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Banks Now Have Permission to Use Stable Coins for Payments

The Office of the Comptroller of the Currency (OCC) has published a new letter stating that banks are now permitted to utilize stable coins to perform what the letter refers to as “bank-permissible functions” including, but not limited to, payment activities. Stable Coins Are Headed for the Top In other words, banks may now use

The post Banks Now Have Permission to Use Stable Coins for Payments appeared first on Live Bitcoin News.

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The Office of the Comptroller of the Currency (OCC) has published a new letter stating that banks are now permitted to utilize stable coins to perform what the letter refers to as “bank-permissible functions” including, but not limited to, payment activities.

Stable Coins Are Headed for the Top

In other words, banks may now use and accept stable coins as means of payment, as can their customers. This is a huge step forward in what cryptocurrency was initially designed for; to be used as a payment method.

When bitcoin first emerged in “whitepaper form” in 2008, it was stated that bitcoin and all future forms of crypto should be utilized as means of paying for goods and services. This has been a rather difficult ideal to instill given how volatile these cryptocurrencies have been.

Bitcoin, for example, is known for going up and down like a monetary form of the sun. At the time of writing, the asset is higher than it’s ever been and trading for more than $35,000 per unit. However, there have been times – such as in early 2015 and in 2018 – when the asset has lost quite a bit of steam, resulting in many angry investors with empty pockets.

The latest step towards ensuring crypto is used for appropriate measures comes through stable coins, which banks can now use to initiate payments. The letter states:

Over time, banks’ financial intermediation activities have evolved and adapted in response to changing economic conditions and customer needs. Banks have adopted new technologies to carry out bank-permissible activities, including payment activities… The hanging financial needs of the economy are well-illustrated by the increasing demand in the market for faster and more efficient payments by using decentralized technologies such as INVNs, which validate and record financial transactions including stable coin transactions.

Stephen Palley – a partner with the Washington D.C.-based law firm of Anderson Kill – is not the least bit surprised by this newfound sentiment. He says that while banks are often slow to accept new forms of financial technology, they usually have no choice but to give in. He says that this was the same case for online and internet banking back in the 90s. Banks initially chose to reject the ideas associated with such a practice but were later forced to follow protocols.

Accepting the New Tech

He says:

Early internet banking was met with approval by the OCC and is now ubiquitous despite early concerns about the safety or practicality of such technology for secure banking services. The OCC continues to show an interest in and desire to engage with new financial technology that consumers demand.

While the permission is there, individuals such as Nic Carter – partner of Castle Island Ventures – believe that stable coins will never replace standard fiat, and that they will only ever serve as secondary payment methods.

Tags: banks, bitcoin, stable coins Source: https://www.livebitcoinnews.com/banks-now-have-permission-to-use-stable-coins-for-payments/

Blockchain

Network rivalry builds up as Ethereum users run to Tron for lower fee charges

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Network rivalry builds up as Ethereum users run to Tron for lower fee charges

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Tether users on the Ethereum network have taken to their heels as Ethereum’s network fees hit rooftop levels yet again. According to new data, Tether-based transactions on the Tron network are starting to unseat that of Ethereum’s on a daily basis.

Tether, the most popular stablecoin, and third most valued cryptocurrency by market cap has been processing the larger number of its transactions on Tron, however, only a year ago, Ethereum was the happening blockchain for Tether users.

According to the Blockchain data provider CoinMetrics, the source of this data, Ethereum holding 50% more Tether than its “rival” Tron, has not stopped the latter from processing more transactions on a daily basis since the start of the year. 

Tether, the largest provider of dollar-pegged stablecoin has benefited from a 4x increase in circulating supply over the last year, bringing the total circulating supply within its network to $25 billion. This ever-increasing growth is valuable for any network for both Tron, Ethereum, and Solana, all of which Tether trading is being carried out. However, exorbitant fee charges may force users to pick the better alternative, which Tron is currently presenting itself to be. This pattern further goes to show that affordable network charges play a huge role in Blockchain adoption.

Ethereum’s exorbitant fee charges have been a topic of discussion for the longest time. The sky-high transaction cost has heightened the rivalry between both Blockchains over the years. Both Ethereum and Tron have achieved great success over the years. On multiple occasions, one has outperformed the other, even the CEO’s of both networks have had an occasional exchange on Twitter, yet the fight for user adoption has only just begun, as the future of both networks remain equally promising. Last year, the Tron network revealed plans to dive into the world of Decentralized Finance, an industry that Ethereum has long been dominating.

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In 2020 alone, the Ethereum network benefited from a 300% upsurge in transactions. With Tron’s flexible fee charges, it is no doubt a top competitor in the DeFi market. But Ethereum isn’t lacking behind. The network upgrade which has the potential to contain network congestion and create a more affordable fee structure is already in motion. Whichever efficiently draws in the larger pool of users in the future remains to be seen.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/network-rivalry-builds-up-as-ethereum-users-run-to-tron-for-lower-fee-charges/

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Blockchain

Chainlink, Monero, BitTorrent Price Analysis: 24 January

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The major cryptocurrencies in the market have been consolidating but in most markets, bullish trends have been overtaken by bearish ones. Major cryptocurrencies like Chainlink [LINK], Monero [XMR], and BitTorrent [BTT] have been currently noting rising pressure from the sellers.

Source: CoinStats

Meanwhile, for the world’s largest cryptocurrency – Bitcoin, the past 24-hours saw the price increase by a negligible 0.8 percent and currently trades at $32,144 at press time.

Chainlink [LINK]

Source: LINKUSD on TradingView

According to the above chart, the current Chainlink [LINK] market has been bouncing between $23.64 and $25.02. The current trading value of the digital asset was $23.74, while the overall trend in the market seemed to favor the short traders.

The value has approached the support at $23.64 and the Bollinger bands were noting that the market was not as volatile as before. The signal line was over the price bars, noting a level of bearishness evident in the market. Whereas, the 50 moving average was currently supporting the price at $23.75.

The Relative strength index indicated that the asset was moving sharply towards the oversold zone.

Monero [XMR]

Source: XMRUSD on TradingView

The Monero price has also been seeing a long period of consolidation between $143.43 and $149.96. As the value recovered from the previous fall, it has found a stable territory to trade at. The 50 moving average has formed an arc under the candlesticks which have supported its price.

But like other altcoin markets, the sellers have taken a position in the market and the devaluation has begun. The RSI has been moving away from the equilibrium, while the MACD was noting a constantly changing trend.

BitTorrent [BTT]

Source: BTTUSD on TradingView

The BitTorrent price recently peaked and immediately corrected itself in the following hours. As the price moved lower, the 50 moving average came closer to the candlestick making the price take support from the $0.00034 price level.

Meanwhile, RSI was noting that the traders were balancing out the buying and selling of the coin. The Awesome Oscillator was indicating that the momentum had escaped the market and it is likely to reside in the current zone at least in the short term.

Source: https://ambcrypto.com/chainlink-monero-bittorrent-price-analysis-24-january

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Blockchain

Tezos Price Analysis: 24 January

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Disclaimer: The findings of the following analysis is the sole opinion of the writer and should not be taken as investment advice

The cryptocurrency market has been forming crests and troughs along the way. As the value of Bitcoin has been dropping from $42k and this trend has been followed by the altcoin markets too. The value of Tezos has been moving like a wave too, witnessing momentary highs and lows.

Despite the rising price of the cryptocurrency, the coin may see a dip in the near future and opens up an opportunity to short the coin. At the time of writing XTZ’s price was $3.20.

Tezos 4-hour chart

Source: XTZUSD on TradingView

In the above chart of Tezos, its price was surging and pushed through all the immediate resistances visible. After the value dipped under $2.45, the price turned around and started rising with increased bullish momentum.

The price is consolidating above the support at $3.11 and the traders may be getting prepared to short their positions.

Reasoning

The 50 moving average was indicating this surge, as it was surfing under the price bars. Meanwhile, the volatility in the market had increased and it was reflected in the divergence of the Bollinger bands. Whereas the signal line was also under the price bars noting the price moving upwards.

The Relative Strength Index was noting the value of the indicator rising from the equilibrium zone. As the price of the digital asset has been moving above the support, there are chances for the price to witness a fall.

The Awesome Oscillator has been noting a fall in momentum. As the selling pressure was introduced in the market, the momentum was also reducing, presenting a chance for the trend to change.

Crucial Levels to look out for

Entry: $3.11
Stop-Loss: $3.27
Take-Profit: $2.86
Risk-to-Reward: 1.48

Conclusion

The Tezos market has been moving sideways and selling pressure maybe building. As the pressure builds there might be a sell-off visible and traders may benefit from the falling price of the digital asset.

Source: https://ambcrypto.com/tezos-price-analysis-24-january

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