According to the Acadia Advocate, the mayor of Lafayette, Louisiana has offered the city to create its own cryptocurrency in order to raise money for public finance, taking a prompt from Berkeley, California. The proposal was made by the mayor-president of Lafayette, Joel Robideaux, at Heymann Center, during his annual address as he called the city a ‘technology hub’ that will advance the government services and diversify the local economy. Currently, the city is in extreme economic straits and the government is planning for the additional taxes.
Joel Robideaux sees cryptocurrency as a mean to public finance work; also, it allows citizens to contribute in the financing. For him, cryptocurrencies are an alternative for financing public infrastructure. Robideaux said, he was distinguishing that the domain of finance, banking and payment systems has changed persistently, and almost every industry will be soon disrupted. Robideaux dropped the idea of cryptocurrency being promoted by worldwide libertarians in quest of undetectable and unregulated digital currency transactions.
Robideaux didn’t give any detail about how his suggestion for cryptocurrency application to municipal finance will operate, and how he will be encouraging investors to support his idea. Whereas, Berkeley is considering to promote its cryptocurrency with municipal-ties and is looking forward to offer cryptocurrency-enabled “microbonds” in order to support reasonable housing projects.
What does Robideaux see?
According to Joel Robideaux, an ICO will fund a living-lab of blockchain developers, however, he didn’t clarify what the lab would exactly consist of and where it would be sited. He added, the city must diversify its economy to deal with the unemployment which was resulted after the oil crash (2014). Robideaux said the cultural economy of the city is already in existence and will turn out to be the alleviating force in its budget; however, the budget is still in a crisis mode as the over-all fund has been reduced.
Even as the cryptocurrency project of Berkeley is in the developmental phase, councilors in Berkeley have joined with Jesse Arreguin (the mayor) along with “Neighborly,” which is a tech-startup with software engineering support from UC Blockchain Laboratory of Berkeley and its aim is to offer an ICO that would encourage transactions inside the local area.
Renowned investor and one of the richest persons on planet Warren Buffett continues his bearish point of view toward bitcoin and other cryptos.
In an interview on CNBC, Buffett was asked about JPMorgan Chase CEO Jamie Dimon’s retreating take on bitcoin, after the latter expressed his regret about calling bitcoin ‘fraud’ a year ago.
Questioned if he too would reconsider his current comments on bitcoin – Buffett called bitcoin an “air bubble” following Dimon’s remarks a year ago – Buffet stated:
“As far as digital forms of money, for the most part, I can almost say with assurance that they will come to a bad ending.”
While predicting the downfall of digital currencies, Buffett went on to assert he’d bet on “each one of the cryptocurrencies” falling over the next five years.”
Furthermore, Buffett stated he wouldn’t take a negative position by exchanging bitcoin future contracts, expressing there’s “no reason” to do as such. “Why on earth should I take a long or short position of something I don’t know anything about?” He jested, confessing to knowing almost nothing about cryptographic forms of money.
“I have 11 schools this coming Friday [and] the inquiries will be on bitcoin, and I won’t know the appropriate answers,” Buffett included, preparing everyone else for more soundbites on digital forms of money this week.
Buffett’s interpretation of digital currencies, particularly bitcoin, is like another long-term bitcoin bear in JPMorgan’s Jamie Dimon. In September 2017, Dimon notoriously said bitcoin was a “cheat”. “It’s worse than tulip bulbs,” Dimon proceeded in the same breath, adding “somebody will get killed.” The Wall Street investor additionally undermined to fire workers involved in crypto money trading, calling them “inept” if they were to do so.
Dimon keeps on being a non-believer, he revealed in comments this week, but went on to state about that ‘fraud’ proclamation: “I regret making them.”
News credit: ccn.com
On 5th March, it’s been reported that a patent has been filed by PayPal in order to speed up cryptocurrency transactions by eradicating the confirmation period of payments. However, it’s been claimed by many Bitcoin experts that this is already possible through the current technologies in the cryptocurrency industry.
Basically, the main purpose of PayPal patent is to improve the whole procedure of settling cryptocurrency payments between both buyers and traders on retail or e-commerce platforms. To avert each transaction from being broadcasted to the public Blockchain, users’ secondary wallets will let the unique private keys of both buyers and sellers to be transferred privately.
The PayPal patent read;
“In order to be sure that the Bitcoin transaction will ultimately result in a transfer of Bitcoins to the payee, the payee must wait until the mining process confirms the transaction before transferring goods and/or services to the payer. In many transaction situations, a 10-minute wait time will be too long for payers and/or payees, and those payers and/or payees will instead choose to perform the transaction using traditional payment methods rather than virtual currency. Issues like this have slowed the adoption of virtual currencies despite their advantages.”
What’s Peter Todd’s Response?
According to a Bitcoin developer, Peter Todd, PayPal is attempting to patent a technology that is already present in the cryptocurrency industry. In 2016, Opendime was created by a former Bitcoin marketplace “Coinkite”, and is a hardware Bitcoin wallet with multi-signature bank-grade security. It lets users transfer Bitcoin with inner private keys, allowing them to utilize Bitcoin like fiat money, such as the US dollar. However, compared to Ledger and Trezor, Opendime structurally differs from other hardware wallets as it cannot be reused. Opendime is basically a USB stick as it can only be used once and has to be destroyed to use the funds that are stored inside, which allows it to be used as cash.
PayPal’s technology encourages its users to transfer the whole wallet or private key linked with a predefined amount of a cryptocurrency and the procedure of transferring bitcoin payments through Opendime, which is just like PayPal.
The patent explains:
“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”
Is It Really Possible for PayPal’s Technology to Improve Cryptocurrency Payments?
PayPal’s technology could let the cryptocurrency payments to be processed between both buyers and traders quickly by eradicating hefty transaction fees only if it’s executed at large commercial scale.
Yeogieottae, which is a major hotel booking platform in South Korea has recently partnered with the country’s largest cryptocurrency exchange, Bithumb, to allow cryptocurrency payments. Even in Japan, the biggest sellers have started to accept Bitcoin payments for a while.
However, on the other hand, a problem could occur while transferring private keys if the settlement occurs in a centralized manner. PayPal patent clearly explained that for carrying out the process of settling payment, it could depend on a payment service provider device as it could lead to a centralized system, managing the transfer of private keys.
Owen Williams revealed the findings of GDPR last week, which disclosed that PayPal shared complex financial information of its consumers with over 600 entities. The centralization of cryptocurrency payments and private keys could direct to susceptibilities and data selling if this technology by PayPal’s can exploit non-custodial wallets and allow both users and traders to endure in full control of their private keys during the whole process.
Paxful and Cryponit are two of the best platforms to buy Bitcoin with PayPal. The process of buying Bitcoin with Paypal through Paxful and Cryptonit is almost similar to buying from LocalBitcoins. LocalBitcoins is a platform for purchasing/selling bitcoins with the lowest exchange rates and reliable users.
The sellers have to pay a 1% commission fees to the platform that facilitates this exchange.
Like other P2P platforms, it follows a set of sales rules as well but, if you have a good user reputation, these requirements are lower.
Before you purchase anything, it’s better to make sure that the user has good reviews from other buyers.
The process of buying Paxful bitcoins is simple:
- Create an account
- Choose your amount and a payment method
- Select your seller- You can choose one yourself or let Paxfuldecide the best one for you.
Next, you’ll be sent to an online chat room with the seller to finalize your deal. The seller’s bitcoins are sent to Escrow and soon after you mark that the payment has been made, the bitcoins are released into your account. However, you must seal the deal within the time limit given or it is auto-canceled.
Buy Bitcoins With PayPal Through Cryptonit:
Cryptonit is another platform that enables you to buy Bitcoin with PayPal instantly. Cryptonit is a UK-based company and was founded in 2012. It is a cryptocurrency exchange that allows you to deposit money using PayPal, Visa/MasterCard, Skrill Western Union, MoneyGram, and many other options.
However, it requires a verification process in order to qualify for PayPal deposit to buy bitcoins.
The steps following the process are:
- A copy of the government issued photo id.
- An address verification document such as utility bill or rental agreement.
- A photo of you holding these documents/ skype video call with someone from Cryptonit.
Verification will take around 12 hours on weekdays. After it is completed, just go to the “trade” tab, choose the suitable currency pair, and enter how much you want to buy.
All in all, Cryptonit is a trustworthy option. It offers a safe environment so that you can serve your needs and minimize the risk of theft.
Please take a look at the following infographic for a better understanding.