Bitcoin ATM Firm LibertyX Expands Locations via New Partnership

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Helen Partz reports:

LibertyX, the firm that launched America’s first Bitcoin (BTC) automated teller machine (ATM), will add 90 new machines to its network.

In order to expand the network, Boston-based LibertyX has partnered with independent ATM operator DesertATM, according to a report by global ATM market publication ATMmarketplace on July 18.

As a part of the partnership, DesertATM will upload LibertyX on 90 of its Genmega ATMs to enable Bitcoin operations. New Bitcoin ATM locations will include gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, the press release notes.

In October 2018, LibertyX teamed up with Genmega, an ATM supplier serving the Independent ATM Deployment market, to allow users to use their debit cards to purchase Bitcoin at any BTC-enabled Genmega machine.

LibertyX CEO Chris Yim stated that the company has been making partnerships with ATM operators that already have locations to offer LibertyX services on their machines. According to Yim, the firm’s network now spans across 43 states and allows users to buy Bitcoin from a cashier or ATM using their debit card or a kiosk, with a limit of $3,000 of Bitcoin at a time.

As previously reported, LibertyX obtained a BitLicense issued by the New York State Department of Financial Services in January 2019 alongside stock and crypto trading app Robinhood .

Recently, Canadian exchange Coinsquare announced that they acquired software allowing traditional ATMs to sell cryptocurrencies such as Bitcoin. The news came amid a report of a potential ban on Bitcoin ATMs in Vancouver over money laundering concerns. 


Via Cointelegraph.com

U.S. Libra Hearings Day 1: Lawmakers Finding It Hard to Trust Facebook

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The United States’ Senate Banking Committee raised a wave skepticism over Facebook’s crypto project Libra during the first day of testimony on July 16.

The new hearing, called “Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System” is scheduled for 10:00 AM ET, July 17.

As day two is coming in the next few hours, Cointelegraph posts a short recap of yesterday's hearings.

The first day saw Senate Banking Committee attacked David Marcus, head of Facebook’s crypto wallet Calibra, raising major concerns over Libra, including issues of trust, privacy, security and regulation.

The problem of trust has apparently prevailed during the hearing, as Senator Sherrod Brown considered Facebook “dangerous” in the very opening remarks. The senator further expressed his scepticism, expressing doubts that people will trust Facebook with “their hard-earned money.”

Elizabeth Warren, Senator and Democratic Presidential Candidate, outlined a lack of evidence that Facebook does not plan to link the platform’s user data to their money transactions and keep those records. She said:

“I’m not reassured by your statement that you can’t see any reason right now why there wouldn’t be any data sharing between these platforms.”

Senator Martha McSally escalated Warren’s concerns, pointing out that Facebook’s “track record of failing and violating and deceiving in the past” is a sufficient cause for the committee to not trust the platform at all.

Additionally, Senate Banking Committee Chairman Mike Crapo raised a question why the Libra Corporation had chosen to register in Switzerland. In turn, Marcus assured that committee that the association would also register with the U.S. regulators. Specifically, Marcus emphasized Facebook’s intention to be compliant with the U.S. Financial Crimes Enforcement Network (FinCEN) in distributing its Libra stablecoin.

In the hearing, Marcus highlighted the role of Libra in the global leadership of the U.S. in an apparent attempt to mitigate the escalated concerns over the project. He warned that if the U.S. fails to act on the issue, the world will eventually see another crypto initiative that would be controlled by someone else, whose values are “radically” different.

Yesterday, U.S. house minority leader Kevin McCarthy expressed criticism against Libra, while praising major cryptocurrency Bitcoin (BTC), which has slipped to as low as $9,100 earlier today, seeing a loss of around 30% over the past 7 days at press time.

Via Cointelegraph.com

Cleveland Cavaliers Partner With Cryptocurrency Firm UnitedCoin

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Max Boddy writes:

Ohio-based professional basketball team the Cleveland Cavaliers (The Cavs), along with its associated esports club Cavs Legion GC, have partnered with the cryptocurrency firm UnitedCoin. The National Basketball Association (NBA) announced the new partnership in a press release on July 15.

The partnership will reportedly be used to advertise UnitedCoin and provide the Cavs with an inroad to the fintech sector via cryptocurrency.

For the Cavs, one aspect of this partnership will reportedly be LED signage inside Rocket Mortgage FieldHouse during Cavs games.

The Cavs Legion will reportedly advertise UnitedCoin as its “Official Cryptocurrency Partner.” Within NBA 2K, this means that UnitedCoin will be displayed on the team’s in-game home court. The Cavs Legion will also put UnitedCoin’s brand on social media, as per the announcement.

According to the press release, UnitedCoin includes a service to transact with both fiat money and cryptocurrencies via phone or email. The company has also issued a Mastercard debit card, which likewise has both fiat and crypto functionality.

As per its website, UnitedCoin is registered with the United States Securities and Exchange Commission and is still in an early-access phase. According to its whitepaper, UnitedCoin employs a new type of consensus algorithm and chain structure that purportedly solves some problems with traditional blockchains.

As previously reported by Cointelegraph, the Miami Dolphins announced on July 11 that Litecoin is the team’s “official cryptocurrency.” The team will set up home stadium kiosks to let fans participate in their 50/50 raffle with cryptocurrencies.

Via Cointelegraph.com

Chia Releases Green Paper Detailing Eco-Friendly Means of Crypto Mining

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San Francisco-based tech firm Chia Network has released a green paper that describes an eco-friendly means of mining cryptocurrencies.

The green paper provides a description of how proof of space and proof of time create a "Nakamoto-style" consensus algorithm for Chia’s blockchain. Specifically, Chia proposes to “farm” rather than mine to verify blockchains that issue cryptocurrencies, wherein proof of space and proof of time take the place of the proof of work (PoW) principle used for mining of Bitcoin (BTC) and Ethereum (ETH). The paper further explains: 

“Instead of using proofs of work, Chia alternates proofs of space with verifiable delay functions. This results in a chain than in many aspects is similar to Bitcoin, in particular, as in Bitcoin no synchronisation is needed and we can prove rigorous security guarantees assuming a sufficient fraction of the resource (space in Chia, computation in Bitcoin) is controlled by honest parties.”

Initially, Chia’s CEO Bram Cohen debuted his solution to Bitcoin in late 2017, which he said resolves “centralization problems” with the virtual currency by employing the concept of proof-of-time. Cohen said “the idea is to make a better Bitcoin, to fix the centralization problems,” relying on a two-step block authentication method.

As reported in June, the carbon emissions generated by Bitcoin are comparable to the whole of Kansas City, and even a small country, according to a study published in the Joule journal. With annual emissions of CO2 estimated at between 22 and 22.9 megatons, Bitcoin sits somewhere between Jordan and Sri Lanka in terms of output. The study suggested that this level would double if every other cryptocurrency was also taken into account.

According to a March study by a blockchain specialist at Big Four auditing firm PwC, renewable energy would not be enough to solve bitcoin’s sustainability problem. The carbon footprint of a Bitcoin transaction reportedly outpaces that of a traditional non-cash banking transaction.


Via Cointelegraph.com

Bitcoin Breaks $13,000 As Rally Continues

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Ana Alexandre reports:

Bitcoin (BTC) has broken the $13,000 price mark, and many of the top-20 cryptocurrencies showing double-digit gains on the day, according to Coin360.

BTC broke the $12,000 level earlier today, and has continued surging to trade at $13,252 at press time. The leading coin has gained over 16% on the day. Today, Bitcoin’s market dominance climbed to over 60% for the first time since April 2017.

Bitcoin’s recent rally has caused a stir in the crypto community, wherein some of its players have made predictions on its further price dynamics. Today, eToro analyst Simon Peters claimed that BTC prices could match their all-time high of $20,000 within the next two weeks — and could hit $50,000 or $100,000 by the end of the year.

Ether (ETH) is trading at around $349.20 at press time, with an increase of 12% over the past 24 hours. The altcoin started the day at $309, with its current price marking today’s high.

Ripple (XRP) has been demonstrating a calmer price performance, reporting a 5.30% increase over the day to trade at $0.486 at press time. XRP’s market capitalization is currently around $20.4 billion, which is nearly $17 billion less tha[n] Ethereum’s.

NEM (XEM) and NEO (NEO) have reported double-digit gains of 18.33% and 10.11% respectively on the day. Monero (XMR) is the only loser on the top-20 list, with a 2.83% loss on the day.

Total market cap of all digital currencies is around $376 billion as of press time, while the daily trading volume has reached $108 billion.

Oil prices also demonstrated a rise today, with U.S. West Texas Intermediate (WTI) crude futures being at $58.95 per barrel, up $1.12 from their last settlement, and WTI hitting its highest level since May 30 at $59.13 a barrel, CNBC reported.

Gold, by contrast, fell 1% today, wherein Spot gold was down 0.5% at $1,411.3 per ounce on track to snap a six-session long winning streak.

Via Cointelegraph.com