Crypto businesses are the ones that regularly criticize the lack of trust in the space due to lack of regulations. The industry has been swamped with scams and low-quality businesses but now it seems like the businesses are back on track as we are about to find out in the latest cryptocurrency news below
The lack of regulations caused so much harm to the reputation of the cryptocurrencies and caused a lot of harm to newcomers to stay away from the industry. Now it is hard to imagine now but in the early days of the internet were similar to the crypto industry today. There were only a few transactions taking place and the industry was plagued with scams and fraudulent information. Today, the internet is the backbone of many growing economies and a transaction on the internet ranges from purchasing a good to sending money online. One of the biggest reasons for the adoption of the internet in the late 90s was trust. People were initially afraid to give credit card information because of the many stories that emerged regarding unidentified charges on their card floating in the air.
One of the biggest drawbacks in the crypto industry is the lack of focus on the customer service side. The users sometimes have to wait for a longer period of time to get answers for their queries. In fact, Coinbase as one of the most popular exchanges in the US was criticized for the lack of customer support. Cryptocurrencies and blockchain technology provide users with complete control over their funds without relying on banks. In order to add more trust issues, the traditional banking sector has refused to serve the cryptocurrency industry causing the industry to be swamped with scams. Many crypto businesses recognized the trust problem and started to solve it. Exchanges such as CoinDCX and Future1Exchange are looking at providing the best customer service to gain the users’ trust. As per their blog post that we have in the altcoin news:
“At CoinDCX, we are responsible for the funds of our patrons. Our patrons believe that we’ll help them provide security of funds, honest and transparent dealings and greater opportunities to excel in their trade. These three sentiments constitute for us the pillars of trust. We are constantly striving to achieve this balance.’’
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German Government To Combat Libra With New Blockchain Strategy
‘’Up to now, the economy has done a great job in countering crises and inflation with measures taken by central banks. Once a digital currency provider dominates the market, it will be quite difficult for competitors.’’Rather than Libra entering the market in Germany, the authorities appear to be in favor of creating a new state-backed digital currency which will run on the Bundes chain. Part of Germany’s proposed blockchain strategy involves creating a simple framework for crypto startups in the country. As it was previously reported in some of the best cryptocurrency news sites, BitBond in 2019 launched the first even regulated security token offering in Germany. According to Heilmann, the German government hopes that the new blockchain strategy will help the local crypto startups to enjoy the competitive advantages of the market over foreign counterparts. There is also very little information on how the government-run Bundes Chain will incentivize the private participants. For the crypto analyst Alex Kruger, some of the other countries will copy the approach Germany has with the emerging cryptocurrency and blockchain technology industry. Also, the French Finance Minister Bruno Le Maire declared that the country will also work towards blocking the libra crypto project in Europe. Le Maire also explained that Libra is a huge threat to the economic sovereignty of Europe. In China, the central bank is also trying to launch the digital yuan project which is a part of the efforts to block Libra.
Crypto Lawyer Claims: The Lost Mt.Gox Funds Can Be Recovered
“Our plan is to represent the Mt.Gox creditors and help them report to Russian law enforcement so that the investigators could establish the connection between the stolen funds from Mt Gox, the operations of BTC-e and WEX, using Vinnik’s case.’’ZP Legal claims to have successfully recovered as much as $1 million of the funds on behalf of an unnamed client from another exchange based in Russia as we read in the latest cryptocurrency news.
Sportsbet.io Made Smart Partnership With Premier League Watford FC: CZ
“The crypto community have been hugely supportive of us since we began, so putting the Bitcoin logo on the sleeve felt like a fun way to give something back while also showing them our support.’’Sportsbet.io is the first crypto-based company that has its name and logo appear on a Premier League club jersey. The football club will give its fame to the number one cryptocurrency at a time when the price of BTC is outpacing any other cryptocurrency in both yearly gains and trading. The latest move by the platform attracted the attention of the CEO of binance ‘’CZ’’ or Changpeng Zhao who is a huge proponent for crypto adoption. The Binance CEO explained on social media and to its followers on Twitter mostly, that this is a very smart and strategic partnership making the team go into a viral sensation. Sportsbet.io explained the decision to put the logo on the jerseys is a way to say thank you to the crypto supporters that used their services. The crypto community was not so keen on Bitcoin in the summer of 2018 as the community tried to buy a featured ad on the Super Bowl half time show but the NFL moved in to totally ban Bitcoin from being presented as one of the most viewed advertising slots. The crypto advertising industry is still a very contentious topic because some projects are able to reach a huge audience which later leads to large-scale scamming. Bitcoin has never had that kind of advertising campaign but being featured on jersey will definitely boost its visibility as per the analysts and reports for our latest cryptocurrency news.
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