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    bitcoin 12800 flying

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    ayPal to allow cryptocurrency buying, selling and shopping on its network
    By Anna Irrera

    3 MIN READ

    LONDON, Oct 21 (Reuters) - PayPal Holdings Inc joined the cryptocurrency market on Wednesday, allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets.

    PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement.

    PayPal hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations, President and Chief Executive Dan Schulman said in an interview.

    “We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” he said.

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    U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. It plans to expand to Venmo and some countries in the first half of 2021.

    Other mainstream fintech companies, such as mobile payments provider Square Inc and stock trading app firm Robinhood Markets Inc, allow users to buy and sell cryptocurrencies, but PayPal’s launch is noteworthy given its vast reach.

    The company, based in San Jose, California, has 346 million active accounts around the world and processed $222 billion in payments in the second quarter.

    Cryptocurrencies tend to be volatile, making them attractive to speculators, but a lot less appealing to merchants and shoppers. Transactions have been slower and more costly than other mainstream payment systems.

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    Cryptocurrency payments on PayPal will be settled using fiat currencies, such as the U.S. dollar, meaning merchants will not receive payments in virtual coins, the company said.

    Many central banks around the world have expressed their intention to develop digital versions of their currencies in the coming years, while Facebook Inc-led the creation of a cryptocurrency project called Libra in 2019. PayPal was a founding member but dropped out after a few months.

    PayPal, which has secured the first conditional cryptocurrency license from the New York State Department of Financial Services, will initially allow purchases of bitcoin and other cryptocurrencies called ethereum, bitcoin cash and litecoin, it said. It partners with Paxos Trust Company to offer the service. (Reporting by Anna Irrera; Editing by Richard Chang)

    Our Standards: The Thomson Reuters Trust Principles.

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    PayPal's big Bitcoin endorsement
    A cryptocurrency once condemned for its use in cyber fraud, money laundering, terrorism financing and ransom demands is suddenly being embraced by one of the world's largest payment platforms.

    Oct 23, 2020 – 12.00am

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    PayPal's decision to allow its users to buy, hold and sell select cryptocurrencies, including Bitcoin, is a significant milestone in the evolution of crypto-assets.

    It points the way to the broader regulatory acceptance of cryptocurrencies in global payment systems.

    Also, it brings closer the moment when the bulk of consumers wanting to move money around the world will be able to avoid paying the excessive fees charged by banks and the traditional payment platforms built by Visa and Mastercard.

    PayPal's decision to accept Bitcoin marks another big tick for crypto-assets. David Rowe

    PayPal said this week that from early next year Bitcoin and other cryptocurrencies can be used as an instrument of exchange for those wanting to buy things from PayPal's 26 million merchants.

    Regulators around the world will be watching this development closely because there are entrenched negative views of Bitcoin because of its use in cyber fraud, money laundering, terrorism financing and ransom demands.

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    Millennial demand
    In a nutshell, Bitcoin is a blockchain with a specific random number (private key) which cannot be seen by anyone. It is "mined" by computers making massive block calculations. These blocks are rewarded with Bitcoin.

    It has five unique features: it is decentralised because the computers mining the Bitcoin are not in one location; it is limited to 21 million Bitcoin;
    it is authenticated by machines that preserve the privacy of the owner; its consensus algorithm is synchronised; and each mined block contains information from the previous block, thus making it immutable.

    Kain Warwick's blockchain protocol has helped spur a global crypto craze.
    RELATED
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    A sixth feature of Bitcoin is that it is very much liked by Millennials as both an instrument of exchange and a store of value. It is currently worth $18,000, according to Independent Reserve, a Bitcoin and cryptocurrency exchange based in Sydney.

    This Millennial demand for Bitcoin was recognised early by Jack Dorsey's payments company Square. The COVID-19 pandemic triggered a huge increase in use of Square's Cash App for the purchase of Bitcoin.

    One in 10 central banks expect to issue their own digital currencies within the next three years.

    Its use as the platform for buying Bitcoin now rivals the previously dominate source, the Grayscale Bitcoin Trust, which is listed on the New York Stock Exchange.

    Analysts at JP Morgan have calculated that taking Square’s Cash App and the Grayscale Bitcoin Trust together, US Millennials purchased $US683 million ($963 million) of Bitcoin in Q1 and $US1.6 billion in the three months to June.

    It is against this backdrop that PayPal opened the door for Bitcoin being used on its platform.

    Analysts at Morgan Stanley said PayPal would have seen the fact that Square generated about $US17 million in fees from Bitcoin pass-through on its Cash App platform.

    "PayPal’s acceptance of crypto as a funding mechanism should expand crypto acceptance online, which to-date has stalled at 1 per cent of the top 500 internet retailers," the Morgan Stanley analysts said in a note.

    "However, it is unclear whether greater crypto acceptance would translate into greater volumes on the PayPal wallet. Nevertheless, this offering allows PayPal to remain competitive and could bring a new user base into the PayPal ecosystem."

    Digital currency arms race
    The fact that Bitcoin is gradually being accepted by regulators as a globally accepted instrument of exchange will help deflect some of the long held criticisms of crypto-assets.

    Bitcoin and other cryptocurrencies pose a threat to the financial system, according to the Bank for International Settlements, which is the central bankers' central bank.

    The BIS said in a discussion paper, published in December, that crypto-assets were highly volatile and presented risks for banks, including liquidity risk, credit risk, market risk, operational risk, money laundering and terrorist financing risk, and legal and reputation risks.

    Central banks are under pressure to develop their own digital currencies to remain relevant and keep up with innovation in the financial system.

    PayPal quoted the BIS in its cryptocurrency announcement. It said one in 10 central banks – representing about a fifth of the world's population – expect to issue their own digital currencies within the next three years.

    Many close observers of payments systems and crypto-assets believe the United States and China are about to become involved in a digital currency arms race.

    China made the first move this month when its central bank issued 10 million yuan ($2.1 million) of digital currency to 50,000 people in Shenzhen through a lottery. This is part of a trial for a new digital currency electronic payment.

    Making this digital currency available across all of China's mobile apps such as WeChat and TikTok could give China a competitive advantage in building a global currency.

    Innovation is in the eye of the beholder
    In Australia, the preferred solution for the low-cost, real-time movement of money is the New Payments Platform, which is being built by 12 authorised deposit-taking institutions at an estimated cost of $1 billion.

    Federal government confidence in NPP is unclear given that Treasurer Josh Frydenberg this week appointed lawyer Scott Farrell to review the regulatory architecture of the Australian payments system to ensure it remains fit for purpose.

    Frydenberg says the regulatory architecture must "promote innovation and competition to ensure that costs to business are minimised, consumer experience is enhanced and there is confidence in the security of the system".

    Innovation is often in the eye of the beholder. Buy now, pay later is held up as the shining light of innovation in payments even though it is simply riding off the back of infrastructure built by Visa and Mastercard and charging merchants hefty fees.

    Tyler (left) and Cameron Winklevoss are the founders of cryptocurrency exchange Gemini.
    RELATED
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    The RBA said a lower Aussie would assist the economic recovery.
    RELATED
    Facebook currency would face 'significant regulation': RBA
    Afterpay charges merchants a 30¢ fixed transaction fee plus a commission on the sales value, ranging from 3 per cent to 7 per cent, which is much higher than the cost of taking payments from credit cards. Its rival, Zip, charges merchants an upfront fee of 4 per cent.

    Nevertheless, the arrival of buy now, pay later has unleashed competitive forces, including forcing at least two banks to develop interest-free credit cards that charge a monthly fee.

    Tony Boyd is the Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com

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    1st Group, ticker code 1st is PUMPING HARD TODAY
    https://www2.asx.com.au/markets/company/1st

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    bitcoin break of $14k very bull bull chart wise

    1 like
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    15400 bitcoin

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    breakout 44 target..dyor

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    Bitcoin jumps to three-year high as Covid crisis changes investor outlook
    Four-fold rise since March edges towards all-time record as cryptocurrency gains greater acceptance

    Phillip Inman

    @phillipinman
    Wed 18 Nov 2020 06.22 AEDTLast modified on Wed 18 Nov 2020 07.44 AEDT
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    16
    bitcoin coins
    While investors have sought a safe haven such as gold during the pandemic, bitcoin is seen as a growth asset that can perform strongly in an era of low returns from government bonds. Photograph: Dado Ruvić/Reuters
    Bitcoin, the world’s best known cryptocurrency, jumped above $17,000 to a three-year high on Tuesday as a growing number of investors backed it as an alternative to other assets.

    The currency climbed more than 4% to $17,492, its highest level since December 2017 and more than four times higher than the price in March when heavy selling sent its value below $4,000.

    Analysts said the pandemic had encouraged investors to review the long-term outlook for bitcoin and other cryptocurrencies such as Ethereum, Litecoin and XRP, which have all increased in value in recent months.

    Concerns about fraudulent trading in cryptocurrencies and a succession of hacks that prompted cryptocurrency exchanges to lose millions of dollars worth of coins, appear to have waned, giving investors a greater sense of security.

    “The virus crisis is propagating the reassessment of bitcoin,” said Nikolaos Panigirtzoglou, an analyst at JPMorgan. “There is a reassessment about its value here as an alternative currency; as an alternative to gold.”

    Gold set an all-time high in August of $2,072 per ounce, but has since waned to $1,885.

    While some investors have sought a safe haven, others have seen bitcoin as a growth asset that can perform strongly in an era of low returns from government bonds.

    Business Today: sign up for a morning shot of financial news
    Read more
    Central bank stimulus measures to combat the Covid-19 pandemic have cut interest rates to below zero in many parts of the world, leaving only minimal returns on lending to governments.

    Bitcoin’s supply is capped at 21m. Proponents say its scarcity provides an innate value and shields it from central bank or government policies that stoke inflation.

    Some investors have become concerned that inflation will spiral next year following a rush of new Covid-19 vaccines that allow governments to boost their economies.

    Also supporting prices, investors said, were expectations that bitcoin was being embraced by mainstream companies and moving towards widespread use as means of payment.

    Q&A
    What is bitcoin?
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    Last month, PayPal said it would open its network to bitcoin and other cryptocurrencies. Bitcoin has risen by nearly half since PayPal’s move.

    “The ultimate endorsement of crypto is whether you can buy your groceries with it and pay taxes with it,” said Russ Mould, investment director at AJ Bell. “That would be the ultimate acceptance.”

    Simon Peters, an analyst at multi-asset investment platform eToro, said bitcoin’s value was likely to increase over the rest of the year.

    “It has broken through the critical price milestone of $17,000 and looks set to move higher.”

    He added: “It is not out of the question for the crypto to hit its all-time high of $20,000 this side of Christmas.”

    Sign up to the daily Business Today email or follow

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    18300 bitcoin $$$$$$$$$$$$$$$$$$$$$$

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    18700 bitcoin

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    Amazing run on ripple, but read this.....
    NORTH STAWELL MINERALS LTD (NSM) just listed on the ASX. IPO was 50 cents, with 40 million shares on offer.

    Drilling starts late November (All eyes on NSM for an explosive move upwards!!!)
    Share price 43.5 cents.
    Nil Debt
    $20 million cashed up
    2 year drilling campaign
    High Grade Gold Targets
    source:
    https://www2.asx.com.au/markets/company/nsm
    https://www.northstawellminerals.com/
    https://stockhead.com.au/resources/north-stawell-exploration-plans-buoyed-by-nearby-mines-98m-at-5-8-g-t-gold-hit/

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    Ripple 38 up 60% in a month

    1 like
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    Hit 44 target

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    well done on your ripple target, did you sell?

    Now you have the cash to look at another gem...

    Great for gold stocks like...
    NORTH STAWELL MINERALS LTD (NSM) just listed on the ASX. IPO was 50 cents, with 40 million shares on offer.

    Drilling starts late November (All eyes on NSM for an explosive move upwards!!!)
    Share price 43.5 cents.
    Nil Debt
    $20 million cashed up
    2 year drilling campaign
    High Grade Gold Targets
    source:
    https://www2.asx.com.au/markets/company/nsm
    https://www.northstawellminerals.com/
    https://stockhead.com.au/resources/north-stawell-exploration-plans-buoyed-by-nearby-mines-98m-at-5-8-g-t-gold-hit/

    1 like
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