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Cyclebit Launches Mobile POS Terminal that Accepts and Exchanges Crypto

Cyclebit Launches Mobile POS Terminal that Accepts and Exchanges Crypto

There are now dozens, if not hundreds, of payment apps that transfer money for goods and services across the globe. These projects provide electronic solutions that connect separate transaction parties and allow users to store their coins in secure wallets or convert them into fiat currency and send it directly to their bank accounts. Either way, you shouldn’t be concerned with how easy it is to store your funds, you should be concerned with how easy it is to spend them!

The advantages of these systems vary, but most of them have indisputable advantages over bank or credit cards such as lower fees and better-encrypted transactions. Some platforms are commercial, some offer a free number of transactions, but most have support for different coins. That's a very important factor since there are thousands of tokens transacted online, so you don’t want to limit yourself by being able to work with only one type of cryptocurrency. Other important features are built-in trading alerts, accounting solutions, secure wallets, and tons of other useful options incorporated into these applications.

A growing and competitive market

The statistics show that the number of crypto wallets has increased sixfold over the past five years, attracting almost 55 million users in 2020. 

  • Over the course of the last year, 12 million more blockchain.com wallets were created. That’s only one wallet service out of all the available choices.
  • Leftronic states that the daily volume of Bitcoin transactions in the beginning of 2020 amounted to $6.2 billion. That is less than MasterCard with $30.3 billion, but more than American Express at $3.2 billion. 
  • The Square payment platform also accepts crypto-to-fiat and has $200 million in total daily volume. According to a study by JPMorgan, the platform has processed $858 million worth of crypto purchases in Q2 of 2020, compared to Grayscale, an investments asset manager that processed only $700 million during that same period.

According to Electronic Payments International, people need better solutions to make payments with their coins. Let’s just look at a few statistics regarding the use of cryptocurrencies.

Over $275 billion worth of cryptocurrencies, and growing, is already in circulation. The statistics from a Chainalysis report of 2020 show an increase of 0.04% of incoming darknet market sale transactions to $790 million worth of crypto in 2019 after a decline in 2018. The greater revenues are owing to the increased number of transactions rather than their sizes – up from 9 to 12 million transactions for the same period. That’s absolutely huge for any kind of alternative market!

The global demand for using secure and less expensive crypto transactions has driven fierce evolution within old payment methods; a movement that sparked the interest for DeFi applications and other decentralized services. As a result, we have more financial services that support cryptocurrency.

Today, BitPay is one of the most popular payment apps, as it makes it easy to set up email payments through a web form with functionalities for delayed, recurring, or multiple payments. The BitPay checkout app also carries out basic payments across portable devices, supports iOS and Android operating systems, and issues email invoices. Sellers can integrate “Buy now” buttons onto their websites and other web apps with a detailed description of the product and the amount of crypto to pay. QuickBooks integration is a helpful resource for keeping your history of the payments. Users can also order a prepaid MasterCard and transfer from Bitcoin and Bitcoin Cash to fiat, which happens at a flat rate of 1%.

Another highly rated platform is Coinbase Commerce, where Bitcoin, Ethereum, Bitcoin Cash, Litecoin, DAI, and USD Coin are accepted. It also has a straightforward and easy-to-use interface. The platform generates a code for website integration that can be embedded or shared to an email address via a link. It has a plug-in that can be embedded in various electronic services such as WooCommerce and Shopify, which are already used by millions of people today. If Coinbase manages to bring the same accessibility to cryptocurrency it can improve the overall experience for the masses. For additional access protection, a unique seed phrase is required that consists of a combination of 12 words. There is also a checkout button and a fiat conversion option. Although Coinbase Commerce has more convertible coins and payment options when compared to BitPay, integrations are more limited. Users will need a third-party wallet to retrieve their balances.

Electroneum (ETN) is a UK-based payment platform that is also a cryptocurrency. After starting out in 2017, it now has millions of users and targets the unbanked population as well. ETN can be transferred almost instantaneously for a fee of less than a cent. The very low fees made ETN desirable to many traders who are transferring funds from one platform to another almost on a daily basis. To receive or send payment with Electroneum, users just need to scan the QR code on their phone. It works in the background and requires little technical experience and no excessive documentation to join. The bottom line is that users can still mine crypto without a powerful rig on their phone or PC. The platform has an application wallet, free multiple offline wallets, and windows wallets. An open-source blockchain explorer is implemented to verify crypto transactions and third-party APIs that allow acceptance and payouts (for example, in online games and casinos).

Obviously, a new player is needed to make the transactions between digital money and fiat currency work better for both sellers and end-users with a click of a button.

Cyclebit Group offers high-speed and reliable e-commerce solutions. The company has been on the market since 2012, having started in Eastern Europe and Southeast Asia, and is now expanding its services to more users in Europe, the United States, and Canada. The platform is integrated with some major exchanges: Okonto, Bitex, Gemini, Liquid, Coinberry, CEX IO, and others. The multi-currency wallet supports Bitcoin, Litecoin, Bitcoin Cash, Etherium, DASH, as well as more than 20 other top cryptocurrencies. Turnover is reportedly more than $1 billion.

Recently, Cyclebit launched a new combined solution for crypto and fiat payments for businesses and customers. Tap2go is a SoftPOS Android application with built-in NFC (near-field communication) module; a technology used by most people who are using their mobile devices for payments.

Tap2go

To accept payments from contactless bank cards, the tap2go application has to be installed from Google Store. Payments can be made between phones and other NFC-enabled devices like tablets or smartwatches, and contactless payment cards. The devices need to be close to each other, but no physical contact is required for the transaction to take place. The NFC antenna is essentially a chip installed on the back of the device or on the side of credit or debit cards (usually there is an antenna sign marked on the top of the card). There will be a signal marking a successful transfer, which is both visible to the sender and receiver. No additional equipment is required. The payment platform can be very useful for coffee shops, bio shops, retail stores, as well as for freelance professions like fitness training, private lessons, or beauty services.

CyclePOS – Crypto and fiat

For brick-and-mortar stores, the solution is the mobile point-of-sale terminal – the Cycle POS terminal. It allows QR payments, the use of a 2D scanner, and accepts a variety of payment methods such as Apple Pay, Google Pay, and Samsung Pay. The tap-pay service and the Cycle Card are developed in collaboration with the Swiss company Tangem. The Bluetooth-enabled device is connected to a cloud in order to manage accounts in real-time and also allows buying, selling, and exchanging cryptocurrencies for fiat money, which could be an essential feature given the high volatility of cryptocurrency. 

Cyclebit has already connected to more than 200,000 devices. With Cycle Online, stores can manage prices, sales, and discounts. 

There are many other innovative accounting and marketing tools integrated into the platform as well. The cryptocurrency exchange rate is fixed at the time of purchase to assure both parties they are not losing due to volatility changes. The processing fee is as little as 0.5%. Customer payments are settled the next business day and in the local currency. The encryption and protection of payment data are performed according to the latest standards and requirements.

Different market segments and channels

There are also other crypto payment platforms, like Coinomi, Blockonomics, B2BinPay, and CoinGate, that offer various advantages, such as multi-currency live support, transferring cryptocurrencies to virtual gift cards for a variety of retail chains and other useful instruments that target different market payment channels.  These include desktop web browsers, mobile apps, in-store shopping apps, mobile POS payments, and other terminals, coupons, direct mobile billing, e-cards, etc. 

A University of Cambridge study shows that there is a bigger percentage of cross-border crypto payments compared to intra-country ones for amounts over $100, while payments under $100 are used for payments of services inside countries. Findings also show that the average size of the payments between C2C individuals is a bit larger than the payments to C2B businesses; however, B2B transactions average almost $2,000.

One of the reasons why people held back on the use of cryptocurrencies was because they could not use them to easily buy everyday goods like food or clothing. But these new payment services are here to change that! In addition, the current process bound with operations that seem complicated for most users is being replaced by more efficient modern ways of transacting with each other.

For retailers, some of the issues behind accepting cryptocurrencies used to be the absence of a connected interface system that uses both crypto and fiat and allows users to quickly manage payments and thus increase revenues. But the new breed of payment terminals entering the market is poised to change that state of affairs and set crypto payments on par with bank card transactions in terms of convenience and fees. When the blockchain was invented a decade ago, this seemed like a distant future. But today we are living it, and the one who will adapt the fastest will be the first to take advantage of the growing cryptocurrency market!

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Sino Global Capital CEO believe there is no need for FUD just yet

Sino Global Capital CEO believe there is no need for FUD just yet

Quick take

1 minute read

  • Over the past few weeks, the leading cryptocurrency and many alternative digital assets have seen fluctuations in the price value. 
  • There have been numerous price dips last week and many traders seem to be experiencing a lot of uncertainty and doubt.

Over the past few weeks, the leading cryptocurrency and many alternative digital assets have seen fluctuations in the price value. There have been numerous price dips last week and many traders seem to be experiencing a lot of uncertainty and doubt. But the head of research at the blockchain investment company Sino Global Capital, Dermot McGrath, has said that the firm prefers to look long-term.

Last week, the Chinese government had seized $4.2 billion worth of crypto assets as a part of the Plustoken pyramid scheme and the court proceedings relating to it. After news broke on this, rumours were flying around the industry that these tokens were getting ready to be dumped on the open market and as a result, prices crashed further.

On Twitter, the chief executive officer of the blockchain investment company, Matthew Graham said the following on the Ponzi scheme:

Furthermore, McGrath spoke in an interview recently with CT saying that investors should look outside of the immediate headlines going on to note:

“In the crypto and blockchain ecosystems it is important to be able to ‘cut through the noise. We are long term bullish on Bitcoin and we continue to see the industry professionalize and mature as an asset class."

McGrath went on to discuss the topic of Chinese crypto miners saying that many have predicted that these individuals could conduct a 51% attack on the network for bitcoin but rejects this saying:

“Some of the reason that “Chinese miners” have been a “boogeyman” to western traders is simply a lack of understanding. In theory, of course we know that 51% attacks can occur, but the level of centralization/coordination and incentives simply does not exist among the Chinese miner community for top cryptos.”

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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Bitcoin critic Mark Mobius still bearish on the leading coin, compares bitcoin to a “casino operation”

Bitcoin critic Mark Mobius still bearish on the leading coin, compares bitcoin to a “casino operation”

Quick take

1 minute read

  • There are many critics of the leading cryptocurrency out there. Peter Schiff, a well-known naysayer of the digital asset has been very vocal in the past on his opinion on the King coin. 
  • Others include Mark Mobius, a founding partner of Mobius capital partners who has recently said that he is still bearish on bitcoin.

There are many critics of the leading cryptocurrency out there. Peter Schiff, a well-known naysayer of the digital asset has been very vocal in the past on his opinion on the King coin. Others include Mark Mobius, a founding partner of Mobius capital partners who has recently said that he is still bearish on bitcoin. Last week, Mark spoke in an interview with FN where he said that bitcoin investment is like investing in a casino operation. He highlighted that the spike in the price for bitcoin is a “casino operation based on all sorts of rumours and speculation.“ 

On top of this, Mark highlighted that there is no trustworthy information and data that can be used to predict the next move for any cryptocurrency, specifically bitcoin. 

“Trying to predict the price of Bitcoin is a loser’s game.” 

Many people are well aware by now that bitcoin and other alternative coins are known for their volatility. Not being able to predict the next move that to bitcoin makes could arguably be part of its charm.

Earlier this year in March, bitcoin took a 50% drop in just one day to then slowly recover quickly over the next few months. It is now with over $18,500. A big impact for the coin was the 2020 United States presidential elections between Joe Biden and Donald Trump. During the hectic week of the elections, as everyone waited for the result, bitcoin was quietly improving its price.

But as many people start to come around to the coin and the advantages that it can bring, Mobius still criticises bitcoin at every turn. In the past, Mark has said that bitcoin is more like a religion than a currency to invest in.

More recently, Mark said that the coin has yet to prove itself as a safe haven as it is backed by nothing more than faith and hope. A gold-backed cryptocurrency could be what the world needs instead, as he went on to argue:

“If there is a cryptocurrency that is really backed by gold and there is a meaningful agreement and some kind of modern thing connection, then this could be quite interesting.”

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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Tyler Winklevoss on BTC: FOMO yet to kick in

Tyler Winklevoss on BTC: FOMO yet to kick in

Quick take

1 minute read

  • One of the brothers of the well-known Winklevoss twins, Tyler Winklevoss has recently said that the spike in bitcoins price that brought it to $18,000 is not yet a FOMO price run. 
  • Speaking in a tweet, Tyler said that the spike in the bitcoins price was due to the steady hands in the overall crypto industry.

One of the brothers of the well-known Winklevoss twins, Tyler Winklevoss has recently said that the spike in bitcoins price that brought it to $18,000 is not yet a FOMO price run. Speaking in a tweet, Tyler said that the spike in the bitcoins price was due to the steady hands in the overall crypto industry. He added that this means many investors are on the sidelines and have yet to get fully involved.

For those that don’t know, FOMO (fear of missing out) is a term used in investments such as cryptocurrency to describe panic buying. When the price of bitcoin starts to rise, many people panic buying due to a fear of missing out.

Specifically, Tyler highlights the stable and steady search term popularity on Google for bitcoin indicating that a spike in Google searches for the leading crypto coin would be a big sign of FOMO kicking in but this has yet to happen.

If you take a look at the Google searches for bitcoin over the past year, it will indicate that the highest it has ever reached was in May this year when the coin hit a $10,000 for the second time in 2020. Since May, there have been numerous prices with fluctuations bringing the price down and up consistently.

Over the course of this year alone, bitcoin has been able to surpass numerous price key resistance levels. Many people believe that the coin is well on its way to $20,000 by the end of the year. Furthermore, institutional investment has been on the rise massively this year with bitcoin being on many corporate balance sheets. This has helped adoption as more people are getting involved with the industry on a daily basis.

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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BTC/USD Back Above 19000 with 19500 the Next Hurdle: Sally Ho's Technical Analysis 30 November 2020 BTC

BTC/USD Back Above 19000 with 19500 the Next Hurdle:  Sally Ho's Technical Analysis 30 November 2020 BTC

Bitcoin (BTC/USD) extended recent gains early in today’s North American session as the pair appreciated to the 19350.01 area trading as low as the 18079.46 area in the Asian session, just below the 50-bar 4-hourly simple moving average.  Chartists observe that the 50-hour simple moving average has bullishly crossed above the 100-hour simple moving average, reflecting an appreciating market.  Traders are eager to see if BTC/USD will establish a new all-time high above the 19891.99 area in short order.  Traders are eyeing the 20311.36, 20534.46, and 21909.24 areas as upside price objectives if a new all-time high is established.  The pair stopped short of testing the 15808.49 area during the recent move lower, representing the 23.6% retracement of the wide appreciating range and absolute 2020 range from 3858 to 19500.  Significant Stops were elected during the decline including below the 18605.14, 18275.16, 18016.74, 17604.12, 17517.42, 17156.69, 17099.13, 16905.00, 16603.10, 16357.50, and 16292.58 levels

Traders will pay close attention to some potential areas of technical support during pullbacks lower and these include the 16092.69 and 15935.90 areas.  Notably, the 15935.90 and 16304.69 areas represent the 76.4% and 78.6% retracements of a historical depreciation from 19891.99 to 3128.89.  Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18194.53 and the 200-bar MA (Hourly) at 18214.01.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 19500/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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