief executive Jack Dorsey, delved into the Bitcoin game, offering its clients with the ability to buy and sell BTC via the Cash App, its flagship application. This marked the first time that a serious player in the fintech industry had formally embraced cryptocurrencies.

While this was positive news in and of itself, since the launch, some users have grown unsatisfied with the Bitcoin feature, which is relatively barebones when compared to traditional digital asset exchanges like Coinbase and BInance. The reason: there are a number of investment features that remain missing on the Cash App that may aid Bitcoin investors.

Square May Add Bitcoin Investment Features

According to a report from The Block, Square recently put out a job offer for a Crypto Investing Product Manager at Square’s Cash App division, which has held the #1 spot in finance on the Apple App Store for years at a time.

Per the job description published to LinkedIn, this future employee will be working to “push the boundaries in finance” as “Bitcoin sits at the very forefront of these efforts” — a statement that echoes the sentiment of Square’s chief executive, who has said on multiple occasions that Bitcoin is likely going to become the native currency of the Internet and that he “loves” the cryptocurrency.

As to what exactly Square has in mind, the job description mentioned that the employee will “own the Crypto Investing product,” meaning expanding the adoption of the product by including new functionality, such as limit orders and auto-investing, along with the creation of new features like “BTC gifting (P2P).”

The “auto-investing” feature, should it launch, is likely to do really well within the cryptocurrency community.

You see, for the past few months, Bitcoin investors, including Square’s chief executive, have been championing what is known as the “stacking sats” or “stacking satoshis” movement. This investment thesis and movement promotes for investors to buy a small portion of Bitcoin on a reoccurring basis and at any price to remove bias and feeling of “FOMO” or doubt in investing.

An auto-investment feature, which exists on a platform like Coinbase but not on Square’s Cash app, would allow for thousands, maybe millions of Americans, the chance to more easily participate in this investment strategy.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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YouTube Crypto Purge Appears to Be a Simple Error Rather Than an Evil Powerplay

YouTube Crypto Purge Appears to Be a Simple Error Rather Than an Evil Powerplay

The crypto community has been gripped over the past several days with news of a potential anti-crypto crusade by video sharing platform YouTube, who has been removing hundreds of crypto-related videos from popular channels over the past week.

Now, an exclusive report from Decrypt elucidates that the recent purge of crypto related videos did not mark the start of a war against crypto and was simply a mistake that is in the process of being rectified.

No, YouTube is Not Out to Purge Crypto-Related Content

The recent content purge came about after multiple popular cryptocurrency YouTube channels saw a significant amount of their content removed from the platform.

For these YouTubers, the revenue they receive from these videos can comprise a large piece of their livelihood, so naturally it was a disturbing sight to see their videos being removed for violating the platform’s terms and services.

Interestingly, videos about blockchain and cryptocurrency from non-crypto centric channels – like CNBC and Business Insider – avoided the purge, with videos from cryptocurrency-focused channels being the only ones impacted.

This sparked a litany of theories from members of the cryptocurrency community as to why the platform may have taken such actions so suddenly, with some promoting the theory that it may signal that YouTube or their parent company – Google – are doing it in preparation of entering the blockchain industry themselves.

In spite of this, a recent exclusive report from Decrypt shows that the purge appears to simply be a mistake that the platform is currently in the process of rectifying.

“With the massive volume of videos on our site, sometimes we make the wrong call… When it’s brought to our attention that a video has been removed mistakenly, we act quickly to reinstate it,” a YouTube spokesperson told the outlet, further adding that they have not altered their policies and that all the removed videos have since been reinstated.

Although this imbroglio may have resulted in a positive outcome this time around, it does highlight the importance of bourgeoning decentralized platforms, as the centralization of platforms like YouTube can prove to be dangerous for content creators dealing in nascent technologies that are perceived by many as risky or scam-like.

Original article posted on the EthereumWorldNews.com site, by Cole Petersen.

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Merry Christmas? Youtube Continues Cruel Crypto Crackdown

Merry Christmas? Youtube Continues Cruel Crypto Crackdown

If you’ve been on Crypto Twitter at all over the past 48 hours, you’ve likely heard the plight of many Youtubers covering the Bitcoin and cryptocurrency spaces. Countless influencers and content creators in the industry — of which many have tens of thousands of followers and subscribers apiece — have reported that a number of their videos covering developments in the cryptocurrency space have been taken down, with Youtube citing the existence of “harmful and dangerous” content.

Over the past few hours, more information about the context of Youtube’s sudden crackdown has been revealed. Apparently, a majority of the crypto-centric videos that have been taken down by Youtube were promoting “certain regulated goods and services” — a list that includes items like alcohol, explosives, human organs, nicotine, firearms, and much more.

This is notable as “cryptocurrency” is not mentioned on the list, though “counterfeit documents or currency” and “online gambling casinos” are. The latest strikes could imply that Google does not recognize digital assets as real money and that it sees exchanges and other Bitcoin services, many of which are promoted by the affected Youtubers, as “online gambling casinos” or sites that offer “regulated goods.”

What’s crazy about all this is that it comes on Christmas, when these content creators, some of which make a fair portion of their income off Youtube and other social platforms, should be out celebrating the holidays with their family and friends but are instead languishing about a potentially lost source of income on their go-to video platform.

Just look to this tweet from The Crypto Lark below, in which he wrote:

Nice Christmas present from Youtube, 37 videos pulled and a strike. Ouch.

All things considered, it should come as no surprise that the cryptocurrency community is outraged. Entirely outraged.

Mati Greenspan, the founder of QuantumEconomics, remarked that to protest “Google’s new, unexpected, and unexplained censorship of crypto content, I will be boycotting Youtube until further notice.” Others seem to be following Greenspan’s lead.

Ran NeuNer, a cryptocurrency and blockchain investor and host of CNBC’s “Crypto Trader” show, echoed the outrage, writing:

YouTube deleting all Crypto content is a MASSIVE blow to the industry. YouTube is the go to place for educational video and the first port of call for new people entering the eco system to learn the basics. As a community we should challenge this formally.

Youtube hasn’t commented on this recent debacle, nor can this writer find any content updates or guidelines that mention cryptocurrency or related technologies by name.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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SEC Acts Against Founder Crypto Firm For Running Fraudulent ICO

SEC Acts Against Founder, Crypto Firm For Running Fraudulent ICO

By RTTNews Staff Writer | Published: 12/12/2019 9:59 AM ET

The U.S. Securities and Exchange Commission (SEC) charged a crypto-entrepreneur and his company for running a fraudulent unregistered initial coin offering (ICO) that raised more than $42 million from many investors.

SEC's complaint was that Eran Eyal and UnitedData, Inc. d/b/a Shopin, allegedly defrauded investors by conducting a fraudulent unregistered securities offering by selling Shopin Tokens in an ICO from August 2017 to April 2018.

The agency said Eyal and Shopin are allegedly responsible for scamming innocent investors. They claimed and lied to potential investors that the funds raised in the ICO will be used to create universal shopper profiles, maintained on the blockchain. It would help track customer purchase histories across online retailers and recommend products based on this information.

They also made false claims about relationships and contracts they had secured in support of a blockchain-based universal shopper profile.

The SEC also alleges that Eyal misappropriated investor funds for his personal use, including at least $500,000 used for rent, shopping, entertainment expenses, and a dating service. Eyal and Shopin are charged with violating the anti-fraud and registration provisions of the federal securities laws.

The SEC seeks permanent injunctions, disgorgement with interest, and civil penalties, as well as an officer-and-director bar against Eyal, and a bar against Eyal and Shopin prohibiting them from participating in any future offering of digital-asset securities.

For comments and feedback contact: editorial@rttnews.com

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

Article reposted on Markethive by Jeffrey Sloe

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Mom’s Buying You Bitcoin For Christmas Is It A New Bullish Trend?

Mom’s Buying You Bitcoin For Christmas – Is It A New Bullish Trend?

When your mom says she wants to buy you some bitcoin for Christmas does it mean there could be something stirring in the crypto marketplace, in a good way?

After all, this year’s Thanksgiving bitcoin bounce has lent weight to the thesis that the holiday season can act as a price pump, assuming sentiment going into the festive season is already somewhat conducive.

The theory goes that the young evangelists in the family will start to explain what crypto is about for curious family members, a conversation that ends with the clincher – so how do I buy this sucker?

The mother of reddit user Devil_Hand spilt the beans on her bitcoin present plans when she discovered that she didn’t have the faintest idea of how to go about getting hold of the premier virtual currency.

She was forced to message her son: “I’m trying to buy bitcoin for Christmas what is a wallet????”

That’s often one of the first things a newbie will be perplexed by. How can a virtual currency have a wallet?

Her son was forgiving. “Oh bless ????????????I’ll talk about it later today x” came the reply.

See the conversation below and the reddit post here.

Now we know about scanning Google Trends for a bump in searches for “buy bitcoin” as a leading indicator metric for upward price movements, but discerning what the moms of America and mums of the UK might be buying their offspring from the crypto store is a new one.

It begs a number of serious questions.

First, is this indicative of a trend? Is your mother a super-cool ‘Crypto Mom’ that thinks out of the box to buy you what you really really want, à la Spice Girls?

Who knows, but leave a comment below if you know of any cool parents who are lining up a surprise crypto surprise for Alice or Bob.

After all these years, bitcoin still not user-centric

The perhaps more serious thing to consider is what this says about the state of the industry after 10 years of trying to fix ease of use – user-unfriendliness is still a thing, a big thing.

Those on the inside looking out can get a little blase about onboarding as the infrastructure know-how can be so easily taken for granted.

It can be too easily assumed that the amount of bitcoin you have is associated with an 34 character alphanumeric string known as an address and that this address (or public key) or addresses is/are the wallet and to secure it you have another alphanumeric string of characters known as the private key, which are the substantive elements of public-key cryptography and that these addresses exist on the blockchain which is sometimes called a ledger but is in essence a decentralised database where transactions are immutably recorded. Phew.

And in the event of loss of keys, you need to recover said keys with your “seed” and if you lose the seed your bitcoin is gone forever, although you can “see it” on the blockchain.

You can appreciate that mom might be scratching her head and this point, as too would dad no doubt.

For mere mortals then, that is all adds up to one one big barrier to entry.

And despite the apparent ease-of-use of Coinbase (high fees aside), for example, or of today’s self-custody wallet applications, the industry has still not really solved ease-of-use in the way that setting up and sending email has been solved; or in the way that sending and receiving digital fiat money using say Apple Pay has made transactions almost analogous to sending a photo or text message.

As we know Facebook with its arms-length Libra Association has a plan to fix crypto’s “complexity” problem, but many would argue it’s not really crypto – and besides, governments and regulators have other ideas about what Libra can or cannot be. And anyway, who wants Facebook messing with their finances no matter how easy and cheap its crypto might be to use.

It’s ultimately just tech and some bright spark will solve crypto’s complexity problem

The animated discussion on Reddit has some claiming that this is precisely why bitcoin will never replace cash.

At any rate that’s what scramboney thinks:

“Crypto will never replace cash. Industries will adapt to use crypto technology for other things but it will never become a currency, the barrier to entry is absolutely massive to become a currency in countries where the currency is worth anything.”

…while others say there is no a priori reason why the ease-of-use problem cannot be solved, and once that theoretical work has been done, the practical execution will follow.

Here’s Houdinii1984‘s thoughts: “This was the exact mentality of the personal computer ending up in homes. It’ll never happen, it’s too complicated. The barrier to entry is too damn high, etc. And it’s true. Not a lot of people had IBM PCs in their homes because they cost as much as a decent used car and didn’t have a high use case for the average user. Oh, but look at us now. If you’re not connected, you're an outsider nowadays.”

Baby steps in mom’s buy bitcoin journey

In the meantime Devil_Hand will have to take his mother by the hand and walk her through how to buy bitcoin, which kind of takes the joy out of receiving it.

And what’s there to unwrap come Christmas Day? Maybe mom could buy an HTC Exodus 1 blockchain-powered smartphone with its onboard hardware wallet and preload it with bitcoin?

But taking that route would require you to spend another couple of days or more explaining and demonstrating what a hardware wallet is and how to use it.

Assuming Devil_Hand onboards his mother ok, bitcoin could be presenting a nice entry point or alternatively mom could wait until nearer Christmas for a bottom – but if you are in for the long-term the timing doesn’t really matter.

Go for it moms of the world – you have nothing to lose but your wallets.

Original article posted on the EthereumWorldNews.com site, by Gary McFarlane.

Article re-posted on Markethive by Jeffrey Sloe

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