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Following PayPal, eBay, Stripe, Visa, and Mastercard Leave Libra

Following the departure of PayPal from Facebook’s Libra project—a cryptocurrency that promises to “reinvent money” and “transform the global economy”—a new wave of departures has rocked the platform as eBay, Stripe, Visa, and Mastercard have all announced that they are abandoning ship.
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CYDigital/marteq.io's curator insight, October 11, 8:51 PM

We are not surprised. 

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What’s the Value Proposition behind Cryptocurrency?

What’s the Value Proposition behind Cryptocurrency? | The CYDigital Blog | Scoop.it
Two large banks, Signature Bank and J.P. Morgan, have officially announced they are supporting cryptocurrencies and each has implemented a closed-loop solution. A new research report from Mercator Advisory Group titled How Banks Can Safely Do Cryptocurrency evaluates the state of cryptocurrencies and considers multiple solution types based on how they fit the existing regulatory structures and evaluates where each solution will push the boundaries of institutional risk.

The report defines and delineates between virtual currencies, digital currencies, cryptocurrencies, private cryptocurrencies, “stablecoins,” and initial coin offerings (ICOs). It explains the risks associated with different cryptocurrency implementations and provides a graphic that makes it easy to comprehend how cryptocurrencies can be called, on the one hand, as the most secure currency in the world while, on the other hand, the news almost weekly reports new criminal acts in which people’s cryptocurrency has been stolen.
With that background information, the report evaluates different approaches a bank might take to deliver a cryptocurrency-based product to its customers while remaining compliant to all existing banking regulations.
CYDigital/marteq.io's insight:

The title may be a tad misleading, but click through for the link to the report.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy

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Why Cryptocurrencies Might Be Too Technical for Mainstream Facebook, Telegram Users - CryptoGlobe

Why Cryptocurrencies Might Be Too Technical for Mainstream Facebook, Telegram Users - CryptoGlobe | The CYDigital Blog | Scoop.it
Simply the process of copy and pasting lengthy alphanumeric strings, which represent cryptocurrency addresses, may seem too complicated or technical for people to understand. Because cryptocurrencies are meant to function as a medium-of-exchange (MoE), they should also be able to function effectively as a unit of account. However, this has been a challenge so far, partly because many cryptocurrencies such as bitcoin (BTC) use up to 8 decimal places to represent value.

Long decimal numbers that represent the value of cryptocurrencies, which is still currently estimated in fiat currencies such as the USD or British pound (GBP), can be confusing for many newcomers to understand. In fact, crypto transactions give “heart attacks” to people who’ve been in the blockchain space since it first started.

That’s because even when you send crypto from a best-in-class hardware wallet to a best-in-class hot wallet, there’s still some a UX lag at times which can be stressful - according to Ryan Selkis, the co-founder of Messari Crypto. Until cryptocurrency platforms become more user-friendly, mainstream adoption of cryptographic assets may not be possible.
CYDigital/marteq.io's insight:

Ask the mainstream user what a digital wallet is, and the majority will answer "huh?"

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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