PayPal CEO Dan Schulman seems to be extremely skeptical about mass adoption of cryptocurrencies by retailers since as he pointed out, very few retailers currently accept it. That is why we are going to find out more about his opinions in today’s crypto news.
Schulman spoke at the 2019 World Economic Forum in Davos, Switzerland and noted:
“We’re not seeing many retailers at all accept any of the cryptocurrencies. But I think the underlying technology is interesting.”
PayPal CEO is not too quick when it comes to jumping on the Bitcoin bandwagon because he thinks that the main role of cryptocurrencies is to showcase how the blockchain technology works. Schulman also pointed out that he made a correct presumption about the crypto FUD last year and he said that consumers should not expect to see a PayPal supported crypto exchange anytime soon.
According to him, it’s the volatility of bitcoin that pushes away retailers to use it as a real currency and for them to accept it. Retailers have narrow margins and once the prices start fluctuating that can mean that the retailers will also be losing a lot of money.
The director of equity research at Buckingham Research Group Chris Brendler agrees with Schulman and says that cryptocurrencies are not optimal for nor merchants or consumers:
“It’s just not an efficient way to transfer value. It’s not a consumer-friendly process, and it’s not a merchant-friendly process.”
However, the former PayPal CEO Bill Harris trashed bitcoin as being a worthless invention and said that its proponents are cult-like zombies:
“The cult of bitcoin make many claims: that it’s instant, free, scalable, efficient, secure, globally accepted and useful,” Harris told CNBC (video below). “It is none of those things.”
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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