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Bitcoin Daily: MercadoPago to Allow Bitcoin Buying, Selling in Brazil; UK Man Faces Extradition to US Over Crypto Scam – pymnts.com

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MercadoPago will soon let Brazilian customers buy, sell and hold bitcoin, Bitcoin Magazine reported. MercadoPago is the digital payments app of MercadoLibre.
MercadoPago Vice President and Country Manager Tulio Oliveira said per the report that the company has taken the time to study and learn about the crypto field, and that its offering has “transformational” potential.
MercadoPago offers access to credit lines, a free credit card and a simple account that can be used to make and receive payments, the report stated. The app is integrated with Pix, a Brazil-based money transmitting platform.
Oliveira said in the report that the company wants to duplicate the product in other markets in Latin America, although customers won’t be able to use cryptocurrencies at first.
The company has debuted the crypto feature for a small group of clients, and it will be rolled out more broadly in the coming weeks, according to the report.
 
In other news, a British man is the subject of an investigation and extradition request by U.S. authorities, Bloomberg reported.
The allegation is that when he was a teenager, Corey De Rose, now 22, helped hack an American citizen’s identity, get into his crypto wallet and steal over $8.5 million in cryptocurrency, according to the report.
De Rose managed to steal crypto for himself and his co-conspirators, taking 108.18 bitcoins, which came out to $300,000 at the time, the report stated.
De Rose was part of the larger collective called “The Community,” according to the report. The group conspired to take over $50 million in crypto from victims between 2017 and 2018 using SIM hijacking in which a person’s identity is stolen through gaining control of their cellphone number.
Lawyers for De Rose are arguing that he should stand trial in the U.K. as that was where the crimes occurred, the report stated. They have said De Rose is a suicide risk and is facing mental health issues.
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NEW PYMNTS DATA: THE 2021 HOLIDAY SHOPPING OUTLOOK

About: It’s almost go time for the holiday shopping season, and nearly 90% of U.S. consumers plan to make at least some of their purchases online — 13% more than did in 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed more than 3,600 consumers to learn what is driving online sales this holiday season and the impact of product availability and personalized rewards on merchant preference.
The pandemic continues to shift the mindsets of merchants and consumers alike, resulting in a proliferation of online marketplaces and a greater…
Merchants have reduced the availability of some online shopping features for customers this year — particularly free shipping — and this left…
Cerence, a provider of conversational artificial intelligence (AI) products and technology, announced Monday (Nov. 22) that it has gained its first customers…
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Can I Buy Cryptocurrency With A Credit Card? – Forbes

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Updated: Jul 27, 2021, 9:00am
Like gold in the 1850s and .com stocks in the 1990s, it seems everyone is trying to get their hands on crypto. Purchasing cryptocurrency with a credit card is possible but can be a dangerous undertaking. Cardholders can expect fees from both sides of a transaction involving cryptocurrencies and credit cards, plus face the potential to lose money quickly due to volatile currency values and high interest rates.
We’ve combed through the leading exchange offerings, and reams of data, to determine the best crypto exchanges.
It’s best to check with a credit card issuer to find out whether it allows cardholders to purchase any type of cryptocurrency. American Express currently allows such transactions with a few strict terms. Bank of America recently changed its tune in 2020 when a Reddit user shared an image of a letter they received that stated cryptocurrency purchases would be treated as cash advances. (Note: Bank of America’s terms on this are still unclear.)
In addition to double-checking with a credit card company, crypto holders should also look for a cryptocurrency exchange willing to accept credit cards for deposits or purchases. Some only allow direct deposits from banks, cash deposits or debit card purchases. Coinmama, CEX.io and Paxful are all exchanges currently accepting credit cards.
Limitations also exist as to what types of credit cards are accepted by exchanges. Some exchanges may only take Visa or Mastercard credit cards. Paxful, for example, has a variety of Bitcoin vendors from around the world who sell on the exchange website. It’s one of the few exchanges currently accepting American Express credit cards, but acceptance on the exchange also greatly depends on the selected vendor.
Major U.S. credit card companies may not allow cardholders to purchase cryptocurrency with a credit card. Citibank, for example, blocked cardholders from using credit cards to purchase Bitcoin and other cryptocurrencies in 2018 fearing its volatility and the potential for fraud. Some credit card companies may even issue cash advance fees if a cardholder attempts to make a crypto purchase.
Note that some major U.S. credit card companies don’t make information on their websites easy to find regarding whether or not they allow cardholders to purchase cryptocurrencies. It’s best to call the number on the back of the card and speak to a representative. Ask clearly, directly and specifically whether or not purchasing crypto is allowed, and, if so, what types of fees will be incurred.
Some cryptocurrency exchanges don’t accept credit cards as payment, such as eToro and Coinbase.
Cardholders can expect to pay fees to both the exchange the currency is purchased with and the credit card issuer. Before making any purchases with an authorized credit card, research the exact cost for each purchase and what the monetary benefit will be (or will not be) before incurring the charge.
The exchange may charge a commission fee and/or a service fee for using a credit card to purchase or deposit crypto. For example, CEX.io is an exchange offering a handful of cryptocurrencies for purchase, including Bitcoin. Users are allowed to purchase crypto using a Visa or Mastercard credit card, but U.S. cardholders are subject to a 2.99% commission fee with a minimum purchase of $20.
Depending on the exchange, vendors within the exchange may also design fees for purchasers depending on a few factors, like where the vendor is located, the purchase amount and what type of credit card is used.
Some credit card companies allowing cardholders to make crypto purchases treat the purchases as a cash advance (cash advances usually refers to when a cardholder uses a credit card to withdraw money from an ATM). This has several disadvantages.
Let’s use common card terms as an example for the types of fees a cardholder can incur:
Other credit card risks may include:
As the cryptocurrency market evolves, so does the standard financial market. There are a few start-up credit card issuers who offer Bitcoin or other cryptocurrencies as bonuses or rewards. For example, BlockFi, a younger card company, offers 1.5% Bitcoin rewards for every purchase made. They also boast Bitcoin welcome bonuses and more rewards from trading and client referrals.
Using a credit card to purchase cryptocurrency won’t make sense for most. Cardholders should consider the major disadvantages before deciding to buy crypto using a method involving a credit card. Purchasing crypto is often best accomplished using direct deposits, debit cards or wire transfers.
Credit card purchases often come with high fees that lessen the value in a good investment or reduce returns by a significant margin. Cardholders also face a high risk of burrowing themselves into deep debt that can be hard to come out of. For those who insist on using a credit card, we advise contacting a credit card representative to discuss what the repercussions will be with a specific credit card issuer and look for a cryptocurrency exchange with the best credit card rates.
We’ve combed through the leading exchange offerings, and reams of data, to determine the best crypto exchanges.
Chauncey grew up on a farm in rural northern California. At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. He remains most at home on a tractor, but has learned that opportunity is where he finds it and discomfort is more interesting than complacency.
Dia Adams is a noted family travel expert and a real-life Mom of two teens in the DC Metro area. She has visited over 45 countries and lived in Thailand, China, and Ireland (where her son was born). Her kids have over 20 stamps in their own passports. Her passion lies in showing families how to travel more while keeping their savings and sanity. Her guidebook, Disney World Hacks, is a bestseller on Amazon.

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NFTs and DeFi overturn a banker's generational curse of poverty in 2 years – Cointelegraph

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Here's Why I Still Won't Buy Bitcoin, and You Shouldn't, Either – The Motley Fool

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Returns as of 01/22/2022
Returns as of 01/22/2022
Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.
In less than a week, investors can pop the champagne corks and celebrate another successful year. Through Dec. 22, the widely followed S&P 500 was higher by 25%, which more than doubles up its average annual total return of around 11%, including dividends, since the beginning of 1980.
But it’s the cryptocurrency space that’s delivered the juiciest gains of all. Since the year began, the aggregate value of all digital currencies came close to tripling. Not surprisingly, Bitcoin (CRYPTO:BTC) has been one of the biggest contributors to this nominal value increase, with a year-to-date gain of 67%. It accounts for 40.5% of the entire $2.27 trillion cryptocurrency market.
Image source: Getty Images.
Bitcoin’s gains, which recently reached as high as 8,000,000,000% from where it began trading in early July 2010, have come on the heels of numerous catalysts.
To begin with, Bitcoin’s first-mover advantage has made it the most-popular cryptocurrency with retailers. As of late 2020, small-business financing platform Fundera estimated that 15,174 businesses worldwide accepted Bitcoin as payment — and this figure has assuredly grown since.
To build on the above point, Bitcoin was also recognized by El Salvador as legal tender in September. It’s the first country to allow Bitcoin to be used as accepted currency, and could pave a path for other nations to follow.
The world’s most valuable digital currency has benefited from rapidly rising inflation in the U.S. and abroad as well. Since Bitcoin has a perceived cap of 21 million tokens, it’s viewed as an inflationary hedge against a rapidly growing U.S. money supply and price hikes. In November, the Consumer Price Index for All Urban Consumers jumped 6.8% in the U.S., marking the biggest year-over-year jump in 39 years.
Investors look to be clearly excited about the upgrade potential for Bitcoin, too. In November, the long-awaited Taproot upgrade took effect. Taproot allows for smart-contract transactions to occur on the network, which opens the door for a broader use of the Bitcoin blockchain. Smart contracts are protocols that help to verify, enforce, and facilitate a contract between two parties.
Lastly, even the fear of missing out (or FOMO) has played a role. After watching Bitcoin gain 8 billion percent, crypto investors appear to be more than willing to overlook any threat of a reversion.
Image source: Getty Images.
Although Bitcoin has proved me wrong over the past year, I still wouldn’t buy the most-popular digital currency on the planet with free money — and I’d suggest others avoid it, too. Below are some of the reasons I simply can’t buy into the hype surrounding Bitcoin.
For starters, it isn’t the scarce token it’s made out to be. Take gold as a comparison. Since we can’t use alchemy to make any additional gold, what remains in the ground and what’s been already mined is all there will ever be. In terms of physical scarcity, that’s a true line in the sand. As for Bitcoin, lines of code are what limit its “cap” of 21 million coins. Even though consensus is unlikely to increase the number of outstanding tokens above 21 million, it’s not impossible that it happens. Thus, Bitcoin only offers the perception of scarcity and not true scarcity.
Another big issue for Bitcoin is dilution. But I’m not talking about the modest coin inflation that comes with cryptocurrency mining. Rather, I’m alluding to Bitcoin being a first-generation blockchain network that’s being left in the dust by third-generation blockchain innovation. There’s absolutely no reason for Bitcoin to be worth $913 billion when blockchain projects at a fraction of its value can scale better, process faster, and handle far more complex transactions. Bitcoin may be benefiting from a first-mover advantage, but the first to the foray is rarely the victor.
Image source: Getty Images.
History provides yet another reason I want nothing to do with Bitcoin. Major price swings are somewhat commonplace in the crypto space, and reversions following huge gains happen often. Bitcoin was up 8 billion percent at one point since July 2010 and has yet to demonstrate that it truly has staying power. Since it’s been unable to decouple from the stock market, I would be betting on a significant reversion following its pandemic-low bounce.
To build on this previous point, there now are considerably more avenues to bet against Bitcoin than there have ever been. The rise of Bitcoin-focused exchange-traded funds and Bitcoin futures offers a safer way for big-money players to bet on downside in the world’s most-popular crypto. In other words, Bitcoin becoming more mainstream as an investment will hurt more than help.
And finally, history also tells us that investors have a really poor track record of estimating the adoption of next-big-thing technologies. Looking back on the internet, business-to-business commerce, genomics, 3D printing, and so many next-big-thing advancements reveals that their adoption took far longer than expected. This isn’t to say that blockchain can’t become a mainstream technology in payment and nonfinancial applications at some point in the future. But it’s important to recognize that businesses aren’t willing to jump at the chance to use blockchain until it’s been thoroughly vetted in the real world. We’re just not anywhere close to that yet.
There are plenty of cryptocurrency projects that are really intriguing and could change the course of payment processing or supply chain management. Bitcoin just isn’t one of them.

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