Tag Archives: bitcoin

The Millionaire Maker

Martkethive poised to go to battle. Pay attention because it has taken 20 years to prepare for this journey into crypto wealth.

I have built Markethive as a walk in faith. Sometimes it has nearly broken me financially, but the Lord kept prodding me to build it. Through treachery with previous partners, financial collapse with Trivita’s damaged income, through suffering from heart failure and actually death in the hospital from heart failure, diagnosed with diabetes 2, having to move from Wyoming to Fargo, a wife that needs special care daily, I persevered because the Lord kept inspiring and prodding me to keep building it.

Last year (July 2016) I took Markethive out for trials, utilizing the Inbound Marketing  tools  and built the Valentus opportunity and became diamond in 12 days (breaking, even shattering the records!), then I rolled Markethive out to assist in an ICO opportunity and within 3 weeks produced over $180,000 in commissions and broke records again.

Keep in mind neither of these opportunities had the longevity capacity, like Trivita did, to become a legacy lifetime income. I was still looking.

This year, I actually died (obviously recovered)then was given a sobering diagnosis which sidelined me from any work for 5 months. Living on savings off my Bitcoins, I was able to focus on recovery and 4 weeks ago was diagnosed with no heart failure and no diabetes (a miracle blessing from the Lord, walking 10 miles a day and a strict diet) and was able to actually get back in the saddle again.

I was ready to get back into the fight and had a few false starts with The Trade Coin Club and Jet-Coin. Then an associate from my Trivita down line made me aware of Bitclub. Joe Able, one of the 3 founders of Bitclub Networks called me and paid to fly me out to meet him. I went with the intentions to pitch him for Markethive investments (I am obsessed with Markethive). Boy was I in for an amazing revelation.

As he introduced me to Bitclub (he took 3 hours out of his busy schedule for me to present this companies many facets and the details) I was overwhelmed, floored actually. It was a jaw dropping experience how well this company has been built, its foundational vision and mission. There is money to be made on so many levels and this company actually has ascended above all other MLMs in so many ways.

I could go on but I made a video to really illustrate how I am engaging Markethive into this. Millionaires will be made. 100s of them in my organization perhaps even 1000s because of the raw marketing power Markethive brings to this and I own Markethive.

Please join my group to get rolling into this huge opportunity tsunami. Surf is up. Big wave surf. Wax your boards and let’s safari brothers and sisters.

https://markethive.com/group/bitclub

Thomas Prendergast
Founder

TP

Standpoint’s Ronnie Moas raises bitcoin forecast to $7,500

After calling latest surge above $4,000, Standpoint's Ronnie Moas raises bitcoin forecast to $7,500

  • The stock researcher issued a $5,000 price target on bitcoin in late July, and raised that by $2,500 on Monday after the digital currency's surge to a record high over the weekend.
  • Moas expects the market value of digital currencies to jump from around $140 billion to $2 trillion, and bitcoin to rise alongside that increase.
  • Moas said he never held any of the stocks he issued reports on, but now all of his investments are in digital currencies.

 

Standpoint's Ronnie Moas raises bitcoin forecast to $7,500    Standpoint's Ronnie Moas raises bitcoin forecast to $7,500  
1:14 PM ET Mon, 14 Aug 2017 | 00:50

Longtime stock researcher Ronnie Moas raised his price target on bitcoin by $2,500 on Monday after the digital currency hit all-time highs over the weekend.
"What's happening is the floodgates are opening," Moas, founder of Standpoint Research, said in a phone interview with CNBC on Monday. "I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars."

Moas first laid out his views on bitcoin's potential in early July and issued a formal report at the end of last month with a price target of $5,000 for next year.

He told clients Monday he now expects bitcoin to climb nearly 80 percent from the weekend's records to $7,500, and maintained the digital currency could surge to $50,000 in 2027 — representing a 28 percent annual compounded growth rate.

Bitcoin three-month performance

Source: CoinDesk

After bitcoin's uneventful split into bitcoin and bitcoin cash on Aug. 1, bitcoin has soared more than 40 percent to all-time highs.

Bitcoin climbed 5 percent Monday morning to a record high of $4,321.08, more than quadruple in value for the year, according to CoinDesk. At that price, the digital currency has gained about 50 percent in August.

As institutional investor interest in bitcoin grows, Moas expects digital currencies to become part of "strategic reserves" and "asset allocation models in the near future." He also said people in foreign countries will likely want to buy digital currencies as a more stable alternative to their national currencies.

"You can't look at this as a normal situation," he said. "We're in an industry that will probably go from $140 billion to $2 trillion and the bitcoin price will probably move with that."

The total market value of more than 800 digital coins listed on CoinMarketCap.com has climbed from around $20 billion at the start of this year to about $140 billion on Monday. Bitcoin accounts for about half of that value.

Year-to-date change in global value of digital currencies

 

Published by and fro

Source: CoinMarketCap

Another digital currency, ethereum, traded 1 percent higher near $307, according to CoinDesk. Ethereum has shot up more than 3,000 percent this year.

Bitcoin cash, an alternative version of bitcoin supported by a minority of developers, held steady near $300, according to CoinMarketCap.

Moas told CNBC that 100 percent of his investments are in digital currencies, with the majority in bitcoin and ethereum. He said he never invested in the stocks he issued reports on.

He added in his Monday note to clients:

"Any way that I look at these numbers, my forecasts are looking conservative. It looks to me as though we are at the same point in the adoption curve as we were in 1995 when we went from one million internet users to ten million. The following year the Netscape browser came online and we went from 10 million users to hundreds of millions of users overnight.

I expect that within a couple of years we will have between 50 and 100 million cryptocurrency users — up from approximately ~10 million today. We only have 0.15% market penetration right now — if that goes to 2% or 3% we will get to the $50,000 price target that I set at the beginning of July."

 

To be sure, many note that bitcoin remains like the Wild West compared with the established Wall Street market.

"People should understand they're not dealing with the NYSE right now. There's no regulation, there's no face that you can attach to these exchanges," Moas told CNBC, noting his digital currency holdings are spread across five exchanges.

Bitcoin lost more than half its value in 2014 as Mt.Gox, then the largest exchange by far, said it lost about 850,000 bitcoins (worth about half a billion U.S. dollars at the time) and filed for bankruptcy.

This July, the U.S. Department of Justice alleged in an indictment that a "sizeable portion" of the Mt.Gox losses were deposited in accounts controlled, owned and operated by an exchange called BTC-e and a Russian national named Alexander Vinnik. Vinnik was arrested in late July.

— Reuters contributed to this report.

WATCH: How practical is it to live on bitcoin in 2017? We tried it for a week

Originator and publisher:
@chengevelyn
Published 10:32 AM ET Mon, 14 Aug 2017  | Updated 11:08 AM ET Tue, 15 Aug 2017

Posted by,
Thomas Prendergast

TP

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Thomas Prendergast

TP

The CoinPay merchant solution

The CoinPay Marchant Customer App opportunity

The Bitclub Network is getting ready to launch CoinPay, which is a new smart payment app that has been in beta (Thailand, Hong Kong, Korea and Japan) for over 18 months now. This platform will allow merchants to easily accept Bitcoin,  ClubCoin  and more by generating invoices and setting up products within a shopping cart that can easily be paid and settled quickly.

Bitclub has created an entire business model around members getting merchants to sign up for the platform. These commissions are paid strategically through the BitClub compensation plan, and as the merchant network grows we believe this could become the most valuable piece of BitClub Network.

Do you want a piece of CoinPay?

Not only will BitClub members have an exclusive to sell the platform and earn commissions on any merchants using it, but CoinPay will also be giving away 60-70% of the company to BitClub Network members in the form of ownership shares! These shares are FREE! Just like we gave you ClubCoin free (and continue to give it) we will be giving you shares of CoinPay as well.

You cannot buy these shares, you have to earn them through your membership and we will have many different incentives for you to earn more as the platform launches. It’s just another way that we like to provide value to our membership and help you cash in.

CoinPay will be its own entity with 1 billion tokens (coins) of this 600-700 million tokens will be given away to members of BitClub for FREE and the other 300-400 million will belong to the CoinPay corporate team, investors, programmers, etc.

CoinPay will operate independently of BitClub and its main focus will be on merchant adoption and support! CoinPay has been working in a private Beta for the last year.

We are now moving to the next phase with a full Beta launch to our Founders and anyone at the Pro Builder rank or higher. This will also be a limited Beta as we test on a larger scale and get feedback before we launch it fully.

You will be hearing A LOT more about CoinPay as it moves forward… It’s finally here…

Are you part of the Club already?

If not -> http://c.oinpays.com

CoinPay makes Bitcoin Payments Easy

Coming Services for Merchants

Cart Plugins Available

Thomas Prendergast
CEO
Markethive Inc.

 

 

TP

Some Bitcoin Unlimited supports will see this as a push for SegWit adoption.

Some Bitcoin Unlimited supports will see this as a "push" for SegWit adoption.

The bitcoin network appears to be under attack once again. BitClub initiated a transaction malleability attack against the bitcoin network yesterday afternoon. Users are advised to exert caution when checking up on bitcoin transactions. It appears Jim Hilliard is the one responsible for this attack, albeit his motives remain unclear.

It seems odd to think a bitcoin mining pool would purposefully attack the network. BitClub owns 4.2% of the total hashrate, which makes them one of the largest in the world. For some reason, one of their members executed this transaction malleability attack since yesterday.All of the affected blocks were mined by the BitClub pool as well, which make it somewhat easier to find the culprit.

Network blocks 456545 and 456552 effectively halted block monitoring updates provided by popular platforms. A lot of bitcoin users had gotten concerned over this attack, albeit the motive remains unclear. It seems very likely this attack is a political move rather than a way to effectively harm the network. The tension between SegWit and Unlimited supporters has been heating up as of late.

A Successful Malleability Attack By BitClub

BitClub may try to influence developers and stakeholders to solve malleability issues. Segregated Witness is designed to address these problems once and for all, yet continues to be opposed by Bitcoin Unlimited supporters. There is a reason why companies and service providers all favor SegWit over BU, though. As a result of this BitClub-orchestrated malleability attack, a double-spend has been recorded. All transactions found within the two network blocks are double-spends.

An investigation has been launched to determine how this attack was performed. One thing is certain: malleability attacks need to be made impossible sooner rather than later. Rest assured this attack was unintentional by any means, as BitClub knew all too well what they were doing. Events like these always spark intriguing debates, even though this is a politically-tinted attack.

Some Bitcoin Unlimited supported will see this as a “push” for SegWit adoption. It is doubtful that is the case, even though BitClub identified a big flaw in the bitcoin ecosystem. If malleability persists, it will be impossible to tell which transactions are legitimate. Although it takes a lot of preparation to pull off such an attack, there is no reason to think it can’t happen again. Solving this problem needs to be the top priority right now. It appears we need SegWit for doing just that, regardless of how others may feel about this idea.

BitClub may try to influence developers and stakeholders to solve malleability issues. Segregated Witness is designed to address these problems once and for all, yet continues to be opposed by Bitcoin Unlimited supporters. There is a reason why companies and service providers all favor SegWit over BU, though. As a result of this BitClub-orchestrated malleability attack, a double-spend has been recorded. All transactions found within the two network blocks are double-spends.

An investigation has been launched to determine how this attack was performed. One thing is certain: malleability attacks need to be made impossible sooner rather than later. Rest assured this attack was unintentional by any means, as BitClub knew all too well what they were doing. Events like these always spark intriguing debates, even though this is a politically-tinted attack.

Some Bitcoin Unlimited supported will see this as a “push” for SegWit adoption. It is doubtful that is the case, even though BitClub identified a big flaw in the bitcoin ecosystem. If malleability persists, it will be impossible to tell which transactions are legitimate. Although it takes a lot of preparation to pull off such an attack, there is no reason to think it can’t happen again. Solving this problem needs to be the top priority right now. It appears we need SegWit for doing just that, regardless of how others may feel about this idea.

Published by JP Buntinx

JP is working hard to bring more credibility to the Bitcoin and blockchain news industry. Outside of being Europe Editor at Newsbtc, JP is also an active writer for the website, and does not shy away from letting his opinion be heard.

Thomas Prendergast

TP

U.S. Signals Clampdown on Red-Hot Digital Coin Offerings

U.S. Signals Clampdown on Red-Hot Digital Coin Offerings

  • SEC says ICOs, cryptocurrency exchanges subject to U.S. law
  • Startups have raised hundreds of millions through ICOs

U.S. regulators said they have jurisdiction over one of the hottest new areas of finance: initial coin offerings of digital currencies.

Companies that raise money through the sale of digital assets must adhere to federal securities laws, the Securities and Exchange Commission said Tuesday. Issuers must register the deals with the government unless they have a valid excuse, as should exchanges that offer trading of cryptocurrencies like bitcoin and ether, the regulator said.

“It’s been a long time coming and this is a big deal,” said Angela Walch, associate professor at St. Mary’s University School of Law. “People have been waiting for some kind of signal from regulators on ICOs.” This is the most detailed the SEC has been about how digital currencies and the exchanges where they trade fit into financial markets, she said. “It’s a reminder that basic consumer protection principles still apply” in the digital asset world, she added. “The tech people coming in don’t necessarily realize they’re playing with fire.”

Startups have raised hundreds of millions of dollars selling such tokens in 2017, bypassing traditional initial public offerings of shares — a process overseen by the SEC — in favor of so-far mostly unregulated ICOs. The commission examined the sale of tokens to fund a startup known as the DAO last year, which raised about $150 million over four weeks, according to the SEC’s investigative report released Tuesday.

The agency’s enforcement division was asked to decide if the DAO token sales “violated federal securities laws with unregistered offers and sales of DAO Tokens in exchange for ‘Ether,’ a virtual currency,” the report said. The SEC decided not to bring charges in the DAO token sale case.

Instead, the SEC report said it wanted “to caution the industry and market participants: the federal securities laws apply to those who offer and sell securities in the United States, regardless whether the issuing entity is a traditional company or a decentralized autonomous organization, regardless whether those securities are purchased using U.S. dollars or virtual currencies, and regardless whether they are distributed in certificated form or through distributed ledger technology.”

One recent ICO was led by Gnosis, a prediction market application based on the Ethereum blockchain. It raised $12.5 million in 12 minutes on April 24, resulting in a market value of almost $300 million. It’s generated no revenue and has little more than a white paper describing what it intends to do. Yet its tokens, which would allow users to bet on things such as election outcomes, have soared 200 percent since early May, according to Coinmarketcap.com.

Open Question

An open question is whether the SEC will apply these new standards to coin offerings that have already happened, said Walch, who is also a research fellow at the Centre for Blockchain Technologies at University College London. And while the SEC won’t pursue action related to the DAO token sale, “I don’t see anything in here that says there won’t be enforcement actions against others,” she said. Some recent ICO have been “egregious,” she said. “I’d be very surprised if they were willing to shove them all under the rug.”
The SEC decision comes a day after the U.S. Commodity Futures Trading Commission gave LedgerX LLC approval to offer options trading based on bitcoin. That could help mature the business of bitcoin trading by helping traders offset risks with derivatives. But it also underscored the fact that digital currencies, decentralized technologies that appeal to the libertarian-minded, probably cannot escape governments.

ICOs offer an attractive deal to young companies: going directly to customers for funding, avoiding venture-capital firms and other professionals. SEC Chairman Jay Clayton addressed the balance he’s trying to strike, saying in the regulator’s statement that, “We seek to foster innovative and beneficial ways to raise capital, while ensuring — first and foremost — that investors and our markets are protected.”

“What the SEC did not say is that all tokens are securities. Rather, they suggest a facts-and-circumstances test,” Peter Van Valkenburgh, research director at Coin Center, said in an email. “We believe that applying the same facts-and-circumstances test to other tokens will mean that some do not fit into the definition of securities, particularly tokens with an underlying utility rather than a mere speculative investment value.”

Exchange Registration

Markets such as Coinbase Inc.’s GDAX and Gemini Trust Co. that offer trading in digital assets so far have dealt mostly with state, not federal, regulators. The SEC now says that will likely change. “Additionally, securities exchanges providing for trading in these securities must register unless they are exempt,” the agency said.

Calling that a “big deal,” Walch said, “Those in the crypto world have been acting as if they live in an alternate universe, and the SEC has delivered a reminder that they still live in the real world, with real investors and real people making decisions that they must be accountable for.”

 

By: Matthew Leising and Camila Russo
July 25, 2017, 4:16 PM CDT July 25, 2017, 5:10 PM CDT

TP

Why Ethereum Could Become the Easiest Cryptocurrency to Mine

Why Ethereum Could Become the Easiest Cryptocurrency to Mine

Why “the Easiest Cryptocurrency to Mine?” Is the Wrong Question 

Easiest Cryptocurrency to Mine The cryptocurrency revolution has arrived. With Bitcoin <span data-recalc-dims=(BTC) hitting all-time highs, peaking at one point around $3,000 per unit" width="300" height="212" srcset="https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/07/Ethereum-300×212-Small.jpg?resize=300%2C212 300w, https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/07/Ethereum-300×212-Small.jpg?w=679 679w" sizes="(max-width: 300px) 100vw, 300px" />

FOREX INVESTORS BUZZ  Easiest Cryptocurrency to Mine The cryptocurrency revolution has arrived. With Bitcoin (BTC) hitting all-time highs, peaking at one point around $3,000 per unit—and Ethereum (ETH) going from around $10.00 to over $400.00 in under a year—these two leaders in the cryptocurrency market are making the case that they are some of the most lucrative investments in 2017.

But one of the most important developments in the cryptocurrency trade right now is finding the easiest coins to mine. In fact, the easiest cryptocurrency to mine is going to be a game-changer, because whichever online currency can manage that will ultimately become the cryptocurrency of choice for the world at large.

In the case of Bitcoin mining, for instance, the process involves a third party helping a transaction go through by interacting with the blockchain. In order to do that, they need their computers to solve a complex set of math problems that increase in difficulty depending on how many miners are currently working, and decrease in difficulty if there is a dearth of miners working.

While the process is time-consuming and costly, the reward for helping that transaction go through is a Bitcoin. Not a bad trade, all things considered. Except that mining is by no means a cheap endeavor. Cryptocurrency mining takes a very strong computer, as well as a large amount of energy to power said computer.

One projection argues that Bitcoin transactions may consume as much electricity by the year 2020 as the entire nation of Denmark. (Source: “Proof of Work vs Proof of Stake: Basic Mining Guide,” BlockGeeks, last accessed July 12, 2017.)

Cryptocurrency Mining Hardware

As explained, there is a high barrier to entry when trying to mine for BTC and ETH, as well as severe energy costs. They are not the easiest coins to mine, but they are your best bets if you’re dead-set on going that route.

But a better alternative may be to look at what Ethereum is doing. The company has mentioned that it is looking into changing the way it handles mining from a proof-of-work model to a proof-of-stake model.

Essentially, instead of having miners compete, a third-party peer would be selected to help the process along. They will make a security deposit so the exchange would be done in good faith, and the process will be many magnitudes more efficient, cost-effective, and speedy.

At that point, Ethereum would become the easiest cryptocurrency to mine. With ETH becoming the easiest coin to mine, expect the value of ETH to rise accordingly.

This all makes Ethereum potentially one of the best investment opportunities in the cryptocurrency market, with huge growth on the horizon if this mining process switch is implemented correctly.

(Data source: “Ether Historical Prices (USD),” Etherscan, last accessed Juy 12, 2017.)

Best Cryptocurrency to Mine with CPU

With the Ethereum changeover expected to happen sometime in 2017, that would make ETH a good cryptocurrency to mine in 2017. Not only will the cost of production of a ETH be lowered, and therefore make the mining process more profitable overall, it will be streamlined and simplified, making this one of the best potential cryptocurrency mining opportunities out there.

With Ethereum, you get a rising cryptocurrency with a decent amount of support already in the market, where ETH is one of the more trusted options available.

Original article found here:

Posted by
Thomas Prendergast

 

TP

Bithumb Hacked

One of the Largest Cryptocurrency Exchange Hacked, People Lost Bitcoin And Ethereum

According to local media reports and confirmed in an official blog post, an unidentified hacker(s) managed to steal an unknown (or probably undisclosed) amount of cryptocurrency from Bithumb. It is the world’s fourth largest cryptocurrency exchange. Bitcoin and Ethereum are main currencies found on the platform.

The worst affected are people based in South Korea which makes a huge chunk of Bithumb’s userbase. Bithumb has announced reimbursement of 100,000 won ($897) worth of cryptocurrency to all the users affected till July 5. Surprisingly, some users have even reported about losing as high as 10 million won ($8700) worth of cryptocurrency.

According to the reports, the attack happened on June 29 (22:00 local time), and the hacker managed to compromise the personal computer of a Bithumb employee and stole personal details of 31,800 members, around three percent of the user base. It is being said that the stolen data didn’t contain the passwords of any of the users, but how the hacker managed to drain the currency is still a mystery.

The issue came to light when the affected users complained about their loss on social media, starting Thursday last week.

In an official statement made on Monday, Bithumb has said that it would reimburse all the lost money to users when they confirm the approximate damages.

Originated from: 

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Posted by
Thomas Prendergast

TP

Top 10 Mobile Wallets in India

Top 10 Mobile Wallets in India

As shopping patterns continue to evolve, so does the Payment Platform And Payment Gateway Industry that propels the former. Mobile Point Of Sales Machines have of course existed for a long time. Mobile wallet is a new concept in India that has been surpassing credit card usage and is slowly beginning to replace the traditional payment methods.

A mobile wallet, in simple terms, is a virtual mobile-based wallet where one can store cash for making mobile, online or offline payments. There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed – depending on the type of usage and payments that can be made. Wallets are growing rapidly as they help in Increasing The Speed Of Transaction, Especially For Ecommerce Companies and all Ecommerce Marketplaces have integrated with such mobile wallets too.

Here are some of the top 10 mobile wallet companies in India and what they offer to their customers.

1. PayTM

PayTM is one of the largest mobile commerce platforms in India, offering its customers a digital wallet to store money and make quick payments.

Launched in 2010, PayTM works on a semi-closed model and has a mobile market, where a customer can load money and make payments to merchants who have operational tie-ups with the company. Apart from making e-commerce transactions, PayTM wallet can also be used to make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry.

Capitalizing on the scope and growth of India’s education market segment, they recently partnered with premium educational institutions in India to introduce cashless payments for fees, bills and other expenses.

Number of installs: 1,000,000+

2. Momoe

Momoe is a Bengaluru based mobile payments startup that focuses on changing how customers pay while eating out, travel and shop. Using the Momoe app, one can store their credit card details and make mobile payments at various restaurants, grocery stores, apparel, salons and other retail outlets.

The app’s initial foray was into restaurants which attracted many installs due to the ease of payment options. The users were able to see live tabs, split bills and pay directly, without having to wait for a physical bill to arrive. Even though its services are currently available only in Bangalore, due to the growing popularity of the app and investment funds they will soon be expanding their services to six new cities.

Number of installs: 100,000+

3. PayUMoney

PayUMoney, a Gurgaon-based company that provides online payment solutions launched its wallet service last year. This e-wallet by PayUMoney enables the user to store cash and pay for various services and transactions.

In order to differentiate themselves from other players, they provide a wide range of benefits that include one-touch check out and discounts / cashback offers on every transaction made. This e-wallet also provides instant refunds on order cancellations and buyer protect to ensure the right purchase and customer satisfaction.

Number of installs: 100,000+

4. Mobikwik

MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This mobile wallet lets its users add money using debit, credit card, net banking and even doorstep cash collection service, which can in turn be used to recharge, pay utility bills and shop at marketplaces.

Owing to the growing need for convenience, MobiKwik has also recently tied up with large and small time grocery, restaurants and other offline merchants.

Number of installs: 10,000,000+

5. Citrus

Citrus Pay is a popular e-wallet app for cash storage, payments and money transfers. Besides tying up with online service providers from varied sectors, they are now collaborating with Woohoo, a gifting and shopping portal to let its customers shop at more than 5000 offline stores listed with them.

Number of installs: 100,000+

6. State Bank Buddy

This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel.

This semi-closed prepaid wallet offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out.

Number of installs: 100,000+

7. Citi MasterPass

Citi Bank India and MasterCard recently launched ‘Citi MasterPass’, India’s first global digital wallet for faster and secure online shopping.

By using this, Citi Bank Debit And Credit Card Customers become the first in this country to be able to shop at more than 250,000 e-commerce merchants. It ensures faster checkout with a single click or touch and stores all your credit, debit, prepaid, loyalty cards and shipping details in one place.

8. ICICI Pockets

Pockets by ICICI is a digital bank that offers a mobile wallet for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions.

With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands.

Number of installs: 1,000,000+

9. HDFC Chillr

Chillr is an instant money transfer app created by HDFC to simplify money transfer and payment process for its customers.

Using this mobile payment app, one can transfer money to anyone in their phone book, thereby cutting out on the hassles of adding a beneficiary. It is currently available only for HDFC Bank customers and can be used to send money, recharge, split bills, request funds or transfer and will soon be able to pay at online & offline stores.

Number of installs: 100,000+

10. LIME

Axis Bank, the third-largest private sector bank launched ‘LIME’, an application that offers a mobile wallet, payments, shopping and banking facilities.

This mobile wallet is available for both account & non-account holders and lets a user add money using his or her credit, debit and net banking details. One can also share the wallet with their loved ones or pool in funds into a shared wallet for a particular purpose (Example: Gifts, vacations, etc.)

Number of installs: 10,000+

Data on digital payments in India

And here are some interesting findings on digital payment adoption from the recent ACI Survey:

 

While these numbers indicate the growing need for secure, faster and efficient payment methods for online marketplace, efforts to make payments to individual or brick & mortar stores is also increasing. Start-ups and huge corporates are constantly on the lookout for customer-friendly technology, thereby giving more power to the customer.

Thus, the day you will walk around without a physical wallet and pay your local dhobi and kirana store uncle using a mobile wallet is not so far.

Thomas Prendergast
Markethive Inc.

TP

What Are Cryptocurrency Debit Cards, Explained

What Are Cryptocurrency Debit Cards, Explained

1. What are cryptocurrency debit cards?

They are plastic cards, similar to your everyday bank card, but you can deposit cryptocurrencies on them.

Cryptocurrency debit cards are a relatively recent development in the Blockchain world. They were invented to solve the problem of using digital coins for day-to-day expenses. Obviously, you can’t just go to your nearest grocery store and pay for your shopping list with Bitcoins, not yet at least.

This is very inconvenient because it introduces an additional difficulty of searching for a place to exchange your cryptocurrencies to fiat money before you can actually start spending them. There have been several proposed ways to make cryptocurrency spending a more direct process and plastic cards are one of them.

2. What are the solutions for cryptocurrency spending?

The primary two are point-of-sale terminals and plastic cards.

Point-of-sale terminals are one of the proposed solutions. This is a piece of hardware installed at a shop, which interacts with a mobile wallet app on your phone and withdraws your cryptocurrency to make a purchase. However, they require a merchant to actively take interest in accepting digital currency payments and pay some money upfront for installing a terminal. As such, this approach is not easy to scale.

Plastic cards are a different, arguably better, solution. They take advantage of the existing Visa/MasterCard infrastructure – bank card terminals are already an available payment option in millions of shops around the world. Such cards don’t require the merchant to do anything. In fact, the cashier might not even know that you’re paying with a cryptocurrency because it’s seamlessly converted into the respective fiat currency by the card provider.

3. What types of cards are there?

Prepaid cards and debit cards, mainly.

The first option is a bit outdated by today’s standards. You pay a provider a certain amount of Bitcoins or some other cryptocurrency, and they send you a prepaid Visa/MasterCard with the equivalent amount of fiat money. After that, it works like any old debit card you can get at the nearest bank.

A more recent development is a debit card with an automated exchange system in the background. They allow you to deposit your cryptocurrency directly, via a web app. When the time of purchase comes, the card provider handles the process of converting your digital coins into the necessary fiat currency on the spot. From the merchant’s point of view, these are the same as prepaid or regular bank cards. However, they spare the user the need to exchange money – you simply deposit your Bitcoins or Ether and you’re good to go.

4. Where can I get one?

The providers of cryptocurrency debit cards are online companies with different backgrounds.

A simple online search will net you several key providers of cryptocurrency debit cards. By going to their websites, you will be able to order yourself one. This technology is on the verge of the digital and real world and is heavily regulated by governments worldwide.

Because of that, they almost always require you to undergo some sort of identity verification, submitting some sort of ID proof. Other than that, in addition to a small upfront payment, they are really easy to get.

5. If they’re so good, why aren’t they immensely popular?

It has more to do with the technology of cryptocurrency itself – confirmation times and transaction fees, in particular.

It’s true that the technology of cryptocurrency debit cards has been here for a while. You might be thinking: “if they make digital currencies so easy to spend and can be easily bought, why aren’t they much more popular?”

One of the primary, if not the main barriers to higher adoption is cryptocurrencies themselves. Bitcoin transactions have a 10 minute confirmation period on average. The fees are also significant, unlike in the old times, and are only getting higher. These two factors combined make Bitcoin payments barely suitable for small, everyday purchases – plastic card or not.

Some other currencies, such as Ethereum, have faster confirmation times and lower fees, but they’ve started getting popular quite recently. In fact, some of the cards were released before Ethereum entered the market.

6. Are there cards that support altcoins?

Yes, recently some cards have started appearing on the market and they allow you to deposit currencies other than Bitcoin.

TenX, for example, is a young project with an already working card that can be topped up with Ethereum and Dash, in addition to Bitcoin. Both these coins have much faster confirmation times and much lower transaction fees than BTC does.

In fact, TenX’s own technology COMIT (Cryptographically-secure Off-chain Multi-asset Instant Transaction) makes the system capable of accepting deposits in any cryptocurrency tokens that conform to a small number of requirements, such as having double-spend protection and multisig wallets.

With technologies like this, paying for a Big Mac at any McDonald’s using a cryptocurrency of your choice may actually be easier than you think:

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Thomas Prendergast
Markethive Inc.

 

TP