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Averaging more than a million onboardings per year, Philippines’ Coins.ph announced it reached a whopping five million users this week for its mobile payments application (app) and hot crypto wallet. Not content with merely adding numbers for their own sake, the company also revealed it would add two new popular coins: bitcoin cash (BCH) and ether (ETH).
Philippines’ Coins.ph Hits 5mil User Milestone
Founder Ron Hose enthusiastically explained, “We are excited and proud to provide 5 million customers with access to financial services. Our focus on creating financial inclusion to all Filipinos has propelled our growth to date.”
Many of the southeast Asian archipelago’s inhabitants struggle with inadequate economic opportunities and poor financial services. Nearly half of the Philippines is living on close to $ 2 a day, and its central bank, Bagko Sentral ng Pilipinas, estimated early last year that 86% of Philippines’ citizens are unbanked – bereft of basic banking services used by folks in the West every day.
Those factors just might be features rather than bugs when it comes to cryptocurrency adoption. Indeed, for relatively smooth economies in the West, money is already digitized for all intents and purposes. Crypto adoption, as a result, in the West has been a bit of struggle: the immediate argument gets lost in money that ‘works,’ and works well.
For Filipinos to become one’s own bank, in effect, relying less on financial legacy permission and trust, a peer-to-peer currency out of view of its notoriously corrupt government seems to be proving very attractive if Coins.ph numbers are any indication.
Coins.ph Adds Bitcoin Cash (BCH)
“Millions of our customers have already used Coins.ph’s web and mobile apps to access a wide array of financial services,” CEO Ron Hose continued, “including buying load, paying bills, topping up their beep card, and purchasing digital currencies, all without needing a bank account.”
Five million users has come in only four years for the company. It was founded by Runar Petursson and Mr. Hose, both Silicon Valley veterans. Their services are a way for Filipinos to become banked, a potential market of over 300,000 people. In the past two years, it has raised a total of $ 10mil in venture capital funding, indicating investors believe the company to be “on” to something.
Users of the company’s platform can take advantage of ever-important remittance services, card top-ups, wallet transfers, paying bills, and even online shopping. Just the mere notion of a friction-filled economy (as is the case within the Philippines), flattening and becoming more streamline would seem to forecast wonderful economic advancements for the nation, at least theoretically.
“Responding to consumer demand for additional blockchain-based services,” the company notes it has already rolled out ether (ETH) acceptance in addition to its existing bitcoin core (BTC) offering, “with an eye for future smart contract based financial services, and will also begin supporting Bitcoin Cash (BCH) next month, in an effort to support lower cost blockchain based payments.”
Do you think more emerging economies will embrace crypto? Let us know in the comments.
Images via the Pixabay, Coins.ph.
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The post Philippines’ Crypto Wallet Reaches 5 Million Users, Adds More Coins appeared first on Bitcoin News.
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With an estimated population of hundreds of millions of unbanked and underbanked people, Africa is a prime location for game changing financial technologies like bitcoin to take hold. A new report shows again that while not reaching the speculative online trading volume of Asia or the West, Africans are investing in bitcoin in growing numbers, while a lot of space to grow still remains.
Real Adoption Grows in Africa
Paxful, one of the largest peer-to-peer (P2P) bitcoin marketplaces in the world, has reported that its monthly bitcoin volume in Africa is now around $ 40 million, traded primarily via gift cards. In addition, African nations are now among the company’s most active locations, with Nigeria and Ghana being the second and third largest markets respectively for Paxful (only following the world largest economy, the United States).
The continent has long been at the focus of the bitcoin trading company, and not just for pure business reasons. Last year Paxful generously committed to helping build 100 more schools in Africa, all supported by the #builtwithbitcoin charity campaign.
Bullish on Africa
In a blog post reporting the above mentioned figures, Ray Youssef the CEO of Paxful explained how he sees African people use bitcoin for more than just speculation as many do in other parts of the world with readily available advanced financial infrastructure. And he likened the potential cryptocurrency can have on the continent to the mythical vibranium metal powering the amazing technologies of Wakanda in Hollywood’s recent African-themed blockbuster Black Panther.
“I have seen how the ‘unbanked’ and ‘underbanked’ get squeezed out of economic opportunities. These people are unable to open businesses or engage in commerce simply because their nations or communities do not have proper infrastructure readily available. I’m going to start off with a bold statement: We are all on the verge of the P2P financial revolution and it is being led by Africa.”
The marketplace CEO detailed real world examples of how Africans are using bitcoin to protect their savings, restore purchasing power, enable commerce and save for the future. He also encouraged local people to get involved, educate themselves about the subject and build local communities of investors.
Is the future of bitcoin adoption lies in Africa? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
The post P2P Market Paxful’s Reaches $ 40 Million in Monthly Bitcoin Volume in Africa appeared first on Bitcoin News.
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The seven-day average for the number of daily bitcoin transactions has reached a two-year low, recently dropping below 160,000 for the first time since March 2016. The lull in transactions coincides with the weekly volume of bitcoins exchanged through peer-to-peer (P2P) trading volume on Localbitcoins recently dipping below 6,000 for the first time since February 2014.
Number of Confirmed Daily BTC Transactions Hits Two-Year Low
The number of confirmed daily bitcoin transactions has dropped substantially in recent weeks, with blockchain.info data indicating that the seven-day average falling from an all-time high of nearly 350,000 on the 16th of December 2017 to reach lows of between 150,000 – 155,000 during February 2018.
The recent lull comprises the first time that the seven-day average has dropped below 160,000 since March 2016, during which the price of BTC hovered between $ 400 – $ 450 USD.
Fluctuating Market Cycles
The drop in transaction volume has interpreted by some analysts as indicating a bearish outlook for the BTC markets.
The chief investment officer of Newscape Capital Group, Charles Morris, has described transaction volume as signifying movements in price direction. “We had a hype-cycle and now it’s cooling down. We just may be entering a bear market,” Mr. Morris stated.
Kyle Samani of Multicoin Capital has argued that the reduction in transaction volume is reflective of many businesses moving away from using BTC as a means of payment, stating “Merchants, payment processors and online gambling are moving off of Bitcoin.”
Localbitcoins Global Trade Volume Reaches Four-Year Low
The reduction in transaction volume coincides with a significant drop in the number of bitcoins traded globally on Localbitcoins.
Coin.dance data indicates that the total number of bitcoins traded on Localbitcoins has twice fallen below 6,000 in the last ten weeks, during the weeks of the 30th of December 2017, and the 24th of February 2018 respectively. Curiously, the lull in BTC volume around the 30th of December followed the all-time high for the weekly dollar value of Locabitcoins’ P2P trading.
Do you think the number of confirmed daily bitcoin transaction will continue to drop? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Blockchain.info, Coin.dance
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Uber is settling a lawsuit filed by Google’s autonomous car unit alleging that the ride-hailing service ripped off self-driving car technology. Both sides in the case issued statements confirming the settlement Friday morning in the midst of a federal court trial in the case, per the AP . Google’s Waymo unit…
PR: YouTube For Professional Development LiveEdu ICO Reaches $7m in Less Than a Week! 10 Reasons to Participate in the CrowdsaleJanuary 22, 2018 | dailybusinessnews
This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
The LiveEdu ICO has gotten off to a great start with over $ 7M raised so far. The public sale opened on Jan. 15th, 5pm UTC with a 20% bonus on the first day. Bonus dropped to 17% on the second day and then drops by 1% every two days until it reaches 5%. The official end date of the ICO will be Feb. 10th unless the $ 10M hard cap is reached before. Here are 10 reasons to participate in the LiveEdu ICO:
1)Unlike other ICOs that do not have a product launched and bear product development risks, LiveEdu is an existing developed product with a monetization model and seasoned team. The team has extensive sector domain expertise in the education and video streaming space. Moreover, the team has worked for two years building LiveEdu. The shift from non-structured casual streaming (non-premium projects) to focus on monetizable projects (premium projects) represents the only change to LiveEdu’s business model. They have all the ingredients in place to scale the LiveEdu network and business right after the ICO.
2) A scrappy, young, agile, small team that moves fast. They are very technically-strong and built our entire live streaming and video infrastructure from scratch with 50 edge servers worldwide.
3) They have extensive data on cost-effective user acquisition channels having acquired 1 million viewers and 13,000 content creators with no paid marketing. They don’t need to search for new streamers as existing users will be retained with an attractive economic model.
4) Unlike other ICOs, LiveEdu is a marketplace that organically generates token demand (monthly subscription purchases). This means token price is not driven only by financial speculators on exchanges but by actual product usage and company growth.
5) LiveEdu has huge growth potential by growing horizontally (launching projects in Chinese, Russian, Portuguese, etc) and vertically (by expanding the number of topics).
6) LiveEdu is committed to focus only on future technologies that no online education or professional development company is focused on. Their goal is to build the biggest project learning library for technologies of the future: artificial intelligence, cybersecurity, game development, data science, cryptocurrencies, programming, design, and augmented and virtual reality.
7) ICO contributors will have voting rights for key decisions in the ecosystem; for example, advising on which projects to build first and which new topics or product features to add.
8) Be part of a project that is building the YouTube for online education and professional development using the blockchain.
9) Your contribution will bring cryptocurrency to the masses by educating college students and professionals using real practical cryptocurrency projects covering cryptocurrency basics, blockchain mining, Bitcoin, Ethereum, security and ICO.
10) The global professional development market is $ 306.9 billion USD in size. LiveEdu is the first ICO in the professional development space with the vision to put global professional development on the blockchain.
LiveEdu is a decentralized peer-to-peer project learning platform for people to improve their job skills in future technologies. LiveEdu is building the YouTube for online education and professional development. We are taking one category out of YouTube and building it out into a bigger category of its own. Just as Twitch took the category gaming out of YouTube and built it into its own large vertical, LiveEdu is taking the category professional development out of YouTube.
Website and Social Media
How to Buy EDU tokens: https://tokensale.liveedu.tv/en/buy-tokens/how-to-buy-edu-tokens
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.