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Bitcoin

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.

Image courtesy of Pexels

Bitcoin

Why Bitcoin Price Remains Stable Before the Expected Hike

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The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.

The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.

Why this week’s closing price matters

Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.

If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…

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Stanford Lecturer praises XRP over Bitcoin

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The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.

Does guest lecturer go anti-Bitcoin?

In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.

According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.

However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.

The claims caused Dr. Athey to respond publicly via Twitter, stating…

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Bitcoin Chasing Green — First Positive Month Since July In Sight

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The crypto market has started seeing gains in mid-February, with Bitcoin (BTC) following the bullish trend as well. In fact, the largest coin was on its way of seeing the first positive month since July of the last year. Even though its price was struggling to permanently overcome the major resistance at $4,000, the coin kept trying, and as long as its price doesn’t drop below $3,414, this goal can still be achieved

The return of the bearish trend which briefly overtook the market on February 24th caused a lot of damage, although Bitcoin managed to remain above $3,800. Following the crash, BTC started seeing minor gains once again, indicating that the bears have withdrawn for now.

What does the future hold for BTC?

As mentioned, Bitcoin can only complete a positive month if its price remains above $3,500 until the end of February. At the time of writing, the price sits at $3,807 according to TradingView, with an increase of 0.58% in the last 24 hours. As things are right now, it is likely that BTC might succeed in doing this, as its price performed relatively well ever since January 11th, even though it remained between $3,300 and $3,700.

Chart courtesy of TradingView

The recently-emerging bullish trend took it beyond this, and while the price…

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