Altcoin News

Lumi Wallet Announces Direct Withdrawals To VISA For EU Users

Published

2 months ago

February 20, 2020

The multicurrency wallet known as Lumi Wallet has recently announced that it will allow users in the European Union to directly withdraw their Bitcoin (BTC) to the Visa credit cards they own. As we can see from the Bitcoin price news, the situation is not that good but features like these are certainly shaping up the regulaiton in a good way.

Lumi Wallet also said that the new feature has been built with simplicity in mind and an easy-to-follow Know-Your-Customer (KYC) procedure. Transactions can be initiated quickly, which means that crypto enthusiasts don’t need to jump through endless hoops.

As the company noted, the current methods of converting crypto to fiat are not that practical. They are creating a “perplexing affair” which is not too dissimilar from the arduous process of getting refunds from an online retailer.

Lumi Wallet is certain that selling cryptocurrency is the simplest way to exit a position. However, finding a willing buyer can be difficult and even in that case, the price they are willing to pay might not be reflective of the real price of the asset at the given moment. Additionally, the company behind the wallet says that there are a lot of safety concerns if a would-be buyer has dishonest intentions and by the time a transaction has been finalized, volatility in the market might mean that your crypto is worth substantially less.

Ultimately, the issue that Lumi Wallet is trying to face is that middleman appear to have embedded themselves in the process of buying and selling cryptocurrencies. When it comes to exchanges, the company believes that there are several downsides having a negative impact on consumers.

The team behind the wallet acknowledges that crypto can be intimidating for newcomers and adds that the goal is to demystify the burgeoning industry and make it accessible for everyone. Through a dedicated blog, the company has made a concerted effort to offer a back-to-basics education for people who are exploring the blockchain and cryptocurrency space for the first time – offering posts which explain everything from how decentralized finance works to the key distinctions between types of crypto wallets and other topics.

As Lumi Wallet said, all of this could help and build the levels of confidence and credibility that crypto needs and encourage people to purchase coins and tokens for the first time.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Altcoin News

Ontology Global Community Contributor Program Stars Operating

Published

6 mins ago

April 10, 2020

Stefan

The Ontology Global Community contributor program was initially introduced back in February of this year and has since started operating to bring a better ecosystem. Ontology is happy to announce the first contributor node: Venezuela Blockchain. The Ontology Global Community Contributor program aims to make maximum use of emerging technologies as the tools for socio-economic development in Latin America. The new partnership will ensure the engagement of Venezuela Blockchain with the ONT technology to provide support for multiple endeavors that are designed to benefit the wider prospect of the Latin American Community. The Ecosystem lead Erick Pinos stated:

“Venezuela’s vibrant blockchain community is fueling the country’s ascent as a dynamic hub of DLT activity, and we are excited to open the doors to crossover collaborations between members of both the Venezuelan and Ontology communities. Today’s announcement gives expression to our commitment to broadening our own community horizons, and delivering tailored DLT solutions that will empower citizens globally.”

The main focus of the new collaboration is to provide faster, more user-friendly programs and better infrastructure to provide support for cross-chain collaboration. The ONT platform provides businesses with the tools to create their own digital and blockchain solutions secretly. The Venezuela Blockchain is an organization that aims to help the country’s socio-economical shift by implementing the expansion techniques that are modified accordingly based on the growth of the country. The main goal of the country is to ensure adoption and further development but also the expansion of the blockchain system through planning which can be applied in the country via promotions that are available for blockchain services. As per the recent Ontology news, Ontology is a multi-chain project and a distributed collaboration platform. With the integration of Chainlink’s network, the Ontology users will be allowed to easily customize how their smart contracts communicate with the off-chain connections. Ontology believes that this integration will provide the developers in the ecosystem, a lot of use case opportunities with Chainlink’s off-chain capabilities. Ontology is a network that is designed to provide a layer of blockchain privacy. Ontology collaborates with chainlink which is an ethereum-based platform for enhanced security just to work around the ‘’oracle problem’’ as we read in the announcement by the platform.

Altcoin News

India Sees Crypto Trading Volumes Rise Due To COVID-19 Lockdown

Published

23 hours ago

April 9, 2020

Stefan

India is the world's second most populated country and right now, it is increasingly embracing cryptocurrencies amid the domestic economic issues as well as the coronavirus-related lockdown. As we can see from the cryptonews now, India sees crypto trading volumes shooting higher due to the COVID-19 pandemic. It all started on March 4, when the country's highest court quashed a Reserve Bank of India (RBI) order which was dated for April 6, 2018 - prohibiting banks from providing services to entities dealing with cryptocurrencies. This is when the activity on exchanges started increasing.

“There has been a considerable increase in trading volumes on exchanges catering to Indian clients due to the clarity offered by the Supreme Court’s ruling,” said Ashish Singhal, who is the CEO and founder of the cryptocurrency exchange CoinSwitch.

The crypto banking services platform Cashaa India noted that there was a spike of 800% in the past 48 hours in the trading volumes following this decision. So, it is clear that India sees a rise in this trading aspect - “the platform also registered a volume of 600+ BTC in the first 24 hours,” said Cashaa CEO Kumar Gaurav. Even though back then the Indian traders were in a rush mainly because of the rumors that the government would intervene by declaring cryptocurrencies illegal, India sees a spike in crypto trading now and every trader is looking to take advantage of the time window offered by the Supreme Court's ruling. The momentum remains storing and as the Bitcoin news today show more increases, it will likely go up in the near future. The activity on exchanges in India further improved after the fourth largest lender in the country, Yes Bank, collapsed on March 6 and damaged the confidence that Indians have in the national banking system. This is how a national panic was triggered - and why now India sees a potential havoc. However, the prices of crypto remain strong and the exchanges are working full steam to satisfy the traders. Meanwhile, traditional markets such as equities and bonds panicked in March as the coronavirus outbreak gathered pace across Europe and the United States. India's benchmark equity index NIFTY 50 dropped by 23% as a result, while the Indian rupee hit a record low of 77.40 per US dollar.

Altcoin News

0x Price Charts Show Altcoin Increasing By 1.48%

Published

2 days ago

April 8, 2020

Stefan

The 0x price charts show that the altcoin increased by 1.48 percent from the previous day and the price is now hovering around the $0.17 USD. The price from yesterday is a reversal from the previous day and in terms of trend, the current price is now at 11 percent above the 20-day moving average and is currently in an uptrend in the past 14 days. Some of the others 0x price charts show that the altcoin has increased 7 percent of the previous 10 days and in regards of volume, the price move of yesterday happened when the volume as 56% less than the 7-day average volume. In terms of the expected trading range, the Bollinger bands suggest that the price could shift between $0.13 and $0.17 based on the current momentum and volatility, compared with the one from the past 14 days. The price’s current proximity can make shorting a very attractive opportunity for the traders that are interested in trading the range. Yesterday, there were 1147 transfers among the 0x holders and there as a wallet count rise by 125. To better understand the loyalty or the usage among 0x holders, we can see that there were 388 wallets making a transaction yesterday while the 9,077 wallets have sent or received tokens over the past month. As for the wealth distribution, the top richest 1000 wallets own about 137% of the money supply and this number is bigger by 100 percent because of the many token holders that are not able to sell them yet. The numbers are not included in the supply yet but can be regarded as future sellers once they become able to sell the tokens. The percent of the currency that is owned by the wallets that both belong to exchanges and wallets of the tokens, 7.63 percent belongs to the top 1000 richest wallets and contributes to the money supply. In terms of growth rate, the total supply of the richest 1000 wallets grew by -0.08 over the past week and for the exchange wallets within the 1000 richest wallets, there was a share growth by 0.18%. The NA transactions among the 0x holders happened yesterday and for the number of holders yesterday, the number of wallets that hold 0x was NA by NA.

Altcoin News

Cryptopia Users Receive Good News After New Court Verdict

Published

2 days ago

April 8, 2020

Stefan

The cryptopia users who lost their funds in the exchange hack could be one step closer to recovering their funds according to the new court verdict by the New Zealand High Court as we are reading further today in our crypto news. After a year of investigating, the liquidators Grant Thornton finally got some good news from the court. The cryptopia users can expect some good news as the exchange posted an update to the Twitter account earlier today. After the long battle, it seems that the victims could be recovering their funds. Justice Gendall from the High Court of New Zealand delivered some important notes in his 74-page document:

‘’TL;DR? Cryptocurrencies are “property” and despite the fact that the assets were held in co-mingled wallets, they are officially owned by the account holders and not the company itself.’’

This is good news for the Cryptopia users because it means that the hacked exchange liquidators can start the process of getting the funds back without having to perform a long reconciliation process which was a part of the game plan last month. The liquidators had a tough job since they got the case in 2019. They found out that the users’ funds were mixed in the co-mingles wallets and also found breaches in AML requirements which looked like the users could never get their funds back. The New Zealand Judge, however, threw them a lifeline. Some of the Cryptopia users noted that the liquidators could do a better job at communicating with them since many people don’t have the time nor the knowledge to understand the lengthy legal document. Some of them took it to twitter:

‘’When and how are we receiving our coins back? Don’t expect people to read your lengthy report everytime, your report needs to come in with more of highlighted decisions and next actions.’’

However, after a long time, it now looks like the legitimate users are getting closer to recover their funds but the only question remains is when will that happen? As well as reported previously, The Cryptopia liquidators from the New Zealand crypto exchange successfully recovered about $11 million in the past six months but they claim that the process is still very difficult.