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The Feasibility of Bitcoin as a Savings Option

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The growing demand from consumers has led to the rise of a variety of alternative saving accounts that cater to every kind of client. An article by The Balance listed some of the different types of savings accounts which include basic savings accounts, online savings accounts, money market accounts, certificates of deposit, interest checking and specialty accounts.

The providers of these savings accounts have also introduced mobile apps to help customers manage their finances, with many of them incorporating the ability to track spending and glean insights into their financial habits. A blog post by Petal explains the importance of these features – spending charts help make users more aware of their spending patterns; revealing what months were the most expensive, the merchants they spent the most on, and what items are taking up most of their budget are seen as essential steps for building better spending habits. Financial institutions seem to be paying greater attention to helping their customers become better savers and become more financially aware individuals, but for the most part, these efforts have been limited to managing fiat money.

Fortunately, the rapid progression crypto has experienced in recent years has seen several startups offering crypto savings accounts around the world, to be accessed in increasingly convenient ways. One Asian startup even lets customers buy and sell Bitcoin at 7-Eleven stores, making this currency more available for the unbanked demographic. Crypto savings accounts like these are revolutionary pieces of fintech that allow people to protect their finances from threats of inflation and economic instability. To learn more about these kinds of savings accounts, here are some of the startups that have started offering crypto saving accounts in America:

Blockfi

Blockfi is one of the leading digital asset management service providers that allows investors to earn 0.5% to 8.6% annual percentage yield (APY) on their crypto asset holdings. In his article on Medium, Joe Pile explains that the good thing about having a Blockfi savings account is the zero-fee trading feature that allows users to seamlessly trade between different types of cryptocurrency on the platform. Another feature that makes Blockfi really appealing is the compound interest feature that enables the interest you earn to earn interest the next month, helping you build wealth exponentially over time. Of course, if there are perks, there are also drawbacks, including the high withdrawal fees and the long withdrawal time which can take up to 24 hours to be processed.

Celcius Network

Celcius Network allows you to grow passive income by issuing asset-backed loans and lending coins to hedge funds, exchanges and institutional traders. People who are interested in opening a Celsius savings account are free to deposit as little or as much as they want, depending on how confident they are with the platform. Withdrawals are also free and you’ll always have 100% access to your funds due to there being no lock-up protocol. Interest payments are also done on a weekly basis. However, unlike Blockfi, Celsius only offers simple interest and has a $20,000 limit on immediate withdrawals. The platform also requires account holders to pass KYC before they can earn interest and does not have a downloadable earnings statement.

BitLeague

Last year, BitLeague announced the public launch of Bitcoin Term Deposit, which permits global Bitcoin holders to enjoy up to a 9% annual return on their Bitcoin savings if they apply on their website and download their app. Benzinga’s article on BitLeague explained that aside from high-interest rates, this crypto savings account offers many choices on terms, as well as a zero trading commission service to those who buy and/or sell Bitcoin. Unfortunately, all services by BitLeague are Bitcoin-focused, but there are plans regarding the launch of a Libra interest account which will offer an expected rate of 6%.

The post The Feasibility of Bitcoin as a Savings Option appeared first on Crypto Core Media.

Source: https://cryptocoremedia.com/the-feasibility-of-bitcoin-as-a-savings-option/

Blockchain

TikTok Avoids US Shutdown as Oracle, Walmart Swoop In

TikTok will live to see another day in the United States.  President Trump has approved a deal between TikTok owner ByteDance, Oracle and Walmart, which averts the ban that was to take effect on Sept. 20. The ban, which would have prevented all downloads of the app in U.S. app stores, has now been postponed […]

The post TikTok Avoids US Shutdown as Oracle, Walmart Swoop In appeared first on BeInCrypto.

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TikTok will live to see another day in the United States.

President Trump has approved a deal between TikTok owner ByteDance, Oracle and Walmart, which averts the ban that was to take effect on Sept. 20. The ban, which would have prevented all downloads of the app in U.S. app stores, has now been postponed by one week.

In a statement, the  Commerce Department indicated that the restrictions are now slated to come into effect at 11.59 p.m. on Sept. 27. According to a CNN report, the deal maintains ByteDance as TikTok’s majority shareholder, with Oracle and Walmart cumulatively controlling 20 percent of the company.

Ownership and Data Access Issues

According to a Bloomberg report, ByteDance is seeking a $60 billion TikTok Global valuation, with the app’s U.S. operations alone valued at over $50 billion. This would mean that Walmart would pay $4.5 billion for its proposed 7.5 percent stake and Oracle would pay $7.5 billion for its prospective 12.5 percent stake.

The report further reveals that the deal’s final valuation and payment structures have not been agreed on yet because negotiations regarding equity structure and data security are still ongoing. Both Beijing and Washington are yet to fully agree on what parties get access to what part of TikTok’s valuable proprietary technology, such as recommendation algorithms.

According to Bloomberg, Chinese authorities are said to be in favor of the current deal because ByteDance maintains an overwhelming majority stake. This apparently was what gave Oracle the advantage over Microsoft, which offered to buy out TikTok Global in its entirety.

The deal would see Walmart CEO Doug McMillon take a seat on the five-member board of TikTok Global, which controls the app’s activities in the U.S. and around the world, excluding China. According to Bloomberg, VC firms Sequoia Capital and General Atlantic could also build equity positions in the company as part of the deal.

In a statement from TikTok quoted by CNN, the company said:

“We will also maintain and expand TikTok Global’s headquarters in the US, while bringing 25,000 jobs across the country.”

TikTok BanTikTok Ban

TikTok To Migrate From AWS to Oracle Cloud

The deal will also see TikTok move from Amazon Web Services (AWS), its current hosting provider, to Oracle Cloud. In a statement quoted by CNN, Oracle CEO Safra Catz said:

“As a part of this agreement, TikTok will run on the Oracle Cloud and Oracle will become a minority investor in TikTok Global. Oracle will quickly deploy, rapidly scale, and operate TikTok systems in the Oracle Cloud. We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world. This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok user community to benefit all stakeholders.”

According to CNN sources, Oracle will get full access to TikTok’s source code and app updates in order to ensure that there are no back doors for the Chinese state to harvest data or spy on the app’s 100 million+ American users.

Source: https://beincrypto.com/tiktok-avoids-us-shutdown-as-oracle-walmart-swoop-in/

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Is Bitcoin really on Ethereum ? Will either proponents softfork BTC to ETH?

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Bitcoin and Ethereum have long been the two most-popular cryptocurrencies in the market. While Bitcoin has remained top of the charts, for most of the time, Ethereum has been the cryptocurrency following it. This, despite the fact that a number of altcoins have taken a jab at ETH’s position over the years. Spoiler – None have survived for long.

Due to ETH’s persistence, the community is also massive. Hence, it is obvious that communities would compare each others’ coins, network effects, etc. It is no surprise then that the debate/fight between BTC and ETH is also a longstanding one.

In today’s debate, the topic of contention is simple, mundane, yet unclear – whether Bitcoin is on Ethereum or not. Although the debate in question had seemingly diverted away from the topic at press time, the same was reignited by Peter McCormack’s latest tweet.

Now, McCormack has long claimed to have a mind open enough to understand and learn about other altcoins, despite being a Bitcoin proponent himself. While many have attacked him for his tweet, it does make sense because, obviously, Bitcoin is not on Ethereum. Neither of them exists on each other’s, but on their own, separate blockchains.

Before we get into the debate, it should be known that Bitcoin, as an ERC token, ergo on the ETH blockchain, has been on the rise lately. For argument’s sake, the total number of Bitcoin on Ethereum, as of press time, was worth $1 billion aka 106k BTC.

Although the total BTC locked on ETH has exceeded 100k, there are different tokens like WBTC, rBTC, hBTC, tBTC, etc. and each token varies in build and construction. The common argument that can be made here is that none of the Bitcoins are really on ETH because, in fact, they are just IoUs.

Bitcoin developer Luke DashJr, however, was one of the many to disagree, after he tweeted,

“I don’t agree. Bitcoins can be on Ethereum in the same way they’re on exchanges, Liquid. etc”

Ethereum folks were quick to pitch in to, with many happy about Bitcoin finally finding its way to the Ethereum blockchain.

Interestingly, while a majority of the Bitcoin and Ethereum communities were arguing about what is right and what is the right terminology, Vitalik Buterin, Founder of Ethereum, came forward to discuss a far-fetched idea. An idea where miners could, in the near future, soft fork Bitcoin and “reject withdrawals from Bitcoin-side addresses that do not have valid corresponding initiation orders on the Ethereum side.”

Needless to say, this was the latest cannon fire in the ongoing battle between Bitcoin and Ethereum.

Source: https://eng.ambcrypto.com/is-bitcoin-really-on-ethereum-will-either-proponents-softfork-btc-to-eth

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Ripple price falls to $0.244, what’s next?

Ripple price follows the market trend to falling to $0.244 low. Analyst expects a drop to $0.21 mark before another rise. Mixed market sentiment and bearish market are main contributing factors. The Ripple price line fell bearish after testing the Exponential Moving Average (EMA) on the 20th of September. The price slipped below the $0.244 […]

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  • Ripple price follows the market trend to falling to $0.244 low.
  • Analyst expects a drop to $0.21 mark before another rise.
  • Mixed market sentiment and bearish market are main contributing factors.

The Ripple price line fell bearish after testing the Exponential Moving Average (EMA) on the 20th of September. The price slipped below the $0.244 mark by the evening. The market is expected to rise, and Ripple price with it.

1-Day Ripple price analysis

The price approached the day’s high of $0.254 US Dollars by noon on the 19th of September. The cryptocurrency traded at $0.24596 US Dollars on Bitstamp, at the time of writing. Whereas, the day’s low was observed at the $0.243 mark.

XRPUSD technical indicators

The Trading View analyst Ronin is of the opinion that the cryptocurrency is currently undergoing a wave trading pattern. Per the crypto analyst, the price will now fall towards the $0.21 level to complete the 5th wave of this trade.

Currently, the cryptocurrency appears to be testing the EMA marked in orange. The technical indicator may cause the cryptocurrency to be pushed back and fall towards the $0.21 support level. Per the chart above, the cryptocurrency’s trade volume has been decreased ever since the start of September.

The Relative Strength Index (RSI) stands near 45.00, which means that the technical indicator is in a neutral zone. The Moving Average Convergence Divergence (MACD) line appears to be moving above the signal line, while the Histogram is decreasing in the positive region.

What’s next for Ripple?

The Trading View analyst Saeed believes that the XRP price will see an uptrend towards the $0.28 resistance, which will then be followed by a price fall towards the $0.21 mark.

Per the analysis, the cryptocurrency trades inside a falling wedge pattern. The XRP price fell below an ascending trend line marked in the chart above. The recent accumulation above the $0.24 level may allow the cryptocurrency to rise towards the ascending trendline. For this ascension, the XRPUSD pair will have to break above the falling wedge pattern and test the rising trend line. The analyst believes that the resistance will be strong enough to cause the cryptocurrency to fall down towards the $0.21 support level.

What to expect from the XRP price?

The Trading View analyst Vince Prince has stated that the XRPUSD trading pair is under an overall bearish bias while it trades inside of an ascending channel.

The cryptocurrency recently made its way towards the back-up-cluster near the lower ascending trendline of the trading channel. Per the analyst, the XRPUSD pair has bounced from this cluster, which means that the cryptocurrency will now make its way across the midpoint of the ascending channel and towards the upper ascending trendline. If the cryptocurrency, at any point, breaks below the ascending channel, the price will fall in the bearish zone. This is why the cluster region is important for XRP to hold.

If Ripple closed above the 400-Day EMA (green), the price will have more room to move towards the upside and test the upper trendline. However, the ascending channel may eventually result in a bear flag for Ripple, which means that the cryptocurrency is still in a bearish bias. For now, the XRPUSD pair is expected to test the higher levels if it holds the $0.248 support.

Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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