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Paxful Platform Review Is It Safe or a Scam?

Paxful Platform Review – Is It Safe or a Scam?

Do you know what’s challenging? Converting your fiat into cryptocurrency and vice versa. 

If you’re American, you can buy bitcoin with 1 click using Coinbase. How about buying bitcoin anonymously? Let me introduce you to Paxful, which is a popular P2P exchange platform. Paxful allows you to buy bitcoin, hassle-free. The website is like the “eBay of cryptocurrency”. The platform connects you to other people, who are looking to buy or sell cryptocurrency. Thus, you can shop around and find the best value. Using Paxful is easy, that’s why the platform is popular. 

  • Is Paxful safe to use?
  • How secure is it?
  • Who is behind Paxful?

In this review of Paxful platform, I will answer your most pressing questions and more. Let’s investigate … 

The team behind Paxful

The founder of Paxful.com. Say something nice about him.Here’s a picture of the founder. When there are faces behind the company, it makes me feel more safe using them. I have names in case I need to report Paxful to the police (I’m kidding!) Paxful was founded in 2015 by Ray Youssef and Artur Schaback. I did a bit of digging around LinkedIn and here’s what I found ….

Ray Youssef is the CEO and he was an ex software engineer. Artur Schaback, the co-founder of Paxful, was the founder of Kaizern, a software company that specialized in blockchain app development. Before Paxful.com, Paxful was involved in the bitcoin ATM industry. They also own Netcoins.app According to their website, they have offices in New York City, Hong Kong, Manila, and Talllin. Nice!  Okay, sounds great. But why should you use Paxful instead of Binance? Good question. Paxful differs from Binance in many ways. 

How useful is Paxful? Examples …

It’s Christmas and your relatives are visiting; they’re gorging themselves on turkey and baked beans. “Happy Christmas, sonny boy! Here are some gift cards and sweaters for you!” says Uncle Jim, half drunk. He hands you a fistful of gift cards. But you want cash and crypto, not some useless gift cards to buy more pizza. You want to stack your bitcoins and retire on a private island before your 30th birthday. 

Imagine another scenario: 

An African man in Japan needs to send money back home to Africa but he doesn’t want to pay the outrageous 8% remittance fee. Is there another alternative? Oh! Here comes Paxful: you can exchange your gift cards for crypto. Or you can sell Japanese fiat to buy crypto and send the money home (and bypass the outrageous 8% remittance fees)  (What I especially like about Paxful is that you can sell “obscure” Giftcards like Chili restaurant gift card and Forever 21 gift cards. It’s like they have the whole gift card market covered!) You can do cash in person, cash by mail, cashier’s check, Money Gram, Bitcoin ATM. Wow!  Hmm, that sounds wonderful. What about the process of buying crypto on Paxful? How does that work? 

I’m glad you asked because I’ll walk you through the process … 

How to buy and sell on Paxful?

Always trade with a merchant that has a high customer feedbackYou can buy crypto on Paxful in 3 simple steps:

  1. You see a seller you like, start a trade
  2. You send the payment and wait
  3. The seller sends you the crypto

How do you know that the seller won’t run away with your crypto? Paxful acts as an escrow, which ensures the safety for you and the seller. Note: Paxful isn’t going to reimburse you if you’re doing business with a scammer. Always take precautions! (I’ll give you some tips below)  When the trade is successful, leave the user a rating and comment. And tell the seller to do the same for you. After all, the feedback is a testimonial. The better your reputation, the easier the trade. People trust you more because your account has a good reputation. Trading on Paxful is simple and streamlined. But wait, there’s more! I’ll talk about the fees, how to bitcoin anonymously, and precautions you should take when trading. 

What are the fees like?

If you’re buying, I have good news for you. It cost you $0 fees to buy because the burden is on the seller. If you’re buying bitcoin using bank transfer, credit card, online wallets, cash, or gift cards then there are no fees (however, the bank will charge you a service fee, won’t they …) However, if you’re going to use a debit card to directly buy bitcoin then the cost is going to be higher. I would recommend to you another site like CEX or Coinmama if you’re buying using debit directly. What if you’re selling on Paxful? There’s a fee. However, if you’re the seller, then the fees range from 0.5% – 5%. Debit cards, cash, and online wallet are 1% fee and gift cards range from 3-5%. Here’s another important question …

What about ID? Could you buy bitcoin anonymously?

You can use cash and gift cards to buy BTC anonymously. Paxful won’t ask you for ID if you have a tier 1 account. And if you’re buying BTC with gift cards, the merchant won’t ask for ID. However, if you’re using bank transfer then some merchants will require ID. If you want to buy anonymously, you can always meet the person at your local coffee shop and exchange coins — “Hey! Here’s my cash. Now gimme some coins please …”

Is Paxful secure? 

Paxful hasn’t been hacked. When it comes to security, you need to keep your account secure. This means having a good password and using 2FA. The theft case in Paxful is minimum and there’s 24/7 customer service on the website, should you need any help. 

Warning! Take these precautions when buying or selling

Only do business with merchants that have good feedbacks! The #1 problem is dealing with the merchant. You must only do business with people who have a high rating. This means the account is aged and has plenty of positive customer feedback. What if you send the money but the person doesn’t you the bitcoin? You can open a dispute and a moderator will look into the case. Hopefully, you won’t have to dispute. Oh yeah, there have been cases of Paxful freezing customers’ accounts. You shouldn’t leave your bitcoin on Paxful’s wallet. As the old saying goes “not your wallet, not your bitcoin.” 

Prevent your account from getting hacked! 

Hackers have hacked into Paxful accounts and sold them in the dark market. Note: Paxful.com wasn’t hacked. Instead, the hackers tricked the users into giving their usernames and passwords via phishing attack. So you want to make sure your account is safe with 2FA (2 Factor Authentication). You also need a strong and secure password. If possible, use Linux or macOS instead of Windows. Side note: I have heard stories of Paxful locking an account. But because the algorithm flags your account for being suspicious. For example, using Paxful to launder money or your account has too many disputes. If you’re using Paxful to only buy bitcoin, you should be fine. 

The #1 scam to watch out for

If you’re selling crypto on Paxful, you need to watch out for scams.  What is a common scam? Someone sells you a gift card but the card is already redeemed. Ouch. Avoid headaches by only doing business with well-established accounts. Carefully select who you’re doing business or else you’ll regret it. 

What do I like about Paxful? 

Paxful makes buying crypto easy. Moreover, selling gift cards for bitcoin is awesome. Also, the fees are reasonable. The website is intuitive to use, and the user interface design is aesthetic. Paxful looks modern, unlike other websites that look ancient. Yes, I’m looking at you, Localbitcoins.com. Customer service is there if you need help. There are moderators to handle disputes. The merchant doesn’t send your bitcoin? No problem, just summon a moderator. I’m a veteran in the crypto space and I have noticed the shift: people using Paxful instead of Localbitcoin. Perhaps it’s because Localbitcoin has failed to innovate. Paxful makes it so easy and secure to buy crypto. Yes, I’m happy with their service. There is no country restriction on Paxful. For example, if you’re American, you can’t trade on some of the best crypto exchanges like Binance However, since Paxful is a P2P exchange, you’re free to trade to your heart’s content. That’s what I call freedom! 

The final verdict on Paxful

In my research, Paxful seems legit. As of 2020, Paxful is still on the rise. 220,000 visitors a month reach the site, so they’re doing something right. Buying crypto on the site is an easy and enjoyable experience. Paxful is a legal company: they have 4 different offices on 3 continents and are a registered company with the face of the CEO on the company’s website. I have tried finding scandals or negative reviews against Paxful and it’s mostly about users that complain about locked accounts (they’re doing fishy things with the accounts, that’s why they’re locked out) Paxful is not a scam. But watch out for scammers on Paxful and you should do okay.

Article Produced By
Harsh Agrawal

About Harsh Agrawal:

An award-winning blogger with a track record of 10+ years.  He has a background in both finance and technology and holds professional qualifications in Information technology. An international speaker and author who loves blockchain and crypto world. After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra. Join us via email and social channels to get the latest updates straight to your inbox.

Expertise:

Harsh Agrawal has an experience of 12+ years in fintech, and 5+ years in the filed of Blockchain and Bitcoin. He has also moderated the panel of Blockchain experts, and attended international blockchain events like BTCMiami, Token2049 to name a few.

https://coinsutra.com/paxful-review/

Heiko Closhen, Entrepreneur

Invest In Bitcoin – Galaxy Digital Ad Tells Financial Times Readers

Now is the time to invest in Bitcoin,the full-page ad in UK-based international business newspaper Financial Times states.

Mike Novogratz’s Galaxy Digital is following in Grayscale Investments’ footsteps by releasing an ad for cryptocurrency to the general public, this time using print media.

A full-page ad for the cryptocurrency investment bank appeared in the U.K.-based international business newspaper Financial Times (FT) today. 

“Now is the time to invest in Bitcoin,” the ad stated. “In uncertain times, Bitcoin is a hedge independent of the hegemony."

The Financial Times had more than one million subscribers as of 2019, with roughly 18% of them millionaires.

Major crypto campaigns this week
The news of Galaxy’s ad appearing in print media comes a few days after a new campaign from Grayscale, which released a 30-second spot on business and finance cable TV channels starting on Aug. 10. Richard Heart’s controversial HEX token also has ads plastered across the U.K. on London public transportation, in newspapers, and during soccer games.

Many viewers responded negatively to Grayscale’s ad, as there were hopes before it was unveiled that it could ‘bring crypto investing to millions.’ Instead, it simply takes viewers through the history of currency, from seashells to paper.

Despite the wide reach of the FT and it’s high net wealth demographic, some Crypto Twitter users were quick to criticise the seemingly outdated choice for a delivery system.

“When I think future, I definitely think print media,” said Crypto Twitter user Ryan Leonard.

“Little ironic this ad is in the newspaper,” said Brett Dawidowski.

But the nature of print allows it to go into detail, labeling Bitcoin (BTC) as “an investable store of value asset that operates independent of the traditional financial system.”

“Investors who worry about fiscal profligacy and helicopter money should recognize the value in Bitcoin's inherent scarcity — its hard-coded fixed supply makes it a compelling hedge against inflation,” the ad states.

“Bitcoin has outperformed all major asset classes over 3-, 5-, and 10-year periods, and it still has room to run.”

Twitter user uldtotten described Galaxy’s attempt to educate the public on crypto as “so much cleaner” than Grayscale’s ad.

“This paper ad is more powerful than the Grayscale TV ad,” said cryptotothemoon.

The FT also released a fairly down beat report on XRP today, stating the token has a “controversial reputation in many parts of the cryptocurrency world” and had yet to achieve widespread adoption among banks.

 

written by Turner Wright

https://cointelegraph.com/news/invest-in-bitcoin-galaxy-digital-ad-tells-financial-times-readers

 

Heiko Closhen, Entrepreneur

Official Doctor Who’ Merchandise Is Coming to the Blockchain

Official ‘Doctor Who’ Merchandise Is Coming to the Blockchain

Official ‘Doctor Who' Merchandise Is Coming to the Blockchain

By FELIPE ERAZO

Wibbly wobbly, timey wimey stuff is about to become non-fungible.

BBC Studios has officially entered the blockchain gaming space after partnering with Reality Gaming Group to develop a digital trading game for the popular TV series, Doctor Who. This marks the first time that the British public service broadcaster has used blockchain technology to market their intellectual property.

According to the announcement, BBC Studios granted an exclusive global license to Reality Gaming Group, allowing them to jointly develop a game called “Doctor Who: Worlds Apart.” The product will allow players to collect and trade digital versions of the series’ characters. The game will tokenize each trading card into a non-fungible token, or NFT, secured on the blockchain.

The UK-based gaming publisher stated that their blockchain-based game will be released for PC in 2021. The mobile version of the game does not yet have a date set for launch.

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BBC Studios joins the "very popular blockchain trend in gaming, as they're also now being used in the sports industry (ticketing), financial services, and as a way to sell and transfer property," according to Polyient Games' Craig Russo, during an interview with Cointelegraph.

John Kavanagh, licensing manager for BBC Studios, also praised what he considers an emerging technological trend:

“This is what BBC Studios does so well, exploring new technologies and bringing our most iconic brand to an area of the gaming industry which we’re sure will engage and thrill fans.”

Polyient Games’ director of innovation believes that one reason gamers are gravitating towards blockchain is that, unlike traditional games, “blockchain environments permit players to gain true ownership of their in-game items.”

Recently, the marketplace for Dapper Labs’ NBA Top Shop game went live, allowing beta users to trade Basketball-based collectible NFTs with their peers.

Article produced by FELIPE ERAZO

https://cointelegraph.com/news/official-doctor-who-merchandise-is-coming-to-the-blockchain

 

ecosystem for entrepreneurs

Heiko Closhen, Entrepreneur

Ripple Aims to Become the Amazon of the Cryptocurrency World

Ripple Aims to Become the Amazon of the Cryptocurrency World

Ripple Aims to Become the Amazon of the Cryptocurrency World

By MOHAMMAD MUSHARRAF

Ripple is working to explore new use cases for its blockchain network.

The much-debated blockchain firm Ripple is now planning to expand its use case far beyond just streamlining cross-border payments in partnership with national and international banks.

Ripple had focused its efforts solely on cross-border payments for the past five years when Brad Garlinhouse joined the company as the chief executive officer.

Despite their unprecedented success as a software solution provider to financial entities, Ripple has seemingly come to a realization that the company’s core value still lies in the associated cryptocurrency XRP and the Ripple blockchain.

ecosystem for entrepreneurs

While the company had mostly worked with banks and directly funded millions to blockchain and cryptocurrency startups, it is now taking a step back and revising its growth strategy.

According to a Financial Times report, Ethan Bear, the head of Ripple’s developer efforts said that they were moving from “writing cheques to writing code,” implying that the company was planning to go big on promoting the creation of new applications on the Ripple network.

Showing optimism about the move to make their blockchain platform equally worthy as the highly-rated cryptocurrency, Garlinghouse said they wanted to make Ripple the Amazon of the cryptocurrency world:

“Amazon started as a bookseller and just sold books. We happen to have started with payments. Two years from now, you’re going to find that Ripple is to payments as Amazon was to books.”

The report also mentioned that Ripple was working on developer tools to help with the creation of blockchain-based applications that explore new use cases on the Ripple network. The company had announced its open-source developer platform back in October 2019, but it was earlier only meant for finance-related applications.

Article produced by MOHAMMAD MUSHARRAF

https://cointelegraph.com/news/ripple-aims-to-become-the-amazon-of-the-cryptocurrency-world

 

ecosystem for entrepreneurs

Heiko Closhen, Entrepreneur

Twitter opens up to developers ahead of decentralization push

Twitter opens up to developers ahead of decentralization push

Twitter opens up to developers ahead of decentralization push

By Andrew Hayward

A friendlier approach and a new API suggest a fresh attitude—one that could well serve its potential decentralized future.

In brief

  • Twitter has launched a new V2 API that opens up more access to third-party developers.
  • The company has long been very restrictive with its API.
  • Twitter is investigating and prototyping how it can become decentralized.

Twitter has long been a famously insular company when it comes to third-party developers, restricting use of its API to the hindrance of externally-developed social media clients, all seemingly in an attempt to ensure any eyes are on its own website (and thus, advertising).

However, the times are changing. Jack Dorsey, CEO of both Twitter and Square and a Bitcoin devotee himselfhas spoken publicly about a potential future in which the social network is a decentralized one. Given the possible destination, it appears that Twitter has now taken a much more open and friendly approach to allowing developers to work with its platform.

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After a month-long delay due to July’s massive Bitcoin-tinged site hack, Twitter finally launched its new V2 API yesterday, the first properly rebuilt API since 2012. Twitter’s V2 API opens up a lot more features of the platform to third-party developers, including poll results, pinned tweets, and spam filtering.

The V2 API will be available to uses across three tiers: Standard, Academic Research, and Business. Each offers certain capabilities, and the last of those will have some sort of pricing scheme, although Twitter hasn’t yet fully unlocked all of the API’s planned capabilities.

“Over the last few years, Twitter hasn’t been great and they know it. But they fully recognize and admit it,” Twitterific maker Iconfactory co-founder Ged Maheux told The Verge

“After so long being a third or fourth class citizen with Twitter, it’s refreshing.”

To be clear, the V2 API launch and thus-far-unveiled roadmap note nothing about decentralization per se. It’s not the stated end goal of this particular initiative, and Twitter has not yet fully committed to a decentralized future. It’s what Dorsey wants and Twitter has formed a team to explore how that might work, but for now it’s just a possibility—not a promise.

Still, there’s a sense that the V2 API represents a significant change in tone and approach from Twitter, which seems to be encouraging a more open ecosystem with these moves.

Kyle Samani, Managing Partner at Multicoin Capital, believes it is Twitter’s first move in a process that could eventually lead to that possible decentralized future. “Step 1 of Twitter trying to decentralize itself over the course of the 2020s,” he tweeted.

Article produced by Andrew Hayward

https://decrypt.co/38675/twitter-api-developers-ahead-decentralization-push

 

ecosystem for entrepreneurs

Heiko Closhen, Entrepreneur

Putin signs law legalizing Bitcoin

Putin signs law legalizing Bitcoin

Digital financial assets, including cryptocurrencies, will be permitted to сirculate legally in Russia soon,

but if you’re planning to go shopping with bitcoin, or other variants, forget it. They won’t be legal tender. According to the new rules, due to come into force in January 2021, Russian citizens will be allowed to buy and sell bitcoin and other digital denominations. Until now, various cryptocurrencies have been in a “grey zone,” as the state did not recognize their existence, but no penalties for mining or buying them existed either. The law signed by President Vladimir Putin on Friday recognizes the existence of bitcoin, tokens and other digital assets. However, it does not remove restrictions to allow individuals to use cryptocurrency as a legal tender.

The law does not give cryptocurrencies the same rights that the ruble or any other fiat currency have. After the new law comes into force, it will still be impossible for individuals to use digital currencies as legal tender in Russia. Only financial organizations hand-picked by the Central Bank, as well as stock exchanges, will be able to do so. Still, the new law reiterates that no punishment for operations with bitcoin is envisaged. 

Cryptocurrency is described by lawmakers as a means of payment and a means of saving, as an investment, but it can’t be used to pay for goods and services in Russia,” Anatoly Aksakov, head of the State Duma Committee on the Financial Market, told RIA Novosti news agency.  The bill was passed by the State Duma, the Russian Parliament’s lower chamber, in July 2020. Aksakov said at the time that starting in 2021, some large Russian companies planned to issue their own tokens.

Article Produced By
Bitcoin News

TheBitcoinNews.com – Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest. Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.

Ahttps://thebitcoinnews.com/putin-signs-law-legalizing-bitcoin/

Heiko Closhen, Entrepreneur

New Blockchain Platform Aims to Help Countries Issue CBDCs More Easily

Blockchain company Apollo Fintech touts its new system as tonic for national digital currency headaches.

Blockchain firm Apollo Fintech has announced the completion of its National Payment Platform, or NPP on August 12. This new blockchain platform is a cashless system that supposedly enables a central bank to issue central bank digital currency for national adoption.

The NPP system reportedly allows a government agency and central bank to onboard commercial banks and agents after CBDC is issued.

It will include features such as SMS, QR codes, cards and offline codes on a mobile application that allows individuals and merchants to transact in a hypothetical CBDC.

CEO of Apollo Fintech Stephen McCullah said, "[NPP] allows economic participants to save large amounts of time and resources and enables an economy to gain massive efficiencies at scale."

NPP is said to remove barriers to accessibility and usability by allowing physical access from any agent locally. Users can also complete CBDC transactions via text messages, meaning that older cellphone models can theoretically transact. McCullah said:

"By solving accessibility and usability challenges, NPP in conjunction with Apollo Fintech's other financial innovations can lead to accelerated mass adoption of digital payments and cashless transactions."

As Cointelegraph reported previously, countries globally such as China, Canada and South Korea are looking into implementing their own CBDCs. Yesterday, Cointelegraph reported that China is rolling out its digital yuan for testing in the greater Hong Kong area.

 

written by Ting Peng

https://cointelegraph.com/news/new-blockchain-platform-aims-to-help-countries-issue-cbdcs-more-easily

 

Heiko Closhen, Entrepreneur

Out With the Old: Blockchain to Bring Transparency to Recycling Sector

Out With the Old: Blockchain to Bring Transparency to Recycling Sector

Out With the Old: Blockchain to Bring Transparency to Recycling Sector

By RACHEL WOLFSON

Recycling companies can leverage blockchain for supply chain transparency.

Although recycling may seem like a relatively simple concept, the plastics recycling supply chain proves otherwise. From understanding which plastics get recycled to determining the quality of those plastics, these issues and more are resulting in lower recycling participation rates. 

Statistics show that by 2024, the global recycling market is expected to reach $377 billion. However, plastic waste management has become an issue severely impacting today’s environment. For example, the United Nations estimates that about 300 million tons of plastic waste is produced globally each year. Unfortunately, only 9% of that is recycled. U.N. findings further show that about 12% of waste is burnt into ashes, while the remaining 79% accumulates in landfills, dumps or the natural environment. 

Stan Chen, CEO of recycling platform RecycleGo, told Cointelegraph that the recycling business is “plagued with inefficiencies, a slew of stakeholders, and a lack of digital data.” In addition, he believes that what stops the industry from growing is “a need for greater supply chain visibility for better decision-making.”

While it’s clear that recycling systems are rather insufficient, Chen noted that much of this stems from the notion that there isn’t enough consumer education or incentives for citizens and businesses to recycle. On increased transparency in the recycling supply chain, he also noted:

“The more visibility you have in any kind of supply chain, the more you’re able to engage in enterprise resource planning, including pricing and purchasing decisions and inventory management, which has a direct impact on protecting your margins and ultimately your value creation as a whole.” 

 

Blockchain bridges the packaging gap

Insead executive Michael Peshkam, co-authored a report that was shared with Cointelegraph titled “Transforming Plastic Pollution Using Blockchain.” The document states how blockchain technology can support a more equitable and sustainable plastics business by bridging the gap between packaging items and the parties that use it. In addition, Lehman explained that blockchain allows parties to share information securely without intermediaries.

This in mind, RecycleGo — which, according to Chen, is responsible for handling a million pounds of recyclables per month — has partnered with enterprise technology firm DeepDive Technology Group to leverage blockchain for supply chain transparency.

Although still in development, Chen explained that the first phase of the project will allow supply chain participants to identify the entire history of a specific plastic bottle. He noted that collaborators will be able to determine when a plastic bottle was created, collected, converted back to its raw material form and finally shipped back to the manufacturer to make another plastic bottle. 

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CEO of DeepDive, Misha Hanin, told Cointelegraph that data being generated in the plastics recycling industry is extremely fragmented, often incomplete, and difficult to access. In turn, blockchain provides a great solution for efficiently sharing secure data across different parties without intermediaries. 

Hanin mentioned that the blockchain product RecycleGo leverages is powered by the open-source framework, Hyperledger Fabric. A combination of IoT sensors and QR-codes will also be used to collect data from the point of manufacturing. All of the data will be uploaded and recorded to the blockchain ledger. Hanin said:

“We collect everything that has value from the point of manufacturing. For instance, the geo-location of the bottle. Whatever we’re doing to capture any data, whether it’s immediately relevant or not, it's placed on the blockchain as irrefutable documentation that can't be edited.”

Once data is collected and recorded on the blockchain, all participants with permissioned access can view that information through a web portal, API access or in other ways. “We’re currently in discussions with some of the largest international household brands in the world regarding the best way to do this,” said Hanin. He further noted that RecyleGo is currently trialing its blockchain product, which is open to a number of participants:

“We are building this blockchain not just for RecycleGO, but for everyone who wants to be a part of this network. Our goal is to take recycling rates from around 8% to 100% moving forward.”

Moreover, Chen predicts that those taking part in the first phase of RecycleGo’s blockchain trial should expect to see 15%–20% in cost savings from supply chain optimizations. 

 

Incentives issued through digital tokens

In addition to providing supply chain transparency, blockchain can help incentivize businesses and consumers to properly recycle plastics. For example, Cointelegraph previously reported on a startup called Plastic Bank, which has a number of recycling centers based in coastal, underserved communities like Indonesia or Brazil.

One of the ways Plastic Bank ensures a circular economy is by providing incentives through digital tokens. For example, when recycling companies bring plastic to one of the Plastic Bank centers, digital tokens are issued via smart contacts on mobile devices. Each transaction that takes place is then recorded on the permissioned, open-source blockchain platform, Hyperledger Fabric. Plastic Bank then sells its recycled “social plastic” to consumer good manufacturers.

Agora Tech Lab is also using blockchain to control waste management by creating a circular economy. The Netherlands-based company is running a demo-version of its waste management system on the Ethereum public blockchain. Using a mobile app, participants are able to record when they bring waste to recycling centers. Digital tokens are then issued as rewards that can be exchanged for public services. 

 

Will the recycling industry welcome blockchain?

While blockchain may provide a possible way to transform the recycling industry, adoption could prove challenging. According to Chen from RecycleGo, as with any technology, there will be early adopters, but the recycling industry generally falls into the category of late adopters. However, he pointed out that if recycling companies can generate revenue from applying blockchain without too much of a learning curve, they will eventually want to use the technology.

Chen further noted that RecycleGO is forming collaborations with international household brands, many of which have publicly pledged to reach 25% recycled content by 2025, adding: “There is a market that wants more recycled material, but we currently don’t have enough content to support it; consumers simply are not recycling enough.”

Peshkam further noted that while a number of blockchain-based projects have emerged in the recycling space, “these projects need a change champion with global reach and clout to really move things forward.” Although this is the case, Peshkam explained that the blockchain community can help support this change through innovative use cases and financial infrastructure to support digital collaboration within the waste sector.

Article produced by RACHEL WOLFSON

https://cointelegraph.com/news/out-with-the-old-blockchain-to-bring-transparency-to-recycling-sector

 

ecosystem for entrepreneurs

Heiko Closhen, Entrepreneur

1 million Bitcoin wallets are now being used every day

1 million Bitcoin wallets are now being used every day

By Shaurya Malwa

The number of daily active Bitcoin wallets has peaked to a high not seen since 2018.

In brief

  • The number of Bitcoin active addresses has reached a figure last seen in 2018.
  • Rising public sentiment has caused the uptick in activity.
  • Bitcoin has flowed from whales to smaller holders in the past few years, the data showed

Bitcoin averaged over 1 million daily active addresses for the first time since January 2018, according to data from Bitcoin analytics firm Glassnode.

The metric calculates the number of unique addresses that were active in the network either as a sender or receiver. Only addresses that were active in successful transactions are counted, as per Glassnode.

The 1 million average daily mark—for active addresses—was last seen in the months following Bitcoin’s epic price rise to $20,000 in late 2017. The asset was largely written off by mainstream media at the time, but it seems to have staged a comeback.

The uptick in addresses coincided with a rise in Bitcoin prices in the past two weeks. Meanwhile, a chart from Glassnode shows the two metrics have been largely correlated since 2018, but not prior to that year.

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The metric is indicative of growing public sentiment in the crypto market, especially as investors seek to hedge high inflation by investing in alternative assets such as Bitcoin and gold.

Big wallets are growing too. Lucas Nuzzi, the cofounder of crypto research firm DAR Crypto, remarked on Twitter that the number of addresses holding $10 or more of Bitcoin has hit an all-time high of 16.6 million addresses. The same goes for Ethereum, with 6 million addresses holding $10 or more of ETH.

He said this is “millions of addresses more than what was seen at the top of the 2017 bubble.”

A new adoption cycle is brewing ????

We just hit an all time high in the number of addresses holding more than $10 worth of $BTC (16.6M) and $ETH (6M).

Millions of addresses more than what was seen at the top of the 2017 bubble ???? pic.twitter.com/fOn6CaHYFS

— Lucas Nuzzi (@LucasNuzzi) August 4, 2020

 

Bitcoin whales losing market share

Meanwhile, Glassnode noted that the number of larger whales—referring to any addresses holding tens of millions of dollars in Bitcoin—has steadily declined in the past few years.

“The percentage of supply owned by entities holding upwards of 10 BTC grew from 5.1% to 13.8% in 5 years, while the percent held by entities with 100-100k BTC declined from 62.9% to 49.8%,” the firm said.

The metrics show that, despite its 381 obituaries in mainstream media, Bitcoin’s very much still alive.

Article produced by Shaurya Malwa

https://decrypt.co/37922/1-million-bitcoin-wallets-are-now-being-used-every-day

 

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Heiko Closhen, Entrepreneur

Mitsubishi Launches Blockchain Platform for Metal Trading

Mitsubishi Launches Blockchain Platform for Metal Trading

Mitsubishi Launches Blockchain Platform for Metal Trading

By MOHAMMAD MUSHARRAF

The metals and minerals subsidiary of Mitsubishi has launched a blockchain platform to digitize metal trades.

The metals and minerals resource trading subsidiary of Mitsubishi Corporation, Mitsubishi Corporation RtM Japan Ltd, has launched a blockchain platform named ECO for precious metals trading.

Developed by Mitsubishi in partnership with the American blockchain company Skuchain, the platform is built on top of Skuchain’s EC3 platform for blockchain-based supply chain management and finance.

According to the official announcement, ECO will ease metal trades between counterparties by generating, managing and executing invoices and trade confirmations. 

For the start, Mitsubishi will only bring its “most valued customers” on the platform but it plans to soon expand and implement ECO to cover a wider portion of its supply chain system. 

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Using the ECO platform, trading parties will be able to sign trade documents and upload them on the blockchain. They can then share the signed documents with others in real-time and hide any commercially sensitive information that they do not want to reveal.

The company said it will be adding more features to ECO in the future to solve other crucial supply chain challenges in the metal trading industry.

Mitsubishi Group has been proactive in the blockchain space.  Cointelegraph recently reported that Mitsubishi’s financial subsidiary Mitsubishi UFJ Group, or MUFG, was collaborating with LayerX to promote digitization for companies and government agencies. It was also reported last month that the financial giant is planning to launch its own stablecoin.

Earlier this year, the company was included in the Singapore government’s 16-company alliance to drive trade digitization through the use of blockchain technology.

Article produced by MOHAMMAD MUSHARRAF

https://cointelegraph.com/news/mitsubishi-launches-blockchain-platform-for-metal-trading

 

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Heiko Closhen, Entrepreneur