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BitPay Under Fire After Rejecting BTC Donation For The Amazon Rainforest

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BitPay Under Fire

Bitpay under fire after the crypto exchange denied helping raise funds for the saving of the Amazon Rainforest after the massive wildfires that destroyed it as we can read in all of the altcoin news reports these days.

The bitcoin blocked donation has caused bitpay some headaches because the crypto community has trashed the exchange for their decision. According to the social media exchange on August 23, the cryptoprocessor is facing some harsh criticism after it failed to allow the $100,000 Bitcoin donation to go through. The payment came directly from a donor to the Amazon Watch charity which uses the exchange’s platform to accept cryptocurrency payments.

BitPay rejected the payment because the Amazon watch’s maximum permitted amount was a little lower than $100,000 and after they ignored the formal complaint, the staff of the exchange told the charity on Twitter it could easily solve the problem by changing the settings in its account. This, however, turned out to be very untrue because in order to allow a higher level the company must first submit compliance:

 “…We tried to increase the volume but can’t do it through the dashboard and were told we needed to email compliance.’’

The debacle brought BitPay under fire due to the massive criticism which frequently engulfs the exchange. The prolonged bureaucracy compounded by another scandal including transaction fees which have led to frequent calls for business to open the source alternative payment processor and the logic as explained on Twitter pointed out in the comments on Amazon Watch’s difficulties is because Bitcoin is a free and open payment system and there are third parties that verify the transactions arbitrarily in order for the cryptocurrency to serve its purpose:

 “…You don’t need (BitPay) to reject your transactions when you can verify them yourselves for free.’’

As noted in the latest cryptocurrency news, BitPay’s difficulties have had a long history since 2017 even when the executives opted to support the controversial SeGwit2x bitcoins scaling proposal which eventually led for the crypto wallet Trezor to ditch the company. Amazon watch even stated that it would look into using BTCPay an alternative open-source option which could copy that similar one of the travel agent CheapAir from 2018. The backlash over the previous actions of the exchange led to many customers closing their accounts and invoices.

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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Blockchain Jobs Are On The Rise Despite Global Crisis

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In times of a global pandemic and a recession on the markets, it appears that blockchain jobs are on the rise and not suffering. Meanwhile, we can see that the US alone recently hit the highest unemployment rates in its history. One of the largest cryptocurrency exchanges in the United States, Kraken, is now looking to increase its job force by 10% despite all the recent dips in the prices of Bitcoin and other altcoins - something we reported in our cryptonews. According to a report on Forbes published on March 26, the exchange's team counts 800 members and will be adding an additional 67 hires to the company over the coming weeks. Many of the company's openings are related to blockchain, which shows that blockchain jobs are on the rise and the exchange is looking for people that are professionals with skill sets focused around this technology. If we take a look at Indeed.com, we will see that there were 114.5 per million blockchain jobs last December, right before the first coronavirus cases emerged. Now, the blockchain jobs are on the rise and there are 118.4 blockchain jobs per million, as reported by February 2020. The blockchain news also show that the industry experts are bullish towards the crypto market. According to Jihan Wu, who is the founder of Bitcoin mining giant Bitmain, gave his first interview of 2020 at a Chinese blockchain media event. This is when he revealed his continued optimism for a crypto market bull run over the coming year. As he explained:
“There are two reasons: first, from China and its neighboring countries experiences, coronavirus can be obtained and taken under control in about 2 months. Secondly, countries around the world are adopting great quantitative easing monetary policies.”
We also have Tyler Winklevoss, the co-founder of the Gemini cryptocurrency exchange who said on Twitter that Bitcoin is “only vaccine in the world that can give you immunity to the money printing disease.” It is a good thing to see that blockchain jobs are on the rise. As we previously reported, these positions are among the most in-demand hard skill in 2020, along with cloud computing, analytical reasoning as well as artificial intelligence (AI).
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Analytics Firm Coin Metrics Closes Series A Funding With $6M

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The cryptocurrency analytics firm Coin Metrics is in the latest blockchain news for securing a Series A funding round worth $6 million. As an official post on the website's blog shows, the company noted that the round was led by Highland Capital Partners and that the $6 million investment would be used to grow the team behind the company, expand their product offering as well as “provide enhanced coverage of digital assets.” There have been other firms participating in the funding round, including the names of Castle Island Ventures, Communitas Capital, Coinbase Ventures and Digital Currency Group. The crypto and blockchain analytics firm Coin Metrics was founded in 2017 by Nic Carter and Aleksei Nokhrin as an open source blockchain network data and analytics project. Ever since 2017, the firm gained massive popularity and was used as a resource for understanding the operational as well as economic activity occurring on the public blockchains. Highland Capital Partners is a global venture capital firm which also invested in other crypto businesses. Besides the crypto analytics firm Coin Metrics, the Principal at the firm Sean Judge has backed other firms as well. He said:
“Financial institutions require clean and transparent data to make decisions. These same requirements exist for Bitcoin and other crypto assets that have emerged over the last decade. It’s become clear that Coin Metrics is the premier destination for network and market data.”
What's also worth noting is the fact that the analytics firm Coin Metrics is known for their regular State of Networks report. In these reports, the company highlights the transfer values, volumes and other technical data surrounding cryptocurrencies. In the latest report on March 23, Coin Metrics highlighted how the transfer value of stablecoins had reached an all-time high of $444 million after the recent Bitcoin crash. The company is known for reports like these and has been featured plenty of times on our cryptocurrency news website. Speaking of markets, today we can see another positive morning with minimal gains for the Bitcoin and altcoin markets. While BTC is still below $6,700, ETH is pushing towards the $140 level and XRP gained 6% overnight, climbing to $0.17. The total cryptocurrency market cap is now at $186 billion.
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Paxful And Chainalysis Set Compliance Standards For P2P Exchanges

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Paxful And Chainalysis
Paxful and Chainalysis will work together with all the tools they have in order to boost compliance standards. Both of the companies set a new benchmark for all of the P2P exchanges and there will be monitors that will help fight criminal activity such as extortion, money laundering, and fraud on the blockchain as we are reading in the crypto news below. The blockchain analysis company Chainalysis just announced the new partnership with Paxful in order to boost the marketplace and to satisfy the compliance requirements. For Chainalysis, the peer to peer crypto exchanges has always been dubbed as risky because a lot of the decentralized exchanges do not require users to set up an account. Paxful however, made a precedent for P2P exchanges by focusing on the top-notch compliance and KYC standards, which will drive Chainalysis to evolve its new policies and to evaluate the exchanges for each case before labeling them as risky. Paxful and Chainalysis now investigate all of the P2P exchanges in the same manner as the see the centralized crypto exchanges:
 “Compliance is the key factor for establishing trust in cryptocurrency exchanges. By adopting a case-by-case approach to evaluating P2P venues, we are helping to broaden trust and transparency across the cryptocurrency ecosystem.”
Paxful which is a global Bitcoin marketplace uses the Chainalysis know your transaction protocol to monitor all crypto transactions in real-time and Chainalysis reactor to create investigations when it detects more activity that is dubbed suspicious. These tools will enhance the compliance of Paxful and will create a new set of compliance benchmark standards for P2P crypto exchanges around the world. According to Chainalysis, Chief Revenue Officer Jason Bonds commented:
 “Paxful transformed the way that we think about P2P exchanges. Their compliance standards, complete with real-time transaction monitoring, set a new bar for P2P exchanges globally.”
By working with Chainalysis, Paxful is well-equipped to create new controls for customer protection including blocking the transactions to high-risk addresses that are connected to terrorist financing and dark web platforms but also stolen credit card platforms. If Paxful continues to complete more risk assessments in the future, the capabilities of the platform will only expand. By leveraging Chainalysis KYT, crypto businesses such as Paxful can monitor bigger volumes of crypto activity and identify high-risk transactions in the future. The real-time alerts on high-risk activity will allow the compliance teams to focus on the most important activities and will better allocate the resources to enforce compliance policies and fulfill the regulatory obligations to report suspicious activity.
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Blockchain Platform Credits Officially Launched First ICO

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The blockchain platform Credits has finally launched its first ICO with the help of the native protocol as the First Decentralized Commodities Exchange launched the first investment round for the sale of the Metal Bonds token as we are reading in the further crypto news. The FDCE is a platform that is designed for facilitating the mechanisms of making future investments in bonds which are basically digital, by the investors all across the world. The starts offering investors a lot of choices from world-class companies that will put up their shares for sale. More measures ensure the low-risk nature of the investment process which will include implementing new standards for companies that are willing to have their assets put up on the platform. The approach of having digital assets being offered with the help of the model applied by FDCE has a lot of advantages for the investors and companies. The investors will have the opportunity to purchase the shares of world-class companies at the low-risk models on the crypto market and companies will attract more funding by offering commodities-backed shares. The FDCE will offer the investors multiple instruments that will make the market volatility an independent factor. This approach will help to ensure asset stability and reduce risks. The ICO hosted on the blockchain platform Credits will be hard-capped at 8 million USD which will be raised in CS coins of the native currency of the project. The process will be divided into three rounds of the private sale. The total number of issued DCET tokens now stands at 100 million and the coins will remain unsold at the ICO which will be transferred to a reserve fund of the FDCE that will act as liquidity maintainer and secure against unforeseen circumstances and market shocks. The ICO of the platform is the first kind on the Credits platform and marks a huge achievement for the project as a whole, showing the capabilities and versatility of the infrastructure. The Blockchain platform Credits and its team is confident that the initiative will attract bigger attention to the capabilities of the platform and will spike the adoption of the technology by other sectors.
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