EU Next on Trump’s Tariff List; Will People Turn To Bitcoin?

trump europe tarrifs bitcoin safe haven

As if there were not enough economic problems facing countries of the world at the moment without an escalating trade war imposed by the Trump administration. Not content with just attacking China, the POTUS has set his sights on Europe next, so will bitcoin and same safe-haven assets grow in popularity there too?


Europe Next For Trade Tariffs

According to reports, the Trump administration is preparing to announce tariffs on billions of euros of goods from the EU. On Friday the World Trade Organization ruled in favor of the US in a case against Airbus in a long-running transatlantic dispute.

The dispute on whether EU countries have illegally supported Airbus by granting subsidized loans has irked the US but a counterclaim by the EU alleges there have been illegal US subsidies for Boeing. The WTO is currently investigating that as the economic wrangling intensifies.

While the aircraft manufacturer is likely to be the first target, the tariffs will not stop there. It was reported that Washington had won the right to collect a total of between €5 billion and €8 billion. Another official said the maximum sum was close to $10 billion.

The decision sets the stage for a showdown between Europe and the US just as the EU is transitioning to new leadership. Incoming Commission President Ursula von der Leyen signaled a robust approach to transatlantic disputes on trade with the US.

The US president had indicated that a win in the Airbus case would be followed by a fresh round of tariffs on subsidized EU products. Washington has prepared a list of exports worth about $21 billion that they are likely to target with different tax rates.

China Stockpiling Gold, Chinese Accumulating Bitcoin

China has clearly been hurt by Trump’s tariffs and in retaliation, the central bank devalued the Yuan to make it more competitive. Additionally, China has been stockpiling gold as a safe haven asset while the people have been accumulating bitcoin for similar purposes.

At the moment the impact on the European Union and its currency remains to be seen. However, these trade restrictions are only designed to benefit the US which could lead to a weakening of the euro as they are rolled out and exports are affected.

Britain’s impending exit from the EU will also hurt its coffers as the UK was one of the few countries in the 28 nation federation than paid in more than it took out. As a result, Brussels has been playing hardball and unwilling to negotiate a deal. A fall in euro value is likely to have the same effect on Europeans which, as we have seen elsewhere on the planet, are likely to turn to bitcoin as a safe haven asset.

Will new EU tariffs be a boost for bitcoin? Add your thoughts below. 


Images via Shutterstock

The post EU Next on Trump’s Tariff List; Will People Turn To Bitcoin? appeared first on Bitcoinist.com.

Source: Bitcoininst

European Countries Step Up Response to Facebook’s Libra

European Countries Step Up Their Responses to Facebook’s Libra

The European Central Bank (ECB) and a number of countries in the region have stepped up their efforts in response to Facebook’s Libra, which has revived a competing ECB project for instant payments. As Facebook engages Switzerland’s financial regulator, the ECB clarifies how Libra can be regulated under EU laws.

Also read: India’s Popular ‘Who Wants to Be a Millionaire’ Show Gives Crypto a Boost

A Wake-Up Call and ECB’s Project Revived

Facebook’s proposed Libra digital currency has given governments worldwide a run for their money. European Central Bank board member Benoit Coeure calls Libra “a wake-up call,” after discussing it at last week’s meeting of eurozone finance ministers in Helsinki. Amid concerns over a sovereign threat, 26 regulators worldwide, including the Bank of England and the U.S. Federal Reserve, reportedly met with representatives of Libra in Basel on Monday to discuss the scope and design of Libra.

European Countries Step Up Their Responses to Facebook's Libra

Coeure told the press Friday that Libra had revived efforts of an ECB-backed project for real-time payments in the eurozone, the Target Instant Payment Settlement (TIPS). The project could allow consumers to use electronic cash, directly deposited at the ECB without the need for bank accounts, financial intermediaries or clearing counterparties. Just like with Facebook’s plans, financial intermediaries will be unnecessary in this new ECB system. “TIPS offers final and irrevocable settlement of instant payments in euro, at any time of day and on any day of the year,” the ECB described.

The project was launched last year and could last months or even years, Coeure revealed, adding that the technical feasibility remains to be seen and opposition from banks is likely. In addition, “We also need to step up our thinking on a central bank digital currency,” he suggested. France’s Finance Minister Bruno Le Maire said last week that the European Union should create a common set of rules for cryptocurrencies to counter the risks posed by Libra.

Strong Opposition by France and Germany

France and Germany have reportedly agreed to block Libra due to the risks the digital currency could pose to their financial sectors, the French finance ministry said. The two countries jointly issued a statement Friday, stating:

France and Germany consider that the Libra project, as set out in Facebook’s blueprint, fails to convince that those risks will be properly addressed … We believe that no private entity can claim monetary power, which is inherent to the sovereignty of nations.

European Countries Step Up Their Responses to Facebook's Libra

Le Maire believes that Libra should not be allowed to operate in Europe while concerns persist about sovereignty and persistent financial risks. “We encourage European central banks to accelerate work on issues around possible public digital currency solutions,” he added in the joint statement with Germany’s Finance Minister Olaf Scholz. The two countries further called on banks to work on improving European payment systems at the European level.

Swiss License for Libra, New Stablecoin Guidance

Meanwhile, the Libra Association has engaged the Swiss Financial Market Supervisory Authority (Finma). The regulator has confirmed that the association has requested an assessment of how Finma would classify its planned Libra project including the issuance of a stablecoin under Swiss supervisory law.

Finma revealed that, based on information provided so far, such a project would fall under financial market infrastructure regulation and would require its payment system license, under the Financial Market Infrastructure Act (FMIA). The requirements under the Principles for Financial Market Infrastructures would also apply to the management of cyber risks. Swiss payment systems are subject to the Anti-Money Laundering Act.

European Countries Step Up Their Responses to Facebook's Libra

Moreover, the FMIA sets out additional requirements for services that increase the risks of a payment system. “Due to the issuance of Libra payment tokens, the services planned by the Libra project would clearly go beyond those of a pure payment system and therefore be subject to such additional requirements,” the regulator clarified, adding:

A necessary condition for being granted a licence as a payment system would be that the returns and risks associated with the management of the reserve were borne entirely by the Libra Association and not – as in the case of a fund provider – by the ‘stablecoin’ holders.

In addition, Finma has updated its stablecoin guidance, which supplements its existing guidelines for initial coin offerings (ICOs). The regulator has acknowledged the rising number of stablecoin projects since mid-2018.

Finma detailed that the requirements for stablecoins may differ based on which assets they are backed by — such as currencies, commodities, real estate or securities — and the legal rights of its holders. “Money laundering, securities trading, banking, fund management and financial infrastructure regulation can all be of relevance,” Finma elaborated.

ECB Clarifies Libra’s Regulatory Challenges

European Central Bank executive board member Yves Mersch outlined the ECB’s approach to regulating Libra earlier this month. He described some “extremely concerning” differences between Libra and other cryptocurrencies. Firstly, he explained that “Libra’s ecosystem is not only complex, it is actually cartel-like,” citing several key areas that the Libra Association will have control over the coin’s functionalities. Unlike the decentralized and disintermediary nature of cryptocurrencies, he said that “similarly to public money Libra will actually be highly centralized, with Facebook and its partners acting as quasi-sovereign issuers of currency.”

European Countries Step Up Their Responses to Facebook's Libra
Yves Mersch

Mersch raised several concerns regarding Libra such as its lack of a global lender of last resort and the limited liability of the Libra Association members. It is also devoid of the equivalent of a deposit guarantee scheme to protect its holders’ interests during a crisis, the executive detailed. He further pointed out that “the fact that Libra is backed by a basket of sovereign currency-denominated assets appears to defeat the very purpose of its issuance as a private currency.” Mersch then proceeded to outline some legal and regulatory challenges of Libra:

The first challenge concerns Libra’s fundamental legal nature. The choice is, essentially, whether to treat Libra as e-money, as a financial instrument or as a virtual currency.

In his view, Libra does not appear to qualify as e-money, as it does not embody a claim of its holders against the Libra Association. The second option is to treat it as a transferable security or a different type of financial instrument, which means that both the Libra Association and any entities providing investment services through Libra coins would fall within the remit of the Markets in Financial Instruments Directive. Lastly, if it were to qualify as a virtual currency then both Calibra and its authorized resellers would become subject to the obligations and registration requirements under the Anti-Money Laundering Directive.

European Countries Step Up Their Responses to Facebook's Libra

Another challenge is to ensure that the relevant EU and member state regulatory and supervisory authorities can assert jurisdiction over Libra and its network, Mersch conveyed, adding that there is also the need for cross-border cooperation and coordination. “Because Libra will be used across borders, it is a matter of international interest.” He elaborated:

Its global nature would also call for a global regulatory and supervisory response to avoid regulatory arbitrage, ensure consistency of outcomes and guarantee the efficiency of public policy responses to Libra.

Mersch pointed out the joint efforts by the global community to mitigate risks associated with Libra, including efforts by the G7 countries, the G20 countries, and the Financial Stability Board (FSB). In its recently published report on how Libra could disrupt the financial system, the European Parliament wrote that “an international agreement is needed on harmonizing existing rules for crypto tokens.” The legislative body of the European Union believes that “Co-regulatory oversight of the Libra operation scheme by both state-operators and stakeholders would be needed to prevent money laundering, illicit transactions and consumer fraud.”

What do you think of how the ECB and European countries are responding to Facebook’s Libra? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Source: Bitcoinnews.com

Here Are Three Reasons Why The New York Times Is Dead Wrong About Cannabis

Last week, The New York Times ran an editorial piece with the headline, “Do We Really Want a Microsoft of Marijuana?”

The author of the report, Christopher Caldwell, opines that the SAFE Banking Act would disproportionately help giant operators at the expense of smaller companies. That, in turn, would usher in a dystopian future in which multinational businesses develop new flavors and products to turn America’s children into a nation of potheads.

I read a lot of wrongheaded news and misinformation pieces about cannabis, but this one may be the winner in terms of getting things wrong.

In barely 1,000 words, the author makes three points that need addressing.

The first is the overall theme. We absolutely want a Microsoft of marijuana!

We want one as investors, as consumers, and as supporters of the industry. Microsoft Corp. (NASDAQ: MSFT) has its flaws, but overall, a lot of people have benefited from the success of the tech company. We can partially thank Microsoft for reliable computer operating systems, sophisticated spreadsheets, and cheap cloud computing that allows us to share our ideas in real time all over the world.

Do we want a company with the resources to improve the accuracy and speed of cannabis testing, one that can grow more precise strains for medical patients, and one that can perfect security and seed-to-sale tracking?

I want those things. So do you.

And he doesn’t know it yet, but so does Mr. Caldwell. Here’s why… Read more

Bitcoin for Monthly $1K Payouts? Andrew Yang Says Yea

andrew yang UBI bitcoin

Free Bitcoin payouts could become reality under a US presidency if 2020 candidate Andrew Yang is elected, he has hinted in fresh comments.


Universal Bitcoin Income?

Speaking during an interview on the Off the Pill Podcast on September 15, Yang, who is well known as a cryptocurrency supporter, shed new light on his Bitcoin plans.

One of the few hopefuls to accept cryptocurrency for his presidential campaign, Yang has also said he wants to issue a monthly salary to US residents.

Dubbed Universal Basic Income (UBI) or the Freedom Dividend, the payment of $1000 would apply to everyone, regardless of status. 

Now, Yang has suggested those payouts could come in the form of Bitcoin 00 rather than US dollars. 

When asked whether he had considered Bitcoin as the medium for applying UBI, Yang appeared to say yes. He also reacted positively to a suggestion that Bitcoin’s divisibility into satoshis made it the ideal candidate. 

“I love where you’re headed,” he replied to the interviewer. 

“…That’s one reason why everyone in the cryptocurrency community loves the idea of Universal Basic Income or the Freedom Dividend.”

Bitcoin Freedom Vs. Ban

Yang’s comments came as sentiment remains sketchy over the attitudes to the current US administration regarding crypto. 

As Bitcoinist reported, some proponents already believe that should its value increase, Bitcoin would face a ban in the US under current political conditions. 

While it remains unknown how such a ban would be applied, a wider global clampdown on the freedom to use crypto is already gathering pace. 

By June 2020, more than 200 countries will likely implement identity requirements from the intergovernmental body, Financial Action Task Force (FATF).

These require the sender and recipient of any transaction over $1000 to identify themselves to an exchange or any other business facilitating it. Similar to a ban, critics have argued such a measure would, in reality, be impossible to administer. 

Nonetheless, last week the South Korean branch of exchange OKEx announced it was halting trading of five privacy-focused altcoins explicitly due to the FATF’s requirements. 

Yang meanwhile is not the only party thinking of leveraging financial freedom in a US election. Last month, Casa CTO Jameson Lopp said he was considering running based solely on advocating Bitcoin and giving it legislative freedom. 

“Thinking about running for POTUS on a single-issue platform: if elected I’ll give every citizen $1,000 in Bitcoin a month,” he wrote on Twitter echoing Yang’s UBI. 

“This is doable because we’ll never run out of dollars and the economics will benefit America in the long run since we’ll end up with the most BTC.”

What do you think about Andrew Yang’s stance on Bitcoin? Let us know in the comments below!


Images via Shutterstock, YouTube: Off The Pill Podcast

The post Bitcoin for Monthly $1K Payouts? Andrew Yang Says Yea appeared first on Bitcoinist.com.

Source: Bitcoininst

PR: Bitcoin.com Announces Partnership With Telecommunications Manufacturer HTC

PR: Bitcoin.com Announces Partnership With Telecommunications Manufacturer HTC

World’s leading telecom manufacturer strikes a partnership to support wallets and Bitcoin Cash on flagship products to be sold worldwide

Taipei, Taiwan — September 16 2019 – Bitcoin.com, one of the world’s oldest and most established cryptocurrency innovators with over 4.5 million wallet holders worldwide, and leading telecommunications manufacturer HTC have announced the beginning of a long-term, mutually beneficial partnership to drive innovation and adoption of crypto technologies.

HTC is known for pushing the boundaries of technology with cutting edge, futuristic smartphones, and they have done it again. HTC’s flagship EXODUS 1 smartphone is now the first phone that provides Bitcoin Cash (BCH) support without having to download a BCH wallet from an app store. For existing EXODUS 1 users, updating the software on their devices will provide users with a Bitcoin.com wallet app pre-loaded on their devices.

Phil Chen, Decentralized Chief Officer at HTC said, “The EXODUS vision has always aligned itself towards public blockchains and its fundamental transformative nature of the future of money and the Internet. The Zion Vault is happy to support BCH natively in hardware for security to go hand in hand with the BCH blockchain as an alternative to dominant payment rails and platforms.”

For Bitcoin.com and HTC, this is the first step in a long journey together. Future plans include rolling out to offer special discounts when paying for phones in BCH, to sell the EXODUS phones on store.bitcoin.com, and many more.

Bitcoin.com’s CEO Stefan Rust said, “There are so many synergies between Bitcoin.com and HTC. We are very excited to be on this incredible journey together.”

Bitcoin.com’s Executive Chairman Roger Ver also added, “Bitcoin.com’s partnership with HTC will enable Bitcoin Cash to be used as peer- to- peer electronic cash for all the EXODUS users around the world.”
About Bitcoin.com

Bitcoin.com is supercharged to change the world with Bitcoin Cash (BCH). Our suite of developer tools has been downloaded 36,000+ times from over 100 countries. Our team is the heart and soul of the Bitcoin Cash industry. We’re committed to making BCH available to all people, whatever their age, gender, nationality or financial status.

For more information: visit https://www.bitcoin.com/

Contact Email Address
press@bitcoin.com

Supporting Link
https://www.bitcoin.com/

About HTC EXODUS & Zion Vault:

HTC’s Project EXODUS is a smartphone solution that will power the decentralized web. For more than 20 years, HTC has created foundational technology for worldwide mobile and virtual reality technology. Through EXODUS, HTC is investing in the development and implementation of blockchain technology that will usher in a new area of secure data storage and transactions and take blockchain technology mobile for the first time.

Zion, your private vault on the blockchain, allows you to conduct crypto transactions, view and manage your crypto collectibles, and manage your crypto life while maintaining ownership of your keys. With your Zion Vault, store, send, and request bitcoin, ether, litecoin, stellar, selected ERC-20 tokens, and ERC-721 collectibles.

https://www.htcexodus.com/
@HTCEXODUS
You can keep up to date with Phil’s Vlog

The post PR: Bitcoin.com Announces Partnership With Telecommunications Manufacturer HTC appeared first on Bitcoin News.

Source: Bitcoinnews.com

Binance Confirms Bitcoin Futures Market Attack Was an ‘Accident’

binance bitcoin futures attack accident

The CEO of Binance is facing criticism after wrongly accusing someone of attacking the newly launched bitcoin futures platform.


CZ: No Bitcoin Futures Trader Lost Funds

In an unusual turn of events, a debacle between Changpeng Zhao (‘CZ’) and an unnamed entity ensued over Twitter on September 16.

Zhao originally claimed the party attempted to crash the market serving Binance’s newly-launched Bitcoin 00 futures product. 

Data reveals a sudden dip in the BTC/USD price for the futures order book, which went from $10,324 to $10,024 in seconds on Sunday evening. 

“A market maker from a smaller futures exchange tried to attack (the Binance) futures platform,” he wrote. 

“NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that.”

The identity of the market maker remains a mystery. Zhao nonetheless revealed it was the second time such an event had occurred. 

A private exchange with the party then revealed that a technical error was to blame for the event.

“Had a chat with the client. It was an accident, due to a bad parameter on their side. Not intentional. All good now,” Zhao added.

Binance Coin Wobbles

While officials breathed a sigh of relief, markets remained jittery. Binance’s in-house token, Binance Coin 00, fell several percents on the news, still trading down at press time at just under $21. 

Critics also voiced frustration at Zhao, arguing he should have investigated with the market maker before publicly accusing him of launching an attack and panicking markets. Others conversely commended him over his handling of the event. 

Binance has faced various difficulties in recent months as it seeks to expand ever more into bank-style services for the cryptocurrency industry. 

As Bitcoinist reported, a hack in May saw Zhao offer a public apology and refund of funds worth $41 million at the time. 

A separate scare involved claims a malicious actor had stolen user data; those claims turned out to be unfounded.

This week, Binance will launch its dedicated US trading platform after halting access to its exchange for US residents. Stemming from regulatory problems, the reshuffle nonetheless took its toll on BNB, which has slid almost 50% since its all-time highs in June.

What do you think about Binance’s Bitcoin futures offerings? Let us know in the comments below!


Images via Bitcoinist Image Library, Twitter: @cz_binance

The post Binance Confirms Bitcoin Futures Market Attack Was an ‘Accident’ appeared first on Bitcoinist.com.

Source: Bitcoininst

The Calm Before The Storm? Bitcoin Is Ready For Its Next Big Move – Very Soon (BTC Price Analysis)

Over the past three days, and since our previous price analysis, we had seen Bitcoin almost steady, waving between $10,200 to $10,400.

A triple-day turnover of only about $200 (roughly 2%) is rare in the recent Bitcoin’s history. Looking at the Bollinger Bands (marked with blue on the following 4-hour chart), they are at their closest level since September 1st. When This kind of setting takes place, it indicates that a sharp price move is likely coming up. In the last time the bands shrunk that way, it turned out to be the surge from $9400 to $10,700 in just over a day. Is Bitcoin planning another bullish surprise?

More than that, looking on the volume metrics from the top crypto exchanges, we can see that the daily volume candles are decreasing over time. This also indicates a coming up sharp move.

Looking on the RSI indicator on the following daily chart, we can see that it’s right upon reaching a mid-term ascending trend-line support. Either way, this is another decision point, getting ready for a price move on top of the 50 indecisive area.

A new week is starting today, perfect for the heavy traders to get back to work.

Total Market Cap: $267 billion

Bitcoin Market Cap: $185 billion

BTC Dominance Index: 69.4%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance:
Continue to the stated above, Bitcoin is still in the supply-demand confluence area of $10,200 – $10,400. This area also contains the two major moving average lines: The 50-days and the 100-days.

Looking on the 4-hour chart, we can see a triangle forming – resistance at $10,400, support at $10,200. This also tells about the tightening boundaries of where the price is currently trading at.

In case of a bullish breakout of the above-mentioned moving average lines (~$10,480), we can expect the next immediate target to be $10,600. Further above is $10,800 and the $11,000 region. The last is the last high from the daily chart. If Bitcoin plans on the bullish side, $11,000 might become support rather than resistance.

From the bearish side, a breakdown of $10,200 will send Bitcoin to retest $10,000 again. Further below is $9,880 and $9600 before the significant supporting trend-line at $9400.

Another thing to watch for is a bearish cross of the 50-days MA (purple on the daily chart) below the 100-days MA. The two lines almost correspond; however, they are very close to each other. The next days will decide whether a cross-over will take place or not.

BTC/USD BitStamp 4-Hour Chart

btc_sep16_4h-min

BTC/USD BitStamp 1-Day Chart

btc_sep16_d-min

The post The Calm Before The Storm? Bitcoin Is Ready For Its Next Big Move – Very Soon (BTC Price Analysis) appeared first on CryptoPotato.

Source: Crypto Potato

Ethereum Heads Back Towards $200, New Rally About to Begin?

ethereum ETH price rally

Monday morning usually begins with tales of woe for ethereum and its altcoin brethren but things are looking a little brighter today. ETH has had a solid weekend with momentum building while its big brother has remained consolidating.


An 8% Weekend for Ethereum

September has been a dismal month for the world’s second largest crypto asset. Ethereum has failed to top $200 for almost a month and lulled just below $180 for the best part of the past fortnight. Finally, things started to move over the weekend as ETH prices started moving in the right direction once again according to Tradingview.com.

ethereum

ETH price 1-hour chart – Tradingview.com

Starting out at $180, two separate moves have taken ethereum prices up to a three week high of $195. The first came on Saturday and the next leg up just a few hours ago during early trading in Asia on Monday morning. The next target is $200 which serves as a psychological barrier and solid level of resistance.

Trader and analyst Josh Rager has been looking at the ETH/BTC pair which has also made a move closing above key technical indicator.

“Good news is that ETH/BTC price has finally moved and closed above the daily 20MA. This has been a major indicator that has confirmed the downtrend for months. We could be up for a nice reversal confirmation after price breaks the resistance cluster overhead”

Bitcoin has not moved over the weekend and is still consolidating just below $10,400 at the time of writing. The ETH move has not been enough to disturb Bitcoin’s dominance however as it still remains over 71% at the moment.

Fundamentally Solid

Ethereum has been bashed quite a bit recently, usually from Bitcoin maximalists or competing platforms due to the fact that it has not performed in terms of price. ETH is still smashed 86% down from ATH. There are two clear differences though; BTC is a store of value whereas ethereum is a global computing technology. As the latter, markets behave differently which has been reflected in its poor performance pricewise.

The metrics are still looking good for ethereum as demand increases, which can be seen in gas usage.

SetProtocol product marketing manager Anthony Sassano explained that more complex transactions could be contributing to the gas hike.

“The reason the gas usage is higher is because of more complex transactions (DeFi txs aren’t just simple ether or token sends – they use a lot more gas).”

With a raft of improvements around the corner in the shape of Serenity, and an expanding DeFi ecosystem,  it is only a matter of time before ethereum prices get back on track again and a strong uptrend develops.

Will ethereum top $200 today? Add your comments below.


Images via Bitcoinist Image Library, ETH/USD charts by TradingView, Twitter: @Josh_Rager, @cburniske

The post Ethereum Heads Back Towards $200, New Rally About to Begin? appeared first on Bitcoinist.com.

Source: Bitcoininst

HTC Adds Native Bitcoin Cash Support to Its Flagship Smartphone

HTC's New Blockchain Smartphone Can Be Bought With Bitcoin

The bitcoin cash community now has a new way to secure and transact its digital money, as HTC adds native BCH support to its Exodus 1 smartphone. A key reason the technology manufacturer has chosen to do so is that many consumers are using BCH as a payment method and HTC wants to see a future where merchants use the Exodus to receive BCH payments.

Also Read: David Chaum’s Elixxir Invites Smartphone Users to Test Private Messaging

HTC Exodus 1 Now Supports Bitcoin Cash

Taiwanese consumer electronics manufacturer High Tech Computer Corporation or HTC (TWSE: 2498) has added native bitcoin cash support to its flagship smartphone, Exodus 1. The device’s killer feature for cryptocurrency users is the Zion Vault, a digital asset wallet with an easy-to-use software interface integrated with onboard hardware security. This secure built-in wallet is now capable of conducting bitcoin cash transactions, so users can easily buy, receive, spend and store BCH on the phone without the risk of remote hacking.

HTC Adds Native Bitcoin Cash Support to Its Flagship Smartphone

HTC has announced the support for BCH as part of a new partnership with Bitcoin.com, which will include pre-loading the company’s popular wallet app on the Exodus 1. Moreover, Bitcoin.com will also offer the smartphone, as well as the upcoming lower priced device HTC Exodus 1s, for sale on its online store. The Exodus 1s will feature the same native BCH support available to Exodus 1 users right now when it launches later this year.

Bitcoin.com CEO Stefan Rust commented: “There are so many synergies between Bitcoin.com and HTC. We are very excited to be on this incredible journey together.” Bitcoin.com Executive Chairman Roger Ver added: “Bitcoin.com’s partnership with HTC will enable Bitcoin Cash to be used as peer to peer electronic cash for the millions of HTC smartphone users around the world.”

Bringing Users Full Control Over Their Data and Assets

To understand how HTC sees the promise of cryptocurrency and why it has added bitcoin cash support now, we talked with the company’s Decentralized Chief Officer Phil Chen. Explaining the importance of the new partnership, Chen said: “Smartphones are everywhere and have proliferated across the planet. It’s very important for the adoption of crypto that it is easy to store and use, no matter which cryptocurrency is preferred by people. So the fact that BCH, one of the biggest cryptocurrencies, is now easy to use on our smartphone is very important for us. Together, HTC and Bitcoin.com are helping to bring crypto to the masses.”

HTC Adds Native Bitcoin Cash Support to Its Flagship Smartphone

Regarding its support for the crypto community in general, HTC sees this as an important part of its vision to empower users in the face of Big Tech. “True power is ownership of, control of and ability to transact with your digital assets. Cryptocurrency is the best place to start on this journey to allowing users to own their own data. It is a scary prospect for many of the big players in both Silicon Valley and in the smartphone maker space. If users are allowed to own their own keys and data, this will have a significant impact on the business models and revenue of these powerful firms,” explained Chen.

He added that HTC built the Exodus 1 device to drive the movement to a fully decentralized web where users have full control over their data and assets. “The first step is to allow the crypto community to hold their own keys; this will be a learning curve for many. So the crypto community is so important as we look to the mass adoption of both decentralized devices and crypto/blockchain in general.”

As for why users need a crypto-focused smartphone such as the Exodus 1, the developer says it provides usability for cryptocurrency. “While cold storage wallets are the ultimate in security, it can be hard and slow to use and transact your crypto. Live centralized exchanges, although fast, do not provide the security or afford you true ownership. It was important for HTC to find the right balance between the deadlock security of cold storage and the ease of use of live centralized wallets. You no longer need to have hardware wallets that then need something like Metamask and then a browser for instance. All the transaction and security capabilities are available using just your Exodus device.”

HTC Adds Native Bitcoin Cash Support to Its Flagship Smartphone
HTC is the developer of the groundbreaking Vive virtual reality headset

The company’s Decentralized Chief Officer explained that HTC has developed the Zion Vault to achieve this. It’s an all-in-one secure vault that allows users to keep their own keys and operate through a highly-secure Trusted Executive Environment (TEE), but also the ability to easily transact with those keys.

“All keys and passcodes are stored in TEE directly in users’ Exodus 1 device. The user will always own their own keys. HTC or the Android OS will never have custody,” Chen said. “Operating independently of the Android OS, the vault will protect the entrusted crypto-keys with stringent security. When authorizing your BCH transactions, Zion Trusted UI will create a safe zone through Trusted Executive Environments (TEE) that block possible malware attacks. Zion does not record any user information at any stage.”

The Key Reason for Supporting Bitcoin Cash

HTC sees crypto as a new paradigm for consumer electronics, after smartphones have seen a plateau in terms of global device development and innovation. They expect that smartphones of the future will be the core of your digital identity and the way to keep your digital assets and data.

“It is part of a longer roadmap but the HTC Exodus 1 marks a new beginning for users and their data,” explained Chen. “Only when users have full ownership of their own keys can we enact true decentralization, which is a vital first step toward protecting users. We see this as a stepping stone to how people will carry their own digital assets and digital identities in their pockets, in the very way we carry phones today.” He added that the upcoming Exodus 1s will be able to operate as a full node on the BTC blockchain. “That’s another industry first and we also expect more of this innovation as it is the only truly trustless way to transact using your crypto assets.”

HTC Adds Native Bitcoin Cash Support to Its Flagship Smartphone

HTC’s Decentralized Chief Officer added that BCH users have a lot to look forward to from the company’s cooperation with Bitcoin.com going forward. “This is only the beginning of what the decentralized world can offer, so the possibilities and potential are endless. We can see a future where merchants are using their Exodus device to receive BCH payments at their point of sale (POS). That’s a key reason we’re supporting BCH; it’s great to see so many consumers using BCH as a payment method.”

Future plans for the partnership include offering special discounts when paying for goods in BCH, and the sale of future Exodus phones on store.Bitcoin.com, with further collaborations to be announced in due course.

What do you think about HTC adding native bitcoin cash support to its flagship smartphone? Share your thoughts in the comments section below.


Images courtesy of Shutterstock and HTC.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

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Source: Bitcoinnews.com

NBA Player Spencer Dinwiddie Tokenizes Contract with Blockchain

Spencer Dinwiddie NBA Blockchain

Professional basketball player for the Brooklyn Nets Spencer Dinwiddie has opted to turn his National Basketball Association (NBA) contract into a tokenized bond. Investors will be able to invest in the security and earn interest based on Dinwiddie’s performance on the field of play, reports The Athletic on September 12, 2019. Crypto on the Courts

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Source: BTC Manager