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Venezuela: Bitcoin For Their Basic Goods!

The Venezuela’s national currency in which is the Bolivar Fuerte is hastily bringing up rare value right into the middle of the hyperinflation. And the official foreign exchange or the FX value of the Venezuelan Bolivar is recently at $1 to 9.95 VEF but in the veracity check right in the entire country’s black market, the local inhabitants were paying around the summation of over 5,000 VEF for $1! And to be capable enough of steering clear of the devaluation of the Bolivar and also obtain the essential daily goods at the exact and the very same time, the Venezuelans have begun on relying on the Bitcoin to be able to finance their day by day expenses and needs.

According to into the local exchange rates, the summation of 100 Bolivar is corresponding right into a total of $0.02. As we all have known, the 100 Bolivar is the country’s premier denomination banknote but still the government has demonetized it on the earlier part of last year’s December. And as an outcome, the Venezuelan economy and also their monetary system was experiencing havoc and tragic downfall and the people of Venezuela were struggling to be able to obtain cash right into financing their every single day living basis.

And currently, the largest denomination banknote is the 50 Bolivar in which worth equals with a total of $0.01. So just for a quite example in their situation, the Venezuelans would possibly need a summation of 200 of the 50 Bolivar banknotes to be able to purchase bread or else a meal, in which is around a total of $4. And according to in the Bloomberg News Chief in Venezuela, Nathan Crooks, the citizens of Venezuela are having stacks of cash right into their pockets, purses or handbags just to be able enough upon purchasing the basic needs in which pertains to food, toiletries, water and etc.

And the very reason why the people do switches right into the Bitcoin is… The Bitcoin as a decentralized digital currency showcases enough qualities in which underlying with the high liquidity; unwavering global exchange rates; and most notably was it's transportability. And even if the Venezuelans do purchase the US Dollars on their local black market; the currency controls right in the airports and also into the borders and makes it almost unfeasible to be able to bear foreign currencies outside of the country.

As the Venezuelan Bolivar dilapidated right in value onto a daily basis, the general public is in their quest for the assets or the currencies in particularly with the Bitcoin that can be used all the way through online to be clever enough to deliver food right to the country. And through a use of the Bitcoin, the Venezuelan people and also the travelers are also accessing the e-commerce platforms similarly with the Amazon. On the other hand, the major platforms do not accept Bitcoin directly and there are services which are like the Purse that makes it quite possible to every single body to be able to purchase items and products right on the e-commerce platforms together with their digital currency. The CEO of the Cryptobuyer Jorge Farias claimed that the Bitcoin is a mainstream and neither in Venezuela nor in the entire world nevertheless there is a developing interest in the very technology. And several people coming from the various industries are getting on board just to be able upon experiencing the Bitcoin life. The Cryptobuyer is a Purse.io-like platform in which allocates their users to be able on purchasing goods similarly with the food or any other products with the use of their Bitcoins.

The iPayYou Reveals the Bitcoin Payments for the Amazon

The Bitcoin payment gateway iPayYou has stated its Black Friday-inspired Amazon Direct as an integrated tool that is allocating the users to purchase on the Amazon in using their Bitcoin. There are over 100 million of the Amazon products right for the Bitcoin!

The iPayYou in which was launched in this year’s 2016, May, has rapidly amassed the range of tool in which lets the consumers shop right from the mainstream merchants without even touching their fiat currency. As the Founder and the CEO, Gene Kavner has mentioned in one of their press release that, “The Amazon Direct is revolutionizing the means that the consumers are able to spend their Bitcoin by just simply granting them to access to purchase for more than 100 million summations of products at the world’s biggest store.” As the iPayYou previously offered gift cards for the retailers in this includes the Amazon, Starbucks, and iTunes, which the consumers could possibly purchase with their Bitcoin. Its concept is similar right to that of an extant startup Purse.io in which also offers discounts right on the Amazon to the consumers in using its portal to pay with the virtual currency.

Gene Kavner is keenly eyeing a persistent gap right in the market. As a former Amazon Executive, he had noticed that the constant friction right between the customers and the payments is at the very moment that these were conducted by the use of the traditional means. As he mentioned that, “During my time as an Executive at the Amazon, we nearly studied the friction points and also the complication that was being faced by the shoppers in which includes and specifies with the payments.”

Was the Bitcoin is a key solution to do many of those problems? The Amazon Direct tool comes in the form of an integrated tab right in the iPayYou’s platform. The users can fully specify the amount of the Bitcoin to be sent, and whereupon it is completely converted into USD and then added right into their Amazon balance. The users can then shop on the Amazon in using this USD credit line. Gene Kavner wholly describes it as “the most direct means to spend the Bitcoin anywhere and anytime.” And he also stated that “As we want the Bitcoin to be the every single day default currency and the very only way for that to become a reality is to be able to provide the consumers with the practical ways to spend their Bitcoin.”

The Purse meanwhile keeps on maintaining its rapid expansion beyond the United States of America right into developing markets. And its push right into the Latin America and Mexico this last October was preceded by the launch of its other branch in India in earlier this year. And offering a roughly of 15% off the Amazon India products, the country has swiftly grown to become the Purse’s second –biggest as of this last November. The United Kingdom and Venezuela had occupied the third and the fourth places respectively and as with the original United States of America market was still holding up high the top spot of the charts.

There Is A New Dollar Currency Right In Zimbabwe!

Zimbabwe has begun printing bond notes that are purportedly dowelled to the United States of America dollar as a means into a restrain inflation as the other countries have made their way into the Bitcoin.

Right in a renaissance of the African country’s currency has not being seen in the last seven years and the central bank is endeavoring to restart a Zimbabwean national currency while simultaneously preserving its very own worth right from the inflation. The new bond notes are dowelled into the US dollar, supposedly backed by a $200 million bond facility together with the Afreximbank as a safeguard against the swiftly losing of its worth into the hyperinflation as was the case right with the nation’s last currency. Zimbabwe has faced a currency predicament beginning in the late 1990s. As the inflationary practices being conducted by the central bank has led into the hyperinflation, and doubling the prices in the year of 2001, and making the prices doubled closely in the every single day basis in the year 2007. And in the year 2009, the government had stopped printing money and has effectively taken the Zimbabwean national currency out of use. And since then, the economy has relied on the foreign currencies for a day-to-day transaction basis.

In spite of this certain effort to be able to curtail the runaway inflation by pegging the nation currency to that of a more stable government and also an established economy, the new bond notes have still reflect a lack of trust in the government’s grounds together with the price that they trade for onto the black market US dollars are still accepted at a higher price rate than the bond notes billed as being worth the very same amount. This market value discrepancy has led into illegal money chargers exchanging notes right in the streets. These money changes dot the streets of Harare in maintaining a quite bright step ahead of the police in which was eager to shut their operations down into the ground. And their continued business has shown that the government’s pledge of the new bond notes being inflation bullet proof ring has to hollow the very minds of the populace.


In the countries where the national currency experiences depreciation and deterioration the consumers normally flocked right into the alternative stores of value, particularly the Bitcoin. And in Zimbabwe, the Bitcoin is not illegal but it is not considered as a legal tender either in which defines, one cannot demand its payment for the goods and the services. And this certainly leaves it open right in the possibility for the Zimbabwean to be able to embrace a more unwavering currency at the very least for the time being. As the India’s recent economic disturbance has also proved that the fertile grounds right for the Bitcoin adoption. And the country’s two highest-denominated banknotes have been taken out right in the circulation in which have caused the hardships for the country’s unbanked as well as twinge those who are not being able to exchange their old banknotes right for the new ones. This absolutely led into a recent surge in the Bitcoin usage all around and across the country. And Venezuela has likely experiencing the currency issues at the same time as a part of a full-blown economic fall down had has also made their way into the shift right into the Bitcoin as well as the Dash to be able to stem the ill effects of a runaway inflation right into the national currency.

The Government Seeks Supplementary Control in Paper!

Right in the midst of India’s sudden currency reforms the cash is facing a global crackdown as the government’s move was to take over the control right over the transactions and the paper in the pockets of the people! While the mayhem keeps on urging right on the Indian subcontinent right after Prime Minister Modi had withdrawn the two of the biggest Rupee notes happened to be on the 8th of November, elsewhere other countries are following suit in which complies with very diverse rationales.

The lesser the cash, was it good for the banks? As all across the Indian Ocean, the Australian banks are calling for the scrapping of the dollars of which was the Australian Dollars or the AUD on its highest-denominated cash notes and even the removal of cash altogether? In a recent report, the investment bank UBS has made the case for scrapping $100 AUD and $50 bills in which accounts for the 92% of circulating AUD by value. It also presented the data in which was showing year-on-year drops right in the ATM usage as compared with the mounting credit card transaction numbers.

And the reports have stated that “We deemed that removing the large denomination note in Australia would have a great outcome right for the economy and also will bring good for the banks as well.” Right in the intervening time, the Citibank’s operations in Australia are set to lead the cashless trend and together with the bank declaring that some of its branches will no longer handle cash at all. As the Head of the Retail Banking says that “This particular move right into cashless branches reflects the Citibank’s commitment right into the digital banking and we are certainly investing in the channels that our beloved customers prefer to use.” And a survey in which was conducted by the local bank Westpac last September had further showcase what is apparently a public preference to eradicate the cash transactions. And it found that there are over the summation of 79% of Australians that totally agree that a cashless society makes a total sense.

The criticism of the cash retirement is frequently heard right within disruptive technology circles in which was the banks reeling in the paper means and there is more control over the costs and the money supply and as well as a greater observation of the populace’s transactions. And at the exact and also the same moment, the reduction of cash is considered an almost impossible task right in the economies such as India, where the vast majority of the population count is unbanked and also relies upon the cash or conceivably, right in the future, and in the mobile-based Bitcoin microtransactions. As an another case in this certain point, Venezuela’s decision or regarding the limiting of the ATM withdrawals to the equivalent of just $5, highlights the desperate attempts of the government to be able to take full control of the uncontrollable. And similarly to India, the country’s economic despair have caused the spike right in the Bitcoin curiosity and interest together with the exchange rates that were showing the consumers who are ready to purchase at a premium. The local new resource Diario Bitcoin noted that the rate of Venezuelan exchange in which is the SurBitcoin is right on the brick around the summation of $875 and over 15% higher than the average market rates.

Singapore, Australia and Mexico: Citibank Brings Digital Global Wallet

As one of the popular global banks that have been zigzagging with the Blockchain technology, Citibank has made an announcement to the public of launching a digital wallet that will offer their customers with an option for an online, an in-application and also in-store payment necessitates.

The launch of the Citi Pay accompanies the bank right into the mobile market in which it is dominated by the leading brands similarly to PayPal, Apple Pay and also the Samsung Pay.

The wallet in which was the most recent digital payments statement right from the bank and also will first launch in the countries like Singapore, Australia, and Mexico together with the tap and pay aptitudes, and also a global rollout will follow right for the customers as a digital extension of their current card relationship. And it will also launch right in the United States of America in the early year of 2017, together with an online, the in-app and also the tap and pay capabilities. Right in the United States of America in earlier this year of 2016, Citibank has made a venture with the Early Warning’s clearXchange network to make possible it’s online and mobile banking customers to be able to send or receive a real-time person-to-person or P2P payments to or from the customers of the participating network banks. It also enables the Samsung Pay for its card members residing right in Singapore and Australia at the same time.

With more than and the summation of over 100 million customers coming from the major cities all across and around the rundown of the 19 countries, Citibank has crystallized the idea of the Blockchain technology as a welcome addition right into the bank’s infrastructure. Right in the Blockchain sphere, the bank right in the United States of America Digital Banking, a report in which was published last June, entitled with the, “Could The Bitcoin Blockchain Disrupt Payments?” in which examined on how the technology will threaten the traditional banks’ place right in the economy. And it also elaborates on how the payment system in which was based on the technology behind the Bitcoin and as combined with the other innovations, perhaps it can fundamentally change the financial service sector; and it must be an outlook as a great opportunity.

Right at this very moment, the Citibank was also working right with the Blockchain startups in particularly with the Chain who had built the Blockchain networks. Nevertheless, it has remained and yet still conservative right on continuing the relevance of the centralized, and traditional settlement systems.
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