Frictionless Commerce: A Story of How Easy It Is to Start Accepting Bitcoin Cash

Frictionless Commerce: A Story of How Easy It Is to Start Accepting Bitcoin Cash

Earlier this week news.Bitcoin.com received an email from an e-commerce shop owner who was having lots of issues dealing with traditional payment providers. Many of the problems stemmed from him not having a formal address and having bank accounts in different countries. However, the owner of store Bohemianbeachstyle.com quickly found out about Coinbase Commerce and how easy it is to accept the frictionless digital asset bitcoin cash and other cryptocurrencies.

Also read: Popular Discussion Board 4chan Now Accepts Cryptocurrencies for Passes   

An Online Store Owner’s Difficulties With Traditional Payment Providers

This week an individual named Fabio, the owner of the online fashion outlet Bohemianbeachstyle.com, sent news.Bitcoin.com an email detailing his struggle with dealing with traditional payment providers like Paypal and credit cards. Fabio is originally from Italy and he lived in the UK for a few years, but just recently he moved to Dubai with his girlfriend.

Frictionless Commerce: A Story of How Easy It Is to Start Accepting Bitcoin Cash
Fabio the owner of Bohemianbeachstyle.com just added Bitcoin Cash (BCH) acceptance to the e-commerce shop via the Coinbase Commerce platform.

Since moving to Dubai, Fabio realized how much harder it was to set up payment services for the online business he recently started. Fabio began to have issues with credit card services and Paypal, and had to dedicate lots of hours dealing with lawyers, agencies, and other countries to get things situated.   

“Since all of our documents are in the name of my girlfriend and I am only renting a space, I don’t actually own an address on my own — This is where I started to realize that I couldn’t do many things since I don’t have a “proof of address,” Fabio explains to news.Bitcoin.com. “My passport is Italian and my bank account is in the UK and UAE — This is confusing for a lot of banks when you need to ask them to verify your payments,” the store owner adds.

Frictionless Commerce: A Story of How Easy It Is to Start Accepting Bitcoin Cash
Fabio said he had a lot of problems with laws and traditional financial institutions. 

Coinbase Commerce and Bitcoin Cash to the Rescue

Fabio continues by saying that governments and laws have not been on his side so he recently created an account with Coinbase Commerce. To Fabio’s surprise setting up an account for Bohemianbeachstyle.com to accept cryptocurrencies only took him five minutes.

“Nobody asked me where I was from, passport, gender, nationality etc. — And since for me the real bitcoin is Bitcoin Cash and I don’t want to struggle with fees, I am happy to tell you that Bohemianbeachstyle.com is probably the first Bohemian clothing style e-commerce site that is proudly accepting ONLY Bitcoin Cash,” Fabio explains.

The Bohemian clothing style shop owner continues:

The power that BCH is unleashing to people is insane, I can now focus on what I like to do best, serving customers with great products at extremely cheap prices. Unfortunately, not that many crypto-owners are using cryptocurrencies for commerce and that’s why I wanted to reach out — I know your message is to let people to start using BCH as money and I hope you succeed.

Frictionless Commerce: A Story of How Easy It Is to Start Accepting Bitcoin Cash
Signing up for a Coinbase Commerce account takes about five minutes and the application is non-custodial which means you hold your keys.

Signing up for Coinbase Commerce Takes Little Registration Effort and an Account Can Be Created in Five Minutes  

After hearing Fabio’s story we decided to register at Coinbase Commerce (CC) to see how fast the sign-up process is and how much information is needed to set up. When entering the CC website the page asks the user for an email to register an account. We simply typed in our email and the account verification was sent to us instantly.

Frictionless Commerce: A Story of How Easy It Is to Start Accepting Bitcoin Cash
After signing up for CC users need to customize everything and add their domain to the account.

Following this step and gaining access to the CC account the platform requires two steps before beginning — Initiating two-factor authentication and writing down a seed phrase. After that, you can configure your payment choices from four different cryptocurrencies including bitcoin cash (BCH), ethereum (ETH), bitcoin core (BTC), and litecoin (LTC). On the CC dashboard, you can toggle these currencies on and off depending on which digital assets you prefer.

Frictionless Commerce: A Story of How Easy It Is to Start Accepting Bitcoin Cash
Coinbase Commerce allows for API key creation and webhook subscriptions. An online store can also integrate the service through Woo commerce, Prestashop, Shopify, Magento, and Open Cart. 

Coinbase Commerce then allows you to customize the payment page by whitelisting a domain so you can embed a payment button on your website, create an API key, and add a webhook subscription URL to start receiving payment notifications. So signing up for Coinbase Commerce literally only takes five minutes like Fabio said and it only requires an email and a two-factor authentication app. However, customizing the merchant options will take store owners a bit more time to configure the payment services to the website in question.  

Non-Custodial Savings and the ‘Importance of Economic Freedom’

Further unlike the Coinbase exchange or some of the other cryptocurrency payment providers, Coinbase Commerce gives the user the seed phrase all the assets are in the owner’s control. The platform’s ease of use allows people like Fabio and his e-commerce shop Bohemianbeachstyle.com the ability to accept cryptocurrencies without all the traditional hassles involved with existing financial institutions.

Fabio says since the experience he’s learned a great lesson and “understands the importance of economic freedom.”

What do you think about Fabio’s story? Have you tried the Coinbase Commerce platform? Let us know what you think about this story in the comments section below.


Images via Shutterstock, Pixabay, Bohemianbeachstyle.com, and Coinbase Commerce


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Under the Tent: A Look at the Latest Openbazaar Marketplace Software

Under the Tent: A Look at the Latest Openbazaar Marketplace Software

Back in April of 2016 news.Bitcoin.com reviewed the Openbazaar platform the first day the marketplace launched. Since then the application has come a long way with many updates, new features, and the platform most definitely has more users. This week we decided to give the Openbazaar 2.2.5 client a test run and see how much has been improved.

Also read: Shapeshift CEO Responds to Wall Street Journal Laundering Claims

Testing Out the Openbazaar Client 2.2.5

If you are into cryptocurrencies you’ve likely heard about the open source marketplace called Openbazaar. The project has been around for a couple of years now and has greatly improved since we first reviewed the platform back in 2016. Since then the application has added a native wallet, cryptocurrency trades, Tor integration, better search engines, and more. We decided to give Openbazaar’s 2.2.5 version a test to see all the latest features and see what kind of wares are lurking in the corners of this decentralized e-commerce portal.

Under the Tent: A Look at the Latest Openbazaar Marketplace Software

The first thing we did was download the Openbazaar 2.2.5 client for the Mac operating system but the program is also available for Windows, and Linux as well. With a good internet connection, the download doesn’t take long at all (about 100MB) and the installation is fairly quick as well. After the install is complete, we load up the program and Openbazaar asks the user to agree to the terms of service. Following the agreement page, the platform asks the user to set up a default cryptocurrency wallet and the user has to choose between three digital assets. The choices include bitcoin core (BTC), bitcoin cash (BCH), and zcash (ZEC) and at the moment you cannot change this setting later.

Under the Tent: A Look at the Latest Openbazaar Marketplace Software
You can only choose one cryptocurrency to accept and you cannot change this in the future.

Users are then asked to set up a profile where you register a name, add an optional description, an avatar, your location, and local currency. From here you can set up your store; which probably should be customized with a description of the wares you are selling, pictures, shipping address, moderation preferences, and of course the pricing of your listings. Users can also follow certain vendors and people can follow your store as well. Openbazaar also has notifications of new followers, but notifies users of order status details as well.

Under the Tent: A Look at the Latest Openbazaar Marketplace Software
Setting up your profile.

The Native Wallet and Search Engines

Another area to check out is the wallet section where it shows the funds available and the latest transactions. The wallet can send and receive and also includes a network fee toggle located in the advanced section. In the advanced section, a user can also synchronize the wallet’s transactions and show block data for debugging purposes. Other than that, the wallet is pretty basic like a traditional desktop client and does not offer any more frills.

Under the Tent: A Look at the Latest Openbazaar Marketplace Software
A look at the native wallet.

During the review, we decided to focus on what we could find throughout the listings of Openbazaar’s vendors rather than set up a store. Back when we first looked at Openbazaar in 2016, listings were far and few between and most of the products only catered to crypto-enthusiasts. That’s all changed now as the searching features have been greatly improved and there are a bunch of vendors selling wares using the platform. Openbazaar comes with two default search engines called OB1, and Blockbooth. You can add another provider for Openbazaar manually entering the URL address too. Depending on which search engine you choose, there will be a variety of different listings on each one.

Under the Tent: A Look at the Latest Openbazaar Marketplace Software
Today the search engine OB1 has around 1077 listings and Blockbooth has 7619 products for sale.

Thousands of Items for Sale Including a Slew of Black Market Products

Using the OB1 search engine, there are many items for sale including skateboard wheel bearings, stickers, old WWII metals, watches, green tea, books, handmade items, toys, electronics, and more. Listings can also be filtered by accepted currencies (BTC, BCH, ZEC), the seller’s ratings, by different moderators, adult content, whether or not its a physical or digital good, and even the condition of items. OB1 has around 1077 listings and Blockbooth has 7619 products for sale at the time of writing. As mentioned above, there are other providers as well that offer even more products if you know the vendor’s URL. 

Under the Tent: A Look at the Latest Openbazaar Marketplace Software
Blockbooth has a lot more items for sale than the OB1 directory.

There have been a few articles recently showing how people are finding illegal drugs on Openbazaar and during our visit, we found some vendors. Now on the OB1 search engine you won’t find any drugs, but using the Blockbooth search engine, lots of listings will pop up. For instance, you can find LSD blotter tabs, multiple varieties of Kush and Sativa-flavored cannabis flower, THC oil cartridges, MDMA/Molly, Columbian cocaine, and more. You can also find a slew of pharmaceutical, natural and legal drug vendors as well. If you happen to parlay with chemical calisthenics and you want to order some of these products you probably should use Tor and a VPN.

Under the Tent: A Look at the Latest Openbazaar Marketplace Software
When venturing here make sure your Opsec is tight.

A Decentralized Marketplace, Crypto-Exchange, and the Ability to Overcome Obstacles Centralized Darknet Markets Face

Moving around and searching Openbazaar is fairly intuitive and operates very much like a social media application mixed with Ebay. Most of the features that have been added to the platform have improved the application greatly since we first tested Openbazaar two years ago. It would be nice to have a wallet that accepts more than one cryptocurrency in the future or at least offer the ability to change the default currency.

Under the hood, Openbazaar makes the process of buying and selling decentralized by offering moderators, escrow, and both multi-signature and Ricardian contract technology. As far as the illegal drug vendors, they may have more of an advantage over their competitors on centralized darknet markets like Dream, and or the Point Marketplace (T•chka). This is because not only do vendors on Openbazaar have access to Tor, a VPN, and the ability to use zcash, the platform also relies heavily on the Inter-Planetary File System (IPFS) making it much harder for global law enforcement to take down.

Under the Tent: A Look at the Latest Openbazaar Marketplace Software
Just like cryptocurrencies, a decentralized marketplace like Openbazaar will take time to catch on with the mainstream masses.

Openbazaar’s Biggest Challenge: Gaining a Significant Network Effect of Users

Another advantage Openbazaar offers is the ability to swap cryptocurrencies on the platform. Simply searching for cryptos shows a wide variety of digital assets to trade and Openbazaar doesn’t charge a fee for the swaps. This gives Openbazaar users the ability to trade without KYC and again you can use Tor and a VPN.

As far as the setbacks Openbazaar faces, the challenge will be gaining more users, moderators, and vendors. The network effect of gaining a huge user base will be a difficult task for Openbazaar to achieve, but the same could be said for cryptocurrencies. Further, the two innovative ideas would likely fuel each other in the future. The network effect will be the company’s biggest uphill battle going forward as finding the right business model to make money from the marketplace will be the easiest part.

What do you think about Openbazaar? Have you used the application? What do you think about Openbazaar gaining mainstream adoption in the future? Let us know what you think about this subject in the comment section below.


Images via Pixabay, Openbazaar, and Jamie Redman. 


Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com and the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The post Under the Tent: A Look at the Latest Openbazaar Marketplace Software appeared first on Bitcoin News.

Terra is an ambitious crypto project to build a stable coin through e-commerce

Four of the world’s largest crypto exchanges are leading a $32 million investment in an ambitious venture out of Korea that’s aiming to develop a new stable coin using e-commerce as the lynchpin.

Global exchanges Binance Labs, OKEx, Huobi Capital, and Dunamu — the firm behind Korea’s Upbit — have all poured capital into Terra, a crypto project whose founding team is headed by Daniel Shin, founder and president of TicketMonster — the $1.7 billion Korean e-commerce firm that has been owned by both Living Social and Groupon.

This is the first time global exchanges have come together on a deal, and the stellar line-up of investors includes Polychain Capital, China’s FBG Capital, Hashed, 1kx, Kenetic Capital and Arrington XRP — the crypto fund from TechCrunch founder Michael Arrington .

The deal is a token-based investment round, as opposed to equity. Shin told TechCrunch that Terra plans to hold a private sale in a couple of weeks to add additional capital to this “highly strategic” set of investors. The company will eschew a public sale with retail investors, but it plans to hit exchanges — you guess which ones… — in the coming months.

Terra co-founder Daniel Shin also started Korean e-commerce unicorn Ticket Monster

Yet another stable coin

Stable coins, for the uninitiated, are tokens that are designed to remain at the same price… stable, as the name suggests.

They’re typically pegged to the U.S. dollar and are highly sought after in the world of crypto, where stability is hard, nay impossible, to find. Today, stable coins are mostly used for trading and exchange-related purposes and Tether, the controversial project backed by Bitfinex, is probably the best-known. There’s plenty of criticism around Tether, and research has suggested that Bitcoin’s phenomenal rise in late 2017 — when its value it a record high of nearly $20,000 — was fuelled by Tether manipulation.

Arguably, Tether is the best example of a stable coin, and since it is propped up by the injection of hundreds of millions of dollars on a routine basis, it would be fair to say that the concept has never worked.

That viewpoint might be a little cynical, and Terra believes it can make the concept work through mass adoption of its token. Its gateway for that is to leverage e-commerce in Asia.

While Terra is marketed as a stable coin in its whitepaper and other documents, it would be fair to see it as more of a fintech platform — think Alibaba’s Alipay on the blockchain. That’s because the project is kicking off by working with a slew of e-commerce firms across Korea and other parts of Asia.

Shin explained that Terra aims to complement existing payment solutions by offering its own Stripe -like payment option that would allow customers to pay using its coin (a name hasn’t been decided on yet). For merchants, that could mean circumventing existing payment networks like Visa, which take a cut of all revenue. On the other side, the project could help offer incentives for consumers to buy using the token, for example, through discounts that don’t add to the e-commerce platform’s cash burn.

Because buying crypto and using wallets still isn’t mainstream — and it is a clunky experience — there’s also the potential for consumers to earn tokens when they use platforms, Shin said. The token would be spendable across all supported e-commerce services.

Already, Terra has secured quite a list of partners. There are 15 e-commerce services signed up — including Woowa Brothers, Qoo10, Carousell, Pomelo, and Tiki — which between them boast a cumulative 40 million customers and some $25 billion in annual transaction volume.

Shin said the project is targeting Asia because it is the world’s most active crypto region. He believes that Terra can take a slice of the payments behind the partner businesses — he’s targeting payment GMV in the region of “tens, if not hundreds, of millions of U.S. dollars” before the end of 2019 — and in doing so set itself up for becoming a stable token by virtue of usage.

Of course, it also has its own stability engine. That features a second token — Luna — which Shin said acts as collateral by accumulating revenue by taking the small transaction fee incurred when spending the Terra token. Shin said an algorithm will use Luna to buy back the Terra token in high season to keep the price stable, while it will burn a portion of tokens to maintain stability during periods of recession. A more detailed explanation of the ‘reserve ratio’ can be found in the Terra whitepaper.

Singapore’s Carousell is among the e-commerce partners slated to work with Terra

Alipay on the blockchain

What makes Terra particularly interesting is that the intention is to build the next Alipay.

Alibaba affiliate Ant Financial, which runs Alipay, may be little known in the U.S. and Europe, but it is dripping with ambition. It is tipped to go public in the next year or two, and already it is valued at over $100 billion following a recent $14 billion funding round.

Alipay is China’s dominant mobile payment service, and it has spawned a digital bank, lending products and more. Ant claims over 500 million users, and it has spent close to $1 billion on a series of aggressive expansions across Asia and beyond as it aims to replicate its formidable Chinese business outside of the country.

Shin explained that he believes Terra could do the same in Asia where, like Alipay, it will try to leverage e-commerce (in this case its partner businesses) to go beyond payments and into financial services.

Shin explained that the plan is to roll out with initial e-commerce partners in Korea during Q4 of this year, before widening to cover Southeast Asia and beyond in 2019. One year later — 2020 — is when he believes Terra will have the required base to welcome developers and third-parties.

“Many projects open up a developer platform prior to adoption,” he explained in an interview. “Once we have tens of millions, if not hundreds of millions, of users is when we’ll open up.”

Exactly what that platform will look like is unclear at this point. Terra is designing a multi-chain structure in order to accommodate numerous chains with its stable coin concept, but it is yet to decide which will primary and therefore the platform for third-party development. Ethereum has tended to be that canvass, but the project is a challenging phase right now so holding out isn’t necessarily a bad thing at this point.

Terra is a hugely ambitious project in the field of often-impossible ideas that is crypto.

Taking on Alipay head-to-head is tough, developing a stable coin is impossible, but doing both lengthens the odds further still. But yet Shin and his team have won the backing of a collective of top names in the crypto space. That, if nothing else, is a good reason to keep an eye on this project.

The odds may be long but, as Shin explains it, you can readily argue that there is upside to having so many big-name partners on board.

“The worst case scenario with this project is a reverse ICO with over 10 e-commerce companies,” he explained. “But the best possible outcome is that we build a platform that competes with Alipay on the blockchain.”

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.

Crypto exchange Binance buys Trust Wallet in first acquisition deal

Binance, the world’s largest crypto exchange based on volume, has made its first acquisition after it snapped up mobile wallet company Trust Wallet.

The deal is undisclosed, but Binance confirmed to TechCrunch that the compensation is a mixture of cash, Binance stock and a portion of its BNB token. U.S.-based Trust Wallet will remain independent following the deal, but Binance, which is headquartered in Malta these days, will assist running the admin side of the business and in non-technical areas like marketing.

“The Trust Wallet team shares the same values as us and the products are very complementary,” Binance CEO Changpeng “CZ” Zhao told TechCrunch in an interview. “For users who like to withdraw funds into a wallet now we have a product they can use.

“We plan to keep the app as independent as possible. There will be more features going into it but not so much from a Binance demand perspective. We are like the addition of a godfather for the baby… there’ll be some cooperation,” he added.

Trust Wallet may not be as well known as wallets such as Imtoken, Delta, or Blockfolio, but Zhao called the company a “diamond in the dirt” with “strong technical skills.”

“They haven’t done much marketing which is where we can help. They are strong technically but don’t like doing marketing, HR etc… now merging with us they don’t have to worry about money,” he added.

Money is, indeed, not a huge issue for Binance these days. The company made a profit in the region of $450-$500 million (dependent on token prices) from its first year of operations. That’s according to figures from the company, which uses 20 percent of its quarterly profits to buy back and ‘burn’ its BNB token.

(Left to right) Binance CEO Changpeng Zhao and Trust Wallet founder Viktor Radchenko

Indeed, Trust Wallet did hold an ICO to raise capital but last month it decided to cancel the sale and return money to its investors.

Trust Wallet founder Viktor Radchenko, who is based in Mountain View, told TechCrunch that the decision was about getting back to developing the app and technology.

“I’m a product person and developer. I spend my time thinking about solving problems for the end-user. I never liked dealing with investors and money people, it is so much hassle,” he said. “Having resources will help us grow quicker and so I can focus on adaption for the users that don’t even have wallets.”

Radchenko said he is now setting his sights on growing the team from five developers right now to 10. The app is currently focused on Ethereum and Ethereum-based tokens, but the plan is to add support for other blockchains including Bitcoin, EOS, NEO.

Trust Wallet will also be one of a number default wallets supported by Binance’s upcoming decentralized exchange, which will remove the shackles of a decentralized exchange and allow users to trade directly with one another. Zhao said the highly-anticipated project is in “active development” although he was hesitant to put a date on when it will be ready.

This Trust Wallet deal is likely the first of many strategic acquisitions for Binance. The company announced plans for a $1 billion fund this summer, and Zhao said that the intention is to make 10-20 investments per year but also augment that with three to four strategic.

“We’re looking for strong tech teams,” he explained. “Acquisition will be a very key component to continuing to grow and contributing to this industry.”

Zhao said that Binance had considered buying companies to accelerate the development of its decentralized exchange, but it wasn’t able to identify the right match.

“Our requirements are very specific, we are looking for speed, there’s no need for fancy smart contracts,” he explained. “We didn’t find the right match for an acquisition [but are] still very open to someone who makes an ultra-fast blockchain.”

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.

Kik launches beta product after $100 million ICO

Kik made waves last year after a successful $100 million ICO. Now the company has released its first beta product related to its Kin token. Called Kinit, it’s a simple wallet that enables users to earn, store, and spend its tokens.

“Kinit is a fun, easy way to earn Kin, a new cryptocurrency made for your digital life. Earning Kin is just like playing a game, only better, because you get rewarded for completing fun daily activities like surveys, quizzes, interactive videos and more,” reads the Google Play Store description. You can download the app for Android here.

The Kin token is unique for a few reasons. First it is not a traditional ERC-20 token and is instead uses Ethereum for liquidity and the on the Stellar network to improve transaction speed. Further, the company is spending a great deal – about $3 million – to get developers to develop on the token through its KinEcosystem site. The Kinit app is the first effort to get normal users to adopt the tool.

The app makes it possible for users to generate a few dollars in value per day and then exchange those dollars for gift cards and perks. According to CCN, Kik has created a product without a business model and instead it wants to drive the adoption of the token through giveaways.

“Kinit is the first publicly available app dedicated to Kin. Our goal with Kinit is to get Kin into more consumers’ hands. It’s a major step towards making crypto truly consumer-friendly through fun and engaging experiences, and we plan to learn and iterate based on real-world user behavior. We’re excited to get even more people earning and spending Kin — all on the Kin Blockchain,” wrote Rod McLeod, Kik’s VP of communications. The app currently asks you to complete surveys in order to get discounts and gift card codes for products.

[gallery ids="1675786,1675785,1675788,1675787"]

With the rise of the product-less ICO it’s clear that Kik has the right idea. By encouraging usage they drive up the token price and token velocity and by launching a general beta full of cutesy imagery and text they are able to avoid the hard questions about developer adoption until far into the future. While the KinIt app is probably not what most Kin holders wanted to see, it’s at least an interim solution while the team builds out sturdier systems.

Bitcoin Cash Support is Now Live on Purse.io

Bitcoin Cash Support is Now Live on Purse.io

This week the well-known Purse.io, a firm that allows people to purchase items on Amazon and save 15 percent or more, has announced that Bitcoin Cash (BCH) support is now live. Furthermore, due to a partnership with the Bitcoin Cash Fund, the company is offering $10 cash back to Purse shoppers who shop and earn before the end of July.

Also read: Cryptocurrency Firm Circle Sees Institutional Interest Spike 30%

Purse.io Launches Full Bitcoin Cash Support

Bitcoin Cash Support is Now Live on Purse.io The firm Purse.io has officially announced full BCH integration due to the overwhelming requests from people asking the company to deploy more coin support. Purse says they have completed a major overhaul of the entire Purse experience, including a redesigned wallet that helps reduce fees.

“Our community has demanded more cryptocurrency choice and this is our first big step. To celebrate, we’ve partnered with the Bitcoin Cash Fund to rain cash on you all,” explains Jaqi Lenee the company’s product design leader.

We’ve built support for Bitcoin Cash [BCH], which is a great option for people who want to save more dough. Transaction fees on this network are currently cheaper and less volatile. Shoppers, simply fill your wallet with Bitcoin or Bitcoin Cash and start shopping. Earners, you’ll be able to pick which coin you’d like to earn before accepting an order. Choose wisely. (Or flip a coin?)    

Bitcoin Cash Support is Now Live on Purse.io

The Purse and Bitcoin Cash Fund Cashback Promotion

The ‘Cashback’ contest will offer $10 cash back for 1,000 shoppers until the end of July and $850 in prizes for top earners, explains Purse. Based on the number of BCH orders accounted for within that time period, there will be a 1st place reward for $500, 2nd place ($250), and 3rd place ($100). Purse details that the Cashback promotion will distribute contest rewards after deliveries are confirmed.

Bitcoin Cash Support is Now Live on Purse.io

Bitcoin Cash fans were excited to see that BCH is now integrated into Purse.io and even posted on some of the purchases they have been making since the launch. One Reddit user writes, “Just made my first purchase. It couldn’t be easier, and I will write a full review when I get my BCH.”

What do you think about Purse integrating bitcoin cash into their system? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock and Purse.io


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The post Bitcoin Cash Support is Now Live on Purse.io appeared first on Bitcoin News.

PR: Ingot Leads the Formation of Komorebi Alliance

Ingot Leads the Formation of Komorebi Alliance

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

It is no secret that the recent volatility in the market has been extreme with Bitcoin and Ethereum prices in freefall. Market participants are suffering losses but also given the opportunity to invest at lower prices to gain if the market pulls up.

Cryptocurrency investor Brian Kelly, states on CCN “Referring back to the basic rule of investing, Kelly noted that during a period in which the market is extremely bullish and optimistic, it is better to sell and eye a timely opportunity to enter and when the market is overly pessimistic, it is wise to look for a position to enter.”

Bitcoin originally was supposed to offer an efficient means of transferring money over the internet and is controlled by a decentralized network with a transparent set of rules, thus presenting an alternative to central bank controlled fiat money. Market participants changed from geeks and believers in Blockchain to funds and investors looking to make profit with the uptrend volatile market. This led people to ignore the primary function of Bitcoin which was to efficiently transfer money over the internet with no control from central banks.

This is affecting the whole markets including the new ICOs and tokens. New ICOs and tokens are simply being invested in to sell once listed and gain whatever discount rate the ICO is offering. Most of the time these tokens are tied to the price volatility and movement of Bitcoin and Ethereum. INGOT Coin has been studying the market carefully in order to develop in ways that separated from Bitcoin and Ethereum as well as their price volatility

INGOT Coin intends to foster building an interconnected global community of trust and cooperation on which the basis of honesty and transparency between its members exist. INGOT is well on its way in making a breakthrough in Crypto & financial markets by presenting a revolutionary gateway towards an all-inclusive environment. The vision and aim of INGOT is to provide the community with real Utility value whether Bitcoin was at a new low or high. To achieve that aim INGOT has partnered with multiple ICOs in order to provide numerous Utilities with an access from one platform. INGOT also does not base their coin on Ethereum or Bitcoin but rather on USD value.

The ICOs are all in different industries from Health to Financial services and E-commerce to Real Estate. INGOT Coin, GMEX-Group, BolttCoin, Modern Finance Chain (MFChain), SwachhCoin, Black.Insure, PlaceToRent (PTRT), Bineuro and Stella have all formed a unified front under one alliance. The group of ICOs along with GMEX plan to establish a single platform that will allow all their communities to use their utilities simultaneously. Furthermore, plans of enabling different discounts among each one of the ICOs is being discussed in order to give edge to all participants.

Providing all those different Utilities through one gateway will provide true value to the tokens and the end users. In giving real utility to different tokens and access from one point it is clear that the latter will be the value of the tokens and not the price and volatility of Bitcoin and Ethereum.

Ahmed Khawanky CMO at INGOT Coin
https://t.me/KomorebiAlliance
https://t.me/INGOTCoin

Contact Email Address
A.Khawanky@INGOTCoin.io
Supporting Link
www.INGOTCoin.io

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PR: Bcshop.io Launches Ethereum Based E-Commerce and Payments Platform

Bcshop.io Launches Ethereum Based E-Commerce and Payments Platform

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

In rapidly developing blockchain industry the lack of useful dApps is a vivid stopping factor for cryptocurrency mass adoption. There are little to no ways to use BTC, ETH or other crypto except for investments or speculations. Targeting exactly this problem, BCShop.io releases the platform where Ethereum ecosystem is provided with real utility value. Being available in test network for months, the product is finally launched in main network at https://bcshop.io/.

The platform opens up great possibilities for cryptocurrency users to buy and sell goods and services with amazing benefits Ethereum blockchain provides. Focusing on digital products at the start, BCShop.io will be expanding to all areas of e-commerce and payments with cryptocurrency tech and regulation evolution.

Available without any software installation and registration, the platform utilizes user’s Ethereum wallet address as one’s unique identifier allowing to access all functions via one of the most popular methods: Trezor, Ledger, Metamask, Keystore and private keys are supported. With pleasurable user experience in mind, BCShop.io aims to become one stop solution for new age of blockchain powered e-commerce and payments.

“We are not cloning Amazon or E-Bay adding native cryptocurrency support. We are reinventing e-commerce and payments enhancing it with amazing opportunities blockchain technology has to offer. Today BCShop.io platform already supports automated business logic and incredibly low fees, smart escrow and unforgeable reputation system, decentralized exchange integration and flexible payment and pricing options. There are even more features to be implemented after initial launch.” States BCShop.io CEO and Founder Vladlen Manshin.

Made available thanks to successful token sale, the platform utilizes its native BCS token at full capacity by providing exclusive utility benefits to token holders. Functions implemented right from the start include 50% fee discount for merchants, cash back reward program for buyers as well as alternative to ETH payment option. Token purchase can be made right at the BCShop.io website due to seamless decentralized exchange integration.

As main network has been launched, heavily focused on development BCShop.io company is now looking for strategic partnerships to further promote cryptocurrency mass adoption. Strategic cooperation regarding enabling cross chain payments for goods and services, on-chain and off-chain private data management, alternative blockchains supports, stable coins support and global promotion to target audience is of very high priority. Business propositions are highly welcomed at bcshop@bcshop.io.

Supporting Link
https://bcshop.io/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Monero (XMR) Lead Helps to Launch New Tari Blockchain

Tari Blockchain

Monero (XMR) lead Riccardo Spagni, also known as “Fluffypony”, is joining forces with Dan Teree and Naveen Jain. Together, the trio is creating a brand new blockchain that will sell event tickets for the benefit of the event producers. The new venture is called the Tari Blockchain.

The Tari Blockchain

The point of this new blockchain, otherwise just known as Tari, is to cut out the middleman reports Fortune. It’s to ensure that the artist, or whoever is actually putting on the event or show, receives the majority of ticket sales.

Riccardo Spagni will ...

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PR: Ubcoin Market Receives Investment from Singapore-Based Amereus Group for the Expansion into the Asian Market

Ubcoin Market Receives Investment from Singapore-Based Amereus Group for the Expansion

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A Singapore-based VC fund specializing in groundbreaking tech projects has become an investor in Ubank’s blockchain ecosystem for selling and buying real goods with cryptocurrency

Ubank, the leading mobile payments app in the Eastern Europe, announced that it has secured an undisclosed amount of funding from the Singapore-based VC fund Amereus Group for the further development of its peer-to-peer blockchain platform Ubcoin Market that would allow its users to acquire cryptocurrency in exchange for real goods and its promotion in the booming Asian market.

Amereus Group is an investment fund supporting innovative tech-enabled businesses in fintech, blockchain, IoT, e-commerce, cloud services, biomedicine, mobile Internet, EdTech, VR, and AR. The fund’s portfolio includes biotech companies Cleabridge Health and Liquidia, a crowdinvesting platform Capbridge, an online aggregator of logistic carriers for international cargo Deliver, and other projects.

“We are excited to announce our decision to support the development of Ubcoin Market and its expansion into the Asian market. Ubcoin Market will become an integral part of Ubank, an app that has been successfully operating in the Eastern Europe for more than 5 years now and that is pre-installed on all Fly and Samsung smartphones, which is particularly impressive considering that only 9% of all ICO projects have a working business and/or product prior to the start of their crowdfunding campaign,“ comments Rim Hosup, Director at Amereus Group. “Apart from that, Ubank has ensured that their blockchain product meets all KYC and AML requirements and has conducted due diligence and all the other procedures proving the stability, transparency, and legality of the company and its structure. It is another very important point that sets Ubcoin Market apart from the majority of ICO projects and that has naturally influenced our decision”.

Ubcoin Market utilizes blockchain technologies to create an easy-to-use tool that would solve problems of people wishing to enter the world of crypto investments in a hassle-free manner as well as of experienced blockchain market participants in need of a convenient method of spending their crypto wealth. The project is planning to start its expansion into the Asian market during the 2nd and 3d quarters of 2019. Ubcoin Market is going to conduct a detailed preparatory research of separate national markets in order to adjust their product development strategy for local cultures, and Ubcoin Market’s partnership with the Singapore-based Amereus Group will be highly valuable in that respect.

“Asia is the most promising market for the development of our business — we believe that it is in these countries that our product will be most popular. That’s why we are thrilled to become partners with the investment fund Amereus Group that is willing to provide a financial support as well as a deep insight into different national markets of the continent,” says Felix Khachatryan, CEO and one of the co-founders of Ubank and Ubcoin Market.

Amereus Group is the third major investment fund that has supported Ubank: in 2013, Ubank received an $8 million investment from Runa Capital and, in April 2018, an undisclosed amount of funding from Inventure Partners.

Ubcoin Market is open to collaboration with other investment funds and pools focused on the ICO market and encourages them to contact the project now, at the stage of its token sale, when the project’s partners are guaranteed especially favourable terms.

About Ubcoin Market
Ubcoin Market is a blockchain project developing a smart ecosystem for easily investing and exiting cryptocurrency by buying and selling goods and services. Ubcoin Market was founded by the same team that founded Ubank, the leading mobile payments app in Eastern Europe that, as of today, has 2.5 million active users , more than 16 million downloads around the world, and has been pre-installed by Samsung and Fly. To learn more about the vision and the structure of the project visit its website and read is whitepaper.

Contact Email Address
elena@lavender-pr.com
Supporting Link
https://ubcoin.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Hanoi Prohibits Use of Cryptocurrencies in E-commerce Transactions

Hanoi Prohibits Use of Cryptocurrencies in E-commerce Transactions

The Hanoi Department of Industry and Trade has prohibited organizations and individuals involved in e-commerce business in the city from using bitcoin and other cryptocurrencies. This follows a directive signed by the country’s prime minister intended to strengthen the legal framework of cryptocurrencies.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Banning Crypto Use in E-commerce

The Hanoi Department of Industry and Trade announced on Saturday that it has sent document No. 1638 / SCT-QLTM to “organizations and individuals directly or indirectly related to e-commerce business in Hanoi [to] not use bitcoin and other virtual currencies (cryptocurrencies) to settle e-commerce transactions online.” Citing that if violations are detected, “they shall be strictly dealt with according to the provisions of the law,” the regulator wrote:

The Department of Industry and Trade requires organizations and individuals who are directly or indirectly involved in e-commerce business in Hanoi to strictly abide by the above-mentioned regulations and do not use bitcoin and other virtual currencies….in payment of e-commerce transactions, online purchases and sales, [and] payment [of] online services in contravention of Vietnamese law.

Vietnamese Law on Crypto

Hanoi Prohibits Use of Cryptocurrencies in E-commerce TransactionsCiting provisions of the government’s Decree No. 101/2012 / ND-CP on non-cash payment instruments, the document reiterates, “bitcoin and other similar virtual currencies are not legal means of payment in Vietnam; The issuance, supply, use of bitcoin and similar virtual currency is prohibited in Vietnam.”

Violations are subject to a “fine of between VND 150,000,000 [~US$6,608] and 200,000,000 [~$8,810] for individuals and for organizations with two times the fine level for personal,” the document emphasizes. Furthermore, as of January this year, issuing and using cryptocurrencies “may be subject to criminal prosecution.”

Hanoi Prohibits Use of Cryptocurrencies in E-commerce TransactionsLast week, the Vietnamese Prime Minister Nguyễn Xuân Phúc signed a directive to strengthen the management of activities related to bitcoin and other cryptocurrencies. This follows reports of the country’s “biggest digital money fraud in history,” which duped approximately 32,000 Vietnamese out of VNĐ15 trillion (~$658 million). The police are currently investigating the case.

Meanwhile, the Justice Ministry, the State Bank of Vietnam (SBV), and related agencies are working on the regulatory framework for cryptocurrencies. According to the Ho Chi Minh City Customs Department, the number of bitcoin mining rigs legally imported into the country has skyrocketed since last year, prompting the department to propose a ban on their imports. Earlier this year, the department revealed that, in the first three weeks of January, almost 8,000 mining rigs were legally imported into the city.

What do you think of Hanoi prohibiting the use of crypto for e-commerce transactions? Let us know in the comments section below.


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