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Coinbase CEO: A Billion People Will Be Using Crypto in Five Years

Confidence in crypto may be at a low point for the year but some believe we are only at the beginning and adoption will inevitably grow substantially over the next five years.

In an interview with TechCrunch Coinbase CEO Brian Armstrong outlined his vision for the company and the future of the crypto industry. In that future he sees the company operating in a similar way to the New York Stock Exchange hosting a growing number of altcoins and becoming the standard for companies to create their own tokens. He stated;

“It makes sense that any company out there who has a cap table… should have their own token. Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their own tokens. We want to be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies,”

Coinbase could be host to hundreds of tokens in the near future and potentially millions looking even further ahead. Today it only supports five but the addition of new ones would obviously give them a price pump that is desperately needed in the current market climate.

Regulation is currently the hurdle preventing US companies taking full advantage of this embryonic industry. Coinbase’s billion dollar value is evidently the exception to this notion as the firm goes from strength to strength. The question over whether cryptos will be considered as securities is still a concern, one which Coinbase has already addressed with the acquisition of a securities dealer earlier this year.

“We do feel a substantial subset of these tokens will be securities. Our approach has always been to be the most trusted [exchange] and the easiest to use. So we want to be the legal compliant place where you can start to trade these tokens that are classified as securities.” Armstrong added.

He also made the internet comparison by stating that Web 1.0 was all about publishing information, Web 2.0 interaction, and Web 3.0 will be about value transfer. “Web 3.0 is going to be about value transfer on the internet because now the web has this native currency and so applications can be built that instantly tap into this global economy on the internet,” he added.

When asked about crypto adoption the exchange boss remained bullish claiming that the total number of people in the crypto ecosystem can reach a billion within the next five years. It is currently estimated at around 40 million today.

The post Coinbase CEO: A Billion People Will Be Using Crypto in Five Years appeared first on Ethereum World News.

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Tron (TRX) Is Now Accessible to Over 2.2 Million Businesses and Users through CoinPayments

The mood and feel in the crypto-verse this Friday the 24th of August is one of optimism as the SEC announced that it was reviewing all 9 Bitcoin backed ETF denials. The nine ETFs by ProShares, Direxion, and GraniteShares were rejected yesterday due to concerns about volatility and lack of a ‘significant size’ markets to back the ETFs. By reviewing the denials, the SEC is hinting at the possibility of approving at least one ETF some time in the future.

TRX Accessible to over 2.2 Million Businesses and Users

To add to the above optimism, our favorite digital asset of Tron (TRX) is now available to over 2.2 Million Businesses and users as a payment method through the CoinPayments platform. Justin Sun made the announcement a few hours ago via twitter as can be seen below.

On the CoinPayments blog, a brief history of TRX and its use as a payment option has been given further showing their enthusiasm about the project and coin:

TRON (TRX) is currently one of the world’s top cryptocurrencies based on market cap. TRX can be used to purchase products and services both online and offline, fund projects, and much more!

Consumers can use TRX to pay for content, and these tokens will go to the content producers’ accounts, where they can be exchanged with other cryptocurrencies, fiat currencies (Dollar, Euro, etc.) or used to pay for other goods and services.

The CoinPayments platform has gone ahead and also explained why they chose TRX.

TRX is currently accepted in many marketplaces online and offline. Enabling TRX acceptance at an early stage will help merchants reach a vibrant community eager to use TRON tokens.

Following TRON Mainnet and their recent acquisition of BitTorrent, why not get a head start in accumulating coins by accepting TRON (TRX) payments in your store today!

About CoinPayments

CoinPayments is the first and largest payment processor of over 895 cryptocurrencies. The payment processor serves over 2,228,000 vendors across 182 different countries. The platform can also facilitate fiat settlements, coin conversions and a vault to store your coins. There is also a multi-coin wallet and Point of Sale (POS) interface for store transactions.

Current Market Analysis of TRX Ahead of Virtual Machine Integration

TRX is currently trading at $0.021 and up 5.1% in the last 24 hours. The project also has an important event that is less than a week away and on the 30th of August. This event is the final integration of the official Tron Virtual Machine into the Mainnet making Dapp creation a possibility for developers on the network.

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You Can Now Tip Using Tron (TRX) on Twitter, Further Boosting Crypto Adoption

Social media tipping used to be the arena for the cryptocurrencies of XRP, Reddcoin (RDD) and Nano (NANO). But Tron (TRX) has made an entry into the social media tipping space and aims at changing it in a big way as shall be elaborated briefly.

In the case of XRP, you can tip a user in the social platforms of Reddit, Twitter and Discord. Reddcoin (RDD) on the other hand has a far wider reach with users being able to tip on Twitter, Reddit, Telegram and most recently, Youtube. For the cryptocurrency of Nano (NANO), you can tip on Discord, Reddit and Twitter.

So How Do You Tip on Twitter using TRX?

Tipping on Twitter using TRX has been made possible using @GoSeedit. A good video has been uploaded on Youtube by Crypto Guy in ZA explaining everything. The video can be found below.

[embedded content]

Setting up for Tipping using @GoSeedit

Let us recap on how we can do it using @GoSeedit

  1. Visit GoSeedit.io
  2. Click on ‘Login’ to log in with your twitter account
  3. Make sure you ‘Authorize’ GoSeedit to use your account
  4. Once your have your wallet ready, you can send a tip by replying to a twitter message in the following format: +(amount) @goseedit for example, +20 @goseedit
  5. Another option is to tip directly using the twitter handle of the user you want to tip. The format is as follows: @(username) +(amount) @goseedit  for example, @John +20 @goseedit

More instructions can be found in the screenshot below courtesy of @WOLFOFMYST

More information on GoSeedit

The fact that you can tip on Twitter using XRP, RDD, NANO and now TRX, is proof positive evidence that cryptocurrencies are further gaining adoption in day to day activities in social media networks. Rather than just liking and retweeting a valuable tweet, you can now appreciate the user more with a tip. As a result, we will see more and more users thriving to create worthy content on the social media platforms in a manner that will invoke some sort of revenue.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Here are 3 More Cases of Tron (TRX) Adoption and How the Tron Community Is Helping

Less than 2 weeks ago, Ethereum World News had highlighted 4 cases of how Tron (TRX) was leading the way in crypto adoption. They included the following businesses and individuals that accepted TRX as a form of payment:

  • Live Capital Funding, Philadelphia, PA, USA
  • Windsor Medical Center, New Jersey, NJ, USA
  • Ramp and Wrench Vehicle Servicing and Repairs, Coventry, UK
  • Twitter user @KevinGlor who is a Personal Trainer

Since then, there has been encouraging continual acceptance of TRX as a form of payment in the various businesses across the globe as shall be illustrated below.

Bitnovo.com and its over 20,000 stores in Spain and Italy

You can now buy TRX on Bitnovo.com or in over 20,000 stores in Spain and Italy. The key word here is twenty thousand stores. There lies tremendous possibilities for TRX with access to such a large distribution network. Justin Sun tweeted this development only a few minutes ago when he stated the following:

Underdogs restaurant, USA

The exact location of the Underdogs restaurant that now accepts TRX has not been disclosed on its twitter page, but you can now pay for your grub with TRX. Full tweet can be seen below:

Sam The Carpet Man. NJ, NY, PA, CT, FL and more States in the US

Sam the Carport Man has 1 location and a distribution center in almost every single State in the United States. The provide residential and commercial carpeting solutions throughout the entire US. You can now pay for their services using TRX.

So how is the Tron Community Helping to boost TRX adoption?

Firstly, and looking at the numerous cases highlighted above, the Tron community has taken upon itself to popularize the adoption of their favorite digital asset. They are the crusaders of TRX around the globe. They love the digital asset.

Secondly, the Tron community is highly knowledgeable in the technical as well us current events affecting the Tron project and its TRX coin. One way to find out how active and knowledgeable they are, is by visiting twitter and searching for tweets with the ‘TRX’ hashtag. You will be amazed at what you find out.

Thirdly, Tron community members have volunteered their time to the Tron project through the Core Tronics program. Some of their responsibilities include translating Tron weekly reports to the numerous global languages. They have dedicated their time and patience for the greater good of the Tron project.

Summing it all up, the Tron project has a loyal and dedicated following around the globe through its Tron community. The community is taking charge and spearheading TRX adoption as well as educating the rest of the cryptp-verse on what the Tron project is capable of. With such popularity, TRX is surely destined for greatness in the markets.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Vitalik Buterin: ETFs Should Matter Less Than Global Adoption

Vitalik Buterin, co-founder of Ethereum and one of the most influential personalities within the crypto-verse, commented that the ecosystem’s enthusiasm for cryptocurrency ETFs is not really what people should be focusing on right now.

Currently, the crypto markets are experiencing a bullish run that many fundamental analysts attribute to investors’ expectations for possible approval of crypto ETFs, specially in Bitcoin.

For the mastermind behind Ethereum, the focus should be on adoption rather than speculation:

He criticized the fact that the community is concentrating on aspects that are not important in the long run. From a fundamental point of view, his opinion is well-based. Further adoption would imply the need to acquire more tokens, thus increasing their price. So even from an economic point of view, adoption is attractive to speculators.

In fact, it was precisely the increasing adoption of cryptocurrencies what has raised the prices of Bitcoin and Ethereum to astronomical levels in less than a decade.

Vitalik Buterin’s words are an intense reflection of the crypto-currency reality nowadays, where one group sees cryptos as a substitute for fiat money and an essential mechanism for future economic transactions, while the other focuses merely on speculation.

Most exchanges have grown thanks to the increase in the number of crypto users, generally of those who are inclined towards speculation. This fact has always been attacked by Vitalik Buterin who has, directly and indirectly, made calls of conscience to the community on several occasions.

Are ETFs THAT Important?

Last week, after the revelation of the SEC’s decision to reject the proposal for a Bitcoin ETF presented by the Winklevoss twins, a drop in Bitcoin prices was triggered, slowing a momentum that was replicated by the rest of the cryptocurrencies.

Also, it is important to note that after the letter from SEC Comm. Hester Pierce rejecting the decision, prices stabilized, and confidence in the markets returned.

There is currently some expectation regarding this issue. Renowned investors have predicted that sooner or later the regulatory bodies will approve ETFs and other financial instruments based on crypto money.

Vitalik Buterin Believes More In Scalability And Less In Speculation

Vitalik Buterin has emphasized that he is working hard on making mass-adoption easier by addressing problems such as scalability or interoperability. Recently, on an interview with Tyler Cowen he said:

“Ethereum blockchain’s capacity right now is about 15 transactions a second. If you even consider something like putting all of the Uber rides on the blockchain, that’s 12 transactions per second already. I do feel just raw ability to process more transactions per second is important, and that could happen through sharding and other base layer scalability upgrades to the system which we are working on”.

Vitalik Buterin

Apparently Bitcoin and Ethereum have already bottomed out; however,  their high volatility has made it essential to be always on the lookout for the latest news. Not only is technical analysis relevant for investments, but in the crypto-verse, fundamental analysis is a tool that is becoming more and more necessary every day.

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More Crypto Adoption as Gibraltar United To Pay Players with Cryptocurrencies

Gibraltar United will make history as the first football club in the world to start paying its players using cryptocurrencies. Through the club’s owner, Pablo Dana (who happens to be an investor in the Quantocoin blockchain project) all player contracts will include payment agreements in cryptocurrencies by the next football season.

This move by Gibraltar United adds to the list of situations where crypto-adoption is gaining ground. Of particular importance is that crypto will be used to pay salaries. A lot of experts have long thought that the volatility of cryptocurrencies – especially that of Bitcoin (BTC) – makes them unsuitable to pay wages.

Back in January, Legendary investor George Soros, had mentioned this concern when he was asked about his views towards Bitcoin. Mr. Soros stated that:

Bitcoin is not a currency because a currency is supposed to be a stable store of value and the currency that can fluctuate 25% in a day can’t be used for instance to pay wages because wages drop by 25% in a day. It’s a speculation. Based on a misunderstanding.

Mr. Soros would later do a 180 degree turn on his comments about Bitcoin when it was announced that his New York-Based Soros Fund Management got the approval to trade in digital assets back in early April. Soros’ firm was soon followed by the Venrock firm partnering with CoinFund in the same month. Venrock is the investment arm of the Rockefeller family.

From a realistic point of view, the volatility of digital assets can discourage an employee from accepting Bitcoin or Ethereum as a form of payment for wages. But if the employee were a crypto-enthusiast, this would be an opportunity similar to striking gold. A savvy crypto-enthusiasts would most likely use the several available strategies to increase his earnings. Some of which involve:

  1. HODLing
  2. Investing in any of the numerous and promising ICOs
  3. Regularly trading his wages in the numerous exchanges using Technical Analysis and the daily News updates
  4. Giving authority to a hedge fund or seasoned trader to manage his earnings at a fee

There is also the added advantage of the employee using his cryptocurrencies for the purchase of goods and services, further increasing the visibility of digital assets in mainstream commerce and further boosting crypto adoption. One of the biggest question for any crypto-HODLer is whether to continue HODLing or be part of something great by spearheading crypto adoption as was the case with the famous pizza purchase of 2010 that cost 10,000 BTC.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Workers in Costa Rica Can Be Legally Paid in Cryptos

Costa Rica’s Flag

Cryptos are consolidating as an alternative to traditional payment systems. One example is Costa Rica, a small Latin American country located in Central America in which it is perfectly legal for workers to receive part of their wages in cryptocurrencies.

According to legal interpretations, the country is governed by a fundamental principle of law that states that what is not expressly prohibited is tacitly permitted. In the absence of a statute explicitly prohibiting the use of cryptocurrencies, it could be considered – in principle – that it is not illegal to pay wages in Bitcoin or altcoins.

In the same vein, cryptos, although not considered money, fall within a definition known as ‘quasi- money.’ That is to say, a good that fulfills the same functions and has a similar nature to another without being exactly the same in nature.

Downtown of San Jose, Costa Rica

That is why there are quasi-contracts, quasi-possessions, quasi-money and quasi-goods, all within categories legally accepted by the country’s legal regulations.

Several members of the Costa Rican cryptosphere are extremely pleased because they believe cryptos can help improve the country’s economy by increasing the cash flow in the region.

They also hope that this initiative will serve to achieve mass adoption in the country. Rolando Perlaza, a Costa Rican lawyer with extensive knowledge of crypto-related matters, told Summa Magazine:

“This is a trend that could take hold in the country”

The lawyer is also emphatic in mentioning that although they are considered quasi-money, they cannot completely replace the salary since the laws are clear in mentioning that the salary must be paid in money:

“It is clear that, in Costa Rica, crypto-currencies cannot be used as cash or liquid wages, but remember that here you can pay part of the salary with other goods that are not money or currency, provided that the legal minimum wage is recognized with money.”

Workers Can Be Paid in Cryptos, Just Not 100%

Bitcoin's Future

In this sense, at least the minimum wage must be paid in fiat currency. If a worker earns more than the minimum wage, the difference in income may be paid in crypto. This is known as wage-in-kind.

He mentioned that in the country, laws adapt to the evolution of society, so it was natural that the legal system began to evolve to include cryptocurrencies as a means of payment as its use is steadily increasing. However, a regulatory framework designed explicitly for this technological innovation is still needed:

“Labour relations and forms of payment, compensation, and benefits evolve day by day, adjusting to the real needs of companies and social actors since legislation, jurisprudence and doctrine must be adapted quickly to their environment, respecting the basic principles of labor law, but without being an obstacle in the worker-employer relationship.”

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At Least 30% of All Brazilians Are Interested in Crypto Investments.

Cryptos continue to make their way into the world of finance becoming more and more popular. Not only are they a mechanism used by anarchists and tech savvy people, but they are now increasingly used as financial tools by ordinary users.

This is extremely important for the consolidation of cryptocurrency as a revolutionary alternative to the traditional financial system, given that its advantages are becoming increasingly evident to the general public.

Not Only Brazilians are Informed About Cryptos, They Are Also Interested in Owning Cryptocurrencies

A study conducted by the cybersecurity company Avast and sent to the Bitcoin oriented brasilian website Portal Do Bitcoin, revealed that about 30% of Brazilians are interested or plan to invest in cryptocurrencies in the near future.

The survey was carried out on a total of 1900 individuals during the month of April, and although the study was carried out in compliance with certain statistical standards, despite having randomly chosen subjects from different social strata, 84.36% admitted to being familiar with cryptocurrencies.

This is another extremely relevant fact, since it allows the conclusion to be drawn that in a country as heterogeneous as Brazil, catalogued as one of the world’s leading emerging economies, the fact that almost 90% of its population has some knowledge about cryptocurrencies could facilitate a massive adoption in the near future.

Security: A Major Concern

Avast being a company focused on the cybersecurity aspect, focused the survey questions on issues related to this area.

Brazilian Flag

Brazilians prefer to view their websites with ads rather than “lending” their processing power to cryptomining. 44% of respondents agreed to websites using their computers to mine in exchange for an ads-free experience.

In relation to scandals related to illegal or nonconsensual miners (such as the famous malwares and extensions used to mine Monero XMR), 86.6% of those surveyed expressed concern about being infected. The rest do not give it much importance; however, of this 13.4% almost half think it would not affect them because they do not own any cryptocurrency.

The Brazilian market is of special importance for the regional development of South America. Brazil handles much of the Gross Domestic Product in the region.

Despite not having special support from financial institutions, a large part of the crypto and blockchain related projects consider Brazil to be an important market niche to expand their operations on a global scale.

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Institutional Investors Brought in 56% of Capital at This Bitcoin (BTC) and Crypto Management Fund

The term ‘buying the dip’ has been floating around the crypto-verse ever since Bitcoin (BTC) showed signs of reaching the $5,800 levels late in May this year. As many inexperienced traders were panicking, the true veterans kept emphasizing that rather than cashing out, anyone with extra capital should be investing in Bitcoin (BTC) and the other numerous cryptocurrencies while their prices were at their lowest in the past 6 months.

A new report by Grayscale Investments provides a clear picture as to where new capital is coming from in the crypto-markets during the mentioned time period of a ‘shaky’ Bitcoin. Grayscale Investments is a global leader in digital currency investing and the firm provides single-asset as well as diversified investment products for its clients.

The firm has released a 6 month report that analyzes the inflows of capital into its investment products starting December 31st last year, to June 30th 2018. Within this time period, a total of $250 Million was invested in digital assets by the firm’s clients. The average weekly investment was $9.55 Million. Of this weekly investment, $6.04 Million went to a Bitcoin Investment trust. The rest of the funds per week ($3.52 Million) went to non-BTC investment products.

The non-Bitcoin investment products include:  Bitcoin Cash Investment Trust, Ethereum Investment Trust, Ethereum Classic Investment Trust, Litecoin Investment Trust, XRP Investment Trust, Zcash Investment Trust, and Grayscale Digital Large Cap Fund, LLC.

The firm also clearly highlighted that 56% of the new capital ($250 Million) during this time period came from Institutional investors. 20% came from Accredited individuals; 16% from Retirement accounts; and 8% from Family Offices. The chart below from the same report gives a clear picture of these percentages.

New Capital distribution at Grayscale Investments. Source, Grayscale Investments

According to the report, the average investment was $848K for institutional investors, $553K for family offices, $335K for retirement accounts, and $289K for individuals. Of these new investors, 64% were from the United States; 26% from Offshore Investors (e.g Cayman-domiciled entities); and 10% from Other investors.

The report goes on to issue the following conclusion with regards to the report:

We’re excited to share this report for two major reasons:

  1. We believe it provides an alternate, yet accurate, firsthand perspective on digital asset market activity that is distinct from what is commonly understood.
  2. It may be useful to both value and momentum investors as they seek to identify investment opportunities where there are (i) dislocations between market prices and fundamentals and (ii) strong, steady capital inflows.

We intend to regularly update this report to identify trends in the digital asset investment landscape.

It is with the above conclusion from Grayscale Investments, that it is safe to also conclude that new money into the crypto-markets is indeed coming from the highly anticipated Institutional Investors.

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Here Is How Tron (TRX) Adoption Is Already Underway

Many crypto-enthusiasts know that crypto adoption begins with you and I: the user. If the community that supports a certain crypto or a project does not use the digital asset for transactions, then the coin/token and project have no purpose in this crypto-verse. It is therefore not surprising that Tron (TRX) fans and believers are the first to let the community know that TRX transactions on the new Mainnet, are one of the fastest and cheapest (outside of XRP).

In a Tweet that was retweeted by Justin Sun, Twitter user @Kev_TRX_4_Life was quick to showcase his experience with TRX withdrawals from Binance complete with transaction speeds and cost. In the tweet, he states the following.

#trx – transfer speed.

Sending #trx from @binance to my tron wallet (after confirming my email) – about 3 1/2 mins

Cost: 1

trx Sending #trx from tron wallet back to @Binance – just under 2 mins!!!

Cost: 0.1 trx

That is uhmmm… FAST!!!!!! And CHEAP!!!

Buh bye #ethereum!

Similar sentiments were echoed by TRX fans who replied to the tweet. Some were quick to remind us of the promised transactional coin-burn.

Looking back at some of the qualities of the Tron MainNet, we find out that the said coin burn will be worth 0.1 TRX when creating a new account on the platform through DApps and 0.001 TRX for each transfer of funds. This then means that the more TRX holders and fans use the digital asset, the more transactional coin- burns will occur. Doing the math, this means that with time and as the Tron platform becomes more popular to DApp developers, we will see a reduction of the circulating supply of TRX as users keep transacting on the platform. Also to note, is that the Tron Foundation has locked up 33.25 Billion TRX till January 2020, further guaranteeing the circulating supply.

It is only natural that the price of TRX will gradually rise in the coming months.

In conclusion, the above example of a TRX user expressing his excitement while transacting on the new TRON Mainnet is not only a sign of TRX adoption, but of the general progress of cryptocurrencies as accepted mediums of exchange. We have been advised that total global crypto adoption might take up-to 10 years. But this is a short time period if you believe in the crypto-verse.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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