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Payment services via Bitcoin now available for South Korean Beachgoers

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According to a recent report, a pilot project run by Bitbest-affiliate firm CIC Enterprise will be providing crypto payment options for two top beaches in South Korea for tourists.

ZDNet Korea stated that the CIC Enterprise is partnering with cash and card payment provider Innotech to provide such service. With this service, tourists going to the beaches can now pay for their water sports-related services using Bitcoin.

The report reveals that the service will be available for the famous beaches in Busan, South Korea, renowned for their massive tourist visits.

More efficient and faster payment solution

Bitbeat reveals that tourists can complete their payment using Bitcoin within 10 seconds, making it the fastest payment solution for them. The payment processor will depend on the utilization of QR codes for any crypto wallet in the world. This makes it different from other payment solutions that usually require customers to complete their payment through rigorous downloads of apps before payment is processed.

The company stated that the goal is to make the new payment solution more accessible and used in real life, as it tries to provide a conducive cryptocurrency payment environment for all tourists.

“We hope that the virtual currency used in the Haeundae-gu beach system will be more widely used in real life,” the company stated.

The Busan authorities think that people will find it more convenient to use the already available services within the Haeundae beaches rather than stressing themselves to come along with their own things to enjoy their time on the beach.

The Haeundae beaches are not the only beaches offering such services. Songjeong is another beach offering similar crypto payment service in South Korea.

On June 20, a Busan-based private-public consortium stated its intent to establish a medical tourism platform that will be powered by blockchain technology. However, the company has not finalized the project’s launch date. Based on the report, Busan Bank will be sponsoring the initiative.

The initiative will make life easier for tourists

The project, when established, will offer tourists the convenience of paying for parasol rentals, life jackets, and water sports-related activities using Ethereum (ETH), Bitcoin, as well as ERC20 and WAY tokens via a smartphone-based platform.

This initiation is intended to make life easier for tourists who visit the beaches in droves. The tourist industry has been affected by the lockdown surrounding coronavirus. But with the gradual easing of lockdown in South Korea, the service will become quite beneficial to tourists.

Source: https://insidebitcoins.com/news/payment-services-via-bitcoin-now-available-for-south-korean-beachgoers

Blockchain

UNI Token Price Stable Above $5.50 As Negative Funding Rates Rise

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The UNI token price remains stable above the $5.50 level after seeing a massive inflow of investments in the past day. The biggest buy-side order outweighed the relative small sell orders from the users that got the 400 tokens after the airdrop as we reported in the altcoin news previously.

The uptrend was further perpetuated by other exchange listings such as Coinbase listing the UNI token, and binance listing the token within a day of the launch. This also gave the retail investors unprecedented access to the token which seems to be helping to offset the instant sell-side pressure which came as a result of the airdrop. It’s also important to note that the funding for the UNI token is giving bulls more fuel to push it higher with the rates sitting at more than $280,000 per year. The huge negative funding rates are also incentivizing traders to open the long positions on the cryptocurrency. The nature of the short positions will reduce the selling pressure that comes from the people that are trading UNI perpetual swaps.

uni token chart
Image Courtesy of DegenSpartan.

At the time of writing, the  UNI token price is sitting at $5.80 which marks a new all-time high for the cryptocurrency that has been climbing slowly higher over the past few days. it’s also important to know that this marks a huge rise from the $1.00 lows that were set shortly after the listing. The lows came above because of the intensity of the initial selling pressure from the users that sold the tokens that were initially airdropped to them.

uniswap
Source: Uniswap

After the launch, the token garnered listing on a few exchanges including Binance, Coinbase, and FTX. This led to a huge inflow of buying pressure from investors and helped fuel the upswing. The cryptocurrency is trading around the all-time high as the bears are having a hard time making an impact. another factor that could influence the uptrend of the token is the massive negative funding rates for the perpetual swaps of the token. One trader also spoke about this explaining that about 0.1% of the users are paying each other to short the token which is making a strong bull case for the asset:

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 “At -0.75% every 8 hours, or -0.0994% every hour, you are being paid 2.2% – 2.4% a day to be long UNI via perps.”

Assuming that this trend will surround the perpetual futures, UNI could rally higher in the upcoming days and weeks.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/altcoin-news/uni-token-price-stable-above-5-50-as-negative-funding-rates-rise/

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Ethereum, IOTA, Compound Price Analysis: 19 September

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DeFi token transactions continued to congest Ethruem’s network as Etherscan showed that addresses related to Uniswap had guzzled a significant amount of Gas over the past 24 hours. At the time of writing, Ethereum’s charts pointed to a likely drop. While on-chain metrics made a strong case in support of an Ethereum slide, it must be noted that traders’ sentiment toward the crypto-asset has been positive. Further, Compound and IOTA continued their bearish trend as IOTA’s mini-rally ran out of steam.

Ethereum [ETH]

Ethereum, IOTA, Compound Price Analysis: 19 September

Source: ETH/USD on TradingView

Ethereum was trading at a price of $382, at press time. The VPVR showed that the Point of Control (PoC) for the asset lay at $383.7. Further, ETH was facing significant resistance from $382 to $400, with the VPVR showing significant trading activity at these levels recently. The order book impedes a quick surge of the crypto-asset through this price zone.

As far as other indicators are concerned, the RSI showed a value of 55, at the time of writing. While the RSI noted bullish momentum for most part of the week, a weak bearish divergence was also seen.

The price had reached a ceiling, while the RSI formed a lower high, as highlighted by the white lines. This could forecast bearishness in the short-term for ETH and see it drop to find support at $363.

In other news, the US-based cryptocurrency exchange Coinbase Pro announced that they would be passing on Ethereum gas fees directly to customers.

IOTA

Ethereum, IOTA, Compound Price Analysis: 19 September

Source: IOTA/USD on TradingView

The Bollinger Bands had tightened around the crypto’s price, indicating falling volatility in the price movement of IOTA. This usually implies a period of consolidation for the crypto-asset.

In fact, the past few days also did not see a trading session with extraordinary volume and no breakout to either side had been achieved, by press time.

In other news, Jakub Cech, Director of Engineering at IOTA Foundation, recently released a development update that detailed the progress of Chrysalis (IOTA 1.5), Bee, and Hornet, among others.

Compound [COMP]

Ethereum, IOTA, Compound Price Analysis: 19 September

Source: COMP/USDT on TradingView

COMP’s charts highlighted bearishness in the short to medium trend as the 50 SMA (yellow) crossed under the 100 SMA (pink) last week, while the 20 SMA (white) crossed beneath the 50 moving average over the past couple of days.

The 50 SMA had also acted as resistance over the past week, with the price continuing to set lower highs. While the price did break beneath the support level at $152.9, the trading session had not closed, at the time of writing.

The Parabolic SAR also gave a sell signal and it appeared likely that COMP would slide to find support at $140.

Compound continued to hold the 7th rank on DeFiPulse with a total value locked of $703 million.

Source: https://eng.ambcrypto.com/ethereum-iota-compound-price-analysis-19-september

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Balkan cryptocurrency realm ready to replace ageing Dinar payment systems

The Balkan cryptocurrency realm is heating up. Various Balkan states are exploring cryptocurrencies in anticipation of bringing a huge financial revolution in the region. The daring few working in the Balkan cryptocurrency realm may very well reap huge benefits if they can successfully transform the region’s economic scenario. The consistent rise of digital payments is […]

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The Balkan cryptocurrency realm is heating up. Various Balkan states are exploring cryptocurrencies in anticipation of bringing a huge financial revolution in the region. The daring few working in the Balkan cryptocurrency realm may very well reap huge benefits if they can successfully transform the region’s economic scenario.

The consistent rise of digital payments is a step in the right direction. The growth of alternate payment mechanisms is building a fertile ground for cryptocurrencies. For example, former Yugoslavian countries have bad memories of the 1990s hyperinflation era and therefore citizens lack trust in government agencies and central banks. Such an environment is apt for cryptocurrency promotion.

A lot is going on in the Balkan cryptocurrency sector

Censorship resistant cryptocurrencies offer numerous benefits over traditional financial systems. Arvin Kamberi of the Bitcoin Association of Serbia is confident that virtual payments will grow tremendously especially during the pandemic months. The region already has a decent crypto mining industry thanks to low electricity cost. Lately, the Balkan cryptocurrency realm has progressed on the digital asset and crypto payments front as well.

Serbia is exploring crypto law enactments to ensure optimum growth of the decentralized financial technologies. The nation wants to build a robust crypto trading sector. Slovenia is also working out the modalities of crypto legislations. It boasts of a vibrant crypto-friendly shopping and retail points.

Laying the foundation for Balkan cryptocurrency

Colibra, a crypto startup based in Bulgaria, offers Bitcoin compensation to tourists for airline delays. The town of Sveta Nedelja in Croatia has recently unveiled a payment system where shoppers can pay in cryptocurrencies. Telos, a popular blockchain platform, has partnered with Croatia’s Katalyo dApp platform, for real estate tokenization.

Douglas Horn of Telos Blockchain says that real-estate tokenization helps reap big dividend benefits and aids in rental revenue. He adds that Telos is creating solutions that help developers and builders leverage from fee-less, instant, and transparent tokenized systems. It is working towards decentralized economy systems and data storage solutions to add more value to the economy.

Industry experts are optimistic that Balkan cryptocurrency potential is just starting to unravel. Both the blockchain and cryptocurrency technologies have the potential to transform the region’s financial ecosystem and bring the region at par with neighbour European nations.

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