Bře 24

Bitcoin Price Analysis: Bears Look to Trap Bulls Into Weekly Close

Table of Contents

As the Bitcoin price weekly candle draws towards a close for the week we take a look at what the performance over the week looks like going into the final week of March.


Bitcoin price: 4-HOUR CHART

Looking at the4-hour chart, we can see that the bitcoin price has spent the last few days oscillating around the weekly opening price of $3965, with the bears continually attacking this level.

The MACD has broken through it zero line having turned bearish on the dump from the weekly highs at over $4056 all the way down to $3920, which along with a generally downward trending MACD implies that the bears are in control going into Sunday evening, however the bulls have proven to defend the weekly candle in the last two weeks of asking.

Should the bears want to define the weekly candle, the mid-week lows of $3920 will be the target, whereas the bulls will want to close above the weekly open of $3965.

1-DAY CHART

A look at the 1-Day Chart shows that bitcoin price is showing signs of struggle to complete the Adam and Eve and Inverse head and shoulders classical charting patterns, which would imply an upside target between $4800 and $5200.

Failed moves typically lead to fast moves, so if BTC cannot break back to test the $4,000 and loses the weekly lows, the 50 and 100 DMA at $3780 and $3730 respectively will be the first line of defense for the bulls. These levels have acted as support since Mid-February when they turned from resistance and into support.

WEEKLY CHART

With only a few hours remaining, the weekly chart shows that bitcoin price is still being capped by the center line of the Bollinger Bands, which is the 20 week moving average.

Should BTC manage to hold the mid $3900s, bitcoin will open the final week of March above the 20 WMA will be for the first time of 2019. It is clear to see that a more definitive move is on the brink of occurring with the pinch of the 200 WMA and the 20 WMA being clearly defined on the chart.

The weekly MACD will print a fifth green bar on the histogram and continues to trend upwards, but has some way to go before it crosses its zero line and is in bullish territory.

BITCOIN SENTIMENT

Looking at sentiment in the Bitcoin market, we can see that the Bitcoin September Futures contract at Bitmex is currently trading around $40 below the spot price, meaning that the expectation of the market is that BTC prices will be lower moving forwards.

This of course presents an opportunity for the bulls who believe the opposite to be true. So they’ll be able to pick up bitcoin at a discounted rate. But this would be against market expectation and the discount is to be expected in a bear market environment.

The Long/Short ratio at Bitfinex has crept higher in contrast to the futures movement, and is now up at 1.18, which has room to manoeuvre higher towards where it usually tops out around 1.5 if there is a break to the upside.

The longs and shorts total open interest at Bitfinex is down to 44k BTC – down from nearly double that in Dec-2019. This implies that there are speculators awaiting the bigger move to commence before taking on any risk in the market, which further supports the idea the next move will be a sharp one.

Overall, bitcoin price remains locked in a bear market and is grinding on upwards in an encouraging fashion. But the bulls must take control of the market in the final week of March as the 20 week moving average continues to suppress the price.

Trade Bitcoin (BTC), Litecoin (LTC) and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets

To get receive updates for the writer you can follow on Twitter (@filbfilb) and TradingView.

The views and opinions of the writer should not be misconstrued as financial advice.  For disclosure, the writer holds Bitcoin at the time of writing.


Images courtesy of Shutterstock, Tradingview.com

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Bře 22

China’s Orwellian Cashless Payments Show Why Bitcoin Is Freedom

Table of Contents

Like a scene from an Orwellian nightmare, authorities in Shenzhen China show where the future of centralized cashless payments is headed. And it isn’t pretty.


Centralized Cashless Payments in China

China is known for its high rate of technology adoption. Of the 2 billion or so smartphones around the world, two-thirds of them are in China.

Unlike most users in the West, Chinese smartphones are particularly popular for making instant cashless payments. Just about everyone accepts mobile payments, from small street vendors to homeless people.

Up until now, Chinese using WeChat Pay to make a purchase was completely at their will. But the Shenzhen traffic police are about to instantly extract fines from people’s WeChat accounts if they’re caught jaywalking.

Better than that? They’re using facial recognition technology to catch offenders and remove the fines automatically, no questions asked.

Facial Recognition to ‘Name and Shame’ Is Not Enough

In Shenzhen, pedestrians who violate road rules are already named and shamed on giant LED screens. Traffic police use CCTV cameras backed by AI to single out jaywalkers. Their faces are also registered on a government website.

china wechat jaywalking shenzen

AI-enabled cameras are nothing new in China’s most progressive city. The technology was put in place in April 2018 and since then, almost 14,000 jaywalkers have had their faces plastered across the screen at a busy junction in the Futian district.

The Chinese authorities, it seems, really don’t want you crossing the road outside of a designated pedestrian area.

According to Wang Jun, Director of Marketing Solutions at AI firm Intellifusion, quoted in South China Morning Post, however, naming and shaming is not enough.

Jaywalking has always been an issue in China and can hardly be resolved just by imposing fines or taking photos of the offenders… But a combination of technology and psychology… can greatly reduce instances of jaywalking and will prevent repeat offenses.

So, the Chinese traffic police will soon use a combination of facial recognition technology and instant fines by text.

Despite the margin for error (last year, a facial recognition system mistook a face on a bus for a jaywalker), the new system is moving ahead.

Push vs Pull Payments: Centralization vs Decentralization

Since the naming and shaming campaign began, the number of repeat offenders has reduced. Although Wang believes the only incentive strong enough to stop jaywalking completely is to hit people directly in their pockets.

wechat china

Intellifusion is currently in talks with popular Chinese social media platforms WeChat and Weibo. Not only will the jaywalker be notified by text, but their account will be debited some 20 minutes later. Their credit rating will also be affected if they pass a certain limit and violate the rules too many times.

If it sounds like a scene from an Orwellian society, that’s because this is exactly what this is. Big Brother China is showing the world where the future of centralized cashless payments is headed. And it isn’t pretty.

By going ahead and taking funds from violators’ accounts, they impose a ‘pull payment’ strategy, whereby the supplier simply takes the money from the account.

Now, contrast this to a decentralized financial system like Bitcoin, in which account holders send the funds (with their private key) and payments are ‘pushed’ onto the network.

China Has Control Over Your Financial Sovereignty

It’s been clear to the Chinese people for some time now that the authorities are watching them. But with this new initiative, the government will have access to pull payments from its citizens’ accounts, effectively controlling their financial sovereignty.

It’s not only Shenzhen that’s doing it, either. The Chinese are getting trigger-happy with facial recognition technology, with similar projects in Shanghai and Beijing.

What do you think about China’s automatic fines for jaywalking? Share your thoughts below!


Images courtesy of Shutterstock

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Bře 20

Blockstream’s New Green Wallet Is ‘Probably the Most Secure’ On the Market

Bitcoin HODLers rejoice. Now there’s an even safer, easier way to store your private keys–the all-new Blockstream Green Wallet for iOS and Android.


Blockstream Releases Green Wallet

Rebranded from the GreenAddress Bitcoin mobile wallet, this all-new version promises to offer a more seamless UX and heightened security. It’s arguably one of the safest, sleekest, and most convenient mobile wallets for storing and tracking Bitcoin transactions.

Like its predecessor, this wallet uses 2-of-2 multisig by default. Perhaps one of it’s most impressive features, though, is that the Blockstream Green keeps one key on your device and the other on the company’s servers.

This means that if you lose your mobile device or it gets stolen, no one can get their hands on your funds.

There’s also a host of 2FA methods available within the app from Google Authenticator to email, phone call, or SMS, depending on your preference.

According to the company post, there are “too many features” to mention. However, it reassures current users that:

We’ve retained the same multisig security that our existing users know and love, while packing in a whole host of advanced features that should get our power users excited.

Support for Trezor and Ledger

For those of you used to using the Trezor One or the Ledger Nano S, the good news is the Blockstream Green wallet works like a charm with both.

If you’ve already ordered a Ledger Nano X, you’ll have to wait a little longer until the Green is compatible. The company is currently working on support for later models.

Developed by original cypherpunk and Hashcash inventor Adam Back (one of the most respected names in the space), you don’t need to undergo KYC to use this wallet. In fact, all you need is an email address for wallet recovery purposes only.

Let’s be clear. If you’re looking to store and trade a host of altcoins, this isn’t the wallet for you. But if you’re looking for the best in cryptographic security for your Bitcoin, it doesn’t get much better than this.

According to Back:

As a cypherpunk, cryptographer, and pioneering Bitcoin miner whose technology is still used today, you couldn’t ask for a more qualified person to design your wallet security.

Back’s creation Blockstream is a pioneer in the industry with the mission of “creating the financial infrastructure of the future”–all based on the most secure blockchain there is–Bitcoin.

Will you be trying Green Wallet? Share your thoughts below!


Images courtesy of Shutterstock

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Bře 19

Dubai’s First Bitcoin ATM Let’s You Buy With Cash, No ID

If you’re in the UAE and want to buy some bitcoin, you can do so without KYC from the first Bitcoin ATM in Dubai. Don’t get too excited, though. You can’t make withdrawals yet–and you’ll need to show ID when you do.


The First Bitcoin ATM in Dubai

The good news is that Bitcoin ATMs are gaining traction around the world. Now there’s an operational machine in Dubai hotel and wellness center Rixos Premium Dubai JBR. However, the functionality of the machine is pretty limited for now.

For those looking to venture into the world of digital currency without having to undergo KYC or even show an ID Card, this is the path forward.

Users can simply purchase bitcoin with cash, no questions asked. They can’t sell them though, not through this machine anyhow. According to Anhad Dhingra CEO of Amhora, the company that owns the ATM, that option will be available in a couple of months.

Not All Good News for Anonymous Bitcoin Buyers

If you thought that using a fat wad of cash to purchase bitcoin was a great way to stay anonymous, think again. Remember, that you’ll need some sort of wallet to send your bitcoins to and an existing exchange to sell them afterwards. 

Moreover, when the Dubai Bitcoin ATM rolls out the sell option, users will have to swipe their Emirates ID card or passport.

Buy Bitcoin at Just Five Percent Commission

Amhora is fully licensed by the Department of Economic Development and will charge users a five percent commission on the total purchase. While this may sound steep to regular users who shrink from Coinbase and its high fees, the average Bitcoin ATM charges around 7.5 percent.

Dhingra enthused:

The commission is very attractive because you can buy bitcoins instantly. Otherwise people have to go through a number of procedures which take a lot of time. At this kiosk, you just insert cash and you get bitcoins instantly. It is possible to purchase bitcoins through banking platforms and debit cards already but since we accept cash, it is very different.

While there have been several prototype projects for Bitcoin ATMs, none of them is currently functioning. This makes Amhora’s ATM the first of its kind in the emirate.

Have you ever bought bitcoin from a BTM? Share your experiences below!


Images courtesy of Shutterstock

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Bře 18

Anti-Euro Bitcoin Art Pops Up in Paris Amid Protests

The French are nothing if not expressive. In the country of the language of love, free speech, and Charlie Hebdo, Pascal Boyart has revealed his third piece of revolutionary street art in Paris with a Bitcoin QR code hidden inside.


The Bitcoin Revolution in France

Onlookers around the world, especially from the Bitcoin clan, watched excitedly as Bitcoin became a part of the Paris protests.

One of the Yellow Vest protesters wore a sign on his back saying ‘Buy Bitcoin,’ and the movement became associated with more than just unemployment, taxation woes, and various other social unrest issues.

For many, they believed it to be more about cryptocurrencies, a movement to run the French banks, topple the Euro, and spark the Bitcoin revolution.

In all likelihood, the percentage of yellow vest protestors who actually know about cryptocurrency is pretty slim. Ledger’s CEO Eric Larchevêque previously told this author in an interview:

The yellow vests do not really know about Bitcoin… They do not really think that cryptocurrency will solve their problems.

However, the fact remains that the Bitcoin movement is taking to the streets in France. This is now the third piece of street art from Pascal Boyart spreading the word about Bitcoin.

In the same vein as other pieces, the mural is provocative and radical in nature. It depicts French painter and Impressionist Eugène Delacroix burning a $100 euro note.

The piece signals the end of a reign of centralized institutions devaluing people’s savings and controlling their financial independence.

The significance of using the French romantic artist in his moral will not be lost on artists, historians, or literature aficionados. Delacroix is famous for his use of expressive brushstrokes and for shaping the movement of the Impressionists.

PBoy Pascal Boyart Is a Legend in Himself

Now the third piece of street art he’s created to spread awareness about Bitcoin, a quick glance at his website or Instagram account is enough to leave you breathless. Pascal Boyart is one really, exceptionally creative and hard-hitting artist with strong political views.

He’s also staunchly anti-centralist, sells his artwork through OpenBazaar, and accepts donations in cryptocurrencies.

Boyart’s work has been featured not only by several cryptocurrency outlets including Bitcoinist, but also in The New York Times, The Washington Post, Le Monde, and Reuters, among many others.

Bitcoin may be smaller than Amazon in terms of market value. We may still be in the nascent stages, and perhaps most French people don’t know about cryptocurrencies. But with activists like Pascal Boyart spreading the word, at least there are sparks starting the fire.

What do you think about the latest Bitcoin-inspired mural in Paris? Share your thoughts below!


Images courtesy of Shutterstock, pboy-art.com

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Bře 16

Andrew Yang is the Bitcoin-Friendly U.S. 2020 Presidential Candidate

With the exception of Wyoming and a handful of other states, blockchain regulation in the U.S. has been disappointing at best. Yet, there may be a ray of hope from Democrat Presidential candidate Andrew Yang.


Who Is Andrew Yang?

Andrew Yang is an entrepreneur and founder of Venture for America (VFA), a non-profit organization with a mission of:

Mobilizing the next generation of entrepreneurs and equipping them with the skills and resources they need to create jobs.

Praised by the Obama administration in 2012, Yang was selected as a “Champion of Change,” and later, in 2015, recognized as a “Presidential Ambassador for Global Entrepreneurship.”

Somewhat a dark horse in this electoral race, Yang caused a flurry of excitement among the cryptocurrency community last summer. He declared that he accepted bitcoin, ether and other cryptocurrency donations for his campaign:

Along with the words:

Let’s build the future together

This sparked a storm of comments from his followers asking whether that meant that he supported the mainstreaming of cryptocurrencies. There were also plenty of enthusiastic statements like:

Nothing stops crypto, even Presidential candidates are jumping on!

Yang also had to contend with a decent amount of criticism. The usual opposers claiming that untraceable donations would lead to a flow of illicit funds and foreign financing. They even pointed out the damage to the climate from PoW mining.

Knowledge of Bitcoin Back to 2013

Regardless of the mixed reactions to his news last summer, the 44-year-old Yang of Asian descent could certainly bring the promise of the winds of change in American politics.

And his knowledge of Bitcoin goes back at least as far as 2013 when he tweeted about the then price meltdown when the price dropped under $600 USD:

How far this outsider will get in the presidential race and how much he will do to thrust cryptocurrencies front and center if he wins remains to be seen. But, we wouldn’t mind betting that either way, he’s got a few satoshis hodled away for a rainy day.

And who knows, maybe his bits could even help fund his presidential campaign!

Do you think Andrew Yang holds bitcoin? Share your thoughts below!


Images courtesy of Yang2020.com

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Bře 12

Paul Brody: Bitcoin Has No Practical Use

Paul R. Brody, the Global Blockchain Innovation Chief at Ernst and Young (EY), says he sees no practical application for Bitcoin and other cryptocurrencies. This statement comes amid a growing rate of adoption of virtual currencies in both developed and developing nations. 


Tokenized Fiat (Not Bitcoin) is The Future of Money

Speaking to Forbes India, Brody opined that he hardly sees any practical application for Bitcoin (BTC) or any of the other over 2,000 cryptocurrencies currently in existence. According to the EY executive, crypto-fiat and not Bitcoin is the future of money.

Commenting on the matter, Brody declared:

Most people and companies earn their revenue and spend their money in local currency; we believe the future of business transactions on the blockchain are tokenized fiat currencies-basically blockchain-linked dollars, euros, yen, rupees and so on. Transacting on a day-to-day business in a foreign currency just adds foreign exchange risk to all your transactions.

For Brody, Bitcoin’s deflationary currency model makes it a poor form of money for widespread global adoption. Instead, Brody maintains that the modern-day fiat model is still the best bet, claiming that hyperinflation is at best a minute probability.

Bitcoin Accepted Here

Global BTC acceptance is up by more than 700 percent in the last six years. More than 140,000 retail avenues across the world now accept Bitcoin as a means of payment.

The top-ranked cryptocurrency continues to see increased usage — from remittance payments in Africa and Southeast Asia to public transportation in Argentina.

As a store of value and an investment asset, BTC continues to outshine mainstream markets despite going through multiple high percentage price plummets. Bitcoin (BTC) has outperformed the S&P, DOW, and NASDAQ over the last ten years.

Saying cryptos, in general, have no practical use would be akin to calling the attention generated by the industry as little more than a fad. Such a characterization seems at odds with the increasing level of institutional adoption of cryptocurrency-based investments. Public pension funds, stock market operators, and other multi-billion-dollar corporations are investing in Bitcoin and other cryptocurrencies. That hardly seems like an asset class with “no practical use.”

Blockchain is Boring

While declaring Bitcoin’s supposed lack of real-world utility, Brody believes that Blockchain, despite being the “most boring revolution in technology,” has the potential to affect many aspects of the global business process. However, the EY exec says that blockchain isn’t a one-stop shop solution for every type of business. Elaborating further, Brody declared:

One must carefully choose the kinds of business applications to run on the blockchain. Even though blockchains are getting faster, they are never going to be cheaper or faster than existing banking payment systems or stock exchange platforms.

Speaking during the interview, Brody predicted that blockchain would eventually become like the Internet but with a visible lack of centralization. In the end, Brody believes that the different approaches in the industry will condense into a uniform set of principles that would drive the technology moving forward.

What are the other practical Bitcoin cases that you know? Share your thoughts with us in the comments below. 


Image courtesy of Bitcoinist archives.

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Bře 09

US Regulators Should Give Bitcoin Some Breathing Space

The voices of a growing number of influential politicians and innovators are more loudly proclaiming the importance of preserving the United States’ supposed lead in the cryptocurrency industry. 


‘The US Cannot Afford to Lose Its Place as the Front-Runner in Crypto’

The importance of maintaining world technological supremacy is gaining momentum. In the United States, defenders of innovation and job creation are pushing for giving Bitcoin (BTC) and other cryptocurrencies some breathing space.

In this regard, Thomas W. Hodge, Senior Associate Attorney at Brock & Scott PLLC and founder of Crypto and Policy, argues that the US has always nurtured the growth of new technologies entering the market. “We foster its growth rather than stifle it with burdensome regulations,” he said, adding:

Today there are many new technologies on the horizon: artificial intelligence, autonomous vehicles and perhaps most importantly, cryptocurrencies and blockchain technology, which will change the way we conduct our lives — from banking to voting […] Simply put, the United States cannot afford to lose its place as the front-runner in crypto.

To this end, Hodge joins the congressman for Minnesota, Tom Emmer, in asking to not stifle free market competition and have government regulatory bodies to provide transparency on their regulatory intentions.

Hodge hopes for renewed leadership in the Congressional Blockchain Caucus and changes at the US Securities Exchange Commission (SEC). According to Hodge, these developments will encourage cryptocurrency companies “to continue to drive innovations in ‘fintech’ around the world.”

‘The SEC Must Open Its Doors to Innovation’

At the SEC, key officials are moving towards improving the treatment of crypto technologies. For some time, Commissioner Hester Peirce has been proposing to open the SEC to innovation and free enterprise. She complains:

[W]e regulate an industry that is a key gatekeeper for progress and productivity in the rest of the economy.

Specifically, Pierce calls for an innovative and improved regulatory framework that is more adaptable to the cryptocurrency industry.

As the 2020 U.S. presidential election approaches, crypto enthusiasts are eager to spot Bitcoin-friendly candidates and to know how their policies will foster innovation and entrepreneurship.

Already, one candidate has declared he will be accepting campaign donations in cryptocurrencies. Andrew Yang is a presidential candidate and proponent of a universal basic income. He recently announced that he accepts donations in Bitcoin, Ethereum, and any other cryptocurrency complying with the ERC20 standard, as well as Venmo payments.

Do you think the US government should foster the growth of the crypto industry to maintain technological supremacy? Don’t hesitate to let us know in the comments below! 


Images courtesy of  Twitter/@RepTomEmmer, Shutterstock.

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Bře 04

Bitcoin Can’t Be Stopped By Politics – Lightning ‘Torch’ Goes From Iran to Israel

The Lightning Network ‘torch’ payment has reached Israel after it was sent by an Iranian in a symbolic gesture of peace between the two nations. The historic occasion proves that Bitcoin is truly an apolitical and borderless money technology.


#LNTrustChain Keeps Growing

As reported previously by Bitcoinist, concerns over censorship didn’t stop the #LNTrutChain, otherwise known as the ‘Lightning Torch,’ from being sent to a user based in Iran.

Ziya Sadr, a Coinex executive, gained support from the community to receive the torch after Peach Inc. senior software engineer Vijay Boyapati claimed political factors prevented him from involving him.

Sadr then passed the Lightning Network (LN) payment to another Iranian and founder of Bushido Labs, Sam Abassi, who took advantage of the opportunity to showcase Bitcoin’s political neutrality and censorship-resistance.

Now, the 229th recipient of the torch becomes the Tel Aviv-based Bitcoin Embassy in Israel, who commented:

We received the #LNTrustChain torch!  The torch went from Iran to @samabbassi, an Iranian living abroad, and then to us in Tel Aviv! We’re very proud to be a part of this historic moment  Reply with your invoices and let’s get this torch on the move again!

Bitcoin is Borderless: Palestine Next?

The so-called ‘Lightning Torch’ involves Bitcoin users passing around a transaction on the Lightning Network, adding funds and sending it forward. The current amount has grown to about 3,730,000 satoshis or about $144 USD.

The initiative, started by Twitter user @Hodlonaut, has gained significant interest since it began its journey in January. It has been relayed by such notable entities as Twitter CEO Jack Dorsey and Fidelity Investments.

Online commentators meanwhile celebrated the occasion praising the apolitical and borderless money technology that is Bitcoin.

“Bitcoin cannot be stopped by sanctions or bureaucrats,” commented Atlantic Financial CEO, Bruce Fenton, on Twitter, adding:

Users drive Bitcoin, not central authorities. The future is here.

User Fontaine also added:

Bitcoin unites us all and that is the best thing about it! Would be great to see @BitcoinemBassy send the torch to a Palestinian

Lightning Network is Growing Rapidly

The milestone comes as Bitcoin’s second-layer Lightning Network has been growing exponentially, particularly in the past few months. Data from monitoring resource 1ML.com shows that overall capacity increased almost 20 percent last month alone, while the number of nodes is nearing 7,000.

The instant and near-zero fee transactions over the Lightning Network also go far beyond simply payments.

Last week, Blockstream had used its Lightning Satellite setup to broadcast the world’s first ‘space meme.’ While other use-cases include everything from online roulettes to a remote chicken feeder. In fact, many new Lighting Applications or ‘LApps’ have started to emerge for such as for online tipping and buying pizza, a payment that can be sent for a fee of less than one cent.

Yesterday, Bitcoinist reported that major US retailer Kroger is now also considering accepting Lightning Network payments after abandoning Visa credit cards due to high merchant fees.

While a long shot, LN has actually been found to be a few seconds slower than the best (centralized) digital payment solutions on the market such as Apple Pay, according to a recent study. What’s more, it is actually “days faster” when it comes to onboarding merchants, according to researcher JP Thor.

Do you want the LN torch to go to Palestine next? Let us know below!!


Images courtesy of Shutterstock

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Bře 03

Major US Retailer Ditches Visa – Now Considering Bitcoin’s Lightning Network

US retail giant, Kroger, is no longer accepting Visa credit cards at its chain of Smith’s food and drug stores. So Anthony Pompliano tweeted an offer to hook them up with Bitcoin’s Lightning Network nationwide.


Fees-a Not Accepted Here

It all started on Friday when Kroger announced the move to no longer accept Visa credit cards, citing excessive fees. The Smith’s chain comprises 134 food and drug stores across 7 states, employing 20,000 staff.

Card fees charged by Visa are higher at Smith’s than any other credit card brand, explained Kroger CFO, Mike Schlotman:

Visa has been misusing its position and charging retailers excessive fees for a long time.

Visa is actually due to increase fees for the banks processing card payments on behalf of merchants in April.

Pomp And Circumstance

In the circumstances, it seemed only natural for somebody to suggest a crypto alternative, and Pompliano rose to the occasion. “Who knows someone on the leadership team there?” he tweeted.

The Morgan Creek Digital team will fly to meet them and get them hooked up with the Lightning Network nationwide.

A couple of hours later a product manager from Kroger Digital tweeted a response and set up a conversation.

Obviously, the Ripple army dove right onto this, questioning Lightning Network’s readiness, and suggesting XRP as a better alternative. More interestingly, someone suggested selling Smith’s gift-cards on BitRefill, which would certainly make a zero effort stop-gap solution.

The Tip Of The Iceberg

But this is a very big deal. Smith’s is the second Kroger brand to stop accepting Visa credit cards, after Foods Co. supermarkets in California. Successful implementation of a Lightning Network payment solution at the retailer could lead to a wider roll-out across Kroger brands.

kroger

Kroger is the largest supermarket chain by revenue and the third largest employer in the United States, along with the third largest retailer in the world. As of December 2018, it operated 2,765 supermarkets and multi-department stores, either directly or through subsidiaries.

Ripple army excepted, I’m sure there is a high level of confidence in Pompliano and Morgan Creek Digital to make this work.

And Visa… you only have yourself to blame!

Will major retailers like Kroger accept Bitcoin and Lightning Network payments? Share your thoughts! 


Images courtesy of Shutterstock

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