In the latest crypto news of 2019, we have the popular video game Fortnite which decided to support purchases with cryptocurrencies. From now on, all of the Fortnite players will be able to buy merchandise using the altcoin Monero (XMR) and Bitcoin payments are still not accepted – mostly due to privacy concerns as the game developers noted.
Even though there was no official announcement about the news, fans have turned to Reddit on January 1st, showing their excitement about the novelty. The Monero (XMR) enthusiasts were among the most numerous ones, saying that this initiative signals a wider crypto adoption mostly because Fortnite is the most popular video game in the world right now, with more than 200 million registered users.
One developer behind Monero named Riccardo Spagni also shared the news on Twitter:
Too cool: the Fortnite merch store (https://t.co/KNL4IFCFHk) lets you pay in Monero, so now you can purchase that sweet Durrr Burger onesie without your friends / family / coworkers judging you. https://t.co/XYs1NjGvGp
— Riccardo Spagni (@fluffypony) January 1, 2019
The project lead also told media that Fortnite is not still allowing Bitcoin because of the “lack of privacy” and also noted that they are considering Lighting Network (LN) because it “restores some privacy to Bitcoin.”
Spagni also said that Fortnite is “very interested in LN” and that they are pushing hard to get it to the list. Privacy is now an important issue amid rampant hacks in the game.
Cryptocurrencies are on the rise in terms of their adoption. For instance, Bitcoin Cash now has more than 900 retailers accepting it.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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