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Cryptocurrency adoption: FIO report finds that 75% of crypto-holders fear failure of transactions

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The Foundation for Interwallet Operability [FIO] surveyed more than 200 active cryptocurrency users in 2018 and reported that three quarters [75%] of the surveyed crypto users were skeptical about their digital transactions going through as planned. As new users were added to this list, the results went up to 81%.

Numerous steps were taken by many parties to push the adoption of cryptocurrencies, with many financial experts giving positive indications about crypto-adoption and its usability. However, the results suggested that for people to adopt cryptocurrencies in their day-to-day life, blockchain technology must be made easier, safer, and more convenient to use. Without this fix, people lack the confidence to incorporate crypto into their daily lives, the report said.

Further, the report said that 55% of all crypto users who carried out a cryptocurrency transaction at least once in the past year, encountered at least one problem, resulting in the failure of their transaction. The report stated,

18% of the respondents had suffered a loss of funds due to a user error

  • 35% of the respondents were unsure of the accuracy of the public address they were sending to
  • 6% of the correspondents were victims in crypto attacks
  • 13% of the correspondents sent or received incorrect amounts of cryptocurrency
  • Only 25% of the correspondents were confident that their transactions would proceed as intended

The FIO protocol is decentralized and is an inter-wallet operability protocol built by Dapix Inc. to accelerate the adoption of blockchain technology by reducing inconvenience, risk, and complexity of transacting with digital assets.

Many institutional investors and major businesses have opened their arms to blockchain technology, and are interested in integrating this technology into their payments systems. This report successfully highlighted the areas that need improvement in order to make the use of cryptocurrencies popular.

Source .ambcrypto

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Japanese Cryptocurrency Exchanges Opening Twice More New Accounts Since March

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It’s no secret that the trading volumes of exchanges remain high in bull markets and low in bear markets. Traders across the world decrease their trading frequencies during bear markets, and increase them during bull markets. And a new report that came today seems to confirm the same theory once again. According to some recent reports published by Japanese media, the cryptocurrency exchanges in Japan have observed a 200% rise in the number of new accounts being opened with them over the course of last two months. This increase, as you can see, has coincided with the arrival of the bull run in cryptocurrency market. Clearly, the co-relation between cryptocurrency trading volumes and prices of cryptocurrencies is a strong one.

The report we’re talking about came from Cointelegraph Japan. They compiled their report based on the data collected from 3 trading platforms: CoincheckDMM Bitcoin and Bitpoint. Daily account openings on Bitpoint are thrice more in May than they were in March, and at DMM they’re 1.5 times more than they were in April. Coincheck has also seen an increase in new account openings since March, but its increase is not as significant as that of DMM and Bitpoint. However, collectively the number of new account openings on all these platforms are 2x more than they were about 2 months ago.

Coincheck’s PR team also provided some of the interesting inputs to Cointelegraph Japan. The company said that the highest jump in the number of new accounts being opened came recently on 14th of May. That day 7x more new accounts were registered in comparison to other days. To recall, May 14 is the day when Bitcoin shot up to $8,250.

Clearly, if the adoption of cryptocurrencies has to increase then their prices also have to stay high. These are not traditional currencies that must be priced lower in order to be mainstream, as people from the legacy finance field suggest. These are different things, meant to perform differently and be adopted differently.

Source.chepicap

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Russian Central Bank to Consider Gold-Backed Cryptocurrency

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Russia’s central bank will consider the use of a gold-backed cryptocurrency to facilitate international settlements, according to a Tass report.

Elvira Nabiullina, governor of the Bank of Russia, said Thursday that her institution is to review a proposal for the development of the cryptocurrency.

Nabiullina said at the nation’s lower house, or Duma:

“As for mutual settlements, we will consider, of course, [the] proposal on … a gold-backed cryptocurrency. But, in my opinion, it is more important to develop settlements in national currencies,” she said at the State Duma.

She added that fiat currency settlement systems within the Eurasian Economic Union are improving and have “good dynamics.”

The news is perhaps surprising, as Russia’s government has been famously anti-crypto in past years, moving to block foreign exchange platforms from the country in 2017 and even blocking media sites that covered the topic back in 2015. A minister once said that Russia would never make cryptocurrencies legal.

However, the nation has softened its stance somewhat in more years, with moves to legislate around cryptocurrency starting in 2017. A digital assets bill could be passed this current session of the Duma, TASS indicates.

According to today’s report, Nabiullina said that, while it may mull the use of the gold-backed cryptocurrency, the central bank is against the use of cryptocurrency in Russia’s monetary system.

“We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part,” she said.

 

source:coindesk

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Cryptopia: New Zealand Court grants 10 extra working days to present its first liquidators report

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Cryptopia, the defunct New Zealand cryptocurrency exchange, announced that there was an update with regard to the first liquidation report. The exchange stated that the New Zealand Court grated the platform ten extra days to present the report, with the date now scheduled to 4th June 2019.

The exchange stated on its official Twitter handle,“The New Zealand Court has granted a 10 working day extension on the initial Cryptopia Ltd Liquidators report. It is now due on 4 June and will be available on the New Zealand Companies website when it is submitted”

Sean Crypto Phillips, a Twitter user stated,“I hope that the liquidators understand that the coins are funds held in trust, not general assets of Cryptopia, so should be returned in full and without conversion. Also, I will be interested in any news of recovery from amounts sent to Huobi, although my balance was intact.”

Currently, the exchange’s website continues to be under maintenance, with the site displaying the press release pertaining to the liquidation process. According to that announcement, the liquidation process is handled by David Ruscoe and Russell Moore, representatives of Grant Thornton.

The exchange had decided to take this path because of the security breach that occurred earlier this year in January. Notably, the exchange fell victim to two attacks with the hacker gaining control over all of its Ethereum funds. At present, “the liquidators are focusing on securing the assets for the benefit of all stakeholders.” The investigation conducted by Grant Thornton was reported to take months instead of weeks, with the first report set to be released in the coming month.

Aside from this, the exchange also made headlines when the attacker had started to move the stolen Ethereum funds to different wallets and exchanges, which includes Huobi and EtherDelta. Huobi, a leading centralized exchange, released a statement concerning this incident on its official social media handle. The platform stated that the stolen funds were automatically detected by its system, following which it was immediately frozen.

Source/ambcrypto

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