| submitted by /u/cryptokyle
- Although we saw a strong sell off yesterday, the bullish market structure has yet to be violated. The weekly support has been confirmed for the time being and our parabolic advance is still intact.
- We are currently failing to hold support in the $8,500s for our intraday market structure. As we test the failed support we have yet to confirm if it has new found resistance. If we fail to regain the level we can expect to see an intraday retest of our weekly support level in the $8,100s.
- If the $8,100 level fails, it is entirely possible that we will be visiting the mid $6,000s before buying pressure picks up to push the price. However, if we can sustain support on our weekly $8,100 level, we could ultimately see a test of our monthly and weekly resistance in the low $9,000 level before any meaningful, macro correction takes place.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information onBitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared on Bitcoin Magazine.
Bitcoin Price Analysis: Bullish Market Structure Upheld Following Strong Sell Off
BitMEX has suffered some instability recently. The reason? The price of Bitcoin. The token was quickly able to reach the $9,000 USD mark, something that was awaited for quite some time. However, as soon as it did, the prices started to go down and they lost almost $1,000 USD in value in just a few […]
BitMEX Responds to WebSocket API Latency Caused by Soaring Traffic Due to Large Market Moves
Users of the Telegram-infused cryptocurrency Button Wallet can now purchase digital assets through its partnership with the payment processor Wyre. Button Wallet allows users to store, send, and receive cryptocurrencies like BCH, ETH, BTC, LTC, and ETC through the Telegram messaging app. The following is an in-depth review of my experience using Button Wallet after hearing about the app on social media.
Sending Cryptocurrency via Button Wallet Through Telegram Messenger
In 2018, a startup launched a noncustodial light client application called Button Wallet in order to provide people with a way to store, send, and receive cryptocurrencies within the Telegram messaging platform. So far there’s been a few glitchy tip bots that people have tested using the messenger, but Button Wallet seems to be catching on as the startup claims to have roughly 100,000 accounts since launching last year. The team has detailed that Button Wallet was inspired by Wechat payments and soon the project hopes to launch on Facebook Messenger as well. This week news.Bitcoin.com decided to give Button Wallet a test run using some Bitcoin Cash (BCH) to see how well the application worked.
The first thing I did was go to the official Button Wallet website and press the blue “Use Telegram” tab to get started. As soon as the tab was pressed, I was redirected to my Telegram messenger platform and greeted by the Button Wallet bot. Similarly to many of the bots on Telegram, the Button Wallet bot responds to commands, but this app also provides buttons that are simple to press in addition to commands. In order to create an account, the bot asks for a valid email address and the platform will send you the private keys in the form of a QR code to the email.
The QR code can be used for fund restoration purposes, but it’s also used for the first transaction authorization. Button Wallet supports a variety of digital currencies including BCH, ETH, BTC, LTC, and ETC. I decide to send myself some BCH to the address given to me by the Button Wallet bot. In order to obtain your address, press the deposit tab and choose the kind of cryptocurrency you want to use.
After sending myself a few bucks’ worth of BCH to my address I had to wait for the transaction to confirm and it appeared in the balance section. I then chatted with a coworker who offered to create a Button Wallet account and I sent him $0.25 worth of BCH. My first attempts to send funds that day were unsuccessful. I assumed it might have been because the platform’s servers were busy due to the recent announcement about the partnership with Wyre.
Button Wallet Works Well Sending Microtransactions
The following day I spoke with Button Wallet’s support and the agent sent me $1 worth of BCH to try again. Since he sent me these funds, I haven’t experienced any errors sending small fractions of coin. So in order to forward my coworker some funds, I pressed the send tab and chose bitcoin cash as my preferred currency. The Button Wallet bot gives you a few increments to choose from, which includes $0.1, $0.25, $0.5 and $1. I chose to send $0.50 and the app redirected me to a unique URL invoice which shows the payment is being sent. After seeing the sent checkmark symbol, go back to the Telegram platform. The bot will give you and the recipient of the funds full details about the transaction.
When you send a person funds, you can copy and paste a traditional alphanumeric string address, but to send over Telegram all you have to do is type the @ and the individual’s handle. The person on the receiving end needs an account for this feature to work and it’s a good idea to copy and paste the person’s Telegram username so you don’t accidentally send funds to another user with a similar name. After sending $0.25 to my coworker he sent me back $0.1 (ten cents) soon after his money confirmed on the BCH chain.
Overall the Button Wallet app is pretty easy to use but it’s best to play around with it first to get a feel. It seems just from testing there could be issues if someone typed the wrong name and the mistyped handle resolved to a real account so it’s best to copy and paste this information. The way the increments are written for small USD amounts can be confusing at first and takes a second to figure out. Other than that, and besides the first day’s issues, the Button Wallet platform worked as intended and I’ve sent a few other coworkers some BCH microtransactions.
I didn’t bother sending BTC to the wallet because sending micropayments on the chain is difficult with current fees varying between $2-4 per transaction. Probably the most meaningful aspect of them all is that Button Wallet is noncustodial unlike many of the tipping wallets out there today. Still, the application should probably only be used for a small amount of funds and treated like a hot wallet.
What do you think about the Button Wallet application for Telegram Messenger? Let us know what you think about this subject in the comments section below.
Disclaimer: Bitcoin.com does not endorse this product/service. Review editorials are intended for informational purposes only. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com or the author 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 this article.
Image credits: Shutterstock, Jamie Redman, and Button Wallet.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Markets.Bitcoin.com, another original and free service from Bitcoin.com.
The post Testing the Noncustodial Button Wallet With BCH Over Telegram Messenger appeared first on Bitcoin News.
Testing the Noncustodial Button Wallet With BCH Over Telegram Messenger
US SEC To Grant No-Action Letters To Crypto Projects In Compliance, Ripple To Possibly Benefit From This! In 2017, the US Securities and Exchange Commission (SEC) noticed that some tokens should be viewed as securities, which was mostly emphasized during the phase of Initial Coin Offerings (ICOs). Bearing this fact in mind, the classification of […]
SEC To Grant No-Action Letters To Compliant Crypto Projects, Ripple (XRP) Possible Beneficiary?
<br /><br /> <br /><br /> Bitcoin has the potential to revolutionize the African continent. Through Bitcoin, millions of unbanked Africans will have access to financial services.These and many more such statements exist across the internet. All these statements are true. But, despite all the benefits that Bitcoin is expected to bring to African countries, adoption levels in Africa continue to be the lowest globally.Which begs the question, “If Bitcoin is to help Africa catch up with the rest of the world, what is preventing Africans from adopting the cryptocurrency?”Why Is Africa Lagging in Bitcoin Adoption?Africans are interested in bitcoin and other cryptocurrencies. Nigerians account for the highest number of searches for the keyword “Bitcoin.” However, this peak in interest does not appear to be translating to increased adoption rates.Why is this?One of the main factors limiting bitcoin adoption in Africa is the availability or lack of regulations. African governments either have introduced strict regulations limiting bitcoin use or have not introduced any legislation to govern cryptocurrencies.In countries such as Zimbabwe, the government introduced strict regulations against cryptocurrencies, which resulted in Golix — the country’s only crypto exchange — shutting down its bitcoin ATMs.In countries where crypto regulation is still absent, citizens are exposed to a multitude of scams, which makes them wary of bitcoin. In Uganda, for example, bitcoin scams have been on the rise, which has resulted in legislators calling for regulation of crypto assets.The lack of regulation also plays a part in bitcoin’s market volatility. Generally speaking, early bitcoin adopters had a high-risk appetite. However, most people hate the uncertainty that results from the lack of regulations, which has contributed to the lag in bitcoin adoption in Africa.Lack of AwarenessBitcoin is still a foreign concept to many Africans. This lack of awareness is another factor contributing to the low rates of bitcoin adoption in Africa. A very small percentage of Africans has heard of bitcoin. A majority of these are young tech enthusiasts, freelancers and traders.The higher percentage of the African population has never heard of digital coins. Bitcoin is expected to help the unbanked access financial services. However, how is this to happen if most of this population has never heard of cryptocurrencies?Putting bitcoin in the hands of this population will contribute greatly to mass adoption in African states. But this cannot be done if the majority of the population does not understand bitcoin.The lack of awareness of bitcoin has also made many Africans prone to crypto scams. Many Africans don’t understand how bitcoin works. Scammers use this ignorance to frame bitcoin as a get-rich-quick scheme, which attracts thousands of willing investors. In March 2019, several Kenyans lost their savings after falling for a Brazilian bitcoin con.Expansive Use of Mobile Money Services Hinders AdoptionAfrica is home to over 50 percent of the global mobile money market. In some countries, over 80 percent of the population uses mobile money services. This high proliferation of mobile money is a major contributor to the failure of many Bitcoin-based startups in Africa.For you to send or trade bitcoin, you need to have a smartphone and access to the internet. Mobile money services, on the other hand, allow one to send or receive money through text messages, a feature that works even on the most basic telephone handset.Although internet access has been on the rise in Africa, the majority of the population still lacks access to stable internet connections, which results in them preferring the more accessible mobile money services.Bitcoin will undoubtedly transform the African continent. However, to achieve this transformation, several changes need to occur within the continent and among Bitcoin-based startups.The Introduction of Bitcoin-Friendly RegulationsMany crypto enthusiasts are against the idea of introducing crypto and blockchain regulations. To these individuals, regulation means to control, and bitcoin was created to be free from any centralized control.On the other hand, regulation can also mean to make something “regular.” It can help bring order to a chaotic situation. Currently, bitcoin is considered a risky investment, especially in Africa, where many have fallen prey to scams in the past.The mass adoption of bitcoin in Africa will need the majority of the population to have access to the cryptocurrency and feel confident using it. The only way to achieve this is by giving people the perception that bitcoin is safe; the introduction of crypto-friendly regulations is necessary for this to happen.Bitcoin is a borderless currency. This feature limits a nation’s ability to regulate it. Rather than regulating the cryptocurrency, policymakers can introduce laws to govern startups and apps using bitcoin.Educational Workshops Can Help Promote Bitcoin Adoption in AfricaBitcoin adoption in Africa largely depends on Africans understanding the benefits that the cryptocurrency offers. Startups working with Bitcoin in Africa should conduct educational workshops across the continent to ensure people understand the technology.Most of the unbanked population in Africa don’t have access to basic internet services. To these people, Bitcoin is still a foreign concept that they only hear about in the news, and in most instances, it’s usually bad news.Educational workshops would help dispel any negative myths about Bitcoin. If people understand that bitcoin is not a scam, but a new form of currency that is easier to transfer and is free from government-related economic depressions; adoption resistance will reduce.Integration With Mobile MoneyMobile money has achieved widespread success in Africa. Two-thirds of the sub-Saharan population currently use mobile money services. For Bitcoin to achieve widespread adoption in African countries, startups need to integrate Bitcoin and mobile money.M-Pesa and Ecocash are the dominating mobile money services in Africa. Any startup dealing with Bitcoin should integrate these mobile money options in their platform.Take the example of Kenya’s M-Pesa. The mobile money service allows Kenyans to send money via text messages. M-Pesa also has a wide network of agents spread across the country. Bitcoin-powered startups that have integrated their services with M-Pesa have experienced higher levels of adoption.Kipochi, a bitcoin wallet that allowed Africans to send and receive bitcoin, while at the same time allowing the exchange of bitcoin to Kenyan shillings, had integrated M-Pesa to its services. However, after the Kenyan Central Bank cautioned Kenyans against investing in bitcoin, Safaricom, the company behind M-Pesa, canceled the partnership. Before this cancellation, Kipochi was experiencing an increasing number of users. However, the ban resulted in the death of the company.Wallettec is an example of a startup that has successfully integrated mobile money with digital wallets. This integration has allowed the company to thrive both in South Africa and Kenya.Africa is a unique market. In the U.S., companies are installing bitcoin ATMs in grocery stores to promote adoption. In Africa, bitcoin ATMs would achieve minimal success — people rarely use bank ATMs. Bitcoin integrated with mobile money is a better option for Africa as it also allows agents to earn from facilitating transactions.ConclusionBitcoin has the potential to transform African countries. However, adoption rates need to increase drastically for this transformation to occur.Achieving mass adoption of Bitcoin in Africa will require the efforts of both policymakers and private companies; otherwise, the many benefits that Bitcoin is poised to bring to Africa will remain a dream.This is a guest post by Steven Weru. Opinions expressed are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc.<br /><br /> <br /><br /> This article originally appeared on Bitcoin Magazine.
Op Ed: Bitcoin in Africa, What Needs to Be Done to Encourage Adoption?
Crypto Wallet Service Provider, Blockchain Announced Support For PAX Stablecoin On Friday, May 31, the Blockchain team announced their wallet’s support provided to the PAX stablecoin. Users will be able to store, trade and send the said token on the Android app. In the same tweet, as seen below, the team revealed that an iOS […]
Crypto Wallet Service Provider, Blockchain.com, Announces Support For PAX Stablecoin