Category Archive Crypto Press Release

NFTs have been the talk of the crypto community for a few years now, and with each passing year, their potential seems to grow. What was once the preserve of digital art collectors and highly speculative investors is now something that could be used on everything from subscription services to online bitcoin casinos, giving players a chance to unlock extra content, features, and more.

But can these digital tokens hold a store of value just like bitcoin and precious metals? Do they have as much potential as an asset, and what does the future hold for NFTs?

What is a Store of Value?

Before we discuss the potential benefits of NFTs as a store of value, we need to address what this term actually means.

A store of value is simply an investment that holds its value. It is an asset or commodity that does not rapidly depreciate over time, allowing the investor to dip into their investment and withdraw as needed. 

Gold and silver are some of the best examples, as the market has valued these metals since the dawn of civilization, and they tend to hold their value over long periods of time. If you have a large store of gold, you know you’ll always have a reliable investment that you can add to and withdraw as required.

On the flip side, a classic car is not a store of value asset. It might have a high value to begin with and it might even be considered a collectible, but it’s a car and it will deteriorate both in quality and—probably—price as long.

A nation’s currency is also a store of value, as it’s an asset to which a value is assigned. When you’re given your paycheck every month, you’re relying on that money to have a certain value, one that hasn’t changed greatly from the previous paycheck.

Is Bitcoin a Good Store of Value Asset?

Bitcoin has a lot of potential as a store of value asset. As with gold and silver, it can be collected, stored, and then sold as needed. And unlike bonds and other potential store of value assets, it doesn’t need to be sold in its entirety.

You can sell fractions of bitcoin and withdraw only as much money as you require. More importantly, your bitcoin collection is 100% digital, so you don’t need to go to the trouble of finding a dealer, negotiating a price, and then lugging your gold halfway across town to sell it.

Bitcoin is not as stable as silver or gold, but if you look at its price over the long term, and focus on the bigger picture, it has been pretty reliable.

NFTs as a Store of Value

NFTs definitely have potential as a store of value asset, and that potential is already being realized.

What makes them so unique is that they are non-fungible, which means every token is completely unique. A fungible token, such as a bitcoin, is just like every other, and 1 can always swap for 1. 

A non-fungible token is more like a personalized coin or a signed baseball card in the sense that it can’t simply be swapped for other coins or baseball cards as the value is not the same.

Multiple tokens can also be created for a single item, such as a piece of art, and this creates more liquidity as it means the seller only needs to find a part-buyer.

Imagine, for instance, that you own the Mona Lisa, and it has been valued at $500 million. It’s a hefty asset, but you’ll have a hard time selling it. Not only do you need to find the auction house capable of handling such an expensive piece of art, but you also need to find the buyers who have half a billion dollars to spend on a painting.

On the flip side, if you were able to break that artwork down into 500 pieces, each selling at $1 million, you’d never have an issue selling one or more of those pieces, as more people are willing to spend that sum of money on artwork. 

It means you don’t need to worry about selling at the right time or through the right people, and that creates a sort of liquidity that is often lacking in the collectibles sector.

Every single person who owns that painting will be given their own unique code—their own segment of the Da Vinci masterpiece. They’re not just “1 of 500”. They are “Mona Lisa 234”, and that’s something that only they can have, and only they can sell.

It’s not just about artwork and other collectibles, either. NFTs can also be used to purchase other expensive assets, such as real estate. They provide the means of breaking large and unachievable investments into small and affordable chunks, without losing any of the innate value in the process.

That’s what NFTs can do for investors and for the financial sector on the whole, and that’s one of the many reasons that so many people are getting excited about them right now.

Article written by Cloudbet – the leading bitcoin casino

Last month, the Stellar Development Foundation (SDF) participated in a cryptocurrency hearing hosted by the U.S. House Committee on Financial Services.

CEO Denelle Dixon presented the technology of the Stellar decentralized payment system and its applications. With the recent news that Ukraine and Mexico will be using Stellar to run their digital currencies, Stellar is once again in the spotlight.

What is Stellar?

Launched in 2014, Stellar is a platform that supports cross-border transactions between currency pairs and aims to solve global payments problems through blockchain technology.

The global payments and settlement system is complicated by various fiat currencies and each country’s financial and regulatory systems.

Stellar aims to solve this problem by making transfers between different currencies efficient (within 5 seconds) and low cost (under 1 cent USD) through decentralized transaction validation.

The current status of Stellar

In its seven years of development, Stellar used to have an illustrious history.

It was once a top 10 blockchain project in terms of Market Cap. And even set a record for a 100x increase in token price before DeFi Summer.

Unlike projects in the crypto world, Stellar has built many partnerships with the traditional financial community, including IBM and national financial institutions.

However, according to Footprint Analytics, Stellar is currently growing slowly.

After years of growth, it has a TVL of around US$1.5 billion to date, ranking it 40th among public chains, and this rate is far less than that of the up-and-coming public chains that are just starting.

Stellar’s ecosystem is highly underdeveloped, with only two projects at present and very homogeneous.

Reasons for Stellar’s Slow Growth

Poor Ecosystem Incentives

At the time of Stellar’s creation, an inflation mechanism was set up to prevent a reduction in the circulation of XLM.

Each year the inflation scheme generates tokens equal to 1% of Stellar’s total supply and accounts for more than 0.05% of Stellar’s total share receiving additional XLM coins.

The purpose of the inflatable mechanism is to incentivize. However, analysis by Coinmetrics shows that 98% of the XLM incremental coins went to the SDF (Stellar Development Foundation) and did not benefit the Stellar project.

One reason for this is that the foundation has been involved since the early days and therefore can participate in the annual distribution of newly generated tokens.

The second reason is that most Stellar participants joined during the 2017 burst and are speculative users with little involvement in the ecosystem.

The Omission of SDF

The foundation holds a large number of tokens due to inflationary mechanisms. However, the foundation has failed to use these tokens to help the project function better. Crypto Slate analysts stated in 2019[1] [2]  that the foundation has only consumed $40,000 for community projects. Having a large amount of money but not using it well maps out the inaction of the foundation.

In 2019, the Stellar Development Foundation initially mitigated the token mismatch by ending its inflation plan and destroying more than 50% of its tokens. However, XLM still needs to expand its usage scenario.

The Road Ahead for Stellar

Although Stellar ended up lagging since it’s launch, it is set to make a comeback from 2021.

With the explosion of DeFi projects, multi-currency, cross-chain transfers are a current blockchain pain point, and Stellar offers one of the solutions that define a new standard for global payments.

Stellar has gained market recognition through expanded payment companies, national banks, financial institutions, and more, gaining recognition from multiple parties and several strong partners as a global solution for cross-border payments.

EVM Compatibility

The incompatibility of Stellar contracts with EVM means that developers cannot quickly deploy projects on Ethereum to Stellar in February 2021.

FlareNetworks has announced the integration of Stellar Lumens (XLM) with its smart contract platform, thus enabling compatibility with the Ethereum blockchain. If successfully landed, Stellar will be even more scalable.

Summary

Stellar’s recent moves show that it continues to interface with the financial community and bridge the gap between traditional and on-chain payments.

We can keep an eye on Stellar and look forward to its continued development in solving global payments challenges.

Here are some additional details from the Footprint Analytics report:

• The number of active addresses on the Stellar network has increased by 15% in the past month.
• The average transaction value on the Stellar network has increased by 20% in the past month.
• The XLM price has increased by 25% in the past month.

The report concludes that Stellar is “poised for a rebound” and that the network is “well-positioned to capitalize on the growing interest in DeFi.”

Drive to crypto businesses with more payment options at UTORG on-ramp

Crypto FinTech firm UTORG broke down some more silos that stymie mass crypto currency adoption by adding 5 alternative payment methods to its solution. With more checkout options on board, this on-ramp service extends the comfort zone where buying popular coins is fast and easy to almost 200 countries on all continents and in all regions, except for Antarctica. 

Indeed, the vast majority of on-ramp services only allow checking out with a bank card, while UTORG exchange keeps improving and accelerating the flow; more and more users can choose familiar and trusted payment gateways and avoid entering any sensitive financial information when buying crypto. 

Now available on UTORG are: 

• Apple Pay and Google Pay
• NeoSurf
• Instant bank transfers via 20+ Asian banks
• UPI
• MULTIBANCO
• MISTERCASH

Clearly a benefit for end-users and crypto enthusiasts all over the world, this improvement makes UTORG widget a true weapon of mass adoption any crypto business can integrate into their flow within 24 hours to get more new customers, achieve higher sales figures, reduce attrition often caused by suboptimal checkout process, enhance user experience and overall quality of service. 

UTORG is a crypto fintech company operating in almost 200 countries in both B2C and B2B segments. It’s key offer is a payment widget that can be easily integrated with any app or website and allows buying crypto in several clicks. Benefits of thе service include a friendly user-interface, fast integration, low fees, varied payment options, and short AI-based identity verification. The service has valid licenses, obtained a level 2 PCI DSS certificate that proves compliance with strictest personal data and information security requirements, in particular, GDPR. All payment systems available at UTORG also use top-notch data-protection tools, e.g. 3-D Secure protocol implemented by MasterCard and Visa.

Cryptocurrency is such an interesting topic today that everyone wants to understand. As the price of the coins appreciates by the day, people want to get a share of them. While many people may find it easy to buy their preferred digital assets such as Bitcoin and Ethereum from an exchange broker, others prefer earning and accumulating crypto through other methods.

If you are interested in knowing how to earn cryptocurrency, this article is for you. We have lined up different interesting and effortless methods for you. As you will notice, earning Bitcoins, altcoins, or stablecoins remains the most popular and simplest option.

Earn Cryptocurrency by Buying

The demand to earn cryptocurrency has increased exponentially over the years. With the emergence of new altcoins such as Dogecoin and stablecoins such as Terra, investors have hundreds of different coins they can buy.

Buying your preferred digital asset is as simple as clicking a button on a website or app and buying. Better still, you can walk to a physical exchange or a Bitcoin ATM to buy digital assets worth as much as you can afford.

However, buying incurs transaction fees charged by the platform that facilitates the process. But even if you buy directly from a seller, there is a blockchain fee. So, bear this in mind.

Get Paid by Joining Airdrops

You can earn cryptocurrency by joining a few airdrop projects that are reliable. These are aimed at creating awareness of certain products. Essentially, it involves distributing certain cryptocurrencies to various digital wallets, and those who participate earn tokens.

The more you participate in airdrops, the more tokens you earn. The good news is that you can trade your tokens for other digital coins or fiat cash.

Get Paid to Promote Microtasks

Microtasks given by different companies can help you earn cryptocurrency within a short time. A task as simple as reviewing a video, commenting on a social media platform, writing an article, or any other can give you a bounty, which you can later exchange for cash or use to build your crypto portfolio.

It is important to know where to look for microtasks to avoid being scammed. Once you get a lead, this opportunity to earn cryptocurrency is not only rewarding but effortless.

Earn Cryptocurrency Through Yield Farming

Yield farming or liquidity mining is an interesting passive way to earn cryptocurrency where the investor locks up savings and earns interest on it. The interest is often in the form of a DeFi or governance token. The deposited digital assets provide liquidity for various platforms such as exchanges and crypto lending to run their operations. If you are looking for a growing community to help you with yield farming, Loop should be your starting point.

You need to learn how to go about yield farming to get the most from it. If you are just starting with cryptocurrency, you should talk to an expert to guide you.

Crypto Mining

Cryptocurrency mining is one of the oldest options to earn cryptocurrency. However, not all cryptocurrencies are open to mining, and miners need to have the relevant hardware to solve the algorithms. The best part of crypto mining is that it is quite rewarding because your machines are used to process transactions.

One can earn a lot of tokens because tasks are always available. If you join the mining communities for your preferred coin, you must learn a lot about the process of mining before you can set up the systems needed for the task.

Work and Get Paid Using Cryptocurrency

It is possible to earn cryptocurrency by accepting digital assets for work done. This is what freelancers who are hired on a contract basis often do. You may work remotely as an independent contractor or physically in companies that are flexible in offering to pay using Bitcoins, XRP, Ethereum, or any other crypto.

Accept Cryptocurrency in Your Business

As mentioned, cryptocurrency is shaping the e-commerce world. If you have such a business, this is a prudent direction to take. It all starts by setting up the systems that will enable you to accept crypto as a form of payment. However, you need to know the best crypto to accept or synchronize your payment with an exchange that will automatically process the payment to the cryptocurrency of your choice.

Final Word

Fortunately, there are many ways to earn cryptocurrency. Some are more interesting and effortless than others. Therefore, it is up to you to choose one that suits your needs in the best way. Now that you have the information, make the right decision.

Africa is a resource-rich continent and as of 2019, there were about 1.3 billion people living in 54 countries in Africa. But the last few decades have been financially challenging for people living there because of the economic crises and many more problems existing from the root level.

It was predicted that Africa would recover from its worst economic downturn in 2021. However, due to an unprecedented global pandemic caused by COVID-19, economic activity in Africa was disrupted again in 2020.

The condition of traditional financial institutions in Africa has experienced a serious nose dive in recent times and the economy is slowly dying. People are in search of a better value system and digital currencies are godsent.

One of the recent digital currency reports used “Africa is one of, if not the most promising region for the adoption of cryptocurrencies.” as the introduction line. The report, titled ‘The State of Crypto: Africa’, looks at the vast potential of the sector, while also acknowledging the obstacles that lie ahead.

The Report also stated that “Africa has shown early signs that it is ready to adopt digital currencies”. A recent survey report also showed that South Africa ranks third globally, with 13% of internet users holding digital currency. Nigeria stands at 11%, well above the global average of 7%.

Lack of Proper Banking System and High Charges

This major interest in Africa stems from several factors. One is the high inflation rate in most African countries, which has prompted citizens to look for better alternatives to their traditional or fiat currencies. And while the peak in Zimbabwe gets all the attention, other more stable economies haven’t done well either. For example, the South African rand has lost 50% of its value against the US dollar over the past decade.

Africa is also completely under-banked. A World Bank survey showed that the availability of banking services in Sub-Saharan Africa is 61% lower than the global average. 

People in Africa can reach banks, but the fees are incredibly high. And while remittances from overseas are expensive, payments between African countries are even higher, accounting for more than 18% of the average transaction value.

The Big Relief

Digital currencies provide Africans with a big relief from many of these challenges. Already, services that enable money transfers across borders using digital currencies are becoming extremely popular. 

One of such platforms has processed over $500 million in cross-border transfers via digital currencies. While another has also attracted prime interest, with lower fees and faster transaction times using Bitcoin SV.

There are still several challenges

However, the report acknowledges that there are several challenges. The infrastructure to support the use of a digital currency is lacking. Only a handful of exchanges serve Africa’s 1.3 billion people. To overcome this, Africans rely on some of the P2P platforms, such as Paxful and LocalBitcoins.

There is a small group of merchants that accept digital currency payments in Africa. Additionally, the number of digital currency ATMs is also quite lower.

The rate of technology adoption is even lower, with less than 0.3% of nodes in Africa for popular digital currencies. Africa’s contribution to digital currency mining is also almost non-existent.

Low internet and smartphone access are other challenges, as is competition from mobile service providers such as Kenya’s M-Pesa. Regulators haven’t made it easy, with some, such as Morocco and Algeria, banning digital currencies altogether.

The report concluded by saying, “This underdevelopment presents a huge opportunity for projects and companies to build the necessary infrastructure and adopt go-to-market strategies similar to the projects discussed in this report. We are already seeing a lot of development related to cryptocurrency in Africa and expect this development to accelerate in the coming years.”

The Hope: POICoin

POICoin is a project focused on solving most of these problems. It is Africa’s first coin in value exchange and empowerment; It is a revolutionary cryptocurrency developed in Africa and aims to revive Africa’s dying economy by putting blockchain technology in every mobile phone and by becoming Africa’s first coin in value exchange and empowerment.

It will provide a blockchain environment with a value system that allows the economy to bring current blockchain compliant individuals/businesses and new or non-blockchain users together through diverse systemic DApps. The same blockchain technology powers these DApps. These advanced DApps will serve as real-time practical solutions to real-life problems in Africa and beyond.

POICoin is a decentralized, blockchain-based digital currency built with the ERC20 standard for smart contracts. This will speed up transactions and help you save by eliminating intermediates. POICoin on one side is providing solutions to existing problems and on the other side providing better ways with more profit and advancement.

POICoin is solving the existing problems which includes: 

• Unavailability of everyday products and services on a blockchain platform.
• Inability to do business globally using the preferred method of payment.
• Complex and slow platform which makes it difficult for people to use the platform efficiently without rigorous training.
• The middleman between producers/e-commerce and consumers/users makes payment processing more difficult and very costly.
• Non-availability of a secure payment system that allows merchants to accept digital currency.
• Inability to safely and easily convert digital currencies such as bitcoin and ether into local currencies

So the needs and internal problems of Africans are driving it to adopt digital currency. But digital or cryptocurrency based projects like POICoin and several new ones are the genuine hope for Africans. They are not only making things easy for the people but also helping them with a better value system.

Meanwhile, the first phase of PoiCoin ICO Pre-sale ended on 13th June, however, you can still take advantage of the second phase which will start from June 20, 2021. 23:59 UTC and will end on July 4, 2021 23:59 UTC. In this pre-sale a total of 20,000,000 POI tokens will be available for buying at $0.15/POI. So, don’t miss this opportunity and invest in PoiCoin to build a better economic future for Africans. Visit Poicoin.net today.

Globalization has influenced trading, tourism, migration and overseas education to bring universal payment to a new level. As global browsers have increased, cross-border e-commerce has made its inception. But for the payments, remittances, purchases, more precisely, money exchange throughout the borders is the key. It has initiated cross-border payments to exchange funds in different countries.

Cross-border payments enable fund transactions in different regional locations and issues discretely registered customer cards. For international transactions, merchants must deal with diverse scenarios due to the rules set by the countries. Therefore, the demand for cross-border payments is uprising with an estimated revenue reach of $1.9 billion in 2020. But research has shown that the management practice has a lack of efficacy in terms of cost and time. Even though e-transaction has been increased by 40% that gives a spike to the digital remittance, the conflict in regulation slows the processing system.

Overall, cross-border payments may have some serious effect on condensed yield, enlarged toil, affluent expenses, and stalled supplier relationships. Adopting cryptocurrency can improve the situation. Global finance can be challenging for remittances and cross-border transactions for technological and sometimes political reasons. Cross-border makes the payment procedure easy but with cryptocurrency, it can be easier and less time-consuming.

“Trading and speculation were the first major use cases to take off in cryptocurrency, just like people rushed to buy domain names in the early days of the internet. But we’re now seeing cryptocurrency evolve into something much more important,” said Coinbase CEO Brian Armstrong in a letter included in the company’s filing documents prior to its public listing. 

Blockchain Leverages Cross-Border Payment

Nowadays, cross-border payments are on the verge of transformation where the transaction process will be contended as sending an email. Blockchain technology and digital assets like Psyche have already started the voyage to shelter a laminar cross-border payment experience. It is connected with the global financial infrastructure to make the system work with more efficiency by increasing affordability, easy accessibility, and high interoperability. Cryptocurrency is being used for distinct types of payments and international companies; the number is growing to facilitate the procedure.

According to a research of the World Bank, in 2019, around $716 Billion P2P payments has been released in which cross-border payment method has been the most disruptive one beset with unruly processing time, excessive fees, and lack of transparency. Conversely, the transactions through cryptocurrency blockchain eliminate bank interference, reduce costs and boost payment processing. The system is invincible that enhances peer-to-peer payments qualifying identity verification. It doesn’t matter which part of the world you live in; the entire systems and form of values will still interoperate and sew up the deal with time efficiency.

Cryptocurrency is Valuable for Remittance Transfer

Remittance is like making transactions in overseas countries where the senders are immigrants and recipients are living in the home country. On average, there were 6.51% of cross-border remittance transactions in 2020. For the startups and other challengers, the number is increasing. In most cases, it is done through banks and the processing is time-consuming but doing it with cryptocurrency holds the signs of interest and space is rising. It is a financial solution incorporating blockchain technology to expand the remittance economy.

Cryptocurrency follows the modern infrastructure and the remittances never count on unified authorities like payment systems, foreign exchange, or banks. It removes multiple intermediaries in cross-border money transfer, and no one has to wait to receive money for like five days, unlike the conventional system. The transaction fees are half from the domestic fund transfers that sometimes increase due to the mediators.

Transparency remains intact because every transaction happens between senders and receivers using a mobile wallet and the blockchain network is the only intermediary. The P2P distributed ledger is the basis to ease international money transfer with speed and low cost.

Distinguishing the distinction between blockchain technology and its application includes potential cryptocurrencies and stablecoins bids for making cross-border payment resourceful.

Psyche Brings the Future of Crypto Cross-Border Payments

Denelle Dixon tweeted once, “Blockchain technology can be leveraged to benefit consumers without sacrificing oversight, accountability or regulation.” It stores client information to simplify the regulatory requirement to retrieve and access whenever needed. The monopolistic market of digital assets has been backed by high-net-worth entities and crypto fanatics.

Psyche Coin is the easiest one that comes with easy, a fast transaction period as well as zero transaction fees. Psyche was formulated with a fusion by running the Reflex App and made blockchain a convenient platform for cross-border payment. Through stablecoins, the process becomes simple, easy and prompt. It is paired with a simple formula that intensifies blockchain remittance and makes it stable, universally accessible, and beneficial for merchants. So, the business can expand and approach a new customer base without any payment restrictions, intermediary, or third-party obligation.

“Everybody can have inimitable needs to transfer remittance that shouldn’t be restricted or belated. Therefore, Psyche has been built to emphasize a user-friendly transaction process so that anyone can partake in cross-border payments without any hassle but with top speed and instant action,” said Mr. Hammad Khan.

The sprints of cryptocurrency reside over consistency, which Psyche has improvised carefully with:

• Super speed enabling up to 3,000 transactions in a second.
• Evolves abundant Master to maintain a high-speed network.
• Transports steady pricing for transactions.
• Directs P2P transactions and provides an easy transaction method.
• Enables user-friendly practice and security during the payment procedure by:
  • Selecting Psyche Coin as the transition option.
  • Receiving a QR and a transaction code to scan and insert.
  • Getting the confirmation of payment completions.

To make remittance transactions more accessible through Psyche Coin, Psyche has initiated a peer-to-peer marketplace, LocalPsyche. It is an open trading platform for merchants to deal directly and qualifies over-the-counter trading for traditional currencies online. Also, condense the cost peril in stablecoin due to price fluctuation. As a traditional P2P marketplace, LP allows vendors to provide numerous payment methods in their region enabling bank transfer, mobile top-up, fiat, online wallet, etc.

Psyche has appeared into the market to revolutionize the blockchain trend and debuted with an outburst of success in the DeFi market. It is backed by an efficient action policy for superior achievement, cogent network flair, higher profit, anonymous payment, and no boundaries of geographical borders. Psyche believes in simplicity and moves forward with better ideology and resilience to make a better platform to be contingent for cross-border payments.

The Libra Ecosystem is a blockchain-based payment system for the e-commerce industry. It aims to provide e-commerce businesses with a convenient, secure and transparent way of accepting payments from their global customers using cryptocurrencies.

One of the problems that the Libra Ecosystem is trying to solve is the lack of transparency in traditional payment systems.

What is the Libra Payment System?

The Libra Ecosystem employs the cryptocurrency-based payment system on the Ethereum blockchain. As we all know, blockchain transactions are highly secure and end-to-end encrypted.

Transactions on a blockchain are first verified by anonymous nodes and then stored in an encrypted, decentralized, immutable ledger for safekeeping.

Transactions, including payments, on the blockchain are publicly accessible, which means it’s easy to verify a cryptocurrency transaction in case of a dispute.

Unlike traditional payments that are governed by centralized authorities like banks that have complete control over payment processing, crypto transactions are free from middlemen and totally controlled by the end-users.

Transactions in the Libra Ecosystem are governed by digital Smart Contracts.

What is a Smart Contract?

A smart contract is a digital application that contains the agreement terms between a buyer and seller written in programming code. In simple words, it’s a digital contract between the buyer and seller, designed to be executed automatically upon the fulfillment of the underlying conditions.

An e-commerce platform that chooses to use the Libra Ecosystem will get to implement smart contracts for all their payments. Once the payment is made by the buyer and confirmed by the system, the product/service will be automatically released to them.

The best benefit, of course, is that no middlemen are required to confirm or process such transactions. This creates transparency, improves security and reduces the cost of transactions.

Traditional Payments Vs Libra Ecosystem

Still wondering how is the Libra Ecosystem better than traditional payments? Here’s how.

Traditional payments like bank transfers, net banking, cards, etc. require a middleman like a bank to process every transaction or payment. So, when a user makes a payment on an e-commerce site using his card or net banking, he has to share his personal details as well as the order information with the middleman, i.e. the bank or the card company.

Basically, the bank and credit card companies have all your data, including what you are buying and where from. They can use this data for marketing and all other purposes. This effectively puts your privacy and security at risk.

Also, transactions using traditional payment methods are not transparent or secure. They are controlled by centralized authorities like banks that are prone to hacking, errors and other issues. Also, the bank can decide to reveal or not reveal transaction information on its own accord.

Cryptocurrency transactions on the Libra Ecosystem are private, secure and completely transparent. There is no middleman who will see or access your transaction details. Even the user information is encrypted and in the code form, so no one can see the actual details. All the transactions on the blockchain are encrypted and highly secure.

Also, the Libra Ecosystem allows e-commerce companies to accept payments in multiple payment modes from their global customer, using digital currencies like ETH.

Staking is probably the best, modern technique to earn a stable passive income without much effort on your part. You can start staking with any amount and receive regular interest on your funds.

What’s Staking?

Staking is much like bank deposits, where you can stake (lock-up) your funds in the form of cryptocurrencies in a Smart Contract in order to keep the blockchain network secure through transaction validation. In exchange for your funds, you get paid in newly mined cryptocurrencies on a regular (monthly/yearly) basis.

One of the best things about Staking is that you can start with any amount and don’t need a costly setup (like mining) or technical knowledge of the blockchain.

If you’re already intrigued, let me tell you about the top proof of stake (Staking) cryptocurrencies that you can invest in today in order to start earning a stable side income.

Top Proof of Stake Coins for Staking in 2020

Unlike PoW (Proof of Work) that uses mining for validation of transactions in the blockchain, a proof of stake (PoS) system uses staking, which is a more efficient, cost-effective, and profitable validation mechanism.

Here are some of the best PoS Coins you can choose for staking:

In addition, the stake value (share price) is automatically increased by 15% on the third day of the Circulation Epoch, as a one-time event, giving an extra incentive to users who open their stakes on the first or second day.

DASH

DASH is one of the most popular PoS cryptocurrencies. Thanks to the fast and private transactions of Dash, it is quickly being adopted by people and businesses globally.

Dash was the coin that made the concept of masternodes famous. Instead of investing huge amounts of money in the mining equipment, it suggested a better, easier and cheaper way of confirming transactions on bitcoin networks using masternodes. 

All you have to do is lock up your Dash in the contract and transactions will be automatically validated by the assigned nodes. As a Dash masternode owner, you can also provide services like quick transactions, payments, etc.

Staking in Dash can earn you interest at the rate of 6% per year.

Tron (TRX)

Tron is a high potential blockchain project that was launched by Justin Sun in 2017. It has grown in popularity because of high-end Tron DApps. In 2018, Tron created history by purchasing the world’s most popular and used Torrent software BitTorrent. Also, the company purchased Steemit (blogging and social media platform) in 2020, added another feather to its cap.

Investing in the TRX stake can be a great way to generate a good side-income, as the staking rewards per year with Tron are in the range of 3-4%.

NEO

NEO is a relatively newer PoS coin that can give you an interest of up to 2% per year through staking. It may not be much, but it’s still better than traditional investments like bank deposits. Moreover, you get the flexibility to manage or change your stake during the period.

The increasing popularity and significance of the NEO coin make it one of the safest PoS systems for long-term investment. And you never know when the value and returns on your NEO stakes might increase abruptly in the future.

WISE

WISE is an ERC-20 token based on the Ethereum blockchain. It employs the proof of stake mechanism for validating transactions in its blockchain. Interested users can stake their tokens in the contract and earn interest over the stake period.

WISE Staking is flexible, as investors are allowed to withdraw their interest at any time during the period of a stake. The cumulative interest rate in the WISE stake is around 5% per year. The interest amount increases linearly based on the stake length, to a maximum of 25% for a 5+ year stake. 

VeChain (VET)

VeChain is another suitable proof of stake system for beginners. It does not offer interest as high as most other PoS coins, but the potential is really good. And the coin has been increasing at a steady rate ever since it was launched in 2015.

VeChain aims to bring the entire supply chain on blockchain in order to make the supply process transparent and increase efficiency. In the future, it could allow consumers to track the very origins of the products they use, including their authenticity and cost. 

It has already been working with a number of businesses on the same concept. For instance, VeChain’s latest project with BMW called VerifyCar allows users to transparently track their vehicle mileage on the blockchain, thus preventing mileage fraud.

Staking in a Proof of Stake coin is certainly a better and more affordable way to earn than mining cryptocurrencies. At least, you don’t have to buy costly equipment with no promise of returns. Staking gives you guaranteed interest over the staking period along with the possibility to get high returns from your invested tokens/coins.

In order to start with staking, you first need to choose the right coin. You can select from the top PoS coins list above.

If you already have some proof of stake coins, you can create a stake by depositing your coins in the contract. At the time of stake creation, you’ll have to select the stake length (period) and the number of coins/tokens.

If you don’t already have PoS coins, you can buy some from the respective cryptocurrency websites.

Do not wait for your customers to ask when you will start accepting cryptocurrencies.

There are many advantages that your business can gain by adding this
payment method.

These people are extremely likely to tell their friends about a new crypto-friendly merchant they found.

Companies should consider accepting cryptocurrencies in order to not only offer new payment methods to existing customers, but also to acquire new clients from the crypto and blockchain ecosystem. This is a real win-win path to increasing revenue that cannot be ignored.

A simple mention – “We accept Bitcoin” – on your website is guaranteed to get noticed by customers who are looking for the opportunities to pay with
cryptocurrency, not fiat.

“Since we started accepting Bitcoin as a form of payment three months
ago, our sales have jumped whopping 427%,”

Lynx Art Collection team reported last year.

In order to protect people from an additional source of coronavirus infection, the Chinese government decided to disinfect cash with ultraviolet light, and the South Korean authorities quarantined cash and even burned some of the banknotes.

Besides the fact that banknotes have become a kind of old-fashioned payment, most companies have transferred their employees to remote work. Therefore, in self-isolation conditions, consumer habits gradually changed. As a result, most purchases have gone online – the number
of global e-commerce transactions increased by 23% after the rise of the
pandemic.

Microbes found on circulating currency in New York City during the summer period. Credit: doi.org

Are cryptocurrencies a salvation bay during and after the crisis?

In the context of the COVID-19 pandemic, cash has become one of the threats to human life and health. According to researchers, a total of 397 bacterial species representing more than 20 bacterial phyla live on the surface of banknotes.

Cryptocurrencies are a separate and very promising type of online payment. Therefore, in this document we will emphasize the main aspects
of connecting digital currencies to your business.

“Since PARSIQ works as a bridge between cryptocurrency payments and traditional business finance, we noticed a new wave of demand for
automation of cryptocurrency-related activity. Therefore, we can assume that businesses consider cryptocurrency a new way to grow profits
and gain new customers,,” says Tom Tirman, Co-Founder of PARSIQ.

Cryptocurrencies are gaining popularity as a means for value exchange and as a method of payment for goods and services. In the US, crypto is not considered legal tender. However, it is fungible, as exchanges are considered to be money transmitters, according to the Financial Crimes Enforcement Network (FinCEN).

This enables businesses to legally accept digital currencies as payment.
In most jurisdictions, cryptocurrency regulation is enforced when it is
exchanged as a security. As a method of payment and in general use, however, such jurisdictions as the European Union,

The rise of cryptocurrency payments

On the coinmap.org portal you can find a world map with indicated locations of all the stores and ATMs accepting cryptocurrency. According to the site at the time of writing, there were 19,369 such venues around the world.

Pic credit: coinmap.org

Mostly require that utilization be under KYC and AML regulations to ensure that cryptocurrencies are not used for illicit or illegal purposes, such as terrorist financing and money laundering.

Having multiple options for cost reduction, crypto wallets, and exchanges enable businesses to have flexibility in terms of accepting B2C or B2B payments using cryptocurrency.

Here are some options that your business can consider in accepting cryptocurrency payments:

How to start accepting cryptocurrency payments

Payment processors.

The most straightforward and simplest means to accept crypto payments would be through a payment processor. This partner will basically accept the payment in cryptocurrency and then remit into your business account in fiat currency or other preferred means. Some examples are Dash, BitPay and Coinbase Commerce.

Crypto wallet.

The most direct means to accept crypto payments would be the peer-to-peer
option, wherein you provide your payment address. This will require that you establish a wallet account available on mobile and desktop apps, or even as a physical device.

You can then utilize exchange services to convert your crypto into fiat or even into other cryptocurrencies. Some wallets have convenient built-in exchange functionality so that businesses can quickly convert from one crypto to another, or even to fiat, with minimal hassle.

Point-of-Sale solutions.

Another option for accepting cryptocurrency payment is through a PoS solution that accepts digital currencies. As with payment processors, this will also entail the service provider remitting the funds through fiat or other preferred means after the transaction goes through.

Regulations, compliance, and establishing trust in the crypto ecosystem

As earlier mentioned, most jurisdictions require compliance with KYC and AML regulations, which means businesses will also need to provide such information when establishing accounts for receiving crypto payments.

Transparency in transactions is one way to ensure compliance with such regulations.

This also enhances trust between the parties involved. Instant notifications
provided by PARSIQ’s Smart-Triggers, for example, gives both merchants and customers the assurance of transactions as they are confirmed on the blockchain.

There is no need to manually monitor the progress of such transactions. The platform automates this crypto monitoring, analytics, and notification platform so that your business can focus on what matters–building value for your customers and industry.

Cryptocurrency payments provide unique advantages over traditional digital payment solutions. Businesses can start accepting crypto payments to save time and reduce transaction fees while staying compliant.

Pros tips for accepting crypto payments:

Save time.

Automate your business needs–save hours or manual work using customizable notification services. In just a few clicks, you can specify how and where to accept crypto payments from your customers. No need to manually accept payments each time.

Pic credit: parsiq.net

Lower cost.

Existing digital payment options, most notably credit cards, can charge fees up to 3%. This can add up to exorbitant costs for businesses over time. Instead, crypto payments can drastically lower transaction costs, as seen in the case of a cryptocurrency exchange who transacted US$1.26 billion worth of Bitcoin for just US $124.60, or less than 0.00001% of the payment volume. Businesses can automate the processing of payment deposits at scale to save cost over time.

Stay compliant.

Keep up to date with the latest AML and KYC regulations by making sure you have right compliance measures in place for accepting crypto payments.

Using transaction monitoring services, businesses can monitor payment
transactions at scale to collect and analyze important regulatory information.

Know if incoming payments originate from blacklisted or high-risk addresses, so that your business can take appropriate action
in real-time.

PARSIQ monitoring enables businesses to set up alerts according to amount
thresholds, such as limiting the maximum payment accepted per transaction. When thresholds are triggered, the service notifies you through your connected application with the transaction details, so that you can quickly react with proper compliance measures.

Summary

Digital payments have proven to be a necessity in today’s economic climate. According to the World Economic Forum, central banks around the world
are recognizing the viability of digital currency as an alternative to cash, since it reduces physical contact and thus the possibility of spreading the
coronavirus.

The global pandemic has led many businesses to close down physical operations and shift toward digital commerce and payments instead. Accepting crypto payments can accelerate your business’ digital transformation, and it will enable businesses of all sizes to quickly recover and even thrive during and after the economic uncertainty resulting from
COVID-19.

PARSIQ is a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications.

PARSIQ’s features automate the blockchain analytics and monitoring
process, providing customizable workflows with real-time intelligence.
People behind PARSIQ are experienced and highly qualified industry professionals that are passionate about blockchain technology. Our ultimate goal is to push forward the mass adoption of blockchain technology by providing the necessary solutions. We want to give everyone the ability to understand and manipulate blockchain data streams.

With PARSIQ, we are making it easier to integrate blockchain infrastructures into existing businesses with an additional layer of monitoring and automation for blockchain-specific asset management.
Details on solutions provided by PARSIQ can be found here.