In this week’s news, we are going to be covering a variety of cryptocurrency news so you can catch up with the latest gossip in bite-size pieces.
There is so much going on with BTC and other cryptos at the moment so it seemed pointless just choosing a single story to cover when there is so much news out there to ponder over. As such, today we are going to look at some of the major stories this week including Facebook's new Libra problems, Samsung's emergence onto the cryptocurrency scene, and Amazon announcing its new virtual currency payment option.
It is easy to see why financial firms and government officials are fearful of Libra because it could be the start of companies owning their own money thus taking financial power away from governments – the result could be Mark Zuckerberg buying the USA and becoming as dominant as the casino owner version of Biff in the blockbuster hit movie Back to the Future II.
Ironically the millionaire version of Biff in the movie was based on Donald Trump!
Fear of Facebook’s power has hinged the planned development and release of Libra as the arguments for and against it keep on leaking into the news. According to Facebook, all it wants to achieve is to offer the general public an easy payment method. However, the idea of using a stable coin to make payments online while being tied to major fiat currencies or its founding member companies seems to be one the banks or governments are not happy about.
One bank has reportedly said that it just does not see how Libra can work, and France has already said it would block any attempt Facebook makes to develop Libra. This is a major blow for Mark Zuckerberg as he has been one of the major forces behind Facebook’s drive to offer the general public a new flexible stable coin.
The argument being touted from Facebook fans is this - Are the banks threatened by Facebook's global dominance?
Well, if you were a major financial institution battling in a marketplace against tens of thousands of other banks and a brand as powerful and influential as Facebook wants to release an innovative and game-changing currency, would you approve its business model? This is the argument being used by supporters of Libra. They say the bank’s flippant decision to denounce Facebook’s new stable coin is purely down to fear of the social media giant’s potential to become as big as BTC; a crypto that has already caused the financial industry enough headaches as it is.
Arguments against the release of Libra include the dangers involved with allowing a company with such a strong global influence manage a financial currency. One of those arguments being that Facebook is so influential that it could potentially become bigger than the US$ or EU€.
The French finance minister has already expressed his concerns when he said: “Libra threatened the existence of monetary sovereignty”.
Libra will work much like fiat currencies if it does eventually manage to become a reality for Zuckerberg. It will be centralized against its founding member companies. This is similar to the US$ or Euro, both of which are centralized against the Bank of America and Central Bank of Europe respectively.
In short, the easy way to solve this is to make sure financial regulations are placed against Libra to make sure the crypto doesn’t assume to much power as is feared by those against its release.
More great news for supporters of blockchain technologies and cryptocurrencies as yet another global brand name announces its ambitions to jump on the bandwagon.
According to numerous reports, the new Galaxy 10 is going to be rehashed and released as a cryptocurrency wallet of sorts. The OS is being built with blockchain technology so owners of the phone can store multiple cryptos such as BTC, BCH, LTC, and ETH to name but a few cryptos the new smartphone is intended to support.
HTC has already gone down this path when it released its HTC Exodus 1. There is no doubt in any of our minds that this is a brilliant marketing ploy by the electronics giants to capture a huge portion of the smartphone market. That portion quite obviously being long term crypto investors and traders alike. On top of this, this is great news for cryptocurrencies themselves as demand for ALT coins should increase pushing up the value of supported virtual currencies.
The KlatynPhone by Samsung will only be available in South Korea, at least to begin with. Pending its successful pilot launch in the Far East, it should then hit the global market. When it does, those that are not investing in crypto may start to this as their easy way to invest.
News of Samsung’s intention to get into the blockchain marketplace comes as a blow to companies such as Sirin Labs who have released blockchain smartphone that use Web 3.0 technology, which is where the internet is predicted to move to in the future.
Although the Web 3.0 peer-to-peer tech does still hold some weight and will not disappear altogether. The phone’s tech does not need the internet to pass information and therefore cuts out the internet’s servers. On the other hand, Samsung and HTC’s smartphones wholly rely on the current internet model.
With all these new smartphones being released with blockchain software, the future is very bright for mBit casino players because it gives both virtual casino gamers as well as crypto live dealer game players another easy way to fund their mBit casino account as well as make withdrawals seamlessly using their smartphone.
More great news for cryptocurrency fanatics, and another excuse to keep a stock of BTC, LTC, and ETH, is the latest news that Amazon now accepts virtual currencies. This is very new to their platform, but it is expected to be the catalyst for other similar websites in competition with Amazon as well as many mini e-comm websites to start thinking about the future and to accept crypto payments.
This is 100% another step forward towards the predicted 2025 to 2030 period in which many predicted that a small number of the most established cryptos will become mainstream.
News of Amazon’s new cryptocurrency payment option means that online casino players can now use their crypto to buy laptops, gadgets, health products, smartphones, and well, pretty much anything because Amazon is one of the world’s go-to places for online shopping.
For the time being Amazon will accept just the 3 cryptos with more are to be added should the new virtual currency payment system prove worthwhile. The great news is that anyone on the fence with cryptos now has another incentive to get involved in an upcoming way to make payments.
There will be incentives from Amazon to use crypto as the preferred method of payment, and on top of this, there will be a flexible pricing scheme attached to every seller on Amazon that decides to take cryptocurrency. Overall the costs of using BTC, LTC, and ETH and processing the transactions for Amazon should be reduced compared to moving fiat currencies.
Almost everyone involved with cryptos saw the price drop to below $8,000 and it was once again headline news across the world of cryptocurrencies. However, the fall in price was short-lived and BTC is now back above $8,000 but could meet some price resistance over the next fortnight, after which it is expected to climb to just below $10,000 before the year is out.
We will reveal more in tomorrow’s weekly cryptocurrency report in which you can see how BTC, BCH, ETH, LTC, DOGE, XRP, and EOS performed from last Tuesday to this Tuesday.
Weighing up this week’s crypto news, things are looking positive for long term investors as well as traders. More big brand names are jumping on board accepting crypto and building technology to allow people to store the most popular virtual currencies. It seems as if every week there is a new company getting involved with blockchain technology, namely Mastercard in previous news, and now Amazon, as well as Samsung alongside HTC, are on board.
mBit casino players will be happy to see that the Samsung will support crypto and the fact that they can now use their ETH, BTC, and LTC on Amazon as all these currencies are also accepted in the online casino available to play on virtual table games, slots, and live dealer games.
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