Úno 28

PayPal on Blockchain: ‘Why Don’t We Just Use a Database?’

· February 28, 2017 · 9:00 am

If something works, why change it? PayPal’s Harper Reed has dismissed “boring” Blockchain technology, choosing to stick to the traditional databases.


‘Why Don’t We Just Use a Database?’

In the midst of the “chainwashing” trend, some companies seem to be taking the high road and staying clear of Bitcoin’s underlying Blockchain technology. This is the case with PayPal which, despite its ambitions to become the dominant global online payments platform, has distanced itself from this prospect.

reed

When asked about the potential for blockchain technology at the 4YFN conference, Harper Reed, the Director of Software Development for PayPal, dismissed it stating:

Whenever people say why don’t we use the blockchain to do this, I think why don’t we just use a database?

This is, in fact what PayPal has been doing all along with its own centralized online payments app Venmo, which is now processing nearly $20 billion USD per year and is much in vogue among millennials, in particular.

Reed went on to reference Bitcoin’s “dark market” image as the medium of exchange for the deep web economy, suggesting that the technology would benefit from a rebrand:

When I think of blockchain I think of drugs, and I’m not really a drug user so I find it really boring.

PayPal & Bitcoin

However, this comes as a relatively refreshing stance towards Blockchain, despite Reed’s misconception regarding Bitcoin being a “drug currency.”

PayPal seems to be more focused on results and on the user-experience itself, rather than on hype and the technology that works in the background, which was the key point of Harper Reed’s talk at 4YFN, the startup spin-off of Mobile World Congress in Barcelona.

Nevertheless, PayPal has had several “encounters” with blockchain technology and Bitcoin itself. In June 2016, PayPal partnered with the digital asset exchange and wallet Coinbase, allowing users to sell bitcoin and cash out to their PayPal accounts.

thiel

Peter Thiel, PayPal co-founder and close adviser to President Donald Trump, has also expressed his interest in the technology, having invested in several Bitcoin startups himself.

He once stated:

PayPal had these goals of creating a new currency. We failed at that, and we just created a new payment system. I think Bitcoin has succeeded on the level of a new currency.

Thiel is becoming an extremely important adviser for Donald Trump, who is increasingly being associated with Bitcoin supporters like 21 Inc. CEO Balaji S. Srinivasan and the recently appointed U.S. Budget Chief Mick Mulvaney, also known as “Bitcoin Congressman.”

Will PayPal retain its competitive edge in the future despite shunning blockchain technology? Share your thoughts below!


Images courtesy of Shutterstock, queerty.com, wikipedia.com

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Čvn 08

Further Economic Woes In Turkey Create Bitcoin Opportunities

Source: bitcoin

Bitcoinist_Turkey Economy

Financial trouble continues to brew in Turkey, as the economy minister was not overly confident when discussing the situation in the country. The central bank is expected to continue cutting its lending rate. Now that PayPal has also left the scene in Turkey, Bitcoin can start gaining popularity in the region.

Also read: ownCloud Inc. Closes Doors Following NextCloud Announcement

Although many people in Turkey expected the country to see financial growth later this year, the current projects do not seem to agree. With more lending rate cuts by the Central Bank of Turkey on the horizon, things are looking bleaker than anticipated. If this were to happen, it would be the fourth straight month of cuts in the country.

Financial Situation In Turkey is Evolving

Despite that forecast, Turkish Economy Minister Nihat Zeybekci is confident the country is on the right track to achieve its growth. Moreover, there is a plan on the table to reach a year-end inflation rate of 7.5%. A lot of that success will hinge on exporting goods from Turkey to other countries, though.

Declines in export have already caused a correction for the 2016 projections. It was initially assumed Turkey would see US$155.5bn in export in 2016, but that target has been cut back to US$150 billion. The first half of 2016 was not on par with expectations, although the numbers were not terrible either.

Part of this export will hinge on how consumers can pay for goods coming from Turkey. Online shopping is becoming more important than ever to consumers all over the world. Paypal is one of the most common payment solutions in the e-commerce sector these days.

Unfortunately for Turkish retailers, PayPal is no longer a payment option in the country. The company had to withdraw after being unable to renew its operating license. It is expected this news will have an impact on the export figures as well, although it would only affect consumer purchases, rather than the corporate side of things.

Bitcoin is a more than viable alternative to PayPal in Turkey, though. Bitwala is even offering completely free Bitcoin debit cards to Turkish citizens for a limited time. The country has come to a crossroads where consumers may start looking for payment alternatives. Bitcoin presents an excellent case and solution, which is very cheap to use as well.

What are your thoughts on the economic situation in Turkey? Let us know in the comments below!

Source: Reuters

Images courtesy of Shutterstock, PayPal

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Čvn 03

Industry Report: PayPal Gets Into the Bitcoin Game

Source: bitcoin

Bitcoin Industry Report

Paypal says “yes” to digital currency; content creators may find themselves getting rich; and Russia is the world’s latest cyber-attack victim. Want to catch up on your digital currency news? Take a look below and see what you’ve been missing.

Also read: Industry Report: The USPS Does Digital Currency

PAYPAL

PayPal has filed a patent for a new device that will allow for the acceptance of digital currency.

The e-payment network has long hinted at a possible relationship with bitcoin, but several weren’t sure if purchasing bitcoins through PayPal’s platform was as far as the relationship would go. Happily, this doesn’t seem to be the case.

The patent describes the application states:

“The module includes a chassis which has a modular device connector. A payment database in the chassis stores funding source information and security information.”

The patent also describes a payment card possessing a digital currency wallet, virtual memory and instructions designed to aid users in configuring their wallets with respective machines and technology, and hardware processors linked to the card.

SATOSHIPAY

Micro-transactions conglomerate SatoshiPay is releasing a new API, which can be integrated into several different websites and online platforms.

Its purpose – to give content creators a new opportunity to receive funds through nanopayments from those who visit their pages.

It’s not always easy finding revenue in the field of content creation, and SatoshiPay is aiming to change that.

CEO Meinhard Benn explained:

“We have been delighted by the response we’ve received from the developer community, and we’re excited to announce the API. Our mission is to enable developers to use SatoshiPay for any kind of digital product or service they want to implement nanopayments into. We believe this will enable us to significantly scale our reach as developers can use our system in any way they can dream. We will continue to add features frequently to support our growing ecosystems of developers and partners.”

RUSSIAN BANKS

What would digital currency news be without a hacking story? Six Russian banks (including international mega-bank Metropol), are now short nearly $30 million USD due to the efforts of what some are labeling a large hacker collective, and thus far, about 14 separate arrests have been made.

The string of attacks allegedly took place between March and April 2016 and occurred through the distribution of malware known as Lurk, a banking Trojan that has proven to be quite dangerous when in criminal hands.

This last year hasn’t been particularly kind to Russian financiers. Since mid-2015, about 18 separate incidents have occurred, resulting in approximately 3 billion rubles stolen. Authorities have made several investigations and arrested 50 individuals since that time.

Know of any stories that should be included in our weekly industry reports? Let us know by posting your comments below!


Images courtesy of almudenamilianishop.com, satoshipay.io, rferl.org.

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Kvě 17

Pre-Order With Bitcoin Using Purse Pre

Source: bitcoin

Purse

The Bitcoin-based marketplace that has connected the community with discounts at Amazon for using cryptocurrency has just announced the launch Purse Pre. This new Purse Pre market will allow Bitcoin users to place pre-orders on goods and trust they will receive the product or get their digital currency back.

Also read: Bitcoin Is The Original DAO

Bitcoin Marketplace Guarantees Pre-Ordered Products With Purse Pre

The San Francisco-based company says Purse Pre will enable pre-orders with Bitcoin and “ensuring  orders are either perfectly fulfilled or customers get all their money back.” Pre-ordering on the worldwide web is great but at times, customers never receive the goods they ordered. Platforms such as Kickstarter, Indiegogo, and from a company’s own website fail to send items more 60% of the time. Kickstarter alone has an alarming rate of over 87% never receiving a refund. Just last week Paypal explained it would stop insuring crowdfunding failure this summer. Purse wants to put an end to the pre-order madness and offer a more secure solution. During the launch announcement Purse CEO Andrew Lee explains the platform’s objectives saying:   

“Purse Pre is the ultimate place to pre-order the hottest products available. With Purse Pre, you can purchase multiple pre-order items at the same time and in a safe way. Purse’s blockchain technology securely escrows bitcoin to ensure that your money is only released when your items arrive or if you decide to cancel an order. We are excited to bring Purse Pre to consumers around the world and to the community of entrepreneurs on Kickstarter and Indiegogo.”   

Purse CEO Andrew Lee

Purse Pre will use its secure escrow system to safeguard consumer funds until the product ships. The service allows customers to monitor “the production status” and users can cancel at any time before shipment to get a full refund. So far the Purse system has saved customers more than $600,000 in discounts and all purchases are secured with blockchain escrows. Purse Pre will be no different but will apply to the pre-order ecosystem with companies like Indiegogo and Kickstarter.

The marketplace Purse tells us that on launch day the pre-order marketplace will feature “over 80 hand-selected, pioneering gadgets” which include Lily the throw-and-shoot camera, the June Oven, BuzzClip the wearable for the blind, Nebia the sauna-like shower, Trunkster the advanced luggage and so much more. Purse says no other marketplace will have this broad range of pre-order goods and back the purchases by blockchain technology. The company states:

“Purse Pre finally allows consumers to purchase the most popular pre-orders from a single website while using Bitcoin.”  

The company is excited to bring this level of pre-ordered goods to a Bitcoin marketplace and believe they are raising the bar with this additional feature. The company claims to process $1 million USD a month in Bitcoin sales and says it’s only getting started. The firm’s mission is to “make global commerce easier and fairer through blockchain technology.” With its popularity, the startup has attracted investors such as TA Ventures, the Digital Currency Group and more with the hope it will expand the company’s mission vastly.

What do you think about the Purse Pre marketplace? Let us know in the comments below.


Images Via Purse Websites and Crypto-Graphics

 

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Kvě 06

XMLGold Offers More Payment Options Than Ever for Bitcoin Traders

Source: bitcoin

xmlgold

Digital currency exchange XMLGold now allows bitcoin traders to choose from a variety of new payment options. Payeer, PayPal, PayWeb and PerfectMoney are a few of the new choices.

Disclaimer: This article was provided by Bitcoin PR Buzz. Bitcoinist is not affiliated with the firms represented by Bitcoin PR Buzz and is not responsible for their products and/or services.

With the new additions to its list, the Belize-based exchange now offers over 21 different payment methods for cryptocurrency traders. With customer convenience in mind, the company has added all the most widely-used options to their list of supported payment platforms. The list of payment methods includes – AdvCash, Bank Transfer in EUR and GBP, C-CEX, Ecoin, EPay, JostPay, MoneyPolo, OKPAY, Payeer, PayPal, PayWeb, PerfectMoney, XML, Visa and MasterCard and more.

Additionally, the company has adopted a “transparent operating policy” to enforce the trust of its users. Under this policy, traders can withdraw sale proceeds directly to their bank accounts through instant bank transfers or through authorized credit or debit cards. Currently, instant bank transfers are only available in select countries, but the exchange is working to expand their availability.

Started in 2000, XMLGold has been operational for about 16 years. The platform has built a reputation for constantly working on introducing new features for its customers. The platform has an exhaustive list of electronic and digital currencies that can be exchanged for other forms of digital or fiat currencies. XMLGold also allows users to buy and sell Litecoin and other electronic currencies on the platform.

Some of the electronic currencies supported by the XMLGold includes AdvCash, EPay, MoneyPolo, OKPay, Payeer, PayPal, PerfectMoney and their very own XMLMoney.

In the near future, the company intends to expand the list of supported cryptocurrencies and also include new features for its customers.

About XMLGold

The digital currency exchange is part of XML Corp, a Belize registered company. XMLGold is one of the leading digital currency exchange which has been around since 2000. The platform is known for its reliability and high security standards with all the transactions in and out of the platform protected by SSL 256-bit encryption.

To know more, visit:

Find out more about the exchange’s referral program at:

Apply for an XMLGold approved MasterCard at:

About Bitcoin PR Buzz

Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin and digital currency Press Release. Click here for more information.

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Úno 05

Simplex Offers Bitcoin Exchanges Risk-Free Credit Card Purchase Solution

Source: bitcoin

Bitcoinist_Buy Bitcoin

Buying Bitcoin for the first time remains a major struggle for novice digital currency users. Even though there are plenty of exchange platforms to choose from, as well as peer-to-peer solutions such as LocalBitcoins, people want more convenient options. Simplex is a new startup that wants to facilitate the purchase of Bitcoin through credit cards.

Also read: NXT Announces Version 1.7.4!

Simplex Unifies Bitcoin And Credit Cards

For quite some time now, a lot of people around the world have been looking to buy Bitcoin with their credit card in a convenient way. But there is a valid reason so few Bitcoin exchanges are dealing with credit card payments, as there is a high fraud rate. Funds can be charged back from a credit card payment, but Bitcoin transactions can not, which puts the exchanges at a severe disadvantage.

Simplex, an Israeli Bitcoin startup, may have solved the problem, though. Their service will give Bitcoin exchanges access to an API that makes accepting credit card payments risk-free for them. Not only will this help Bitcoin in gaining higher adoption rates, but it would also further bridge the gap between traditional finance and digital currency.

Up until this point, buying Bitcoin from an exchange usually means consumers have to send a wire transfer. Depending on the region where they live, these transfers can be anywhere from instant to taking five business days to complete. Needless to say, this is far from a perfect solution, although it offers the best financial protection for Bitcoin exchanges.

At the same time, various banks around the world have begun to block transfers made to either buy or sell Bitcoin. These restrictions are hurting the digital currency ecosystem in the long run, as consumers get the idea Bitcoin is unobtainable except by a select few. Plus, not every country has their own exchange, making international wire transfers harder and more expensive.

The main goal of Simplex is to provide convenient and frictionless purchasing methods for Bitcoin. By removing some of the restrictions associated with wire transfers, the purchase should complete almost instantaneously. Every partner will have their payments processed by Simplex, removing any risks associated with this payment provider for the exchange or broker.

Former PayPal Employees At The Helm

It hardly comes as a surprise to hear former PayPal employees are venturing into the world of Bitcoin and digital currencies. Both Netanel Kabala and Erez Shapira have worked many years for the traditional payment processor, and their knowledge will be of great value to the service offered by Simplex.

Speaking of which, the company has allegedly processed over US$3.5m in transactions since going in open beta twelve months ago. That success has attracted attention from investors, including Bitmain and Cumberland, and the recently successful funding round will help the company launch in full over the next few months.

What are your thoughts on the service offered by Simplex? Let us know in the comments below!

Source: Finextra

Images courtesy of Simplex, Shutterstock

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Pro 29

Samsung Pay Bringing More Competition to Bitcoin by Enabling Online Shopping in 2016

Source: bitcoin

Samsung Pay

Samsung is planning to expand its mobile payment service, Samsung Pay, into the US online shopping market. Additionally, Samsung will allow more smartphones to support the payment wallet, offering it to cheaper Samsung devices “within the next year,” according to Samsung Pay global co-general manager Thomas Ko.

Also read: Apple Pay Statistics Are Far From Promising — Bitcoin a Global Alternative

Samsung Pay has grown much faster than rival Apple Pay and Android Pay since the service was implemented on payment technology that is already available in most stores. Thus, by expanding into the online market, Samsung will have yet another advantage over these two competitors, as well as coming into competition with popular online payment service PayPal.

Samsung’s electronic wallet will also pose fiercer competition to Bitcoin, whose main user base is found in the online shopping industry. However, it is unclear if Samsung Pay will actually win over any Bitcoiners who use the digital currency as their main online shopping payment method. Bitcoin offers several advantages over Samsung Pay in terms of online shopping. Bitcoin does not require any personal information, which makes it safer than using credit-card based online payment options. The digital currency also does not have any service fees associated with its use, unlike credit card payment methods, which makes using bitcoin cheaper than its more mainstream competition. Additionally, Bitcoin is global; anyone can use Bitcoin anywhere in the world, whereas Samsung Pay and similar services are only available to smartphone owners in certain areas of the globe. These restrictions tied to payment methods like Samsung Pay leave out the large majority of the world’s population, who either lack access to banking services, or do not live within the companies’ service areas.

Both Samsung Pay and Bitcoin have a common difficulty in trying to get people to use their services, however. Samsung has had a hard time convincing people that using its mobile wallet in place of a normal credit card would be more convenient, with many people believing that using a card is a simpler procedure. Similarly, Bitcoin has a hard time drawing in mainstream users due to its perceived learning curve. Most people do not understand the concept of digital money, and prefer traditional currencies that have been in use for many decades. Thus, although both payment methods are in competition with each other, they both must find a solution to getting new users on board.

What do you think about Samsung Pay’s move into the online shopping industry? Let us know in the comments below!


Source: Reuters

Images courtesy of Samsung

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Samsung Pay Bringing More Competition to Bitcoin by Enabling Online Shopping in 2016

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