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Dogecoin: American Cafe Convenience Store Chain To Start Accepting $DOGE This Summer

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A major restaurant and convenience store chain in the United States, has announced it will start accepting Dogecoin ($DOGE) and select other cryptoassets as means of payment via a partnership with crypto payment processor Flexa. Cryptocurrency payment options will be available for both in-store items and gas pumps at its over 600 outlets.

Sheetz will be using Flexa’s “climate-neutral payments technology” later this summer at select Sheetz Café Stores, before a wider rollout to all of its stores.

The convenience store chain’s customers will also be able to link their My Sheetz Rewardz loyalty account with Flexa-enabled apps. Trevor Filter, co-founder of Flexa, said:

With interest in digital currencies reaching all-time highs, it’s easy to lose sight of the fact that there are real, tangible benefits for the merchants who accept them—not only reduced fraud and cost savings, but also a better and more mobile customer experience

Sheetz has also turned to its point-of-sale technology partner NCR to help it accept crypto payments. Its announcement adds convenience stores to a growing list of businesses accepting cryptocurrency payments throughout the world.

Cryptocurrency markets were affected earlier this month by Tesla revealing it would no longer accept bitcoin payments over environmental concerns, after it started accepting BTC earlier in February. The company joined a growing list of businesses accepting bitcoin payments.

It’s worth noting a survey conducted earlier this year by Mastercard revealed that up to 40% of respondents across the globe showed interest in using cryptocurrency for payments next year.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Photo by “9685995” via Pixabay

Source: https://www.cryptoglobe.com/latest/2021/05/convenience-store-chain-sheetz-starts-accepting-cryptocurrency-payments/

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Are The Tables Turning? Litecoin Transactions Compared To Bitcoin Are 75% And Growing

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Data compiled by @MASTERBTCLTC shows the number of Litecoin transactions is just under 75% of that of the number of Bitcoin transactions.

Litecoin transactions are 75% of the total bitcoin transactions.

When will litecoin transactions flip bitcoin transactions?

Sometime in 2021 I predict.

227k BTC vs 168k LTC transactions.”

More significantly, @MASTERBTCLTC suggests this could be the start of an uptrend leading to a flippening in transaction count sometime this year.

Litecoin vs. Bitcoin transactions

Source: @MASTERBTCLTC on Twitter.com

Considering wider factors, including the environmental argument against proof-of-work tokens, what can we deduce from this trend?

The Difference Between Litecoin and Bitcoin

Even though Litecoin is a Bitcoin fork, it differs in terms of its hashing algorithm, supply, and block transaction times.

Litecoin has a 2.5 minute block confirmation time versus 10 minutes for Bitcoin. This focus on speed and low transaction fees make it more suitable for microtransactions and point of sale payments.

Currently, average LTC transaction fees are coming in around $0.0104. In comparison, the average BTC transaction fee is $8.131.

However, the fundamental difference between the two lies in Litecoin’s use of the newer Scrypt Proof-of-Work (PoW) algorithm over Bitcoin’s SHA-256.

Cryptocurrency mining can happen using a CPU, GPU, or ASIC miner. ASIC miners can generate more hashes (tries) per second to match the target data string and “win” the block. Therefore ASIC miners have a distinct advantage over other mining methods.

But Scrypt was chosen by Litecoin developers because it is less responsive to ASIC mining. Although Scrypt ASIC miners have since come onto the market, a significant portion of Litecoin mining still occurs using CPUs and GPUs. This makes mining Litecoin more accessible for everyday people.

What’s Behind This Trend?

Much has been said about the environmental damage caused by Bitcoin mining in recent weeks. Although Litecoin and Bitcoin employ computationally intensive proof-of-work algorithms, Litecoin’s Scrypt model relies more heavily on memory than out and out processing power.

The upshot to this reduces the advantage of ASICs and increases network participation and energy efficiency. Hence some would argue that Litecoin is a greener token.

Research compiled by TRG Datacenters showed that Litecoin consumed 18.522 kilowatt-hours per transaction. Unsurprisingly, Bitcoin came bottom of the list, consuming 707 kilowatt-hours per transaction.

Interestingly, Dogecoin, which also uses a Scrypt algorithm, consumed just 0.12 kilowatt-hours per transaction.

At the present time, it’s too speculative to state that crypto users are increasingly turning to Litecoin for green reasons.

But at the same time, the three months of data compiled by @MASTERBTCLTC shows a definite downtrend, of lower highs, in usage for Bitcoin.

Taken in conjunction with Litecoin’s rising transaction count this week, this may suggest users increasingly see Bitcoin primarily as a store of value, rather than a coin to make payment transactions with.

Litecoin daily chart YTD

Source: LTCUSD on TradingView.com

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Source: https://bitcoinist.com/are-the-tables-turning-litecoin-transactions-compared-to-bitcoin-are-75-and-growing/?utm_source=rss&utm_medium=rss&utm_campaign=are-the-tables-turning-litecoin-transactions-compared-to-bitcoin-are-75-and-growing

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Old Doge, New Tricks: Is This Still The Year Of The Doge?

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It is safe to say that Doge has had an interesting year in 2021. The coin that everyone thought was down and out came back to be one of the top-gaining coins of the current bull market. Sure, the price increase had everything to do with Elon Musk shilling it on Twitter. But Dogecoin has had a tremendous run regardless.

The price of the coin remained flat for the better part of three years. Trading at under a cent. To everyone, Doge had seen its end. There were barely any talks about Doge in the market at all. With people focusing their attention on better-known coins like Bitcoin and Ethereum. That was until billionaire Elon Musk turned his attention on Doge.

The Rise Of Doge

Back in January, a tweet from Musk that simply said Doge went viral. Mere minutes later, the price of the coin had gone up. With the price increase, came investors FOMO-ing into the market.

Related Reading | By The Numbers: DOGE Achieves The Impossible, New ATH with BTC Pair

Amidst the frenzy, there were speculations that this was simply a pump and dump scheme that would burst as soon as it started. But that would not be the case.

With every tweet about Doge from Musk, the coin price just went up. People faithfully followed the billionaire’s tweeting patterns to buy and sell the coin. Soon, a coin that was trading at less than a cent a couple of days before was trading at 80 cents. More than 10,000 percent gains from its low.

Debates were started about the legality of the shilling. But it didn’t seem that Elon had broken any laws.

Doge price chart, showing the rise of dogecoin

Dogecoin recovers after crash | Source: DOGEUSD on TradingView.com

This gave the rise to meme coins. An ode to meme stocks. A phenomenon that started with GameStop on Reddit.

Investments in meme coins are made based on the social media buzz behind that coin. And what better buzz than the one created by one of the richest men on the planet.

Subsequent Crash And Recovery

Over the past five months, Doge has had its ups and downs. Mostly following the price of bitcoin as altcoins are wont to do. But it is no secret that the buzz has started to die down.

With a lot of investors buying at the top or near the top, the subsequent crash has left a lot of investors in losses. The “Dogefather,” as Musk is fondly called, seems to have abandoned the coin.

There has not been a tweet from Musk regarding Doge since April. And without him, the coin has been in a continuous downtrend. Investors in the coin have suffered massive losses in the market.

Related Reading | Down But Not Out, Dogecoin Stages 50% Recovery From Tuesday’s Low

People are calling for the “Dogefather” to help save the coin. But it would seem help is not forthcoming.

The coin crashed to 16 cents. A price point the coin had not been in since April. But the coin made a great recovery. Going up 40% in one day. A lot of Doge enthusiasts are still holding out hope that coin will replicate the massive run in January.

Despite people believing the bubble would burst on Doge and it would come crashing down, the coin has held its own in the market. Currently trading at 24 cents as at the time of this writing.

Featured image from FullyCrypto, chart from TradingView.com

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Source: https://bitcoinist.com/old-doge-new-tricks-is-this-still-the-year-of-the-doge/?utm_source=rss&utm_medium=rss&utm_campaign=old-doge-new-tricks-is-this-still-the-year-of-the-doge

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Shanghai Man: China retains mining control? Alipay’s ancient NFTs and Amber’s big raise

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This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

So low you’ve got to reach up to touch the bottom

This week in China felt like one giant mining-farm sized pile of FUD. This is usually a pretty good indication that a bottom is close to being in, but one can never be too sure when it comes to downwards volatility in cryptocurrency. Canaan, one of the largest mining companies in China, announced it was setting up shop in neighboring Kazakhstan. This is an ideal compromise for Canaan as it can remain close to China, while mitigating their regulatory risk. Reading between the lines, it seems like the plan is to mostly continue administration of the company from China while sending the machines overseas.

This would put a wrench in the works of the Bitcoin purists who believe that the crackdowns are a good way to break up China’s dominance in the mining industry. Just this week, a professor at a university in Singapore wrote in Chinese that the shift to a more decentralized network would be a good thing. This raised some eyebrows for the use of a made up word that translates roughly to ‘de-China-ization’, but the article holds even less weight when large mining companies like Canaan are able to shift physical equipment overseas but still remain in control of the governance.

Too big for postage stamps

On June 21, CNBC’s Beijing Bureau Chief Eunice Yoon posted on Twitter that a logistics company in Guangzhou was shipping 3,000 kilograms worth of mining hardware to Maryland, US. According to her claim, the price was $9.37 per kilogram. Some quick math reveals that the total cost would be less than the price of one Bitcoin, at least at the time of writing.

Bitmain lends a helping hand

Cointelegraph reported on June 23 that massive mining company Bitmain was suspending sales of mining hardware in a move to support the over-supplied secondhand markets. According to the article, sales of hashing power in China has seen a decrease of around 75% since the Spring. Bitmain is reportedly moving operations abroad as well, which would be a major move for the hardware manufacturing giant.

Mine-ami

Francis Suarez, everyone’s favorite Bitcoin-friendly mayor, was at it again on June 18 when he announced that all Chinese Bitcoin miners were welcome in Miami. The announcement was translated and posted on Sina Finance’s Blockchain Weibo account, which attracted over 53 comments from surprised netizens. Most of these user comments were negative in nature however, both towards Suarez and Bitcoin in general. A large portion of Weibo users hold cryptocurrencies in ill-regard, especially those that have been investing in the stagnant Chinese stock market.

Amber is the color of your energy

Amber, a cryptocurrency service provider based in Hong Kong, completed a Series B funding round worth $100m. Amber is well known among institutions for their financial services that include asset management, OTC services and lending.

Alipay’s foray into NFTs

Top payment processor Alipay continues to push its AntChain technology by partnering with the Dunhuang Research Academy to release 8,000 NFT skins. Dunhuang is famous for being an old silk road outpost and is home to Mogao Caves, a Unesco Heritage site. The NFTs featured artwork inspired by the cultural site and quickly sold out. AntChain is a private blockchain developed by Alibaba’s Ant Group.

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Source: https://cointelegraph.com/news/shanghai-man-china-retains-mining-control-alipay-s-ancient-nfts-and-amber-s-big-raise

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