This is a sponsored article provided by TenX.
Ever since it was introduced in Satoshi Nakamoto’s 2008 white paper, bitcoin has had yearning potential to be used regularly around the world for everyday purchases. It has built-in capability to make purchases faster, more secure and more convenient, but a lack of widespread infrastructure and adoption have stood in the way of this vision becoming a reality.
Enter TenX, a Singapore-based blockchain company built to allow users to convert their bitcoin to fiat instantly, wherever they choose to leverage it. With its payment system in place, TenX is helping to realize bitcoin’s greatest potential.
Building the Bridge to Bitcoin
Through a payment system that includes the mobile TenX Wallet app, which can be funded with bitcoin and other cryptocurrencies, and the TenX Visa Card, which is useable at more than 54 million merchant locations across nearly 200 countries, TenX is granting users the ability to make everyday purchases and withdraw fiat using bitcoin.
When users leverage the TenX Visa Card, merchants receive payment in fiat currency, ensuring a seamless transaction that benefits both sides. This conversion is conducted automatically and instantly, so, as far as Bitcoiners are concerned, they’re purchasing cups of coffee (or anything else, for that matter) using BTC — a momentous advance in useability for the original cryptocurrency and the dream of many long-standing Bitcoiners.
Not only are such services making it considerably easier for Bitcoiners to live their lives using the currency of their choice, but they’re also creating an effective new onboarding pipeline for new users.
“We noticed that there are many potential customers who are intimidated about getting into crypto, even though they are curious about the space,” said Toby Hoenisch, CEO and co-founder at TenX. “Part of TenX’s mission is to transition the world to being able to access crypto in an easy and safe way and to help users feel comfortable about their journey into the space.”
Convenience, With Security Protection
Though it is working to make investment in and frequent use of bitcoin vastly more convenient, TenX is maintaining a core tenet of the technology: security.
TenX adheres to the rigorous security standards imposed by the Payment Card Industry Security Standards Council (PCI), ensuring any data transmitted through card processing transactions is protected. The TenX Visa Card has an added layer of real-time fraud prevention and security verified by Visa to prevent unauthorized use online.
Users can instantly lock their cards through the TenX app, leverage facial recognition and fingerprint unlock features on supported devices and the app automatically makes over-the-air updates to its most secure available version. Two-factor authentication (2FA) is enforced for all TenX users.
A Special Promotion in Trying Times
TenX and Bitcoin Magazine have partnered to give our readers and community members in card-live countries a free TenX Visa Card. In a time of unprecedented economic uncertainty, paying through contactless methods and the continued adoption of bitcoin could introduce new options and levels of security to users around the world.
These cards will be valid in the Asia Pacific region and in Germany and Austria. The promotion will run for four weeks, from April 28, 2020 to May 31, 2020.
To learn more, visit TenX’s homepage and download the TenX Wallet app. For your free card, utilize the code pictured below.
The post Combining Convenience and Security, TenX Is Expanding Bitcoin Usability appeared first on Bitcoin Magazine.
“Bitcoin Is A Solid Store Of Value”, MicroStrategy Founder Testifies
The founder of Microstrategy, “the largest independent publicly-traded business intelligence company,” as it brands itself, has recently made remarkable comments about Bitcoin’s ability to scale. Michael Saylor, took to Twitter to express what can be summed up as “tried-and-tested” feedback on Bitcoin’s seamless scalability features. “Bitcoin scales just fine as a store of value,” Michael Saylor, who is obviously still very bullish on Bitcoin said.
Earlier this week, Microstrategy was making rounds in the cryptocurrency space after Saylor revealed that the company has keyed into the wave of digital currencies once again, by increasing its existing Bitcoin holdings by 16,796 Bitcoins at an aggregate purchase price of $175 million.
Michael Saylor also revealed on Thursday that another 21,454 BTC off-chain transaction was recently carried out. 78,388 off-chain transactions were made in the acquisition process, while a significantly lesser amount of 18 on-chain transactions was all that was needed to secure the acquired Bitcoins into a cold wallet for storage. On-chain transactions often require miners to make confirmations that validate the transactions. Up to 51% of the network participants must agree on the accuracy of the transaction before the ledger is updated.
When it comes to scalability, the Bitcoin blockchain has its fair share of barriers and the delay in transaction speed caused by a high volume of pending transactions has called for solutions like the lightning network. While some developers were of the opinion that block sizes should be increased for on-chain renovation, others called for off-chain improvements. In spite of this, as Saylor observed, Bitcoin is still able to carry out transactions at a good rate, even with a 7 TPS, on-chain scaling is still moderate.
Saylor has not always been a Bitcoin advocate. In 2013, the CEO linked Bitcoin to online gambling, alerting the public that Bitcoin was a time bomb waiting to explode. He can be quoted saying “Bitcoin’s days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
Modifying his statement in an interview with the co-founder of Morgan Creek Digital, he said; “I’m really ashamed to say I didn’t know I tweeted it, until the day I said I bought $250 million worth of Bitcoin.” So far, Microstrategy has purchased 38,250 Bitcoins since July 28th when it first showed interest in acquiring cryptocurrencies. It will no longer be surprising to see Microstrategy securing more cryptos in the future as its recent Bitcoin purchase caused a 9% rally in tandem.
Report: Privacy coins don’t conflict with Anti-Money Laundering laws
Privacy-oriented cryptocurrencies like Monero (XMR) do not conflict with Anti-Money Laundering laws, according to a major global law firm.
Perkins Coie, a Seattle-based international law firm, published a report devoted to the AML regulation of privacy coins on Sept. 15. In the report, Perkins Coie aims to dispel the purported misconception that privacy coins like XMR are fundamentally incompatible with AML compliance, arguing that regulated entities are capable of complying with AML obligations while supporting privacy coins.
According to Perkins Coie, privacy coins ultimately present “no incremental challenges or requirements” to Virtual Asset Service Providers, or VASPs, other than the need to collect, retain and transmit certain customer and transactional data to the recipient. The firm emphasized that these requirements are not unique to VASPs, adding that they should remain subject to the same standards as traditional financial institutions.
The report goes on to say that if VASPs serve as custodians of the private keys of their users, they will be able to see the number of privacy coins and report on suspicious activity in compliance with AML measures. For example, Monero — the world’s largest privacy-focused cryptocurrency — essentially enables users and VASPs to disclose certain transactional details associated with a given account to a third party, the report noted.
Perkins Coie’s experts emphasized that these features are part of the key functionality built into the Monero protocol, stating:
“This enables users and VASPs to disclose certain transaction details associated with a given account to a third party without publicly disclosing that user’s transactional information. In addition, VASPs can require up-front disclosures as part of their registration process and on an ongoing basis to meet their obligations.”
Apart from arguing for privacy coins’ compatibility with AML, the report outlines the crucial role of financial privacy in general.
“Businesses rely on and expect financial privacy. Without maintaining confidentiality, commercial transactions would be visible for competitors and nefarious actors to analyze, predict, front-run, and exploit. This radically transparent type of environment would likely result in market manipulation by participants, a hindrance to innovation, and an unfair advantage for competitors and counterparties alike,” it states.
Perkins Coie’s report comes shortly after the United States Internal Revenue Service announced a bounty of up to $625,000 to anyone who can crack Monero’s privacy.
Major cryptocurrency intelligence firm CipherTrace reportedly claimed that their crypto tracking tool is capable of tracing Monero transactions. A number of industry players subsequently expressed skepticism regarding the matter.
European Union will introduce crypto-asset regulations by 2024 – a report by Saumil Kohli.
According to the Reuters report, the European Union will introduce new rules within four years to make cross-border payments quicker and cheaper using blockchain and crypto-assets like stablecoins. The European Commission is due to set out its strategy for encouraging greater use of digital finance at a time when 78% of payments in the eurozone are in cash. The commission also wants a rapid shift to “instant” payments, generally as pandemic lockdowns showed the growing role of cashless payments.
The EU executives will set out new rules for cryptocurrencies.
The European Union executives will present a draft law to clarify how existing regulations apply to crypto-assets and set out new regimes where there are gaps, the documents said. “By 2024, the EU should put in place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector,” the documents said. “It should also address the risks associated with these technologies.” Stablecoins came on the policymakers’ agendas last year when Facebook revealed plans for its Libra token. Central banks across countries are now studying whether to launch their own.
Instant payment systems should become the “new normal” by the end of 2021.
Brussels wants to make it easier to share data within the financial sector to encourage competition and a wider range of services while upholding the principle of “same risk, same rules, same regulation,” the documents say. The bloc should also have rules in place within the next four years to allow new customers to start using financial services quickly once anti-money laundering (AML) and identity checks have been completed, it said. The report further states that the commission will assess the impact of charges levied on consumers for instant payments and make sure that they are no higher than those for regular credit transfers.
Blockchain3 weeks ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
Blockchain1 month ago
The US Post Office Files a Patent for a Blockchain-Based Voting System
Blockchain4 months ago
How to Identify the ‘Third Wave’ of Cannabis Investments
Blockchain2 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics
Blockchain2 months ago
Top Five Most Advanced Cryptocurrencies
Blockchain3 months ago
5 Tips to Interest the Press in Your Cannabis Business
Blockchain3 months ago
Top 5 Most Effective Cannabis Marketing Strategies
Blockchain8 months ago
What is Litecoin? | A Complete Beginners’ Guide