Blockchain

Forex brokers attract traders using BitPay for instant Bitcoin deposits

BitPay Deposit allows brokers to accept Bitcoin and cryptocurrency deposits, fund user accounts in minutes, and receive next day irreversible bank account settlement in EUR, USD, or other local currency.

Published

1 year ago

May 12, 2020

Republished by Plato

Today’s traders expect access to funds in minutes, not days. Fast deposit options are no longer just an important aspect of the platform trading experience, but rather a requirement when choosing where and how much to trade.

Nearly 100% of traders say that they want immediate access to funds when making a deposit.

Yet, as brokers and platforms work to make deposit options easier for their customers, they are limited by the inherent challenges of the available payment methods. Traditional ACH, wire transfer, and credit card processing can be costly, time consuming, and frustrating. In fact, delayed deposits can be a significant reason why a trader changes platforms, or chooses one platform over another.

Traditional deposit methods are too slow and cumbersome

Bank Accounts: Traders are required to enter sensitive data, await account verification, and wait (again!) for collected funds to become available.
Wire: Customers have to involve their bank, navigate detailed and complex instructions that contain sensitive data, wait for the wire to transmit, and then wait again for funds to be posted and available.
Card Payments: Consumers need to share sensitive card and personal data which is authorized, stored, and then processed. Access to customer funds is fast … but card limits often prevent big dollar transactions.

The business impact of legacy deposit methods

Legacy payment methods can result in significant challenges for brokers and platforms competing in this digital era.

Slow: Depositing funds via wire or bank account transfer can take hours or even days, causing friction between you and your customers.
Expensive: Bank account or card transactions can be expensive to you and/or your customers. Unfortunately, you’re also often on the hook if these transactions are reversed or charged back.
Source of Fraud: Payments tied to bank accounts or credit cards can make you, the merchant, hold all the risk and liability for fraud. Bank account and card payments are 100% reversible for up to 90 days–unlike blockchain or push payments.

We’re proud to introduce BitPay Deposit, a fast, safe, and secure account funding alternative for online forex brokers and platform providers.

BitPay Deposit allows brokers to accept Bitcoin and cryptocurrencies deposits, fund user accounts in minutes, and receive next day irreversible bank account settlement in EUR, USD, or other local currency. BitPay supports BTC, BCH, ETH, XRP and stable coins USDC, GUSD, PAX and BUSD for deposits. Because blockchain payments are push payments versus pull payments, BitPay Deposit eliminates the risk of chargebacks and shields against any risk of Bitcoin or other cryptocurrencies price volatility. BitPay Payout allows brokers to immediately fund customers wanting to cash out via a single batch payout, and handles sending Bitcoin or other cryptocurrencies to any number of recipients worldwide, for a flat 1% fee.

BitPay provides brokers:

Potential to expand user base. Tap into a large and growing number of BitPay users and cryptocurrencies users who are likely to have traded online and at a larger average transaction size than other payment methods.
Lower costs. BitPay charges a flat 1% transaction fee paid either by brokers or passed on to their users.
Elimination of chargebacks. Bitcoin transactions are pushed by the sender rather than pulled by the receiver (like a merchant pulls money out of your bank account to settle a purchase), eliminating the risk of the payer claiming a payment was unauthorized.
Global operations. Accounts can be funded from anywhere in the world, without banks or any other third party.
Added volume and liquidity, with an expanded market and faster deposits.

and their clients:

Speed: Bitcoin transactions are confirmed by the network and settled, on average, in about ten minutes, allowing users to trade within minutes of funding an account and providing liquidity for arbitrage
Lower costs: No wire transfer fees, credit card fees, or interest.
Large deposit options: BitPay-funded accounts aren’t subject to wire transfer or credit card limits.
Borderless: Bitcoin and cryptocurrencies can be sent anywhere in the world in minutes, no bank account required.

Expand your deposit options to include BitPay Deposit and open your platform to a large and unique cryptocurrencies audience.

Source: https://bitpay.com/blog/forex-traders-want-to-use-bitcoin-for-instant-access-to-their-deposits-for-faster-and-cheaper-trading/

Blockchain

Indian Olympic Medal Winners to Get Free Bitcoin (BTC) and Ethereum (ETH)

Published

3 hours ago

August 4, 2021

Republished by Plato

The cryptocurrency platform Bitbns intends to open a systematic investment plan (SIP) in digital assets for Indian athletes who win medals at the ongoing Tokyo Olympics. The exchange will reportedly grant around $2,700 in crypto for gold medal winners.

‘Faster, Higher, Stronger’ And Earn Crypto

The Economic Times reported that Indian athletes at the Olympic Games could receive cryptocurrencies as a gift if they manage to win a medal at the tournament in Tokyo.

The trading venue that will reportedly provide the offer is Bitbns. The first athletes that can get cryptocurrency exposure for free are the winners Mirabai Chanu and PV Sindhu. The former won a silver medal in 49 kg women’s weightlifting while the latter acquired bronze in the women’s singles badminton at the Tokyo Olympics.

Bitbns plans to roll out a SIP account and grant nearly $2,700 in digital assets for Olympic champions, $1,350 for silver medal winners, and $675 for bronze medalists. It will transfer the amount into their accounts, and after completing the Know Your Customer (KYC) norms, the athletes will have exposure to cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

The trading venue explained that it would structure the SIP for a 3-5 year period, and thus the medal winners will be able to generate profits in the long term through Bitbns. Gaurav Dahake – the Chief Executive Officer at the platform – noted:

“Bitcoin and Ethereum have been the best-performing assets in the last decade, and have given exceptional returns and we aim to get our winners indulge in this rewarding journey.”

Indians Love Cryptocurrencies

According to a recent research, Indian residents increased their digital asset investments from $200 million in 2020 to $40 billion for the first six months of this year, indicating that their appetite for cryptocurrencies surged significantly.

What is even more impressive is that Indians, who are well-known gold admirers, started switching their investment strategies from the precious metal to virtual currencies. A local investor explained:

“I would rather put my money in crypto than gold. Crypto is more transparent than gold or assets and yields higher returns in a shorter period of time.”

The survey added that the number of people who trade cryptocurrencies in India is 15 million. It significantly surpasses a well-developed country such as the UK, for example, where 2.3 million individuals have entered the market. Sandeep Goenka – the co-founder of the platform ZebPay – revealed the reasons why the second-most populated country saw this massive increase:

“They find it easier to invest in crypto than gold because the process is so much simpler. You go online, you can buy crypto, you don’t have to verify it, unlike gold.”

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Source: https://cryptopotato.com/indian-olympic-medal-winners-to-get-free-bitcoin-btc-and-ethereum-eth/

Blockchain

Coinbase halts Bitcoin SV trading after yet another 51% attack

Published

5 hours ago

August 4, 2021

Republished by Plato

Bitcoin SV is in trouble once again after Coinbase announced that it will be halting BSV trading on the platform. This update came on the back of a string of attacks the network has been facing since late June. As per the announcement made by the exchange,

“Due to the 51% attack that has occurred on BSV today we are stopping all BSV trading.”

Bitcoin SV was the target of a massive 51% attack early on Tuesday, an attack which was called “the largest since launch” by Blockchair developer Nikita Zhavoronkov. He further claimed on Twitter that the reorganization was 100 blocks deep and wiped out 570k transactions.

The attack was first brought to the community’s notice by CoinMetrics’ Lucas Nuzzi. Arguing that “some serious hashing power” was unleashed on the network early on Tuesday, he revealed that up to three versions of the chain were being mined simultaneously across pools.

Coinmetrics later confirmed that the firm’s own blockchain security monitoring tool FARUM identified the attack.

All of our FARUM nodes witnessed a deep reorg with a max depth of 14 blocks.

No further reorganization events have been witnessed, but there are still synchronization conflicts taking place on major mining pools. pic.twitter.com/aM6FoWOKke

— CoinMetrics.io (@coinmetrics) August 3, 2021

The Bitcoin Association also confirmed the incident on Twitter, recommending node operators to mark the fraudulent chain as invalid. It’s worth noting, however, that at the time of writing, the Association had released yet another statement on the same.

It said,

“…. believes that this is the same attacker that previously initiated block re-organisation attacks against the BSV network on June 24 and July 1, 6 & 9, 2021.”

Coinbase’s action made waves in the community. However, such steps are perhaps routine for the network now. In the past, BSV has been dropped by top exchanges like Gemini and Binance. It also saw several exchanges block withdrawals and deposits for the asset as liquidity providers suspended access to the token’s liquidity. This was preceded by more attacks in the last week of June and the first week of July.

As far as Coinbase is concerned, the exchange is yet to reveal when it might restart trading services for Bitcoin SV. With many in the community at sixes and sevens, it’s unlikely it’s going to be anytime soon.

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Source: https://ambcrypto.com/coinbase-halts-bitcoin-sv-trading-after-yet-another-51-attack

Blockchain

Looking To Pull An El Salvador, Spain Considers Bill To Allow Mortgage Payments In Crypto

Published

5 hours ago

August 4, 2021

Republished by Plato

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Cryptocurrency and blockchain are becoming quite mainstream as of this year and it’s likely that just about any financial transaction will be able to be completed via the use of crypto in the next few years. Of course, there are bodies pushing against the integration given the lack of regulations and the fact that it could help finance illicit acts.

However, the crypto wave is continuing to grow despite all of the recent adversity. And, according to Spanish paper 20 Minutos, Spain could begin to allow persons to pay their mortgages with crypto pretty soon.

The publication reports that Spanish lawmakers are perusing a proposal that would see to the above. The Digital transformation Law, as it’s called, would make it so that crypto and blockchain become legitimized, while tax incentives are being considered for institutions keen on working under the artificial intelligence umbrella, which would include blockchain tech.

Spain’s incumbent People’s Party is intent on having the country’s banking infrastructure catch up to the times in terms of tech and will promote the use of digital currencies, as well as various other transformative technologies. The proposal suggests that the country’s whole mortgage system should undergo reform, in addition to having crypto payments possible.

El Salvador Took The Lead

This comes on the back of El Salvador’s move to accept bitcoin as legal tender. The Central American nation is very pro-crypto in such regard and it appears they have set the stage for other countries to naturalize digital assets, so to speak.

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Where Spain is concerned, the current proposal advises that banks use blockchain as a means of operating the mortgage system while making use of smart contracts for insurance.

“Introduction into the mortgage system – it also proposes that banks use Blockchain technology to manage mortgages, insurance and speed up compensation – it proposes to extend it to insurance policies, with ‘smart contracts’ with conditions depending on the procedures to be followed, the verification processes and potential incidents.“

El Salvador making bitcoin legal tender was a huge move and we aren’t yet to see the full scope, although the country’s population stands at just 6.5 million so they aren’t expected to have that great of an impact on a worldwide scale. Spain is a different case, however.

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Source: https://zycrypto.com/looking-to-pull-an-el-salvador-spain-considers-bill-to-allow-mortgage-payments-in-crypto/