Binance Coming to South Korea – Product Release & Updates – Altcoin Buzz

to – Product Release & Updates  Altcoin BuzzAccording to news from Block In Press, Binance CEO Changpeng Zhao, also known as CZ, confirmed that the firm is “working with local partners” in Korea …
Source: worldnewsoffice
Binance Coming to South Korea – Product Release & Updates – Altcoin Buzz

Related posts

South Korean Blockchain Icon Project Launches Fee 2.0, a New Transaction Fee System

based blockchain project Icon, on July 15 launched its 2.0 platform, that allows Dapp developers pay users’ , while also giving them the privilege to stake tokens into the network in order to gradually pay fess in virtual steps. A Whole New Development The new and upgraded Icon 2.0 allows the […]
Source: bitcoinexchangeguide
South Korean Blockchain Icon Project Launches Fee 2.0, a New Transaction Fee System

Related posts

South African merchant solution Payfast ending support for Bitcoin as customers are unable to ‘Pay Fast’ at all. “Unfortunately there are a number of limitations and design flaws unique to Bitcoin that make it an impractical substitute for cash”.

South African merchant solution Payfast ending support for Bitcoin as customers are unable to ‘Pay Fast’ at all. “Unfortunately there are a number of limitations and design flaws unique to Bitcoin that make it an impractical substitute for cash”. submitted by /u/foxtrotdash
[link] [comments]


Source: dashpay
South African merchant solution Payfast ending support for Bitcoin as customers are unable to ‘Pay Fast’ at all. “Unfortunately there are a number of limitations and design flaws unique to Bitcoin that make it an impractical substitute for cash”.

Related posts

South African Ponzi Operator Gets House and Lambo Burned Down After Scamming Thousands With ‘Bitcoin Wallet’ scheme

South African Ponzi Operator Gets House and Lambo Burned Down After Scamming Thousands With ‘Bitcoin Wallet’ scheme submitted by /u/beincrypto
[link] [comments]


Source: BTC
South African Ponzi Operator Gets House and Lambo Burned Down After Scamming Thousands With ‘Bitcoin Wallet’ scheme

Related posts

South American Bitcoin Trading is Surging Despite Price Volatility

Bitcoin

Heightened market volatility has failed to dampen enthusiasm throughout America, as trading volumes in Venezuela, Brazil, Chile, and Colombia continue to soar.


Venezuela Trades Record Bolivars For Bitcoin

Data from monitoring resource Coin Dance, which tracks trading across three decentralized P2P platforms, confirmed the new all-time high record this weekend.

For the last seven days ending July 13, Venezuelan Localbitcoins users traded 49.24 billion sovereign bolivars (VES).

That was more in VES terms than in any week since records began.

In Bitcoin terms, trading did not produce records; the 49 billion VES equated to just 512 BTC, Coin Dance suggests, underscoring the economic fragility still omnipresent in the country. 

Nevertheless, neighboring countries saw upticks in trading themselves, despite the impact of US president Donald Trump saying he did not believe in or appreciate Bitcoin’s value.

Chile recorded 194 million pesos’ worth of transactions on Localbitcoins last week, around 50 million off its all-time high. 

In Colombia, the figure was 9.1 billion Colombian pesos, just 1.5 billion off its best weekly performance which occurred in the first week of May. 

Brazil BTC Trades Hit 1 Billion Reals

Brazil reported different interesting numbers. According to local exchange bitValor, June saw a 23% surge in the number of BTC trades against the Brazilian real in total, with volume passing 1 billion BRL.

“Despite the increase, the monthly closing was 15% below the daily maximum of the BRXBT Index in the month of June,” executives wrote in a summary.

This instability and strong oscillation of the BRXBT index should continue during July as the market tests new levels of Bitcoin’s quotation.

In recent days, BTC/USD has declined sharply, hitting as low as $9912 compared with over $13,000 just six days ago. The most recent data shows $27 billion changing hands on official exchanges worldwide. 

Within P2P, Bisq, a decentralized platform tracked by Coin Dance, produced multiple new records of its own for different jurisdictions in recent weeks. 

The success coincided with Localbitcoins withdrawing the option to arrange cash meetings for bitcoins, a decision which users met with considerable scorn when it came into effect at the start of June.

At the time, Bitcoinist produced a list of alternatives for those wishing to maintain the same level of privacy offered by cash meet-ups. 


What do you think about South America’s Bitcoin trading? Let us know in the comments below!


Images via Shutterstock

The post South American Bitcoin Trading is Surging Despite Price Volatility appeared first on Bitcoinist.com.


Source: bitcoinist
South American Bitcoin Trading is Surging Despite Price Volatility

Related posts

South Korea’s Biggest Credit Card Patents Blockchain Payments System

A patent for a blockchain payments system has been granted to ’s credit card firm Shinhan Card


Source: cointelegraph
South Korea’s Biggest Credit Card Patents Blockchain Payments System

Related posts

Consortium of leading South Korean Firms aim to launch Blockchain Mobile Identification System by 2020

According to the report, a of firms of has collaborated to launch a blockchain supported mobile identification system next year. The objective of forging partnerships by these significant firms is to develop an identity system that will make the organizations and the individuals are able to control their identity information during […]
Source: bitcoinwarrior
Consortium of leading South Korean Firms aim to launch Blockchain Mobile Identification System by 2020

Related posts

South Africa’s Payfast Payment Company Stops Accepting Bitcoin (BTC) Due to Fees and Speed

In an unfortunate turn of events, , the first-ever online gateway accepting (BTC) in , called time on BTC payments citing fundamental technical issues in the blockchain and a hitch in user-friendliness. PayFast set to stop Bitcoin (BTC) payment channel on July 20th 2019. High transaction fees and slow confirmation times reasons […]
Source: bitcoinexchangeguide
South Africa’s Payfast Payment Company Stops Accepting Bitcoin (BTC) Due to Fees and Speed

Related posts

South African Payment Gateway Drops BTC Over Fees and Network Congestion

On July 12, gateway service announced the company is dropping core (BTC) payments due to network congestion and high fees. emphasized that BTC has a number of limitations and design flaws which makes it an &ld
Source: devcoins
South African Payment Gateway Drops BTC Over Fees and Network Congestion

Related posts

South African Payment Gateway Drops BTC Over Fees and Network Congestion

South African Payment Gateway Drops BTC Over Fees and Network Congestion

On July 12, gateway service announced the company is dropping core (BTC) payments due to network congestion and high fees. Payfast emphasized that BTC has a number of limitations and design flaws which makes it an “impractical substitute for cash.”

Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments

Network Congestion and High Transaction Fees Force Payfast to Drop BTC Support

According to a blog post written by Payfast, one of South ’s largest online payment gateways, BTC payments will no longer be processed after July 20, 2019. Payfast is a popular service provider with more than 80,000 registered merchants and was founded in 2007 by Jonathan Smit and Andy Higgins. The company blogpost details that unfortunately the company has found numerous limitations and “design flaws unique to Bitcoin that make it an impractical substitute for cash.” This includes high transaction fees and long confirmation times for Payfast customers. The company explained that it had tried various ways to mitigate the issues at hand, but had found that the underlying problem stems from the root of BTC’s fundamentals.

South African Payment Gateway Drops BTC Over Fees and Network Congestion
In a blog post published on July 12, 2019, the South African payment processor Payfast informed its customers it would be removing bitcoin core (BTC) from its payment options on July 20.

“The resultant poor user experience has led us to re-evaluate bitcoin as a payment method on our platform and a decision has been taken to discontinue support for bitcoin from midnight 20 July 2019,” Payfast wrote. The company further said that BTC once held the promise of a “global currency that would allow a faster, cheaper, and easier way to move money on the Internet,” but this never came to fruition. “Our aim was to enable that promise for our buyers and merchants, and to support this alternative to traditional payment methods,” Payfast highlighted. The South African company had partnered with the local cryptocurrency exchange Luno to provide an intermediary between a buyer’s BTC wallet and the Payfast service.

Payfast remarked that buyers always paid the BTC amount, while sellers would receive a rand payment to their accounts. Luno also “locked the Bitcoin to ZAR exchange rate for a 10 minute window,” similarly to many cryptocurrency invoice solutions. For instance, the Atlanta-based Bitpay’s invoices last 14 minutes. However, if the person’s BTC transaction did not confirm within Luno’s invoice window, the payment was unsuccessful and a refund would be due. The Payfast blog post noted:

As Bitcoin has grown in popularity, it has become increasingly difficult for the network to sufficiently confirm transactions within the 10 minute time limit. Since the network isn’t able to handle the volume of instructions at the speed required, the majority of Bitcoin transactions on the PayFast platform ended up being unsuccessful.

South African Payment Gateway Drops BTC Over Fees and Network Congestion

A Tragic Trend of Lost Businesses Making HODL the Only Option

As the news spread across social media, some people said they had expected the announcement, while others were surprised and even a bit salty toward Payfast. Bitcoin ABC developer Amaury Séchet (Deadalnix) said on Twitter that “the tragedy continues — One more payment processor dropping bitcoin.” “Payfast, you might want to consider switching to bitcoin cash instead. You are experiencing exactly why the fork happened,” Séchet added.

South African Payment Gateway Drops BTC Over Fees and Network Congestion
One South African business owner asks Payfast to examine bitcoin cash (BCH) as a payment option after Séchet said the company should “consider switching to bitcoin cash instead.”

However, well known member of the Monero (XMR) community Riccardo Spagni‏ said the blog post was a “Garbage article from Payfast on why they’re removing bitcoin support — Sounds like they have no clue how Bitcoin works.” One person replied to Spagni’s criticism and said that it was not polite to blame and name call Payfast engineers. “If the tech does not meet their needs, they can move to better solutions,” he explained. Payfast’s blog post further sparked a number of BCH supporters to vocalize that there was a solution available right now for Payfast and that the company should try bitcoin cash instead.

“I have made zero payments with BTC in the past 3 years, but dozens with BCH with no issues and paying pennies in fees,” a BCH supporter chimed in after Payfast made the announcement. “If you add BCH you will have my business.”

This isn’t the first time bitcoin core (BTC) payments have been plagued with complaints about high fees and transaction congestion. There have been many well known companies that have dropped BTC support for these very reasons. Back in the summer of 2018 the brothers Patrick and John Collison, the cofounders of Stripe, explained why the company decided to drop BTC.

South African Payment Gateway Drops BTC Over Fees and Network Congestion
In December 2017, BTC transaction fees would average between $30-60 per transaction for the median transaction size of 226 bytes. At the time a slew of merchants and online retailers dropped BTC support due to the high fees and network congestion.

The Collison brothers questioned the BTC community and told them they faced a fork in the road where architects of the software chose to optimize BTC to be a form of “digital gold or a store of value.” “At the time we made our decision, it was trending towards being a digital store of value,” Patrick told the press. He wished the BTC crowd the best going forward and insisted that “if it starts increasing [in use] again as a payment method, then sure, great, we’ll go back and we’ll add [BTC].”

South African Payment Gateway Drops BTC Over Fees and Network Congestion
In 2017, some companies who previously accepted BTC for years switched to bitcoin cash (BCH) payments after Core developers provided Segregated Witness and recommended businesses batch transactions which never alleviated the problem.

Many other companies have dropped BTC support over the years almost immediately after BTC transaction fees started to spike infeasibly and became unpredictable. Businesses such as Expedia, Dell Computers, Steam Games, Reddit, Fiverr, and Paypal stopped supporting BTC. Moreover, many startups that were once looking to use BTC in applications also ditched the cryptocurrency network for alternative blockchains with cheaper transaction fees. Payfast eliminating BTC was also big news on Reddit forums and many crypto supporters sarcastically called the company’s move a “big win for BTC maximalists.” One Reddit user chortled:

Thank god all these wasteful use cases are being eliminated so that HODL is the only option for people which will ensure that moon lambos are handed out to all the Bitcoin Maxis by next halvening.

What do you think about Payfast dropping BTC support because of network congestion and high transaction fees? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Payfast, and Twitter.


Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won!

The post South African Payment Gateway Drops BTC Over Fees and Network Congestion appeared first on Bitcoin News.


Source: bitcoin.com
South African Payment Gateway Drops BTC Over Fees and Network Congestion

Related posts