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The Crypto Refresh April 27th

The Crypto Refresh April 27th
Rejoice! The Crypto Daily Crypto Refresh is back! Every Friday we like to sit down and trawl through the news to bring you a concise version of events. As ever, we have had a fantastic week. The markets have taken a tumble after a great start, but now all seems back to normal. The news has been hot and we have been all over it. Here’s a quick reminder of our adventures this week- Verge PornHub Announcement, Damage control has failed Last week we saw Verge announce their new highly anticipated partners. The announcement of PornHub however totally flunked, with the community left feeling a little flaccid to say the least (honestly, no pun intended). Since the announcement, Verge has made very little progress and still continues to hang around a less than impressive value of $0.073, given the circumstances, this does suggest Verge have a lot of work to do before they can really contain the fallout here. Bitcoin Cash Retail Payments Yes, Bitcoin Cash retail payments through BitPay have gone live, giving real life shops the opportunity to start accepting Bitcoin Cash as a payment option by using BitPay terminals. This is most exciting for the simple fact is it a huge step in the right direction for Bitcoin Cash, the currency that wants to spearhead the mainstream adoption movement. This news has seen Bitcoin Cash rake in value, as we speak, it is up 6.65%, moving up to a stunning value of $1,500.00. The Japanese Cryptocurrency Exchange Association So, Japanese exchanges have now established a new project which has been designed to secure the regulation of exchanges under the rule of the Financial Services Agency in Japan. As the FSA are clamping down on data security and on exchange operations, a number of exchanges operating in the country have now adopted a new board, through which they aim to work together to make crypto-trading a safer place for their customers. Stellar Stellar has been the start of the week, closely followed by EOS of course. Stellar has played a large part in the recent MobileCoin ICO, which has provided Stellar a platform for further ICO integration. Rumours now suggest that maybe with the recent success of MobileCoin, Stellar could spearhead a movement towards providing a safer, more guaranteed ICO platform for startups. This news, has helped Stellar maintain a double figure ascent for some time now. MyEtherWallet Hack In less optimistic news, around $140,000.00 worth of Ethereum was stolen in a hack on MyEtherWallet. It is predicted that around 200 coins were seized. The attack on MyEtherWallets DNS servers redirected unsuspecting victims to a phishing website which in turn lifted the private data needed to access wallets and lift assets. This is yet another instance of a single vulnerability being exploited that has left customers out of pocket. Ripple Announce Snoop Dogg as headliner for community event Yep, and you can win tickets to the event too, check out their Twitter page - @Ripple Mt. Gox Coin Dump Mt. Gox have made headlines again, this time as a result of a large coin dump, which has now been used to blame the market decline which we saw through Wednesday and Thursday of this week. The dump, which seems to have taken place on public cryptocurrency exchanges looks to have driven down the value of Bitcoin for a period of time, encouraging the rest of the market to follow suit. We do now seem to be at the latter end of this, either way though, this has sparked some controversy. Santander to use xRapid too Rumours have surfaced that state Santander (who are currently using xCurrent within their OnePayFX money transfer app) will now start to integrate xRapid into their systems. How long will it be before XRP becomes an option for Santander? I think that sums it up quite nicely. We have had a very busy week, honestly, it’s never ending, that is the essence of cryptocurrency. The trends are point towards something exciting, experts are predicting another bull run, there's only a few days left of April so maybe we will have to wait until May now, either way though, there is a sense of anticipation in the air at the moment, an anticipation that seems to be inextinguishable.

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SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

Quick take

1 minute read

  • Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. 
  • But not everyone yet understands fully what bitcoin is or how it works. 

Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. But not everyone yet understands fully what bitcoin is or how it works. 

There are numerous videos and articles out there that explain it but some people will leave those articles and videos more confused than when they started!

This is a sentiment that is being shown in numerous institutional investors such as Masayoshi Son, who is the billionaire technology entrepreneur and the Chief Executive Officer of SoftBank, a conglomerate institution based in Japan. He has said that he doesn’t “understand“ bitcoin as it rises significantly in its value.

Son has said that bitcoin investment is seemingly pulling his attention away from his actual own business according to a report from business insider last week on the 19th of November.

He added that he would spend five minutes every day watching the price of bitcoin go up and down highlighting that he was told by a friend to invest 1% of his personal assets into the coin. Quick maths shows that this is around $200 million.

When discussing the future of digital currency, the CEO said that digital currencies will be useful in the future and are great for development but it will take time and they won’t go anywhere any time soon.

“I think digital currency will be useful [...] But I don't know what digital currency, what structure, and so on.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes

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As it grows, how much ground will XRP cover next year?

As it grows, how much ground will XRP cover next year?

Quick take

1 minute read

  • Is 2021 XRP’s year?
  • How adoption will result in the success of the token.

Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017. 

As previously reported earlier this week, Peterson has recently said:

“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”

As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.

The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.

“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”

They see that the coin is capable of sparking by 10 times its current price as they say:

“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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