Bitcoin Survey Shows Major Distrust Abounds for Facebook’s Libra

Bitcoin SurveyBitcoin Survey

A new Bitcoin survey asking US citizens about Facebook’s (NASDAQ:FB) new Libra stablecoin has yielded some surprising results. When compared to leading cryptocurrencies, only 2% felt they would trust Libra more than Bitcoin.

The results may surprise traders and also raise questions about Facebook’s newest endeavor.

Bitcoin Survey

A poll of 1,799 US adults was carried out since Facebook launched its Libra white paper in mid-June. The most shocking result was that, as stated, an overwhelming majority of those asked said that when compared with Bitcoin, they don’t trust Facebook’s Libra coin.

Only 2% trusted Libra more than Bitcoin; the rest of those asked trusted Bitcoin more and/or were indifferent in their choice.

Bitcoin Survey Shows Facebook has Damaged Trust

According to Coindesk, one of the concerns surrounding Libra is Facebook’s poor track record on preserving user privacy. Of those asked, 77% said they did not trust the firm with their data at all, citing incidences such as the Cambridge Analytica scandal.

Further, the group showed a huge disinterest in the Libra project altogether. A massive 86% said they weren’t interested in Facebook’s cryptocurrency and wallet when asked about them, with only 5% expressing interest.

Age also played an important role in the results. Libra resonates better with the younger generation; those between the ages 18–30 were the keenest on using Libra. However, of those aged 65 years and up, only 7% had any interest in Libra.

The survey was run by consumer insights provider CivicScience. The group said it needed more research to clearly identify why there are high levels of mistrust towards Libra.

The Bitcoin survey should be taken with a pinch of salt as many of those asked don’t actually own or trade in cryptocurrencies. Only 10% of the group asked had actually bought cryptocurrencies.

>> Tether (USDT) Surpasses Bitcoin for Exchange Activity

So Few People Trade Crypto

In a separate survey, the same body found that of more than 2,100 US adults when asked in July, 79% of those asked have heard of Bitcoin and cryptocurrencies in general. But again, only 6% of this group had actually invested in cryptocurrencies, and only half of those liked trading in the digital assets.

What are your thoughts about this Bitcoin survey? Are you shocked to see how few people actually trust Libra? Do you think its a worrying sign for Bitcoin adoption that so few asked actually trade in cryptocurrencies?

Let us know your thoughts!

Featured Image: DepositPhotos © peshkova

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

How Will the Crypto Markets Perform in Coming Years?

crypto marketscrypto markets

The crypto markets roared back to life at the beginning of 2019 after having a poor year previously, but many concerns remain despite the impressive show in the first half of the year so far. In an interview, the Managing Director of the advisory firm PFYN Advisory, Patrick Franz, spoke broadly about the range of changes that could eventually propel the crypto space even further in the years to come.

PFYN wishes to eventually harness a crypto markets ecosystem in which traders from all over the world can buy and sell cryptocurrencies around the clock without any worry in the world. Franz said that some of the biggest complaints he has heard about from clients related to delay in execution, difficulty in trading in the US Dollar in most exchanges, and the delay in settlements. That can lead to a lot of heartburn and loss of money for any trader.

Traders and Investors in the Crypto Markets

When asked about the best way in which space could become friendlier for traders and investors, Franz stated that meaningful regulations are the only way forward. He said that for an ecosystem to flourish, the investors need to have a degree of protection, and that can only come from regulation. He went on to state that although many crypto exchanges do claim to be regulated, an investor needs to look at the regulations pertaining to the entity that ultimately owns an exchange.

>> Ripple (XRP) Gains After Bank of America Includes Ripple Ledger

Lastly, he stated that another challenge for crypto markets at this point in time is the fact that the market is currently far too fragmented and prices vary considerably from one exchange to the other. In such a situation, it is difficult to envisage institutional investors getting into the space in a big way. However, Franz did go on to add that PFYN is working on ways to address these problems and has spoken to banks in Europe and Oceania regions with regards to the possibility of instant settlements.

Featured image: DepositPhotos © eskaylim

p > a {
text-decoration: none;
color:#000 !important;
}

.crec-ad > p > a:hover {
color:#000 !important;
text-decoration: underline;
}
@media(min-width:1228px){
.crec-image img{
width:191px;
height:100px;
}
}
@media (max-width: 1228px) {
.crec-ad {
width: 50%;
box-sizing:border-box;
}
.crec-image img{
width:100%;
height:158px;
}
.crec-ad:last-child {
width: 50%;
padding-right: 4px;
}

}

@media (max-width: 590px) {
.crec-ad {
width: 100%;
}
.crec-image img{
height:auto;
}
.crec-ad:last-child {
width: 100%;
padding-right: 4px;
}

.crec-header h1 {
padding-left:20px;
}

.crec-container {
padding-left:20px;
padding-right:20px;
}
}
]]>

Coinify joins with Verrency to enable crypto payments on existing cards

Global payment technology provider Verrency, and Coinify, a blockchain and bitcoin payment provider, have forthwith announced a new partnership enabling banks to securely offer their customers the ability to use cryptocurrency for payments at any merchant around the world.

The partnership will empower banks utilizing Verrency’s middleware platform to integrate virtual currency funding sources and digital wallets with their existing payments rails, without the need for customers to use specially issued prepaid or debit cards. Instead, banks can offer their customers the ability to make payments anywhere using virtual currency via their existing payments products, such as their physical cards and digital wallets.

The service works by using Verrency’s high-performance value-added payments technology layer to enable a bank to easily route payments to different funding sources authorized by the bank, such as a custodial or non-custodial wallet containing digital assets. Coinify supports the selection and connection of the wallet infrastructure, which may be either internal or external to the bank.

“The rapid growth in consumer interest and ownership of virtual currency assets and the rise of virtual trust technologies has been a key trend for the payments sector as a whole over the last decade. As virtual currencies transition in the next few years from being speculative investments into a smaller number of mainstream assets – which will see more government or fiat-backed stable tokens, or even tokens simply as a payment element – it is critical that banks have the technology in place to actually allow the usage of such virtual assets across their existing consumer-centered legacy payments rails. Mainstream usage of tokens or virtual assets will not occur by connecting the merchant-side of the equation – it simply will take too long to achieve ubiquity, without which there will be no significant usage.”
– David Link, CEO at Verrency

Verrency CEO David Link, who was also appointed as an advisor to Ripple in early 2016, said the partnership is a gamechanger for the beginning of increased utility of token-based assets among major financial institutions.

“Coinify is honored to partner with Verrency and connect our two platforms, which holds a huge potential for crypto adoption. Verrency’s platform that can easily integrate third parties with the existing banking payments infrastructure is a potential breakthrough for the future space of digital currency and mainstream token usage, where established technology titans, such as Facebook’s Libra project, are beginning to explore the possibilities.”
– Mark Højgaard, co-founder and CEO of Coinify

Verrency’s platform is a high-performance bank-grade technology layer and API platform that fits on top of a processor’s, bank’s or digital wallet’s existing infrastructure, enabling them to rapidly deliver enhanced services and products around the moment of payment without changing their existing technology.

The partnership sees Coinify join Verrency’s V+ partner ecosystem, which facilitates collaboration with Fintechs and enables a nearly endless set of hyper-personalizable services including redemption of rewards, facilitation of disbursements, rounding up of payments to savings or charitable destinations, access to installment credit at point of sale, facilitation of ‘real-time’ sandbox environments, and more.

Civic’s new cryptocurrency wallet to use Onfido for AI-powered verification

Onfido, an identity verification platform, today announced a partnership with Civic, a blockchain identity, and payment solution provider, to power the company’s Civic Wallet, which will be available this fall. Onfido will enable the company to onboard new users swiftly and securely while giving them more control over their privacy.

When signing up, users will simply take a photo of a government-issued identity document and then Onfido’s AI-powered technology assesses whether it’s genuine or fraudulent, while Civic will compare the document to facial biometrics for an extra layer of security. Civic’s own blockchain-based technology secures users personal information by allowing multiple parties to use personally identifiable information without sharing the underlying data, ultimately giving back more control.

The combination of Civic’s identity and payment further enables an experience that allows for a new subset of product offerings, such as age-gated products like beer vending or geo-restricted services.

“Security is of paramount importance to us, and we’re integrating the latest design thinking into the Civic Wallet. We’ve chosen to store a user’s identity information and crypto directly on the device. This allows you to maintain control of your personal data, protecting your identities and money. Private keys are safely stored on your mobile device, and redundant backup systems ensure that the digital wallet may easily be restored if a person’s mobile device is lost or stolen.”
– The Civic Team

Blockstream launches bitcoin mining colocation and pool services

Blockstream, the blockchain and bitcoin development company, today revealed one of its biggest product launches to date: Blockstream Mining. It will provide mining equipment colocation in a purpose-built data center designed to meet the needs of institutional and enterprise customers. The mining colocation service supports the fast deployment of virtually any type of Bitcoin mining equipment and provides customers with complete control over their mining operations.

Begun in 2017

Blockstream informed that they began Bitcoin mining operations back in 2017 motivated by widespread concern that mining decentralization was declining. At the time it appeared that parties involved in ASIC manufacture, hosting, and pool operations were becoming a centralizing force and holding back Bitcoin from reaching its full potential.

Since then Blockstream has scaled up operations, secured additional sources of power, and expanded service to provide hosting to clients that include the Fidelity Center for Applied Technology and LinkedIn co-founder Reid Hoffman.

The firm also reported managing a self-mining operation, which represents less than 1% of the global hash rate, running on a combination of hardware from Bitfury, Ebang, MicroBT, and other manufacturers.

Enterprise Colocation

The Blockstream Mining colocation service provides a turnkey solution for businesses to operate and remotely manage their mining equipment:

  • Logistics: Can help arrange the international logistics to ensure safe shipment of mining equipment to Blockstream facilities.
  • Installation: The facilities’ power and networking infrastructure have been custom-built for fast deployment and maximum reliability.
  • Operation: Miners can be managed remotely via the Blockstream Mining control panel, delivering real-time analytics and control over each device’s operation.
  • Support: On-site technicians will keep miners running and promptly deal with any updates or maintenance when required.

Blockstream Pool

Alongside the Bitcoin mining colocation service, Blockstream is also launching, Blockstream Pool, a production mining pool utilizing the BetterHash protocol. BetterHash is a mining pool protocol that gives individual miners the ability to control which Bitcoin transactions to include in their newly mined blocks. As a result, the Bitcoin network becomes more decentralized and censorship-resistant as operators of large pools no longer centrally determine which transactions to include into blocks.

The Blockstream Pool has been running on testnet for over a year and is initially available to Blockstream Mining customers. Blockstream declared that it plans to expand to a wider audience over time as they continue to work towards further decentralization.

Ripple’s Xpring invests in Equilibrium to drive Interledger ecosystem development

Teemu Paivinen, the founder and CEO of Equilibrium Labs, a venture studio and builder of core infrastructure for the distributed web, announced this week his company received an investment from Ripple’s Xpring to expand development of new offshoot, Equilibrium Connect, which is focused on producing open source developer tools for the Interledger ecosystem and working on the core protocol.

Earlier this year, Xpring also invested in Interledger solution provider Kava, boosting it with $1.2 million.

Interledger

Interledger is an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system. Interledger is not tied to any one company, blockchain, or currency.

Equilibrium Connect

Equilibrium Connect was birthed to support the ongoing development of the Interledger protocol and grow the ecosystem by building tools to make it easier for developers to integrate Interledger into their applications.

The initial roadmap consists of three primary projects:

1. Open Source Interledger Connector — Will build and operate a multi-currency Connector (Initial support for BTC, ETH, and XRP) and make all the code open source.
2. Web Services — Provide a simple web API allowing applications to interact with the Interledger network and quickly move funds between networks, shards or traditional payment systems.
3. On-boarding — Designing and implementing an easy and compliant onboarding experience for users across the network.

“We strongly believe the world needs a standardized interface for payments and see Interledger as the only technology available right now with a viable model for delivering on that vision. We will be elaborating more on this roadmap in the coming months as well as providing a more in-depth analysis of Interledger and why we believe it is going to become a standard interface for payments.”
– Teemu Paivinen, the CEO of Equilibrium Labs

SegWit enabled on ShapeShift bitcoin hardware wallet KeepKey

KeepKey, a bitcoin and cryptocurrency hardware wallet, acquired by ShapeShift back in 2017, today announced that SegWit support for bitcoin (BTC) has been enabled.

Last year, the KeepKey team began building a comprehensive web-based platform for KeepKey. While this improved the hardware wallet experience and is available to KeepKey owners for free, it meant SegWit for KeepKey had to be deprioritized, but now, SegWit integration is complete.

SegWit, short for Segregated Witness, is a protocol upgrade on Bitcoin activated in 2017 which changes the way data is stored. P2SH SegWit is now live on the KeepKey platform, as the team as continues to work on support for full SegWit Native.

Overview

  • Moving forward, users BTC address in the platform will start with a 3 (SegWit) instead of a 1 (Legacy). Users can still access their BTC Legacy account and address in the KeepKey Chrome App
  • The BTC account balance will reflect the total amount of BTC Legacy and BTC SegWit addresses.
  • When users spend their bitcoin in the ShapeShift Platform, funds will be spent from the smallest number of UXTOs, regardless of if the funds are on the BTC Legacy address or BTC SegWit address. This will help reduce transaction costs.
  • By default, “change” from transactions will deposit to users BTC SegWit address.

The KeepKey team recommends moving all BTC funds to the SegWit BTC address to realize all of its benefits.

See below the chart for SegWit payment adoption since activation:

437seg
The total percent of bitcoin payments completed via SegWit is currently at 43.7%

Ethereum Classic Labs unveils program to launch new projects on ETC blockchain

Ethereum Classic Labs, an organization with the aim to advance the development, utilization, and adoption of Ethereum Classic, today unveiled ‘Studio’, a program to support the launch of new projects and use cases on Ethereum Classic.

The timely program provides technical expertise to build and deploy decentralized applications (dapps) and crowdsales, guidance on project launch and marketing promotions for startups and businesses seeking to deploy on a public, proof of work (PoW) blockchain and to raise capital.

The new program is geared to help companies realize the true benefits of Ethereum Classic with low transaction fees, high level of security and a proven and stable blockchain.

“We are excited to provide our technical and marketing experts to the growing community of developers and entrepreneurs building on Ethereum Classic. With the dedicated developers in our Core group along with our funding and mentorship programs in our Accelerate group, Studio brings it all together to continue to mature the Ethereum Classic ecosystem.”
– Terry Culver, CEO of Ethereum Classic Labs

Ethereum Classic, using the same code-base as its sibling blockchain Ethereum, is quickly growing its community, functionality, and compatibility along with interoperability with Ethereum. Ethereum Classic provides low transaction fees, high security, and tremendous stability for launching new projects.

With a current market cap of approximately $680 million, ETC continues to be among the top cryptocurrencies and is attracting a growing community of developers building decentralized applications. ETC Labs Studio will now support companies that seek technical and marketing expertise for new projects and crowdsales.

  • Ethereum Classic Labs Core – ETC Labs Core has dedicated resources for advancing the scale, security and functionality of the core Ethereum Classic blockchain along with building developer deployment and configuration tools to make it easier and faster to create truly decentralized, P2P applications. With Studio, ETC Labs has extended that expertise to companies building new projects and performing crowdsales.
  • Ethereum Classic Labs Accelerate – ETC Labs Accelerate has assisted many companies with growing business and providing go-to-market services. With marketing teams in the U.S. and across Asia, the group combines experience and partnerships to define, position and amplify new projects on Ethereum Classic. The global team will work with companies to design and develop marketing and PR strategies, tap specialized media partners in Asia, and provide outreach to marketing channels in Asia and across the globe.

BlockApps and Tech Mahindra partner to accelerate adoption of blockchain business networks

BlockApps, an enterprise blockchain platform provider, today announced a partnership with Tech Mahindra Ltd., a provider of digital transformation, consulting and business reengineering services and solutions, to accelerate the adoption of blockchain business networks.

While demand for enterprise blockchain networks is high, adoption has been limited by the challenge of integrating data from existing systems with blockchain technology. Tech Mahindra will apply its extensive experience assisting over 935 corporate global customers to solve this tension and render integration with the BlockApps STRATO platform seamless.

“As we continue to launch production blockchain business networks across industries such as agriculture, supply chain, and entertainment, we have seen a clear need to communicate with the systems enterprises already have. By working with Tech Mahindra, we can make this process easier than ever, and help companies preserve existing investments.”
– Kieren James Lubin, CEO of BlockApps

BlockApps STRATO, a Blockchain-as-a-Service (BaaS) platform, enables blockchain solutions across all industry verticals. Built on proven Ethereum protocols, it also provides core enterprise features, such as flexible API integration capabilities, high transaction performance, and the capability to query and report on blockchain data using traditional business tools.

“Enterprises across the world are proactively seeking new ways of incorporating blockchain technology in their legacy systems. Through Tech Mahindra’s partnership with BlockApps, we have simplified this process, enabling companies to transform their legacy systems into a blockchain-based business network without disruption.”
– Rajesh Dhuddu, Global Practice Leader of Blockchain at Tech Mahindra

Japan crypto exchange SBI VC Trade adopts CoolBitX technology for user KYC

CoolBitX, a blockchain security company and creator of a bluetooth-enabled mobile hardware wallet for digital assets, announced today the successful adoption of its technology by leading Japanese exchange SBI VC Trade Co., Ltd. (SBI VC) and the launch of Sygna, a first-to-market KYC/AML compliance-focused virtual asset transaction and security solution for Virtual Asset Service Providers (VASPs), individuals, and institutions.

“The FATF has now set firm KYC/AML guidelines for the virtual asset industry, regulating VASPs in the same way as financial institutions. Central to the FATF guidelines is the Task Force’s anti-money laundering mandate and FATF Recommendations 15 and 16, already highlighted at the Private Sector Consultation Forum hosted by the FATF in Vienna. In a major step towards safer and more wide-spread cryptocurrency adoption, we are proud to have partnered with SBI VC on CoolXWallet, a KYC/AML solution based on CoolBitX’s technology.”
– Michael Ou, Founder and CEO of CoolBitX

SBI VC was one of the early adopters of the first wallet developed by CoolBitX in 2018, the CoolWallet S. SBI VC uses a customized version of the flagship wallet, named CoolXWallet, where users store their private keys. SBI VC addresses are linked to the users’ exchange accounts, allowing customers to only withdraw digital assets to their wallets following multiple layers of KYC.

“Back in 2017, Japan was the first jurisdiction in the world to define Virtual Currency (Crypto-asset) as a legal term and establish clear regulatory guidance for Virtual Asset Service Providers. Very early on, the Financial Services Agency wanted to provide protection to crypto-asset service customers and to combat money laundering and terrorist financing. Using CoolBitX’s technology, CoolXWallet has given SBI VC an easy way to protect our customers while complying with Japanese and international KYC standards. The borderless nature of digital assets requires a solution that isn’t bound by geographical boundaries, and because of that, we are excited to implement the wallet as a secure system to drive cryptocurrency adoption forward.”
– Yoshitaka Kitao, Representative Director, President & CEO of SBI Holdings

Back in May, CoolBitX CEO Michael Ou was invited to closed-door FATF private sector discussions on virtual asset KYC. Sygna is one of less than a handful of solutions that are FATF compliant around the world, amidst growing calls for KYC/AML compliance from crypto service providers.