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Singapore’s Kopitiam Food Court Starts Allowing BTC Payments

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Singapore’s Kopitiam food court which is popular in many malls in the country has made possible for Bitcoin holders to make payments in the cryptocurrency. We read more in the latest cryptocurrency news below.

Kopitiam is among the largest food-court operators in Singaporean malls and at the Kopitech Food Court in the new Funan mall, the customers can now order through self-service kiosks or via Facebook messenger. They can also pay by using a QR code which is located on each table. What is more interesting is that the customers can now pay using cryptocurrency. Among the other payment methods, the food-court kiosks now accept bitcoin, creatanium, and ethereum.

The KOPITech systems cost about $500,000 for the food-court to develop in-house. The cryptocurrency payment option was included since the CEO of the company Alden Tan has a huge interest in the blockchain technology. He noted:

‘’Allowing cryptocurrencies will help us to learn more about this segment of the payment system. This group of customers may grow in the future, so this is what we want to attract. We are always mindful of how we could add more customers to the food court.’’

What is also interesting is that the conversion from cryptocurrency into fiat will take place on a weekly basis and Kopitiam will bear the risks of any currency fluctuation. The Stallholders will receive payments in Singaporean dollars as usual. If it turns out that the response to the KOPITech food-court at the Funan mall is positive, Singapore’s Kopitiam food court will roll out other outlets that will allow cryptocurrency payments.

As noted in the coming altcoin news, it seems like accepting bitcoin in retail is rising again after the dull period that saw many of the adopters give up on the technology. In the couple previous months, the luxury hotels and car dealerships in Switzerland started to accept payments in cryptocurrency but also major US retailers are choosing Bitcoin over Visa. One US retailer even considers giving up Visa for good and choosing Bitcoin and its Lightning Network payment as a nationwide payment option. The new technologies and payment processors mean that it is much easier now to start allowing bitcoin payments since the conversion to and from crypto can be processed instantly.

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High Capital Influx In Crypto Expected This Year Because Of One Factor

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A high capital influx is expected in 2020 in the cryptocurrency market - all because of one significant factor which may boost the prices up. In the cryptonews now, we can see that Bitcoin and other coins are decreasing, but the overall performance this year has been positive. This has led to an increased sense of hope among many active participants.Also, this may be a sign that billions of dollars worth of unannounced capital is close to being injected in the crypto markets with the allocation of this funding potentially allowing for ecological development in 2020.Coupled with the increasing technical strength and the bullish action that many coins initiated, the high capital influx may be enough to give the markets some further momentum throughout the year ahead, the Bitcoin news show.According to Ash Egan who is the head of crypto at Accomplice (a tech-focused venture capital firm), there is currently $2 billion in capital which is being allocated to US-based crypto funds. This capital is being distributed amongst a collection of various sized funds including "mega funds."
“There is ~$2B of unannounced capital being allocated into US-based crypto funds rn. Funds are distributed across 3 mega funds ($300m+), 4 large funds ($100m-$300m), and 4 sub $100m funds. 2020 is gonna be a wild year,” he noted.
https://twitter.com/AshAEgan/status/1220503778878607361Even though Egan did not provide a specific source for this information, the high capital influx has been backed by many other personalities in the industry.Injecting the potential billions of dollars worth of capital in the markets also comes close on the heels of recent comments from other crypto venture capitalists regarding the sense of capitulation amongst major funds.
“Spoke with multiple liquid crypto fund managers this week. They all have investors leaving their funds and leaving crypto altogether. Feels like true capitulation is finally happening,” Avigal Garg noted, known for his role as a co-founder at Electric Capital.
https://twitter.com/avichal/status/1213262413622956034However, Garg's comments came before the 2020 rally kicked off which may be a sign that the high capital influx did not come at that point. Now, the situation is different and if major funds really are on the bring of injecting billions to the markets, it is highly probable that the industry will blossom and potentially catalyze a major rally.
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BTC Falls By 6% Due To Coronavirus And Chinese New Year

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The Bitcoin news now show that the major cryptocurrency has visited lows at $8,324 and could extend them if the situation around it strengthens. As BTC falls by 6%, we can see that its market cap is down to $151 billion and this is all due to what is known as a coronavirus in China.For those of you who don't know, coronaviruses are common in species of animals and can evolve and infect humans and then spread between them. In China, the death toll has climbed as infections reached more people and the country even banned travel for 35 million (infected) people.The fact that BTC falls by 6% is in direct correlation with the situation in China. It is needless to mention how big of an impact the Chinese economy ha son cryptocurrencies and as the coronavirus continues to spread, BTC/USD has lost over 6% in seven days due many factors, one of which is the sensitive "virus" factor.Even fifteen more people died in the city of Wuhan (the Hubei provincial capital) which is seen as the epicenter of the outbreak. The new figures show that there is a 60% jump from the previous death toll of 26.Compiled by the trader and analyst Alex Kruger, the figures circulating on Twitter show that in the run-up to the celebrations, Bitcoin returns can often turn out as negative. In 2019, these returns averaged around 0.2% in losses for the week prior, but Kruger seemed unperturbed by the results.Meanwhile, many critics have protested against the theory that the price action of Bitcoin is linked and influenced by geopolitical or other world events. Nonetheless, many issues involving China tend to impact the market conspicuously and against of the backdrop of a blanket crypto trading ban which was imposed by Beijing in 2017. The country still accounts for the majority of the Bitcoin mining activity, which is one more reason why BTC falls by 6% this week due to the news in China.While BTC slumps and is trading at $8,324 at press time, there are a couple of gainers in the altcoin news. The biggest one in the top 10 on the day is EOS which managed to add 2.22% to its price and climb to $3.55.
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Bitcoin News

Halving Is Crucial For The Effect Of CME Futures Options On BTC Price

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The latest cryptocurrencies news showed that on January 14th, CME Group launched new Bitcoin options in a decision which was revealed by the company's global head of equity products, Tim McCourt. Right now, many think that the BTC halving is crucial for the introduction of crypto options and may lift the institutional infrastructure that supports the asset class.In the long run, we can see that many investors anticipate improvements in the infrastructure surrounding Bitcoin (BTC) as ones which would have a positive impact on the crypto market. One of them is the technical analyst Eric Thies who spoke to the media and said that halving is crucial at this point.Thies also noted that the CME options will bring in more stability in the market in the long run. Therefore, the accredited and institutional investors will also have a diverse selection of vehicles to use and enter into the cryptocurrency market. This variety will strengthen the foundation that would take cryptocurrencies from an asset class that is emerging to one that is fully established.
“I’m optimistic it’s bullish for longer-term stability and that it also signals something more significant once you compound it with several other events around the market,” Thies said in the Bitcoin price news.
Up until mid-2019, we saw that hedge funds and institutional investors did not have sufficient infrastructure to invest in Bitcoin as well as other crypto assets. Trusted custodians like Coinbase and Xapo operated with independent custodial services but besides this, services like Bakkt were non-existent.Halving is crucial at this point and may open up a lot of things in this industry. In the long term, Thies is confident that the availability of CME options will synergize with the progress of other key players in the industry, in the likes of the United States-based exchange Gemini.He also explained that such developments are now building up baseline assurances that any hedge fund would need before joining what many know as the volatile space, adding:
“Institutions being handed a key to an on ramping BTC during a halving year sure seems like a good recipe for fireworks for the year or so after the actual event.”
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Taproot Upgrade For BTC Just Took A Major Step Forward

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People who are reading the Bitcoin price news daily tend to focus on price and forget many other things happening in the BTC ecosystem. A great example for that is the Taproot upgrade - a privacy and scalability tweak which could turn out to be one of the largest upgrades for the cryptocurrency to date.On Tuesday, we saw Pieter Wuille who is a Bitcoin Core contributor and the mind behind the Taproot upgrade, submitting a work-in-progress code change to the GitHub project in what is known as a "pull request" in which he showed that the code is ready for more developer eyes.
"Merging this is obviously conditional on getting community support for the proposal. It's opened here to demonstrate the code changes that it would imply," he wrote.
What does this all mean?Well, submitting a pull request to the code for Bitcoin Core does not mean that the change is official - but is a key step in the making. Many in the Bitcoin community are now excited about the upgrade, but the process has been mostly happening behind closed curtains. Wuille's recent "pull request" pushes it into the spotlight and signifies that the code is closer to ready.Several Bitcoin developers have already left review comments on the Taproot upgrade and showed their enthusiasm about the new change. A key part of the proposal is Schorr, a cryptographic signature scheme for proving ownership of coins.By using Schorr, the Taproot upgrade adds smart contract capabilities to Bitcoin which would strengthen privacy. For instance, the transactions which are open and the close payment channels on the lighting network allow speedier transfers on small amounts and would not look much different from normal transactions.The cryptonews also show that there is still a lot of work to do and while many scrutinize the code and look for improvements or errors, some developers are debating the best way for the decentralized and global network to adopt the change with as few roadblocks as possible.Today, BTC is trading above $8,490 and showed that it can still rise to new heights, especially with the 1.50% increase on the day. In the altcoin news and updates, we can see that Bitcoin SV (BSV) is leading the way with 6% gains on the day and a new price of $268.58.
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