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Square Inc (NYSE:SQ) To Grow Bitcoin Adoption

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The crypto community on Twitter is continually a treasure trove of observant enthusiasts and traders. One needs only to scroll down the numerous posts about crypto to have a feel of how up to date many are with the daily developments in the industry. One such example is @kerooke who had this to say about Square Inc (NYSE:SQ) on the future of Bitcoin (BTC) and the general direction of crypto adoption:

“Square has…

2 million merchants, A CEO who loves Bitcoin and a patent for a cryptocurrency payment network

I’ll let you connect the dots here.”

His tweet was accompanied by the following screenshot of the patent filed by Square Inc.

Patent by Square Inc. Source, Twitter.com

Square Inc. made the news back in mid-June when it got the go-ahead from regulators allowing New Yorkers to trade cryptocurrencies on the rapidly growing Cash App. The option to trade crypto was only available in other states. The approval to operate in New York was lacking up until then.

Cash App has been growing rapidly since it was launched in 2015. With the option of cryptocurrencies on the App, the sky is the limit for Square Inc. through its vision of also providing merchant services by integrating it to mobile payments.

According to Reuters.com:

“[Square’s] commerce ecosystem includes point-of-sale software and services that help sellers make informed business decisions through the use of analytics and reporting. As a result, sellers can manage orders, inventory, locations, employees and payroll; engage and grow their sales with customers, and gain access to business loans. The Company monetizes these features through either a per transaction fee, a subscription fee or a service fee.” 

Are 3rd Party Payment Processing Firms Needed?

One question that has been on the mind of many Satoshi Nakamoto fans, is whether there need to be additional third-party payment processing technologies. The individual ledgers of each of our favorite cryptocurrencies are already efficient for peer-to-peer payments and as envisioned by Satoshi. In the above instance, Square is simply trying to replace banks as payment processors in the traditional setting of payments.

One Twitter user responded to the tweet about Square as follows:

“The idea of crypto is not to use any 3rd party providers when interacting with merchants. All this BS is irrelevant, square, circle, robinhood, retardapp all useless attempts to install paypal 2.0”

The other side of the argument is that an abrupt shift by merchants from traditional Point-of-Sale systems to Peer-to-Peer transactions is near impossible. This is due to the fact that each sale transaction needs to be tracked in efficient software solutions that also have the added benefit of managing orders, inventory, payroll, and even taxes.

This is where companies such as Square Inc. come in to play a major role in integrating crypto payments into an already functional ecosystem of merchant services. As the Point-of-Sale solutions provided by Square expand, so shall crypto adoption.

What is your opinion on third-party merchant solution providers such as Square Inc.? Do we really need crypto integrated into Point-of-Sale terminals? Or is this a redundancy to an already efficient peer-to-peer system pioneered by Bitcoin? Please share your comments below.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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Altcoins

3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance

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For more than a year, the cryptocurrency market has been dominated by bearish influence, with most coins seeing constant drops, or stagnation, at best. This all changed in the past few months, starting with Bitcoin which once again started leading the market up, bringing one minor rally after another.

BTC itself experienced massive losses in 2018, with its price going down by around 84%. Most other coins among the top 10 mirrored its performance, and some of them experienced even greater losses. However, now that Bitcoin sees gains again, these cryptocurrencies are still following its example, and many of them have seen massive breakouts. Some of the more notable altcoins that followed Bitcoin’s recent example are Ethereum (ETH), Stellar (XLM), and Cardano (ADA).

Ethereum performance mirroring Bitcoin’s price

As mentioned, Bitcoin led every rally so far, but before it did, its price first went through what is known as an ascending triangle pattern. The pattern held for around five months, which is exceptionally long for the crypto world. However, once the pattern was finally broken — the coin’s price skyrocketed, more than doubling itself within only two months.

One thing to note is that Ethereum performed in pretty much the same fashion. After five months of struggle and confusion for investors, the second largest cryptocurrency also managed to break the pattern and skyrocket as well. It…

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