a longer version of this blog post is available on the MIT Media Labs Digital Currency Initiative platform

With Google Trends data showing that searches for the word blockchain have exponentially increased, we may be entering the peak of the hype cycle for blockchain and distributed ledger technology.

But heres the thing: the blockchainisa major breakthrough. Thats because its decentralized approach to verifying changes in important information addresses the centuries-old problem oftrust, a social resource that is all too often in short supply, especially amid the current eras rampant concerns over the security of valuable data. It turns out that fixing that can be a boon for financial inclusion and other basic services delivery, helping to achieve the global objectives laid out in the Sustainable Development Goals (SDGs).

Sorting out hype from reality may depend on how well we identify where institutions that have until now played a role in mediating trust between people are falling short, especially in the key area of money. Deploying the blockchain in those settings to generate secure, decentralized trust could achieve great strides in inclusion and innovation.

What do we mean by decentralized trust? The concept is unfamiliar in part because its converse -- centralized trust is something that we often take for granted, at least while its working. But if we look at the history of transactions since the early barter systems to modern-day digital money exchanges, we can see how differenttrust protocolsfor keeping track of our exchanges of value have evolved and how, in each case, centralizing trust within particular institutions has periodically caused problems.As strategies for dealing with this challenge evolved and as the complexity and frequency of transactions grew, differenttrust bearersemerged. We went from relying on the memory and discretion of tribal leaders, to central governments issuing currencies in the form of precious metals, to commercial banks acting astrusted intermediariesand issuing their own bank notes, to central banks managing a hybrid system in which sovereign fiat banknotes circulate alongside a debt/credit form of money managed by regulated banks and internal ledgers.

We are now at another moment when societys trust in the trust bearers is being challenged again. The cause: the 2008 crisis best viewed as a breakdown in publictrustin the banks role as ledger-keepers and the constant reports of hacking attacks at financial institutions. The difference is that this time the entire notion of centralized trust is being questioned.

This is where the blockchain and distributed public ledgers come in. We now have the prospect of supplanting those risk-ladentrust bearerswith a more robust, decentralized model. This kind of ledger, shared among a network of autonomous computers, which confirm and validate its content by following a unique algorithm that compels them to act in the common interest, and secured with powerful cryptography, is essentially tamper-proof. Its the nearest thing weve ever had to an immutable ledger.

Currency exchanges are the first use case for this technology. But the topics discussed at this past weeksBlockchain Summit on Necker Island reveal a dizzying array of non-currency applications as well. The blockchains disintermediating potential is being tried out for securities settlement, property titles, digital rights, trade finance, supply chains, auditing, voting, solar microgrids, notary and legal services, and the big one, digital identity. Much of this has the potential to leapfrog billions of people into a new era in parallel to the way that mobile phones helped them leapfrog over landlines.

As with all early-stage technology, there are challenges. The underlying infrastructure needs to be scalable and more versatile, but achieving consensus to make such changes is difficult in an open-source work environment. Theres a garbage-in risk that inaccurate information gets permanently inserted into a blockchain. Also, the immutability and irreversibility of transactions might make it harder for individuals and firms to arbitrate solutions whenever theres a dispute. Meanwhile, a vivid debate continues over what kind of blockchain communities should use and when: a public, permissionless blockchain like bitcoin, or a private blockchain in which only permissioned actors maintain the ledger, such as those which various banks are developing. Theres a big public interest in answering these questions.

Amid the rapid pace of open-source fintech innovation, its hard to imagine that distributed ledger technology isnt coming, one way or another. When it arrives, the impact on society could be profound. It is therefore critical that governments engage their citizens and each other in serious discussion about the underlying trust infrastructure of 21st century digital society.

Its too early to know the answers. Thats why its incumbent upon all of us to study and understand how to maximize the benefits of this technology to attain better development outcomes and reach the SDGs. The World Bank and MIT Media Lab could help foster this understanding. With serious research, we can discover the best ways to use this technology to lower costs and increase access to financial services while protecting the social capital thats vital for economic development. Within this, we must keep in mind the unprecedented competition and challenges facing incumbent financial institutions and regulators. If we get this transformation right, and do so in a collective, collaborative manner, it could provide a vital building block for achieving the global communitys SDGs.

Read more:
Blockchain technology: Redefining trust for a global ...

Will bitcoin (BTC) move beyond "digital gold"? Is ether (ETH) viable as money? In 24 charts, CoinDesk Research shows what happened to crypto assets in Q1 2020 and examines what may emerge in the future. Download our Q1 analysis here, and join us on April 15 for a webinar discussing our findings and other relevant cryptocurrency research.

The CoinDesk Quarterly Review provides research-based insights on how the narrative has changed for blue-chips such as bitcoin and ether. We look at which assets outperformed on returns, and how the participants in crypto markets are shifting in the wake of Q1s defining event, the March 12 plunge.

Bitcoins digital gold narrative grew up in a bull market in everything. Bitcoin as gold 2.0, a hedge against inflation and a safe haven in an eventual crash, was a meme investors readily understood.

Now, weve seen an economic crisis cause dislocation in crypto markets and push bitcoins price downward in tandem with stocks. Gold and Treasury bonds appeared to have failed to live up to safe haven expectations. If golds narrative is being debated, do we still know what digital gold means? At the very least, the events of the past month have put to rest the notion that bitcoin today can be a haven.

How March 12 shook crypto markets, and how it didn't

The crash shook participants in crypto markets. Open interest in bitcoin futures and perpetual swaps fell off a cliff in March. These markets are used by traders large and small to speculate on bitcoins price, and as a temporary hedge against positions in the spot market. Futures volume spiked and settled at a higher baseline, as it did in spot markets. The increased activity is taking place in a shrunken market. About $1.6 billion of traders positions were liquidated over two days in March. The sharks are eating each other in a smaller pool, as it were.

At the very least, the events of the past month have put to rest the notion that bitcoin today can be a haven.

Bitcoin's long-term holdings, however, remained unmoved. Hodlwaves use Bitcoin timestamps known as UTXOs to measure how long each bitcoin has been held. Tracking time between transactions is a useful measure of long-term buy-and-hold activity. That activity is consistent with bitcoins use case as digital gold, a putative store-of-value. Note that long-term holdings (180 days or more) did not change perceptibly during the March 12 crash. Balances held between 90 days and 180 days shifted abruptly. Were bitcoin sellers concentrated among three- to six-month holders? Or were exchange balances, which shifted on these dates, concentrated in that band?

Alternative user narratives: Return of payments?

Some of bitcoin's long-term holders are surely hoping in time it will prove itself as a haven or store of value. But events such as the March crash open the door to new narratives. The flagship crypto assets next meme will set the adoption curve for verifiably scarce digital assets. Will payments re-emerge as an avenue to adoption?

Since launch, the number of computers running the Lightning Network has increased on average 53 percent every quarter. Lightning is a layer two payments system built on top of the Bitcoin network. The value held within Lightning payment channels has also increased.

New importance for bitcoin and ethereum technical road maps

It's possible a new user adoption narrative will be something quite different from what long-term investors in bitcoin have contemplated to date. Will Bitcoin developers add capabilities like Schnorr signatures, with their privacy and programmability that lead to its adoption as digital financial infrastructure?

The technical road map emerges from Q1 2020 with increased importance for ethereum, as well. Ether evangelists have spread the meme ETH is money" in the belief that it has potential as the base currency of a decentralized, digital banking system, dubbed decentralized finance" or "DeFi." The failure of flagship DeFi systems during the March 12 crash have raised questions about that narrative. Now more than ever it seems to be dependent on a relatively uncertain road map for ETH 2.0, an improvement designed to allow more transaction throughput.

On March 12, total ETH locked in DeFi applications increased as expected, then crashed amid a crisis in DeFis programmatic governance. If ETH is money," wed expect to see the amount locked in DeFi and the ETH price grow in tandem, long-term. For the near term, a recovery to previous levels would indicate a restoration of confidence in DeFi systems.

The CoinDesk Quarterly Review lays out a Q1 analysis of what happened to crypto assets in the quarter. It begins to examine what will emerge now that the digital gold story has been shaken. Download it here, and join us April 15 for a webinar discussing our findings.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Go here to see the original:
Cryptocurrency Review: Bitcoin, Ether and 'Digital Gold' - CoinDesk

After multiple failed attempts, bitcoin (BTC) has finally broken above key resistance, bringing a boost to the short-term bullish case.

The top cryptocurrencyby market value closed (UTC) well above $7,100 on Wednesday, marking an upsidebreak of the 200-period moving average on the three-day chart.

The breakout could now invite stronger chart-driven buying, as a move above the long-term technical line is often considered a confirmation of a bearish-to-bullish trend change.

The 200-period average had repeatedly capped upside in the final days of March. Now that the hurdle has been convincingly crossed, buyers who entered the market earlier this month may also be more comfortable in holding their positions. All in all, the move is a good signal for prices.

The risk-on action seen in traditional markets is also supportive of further gains for bitcoin. Major European indices like Germanys DAX and the U.K.'s FTSE are currently reporting slight gains. Asian stocks also rose early on Thursday following an overnight surge on Wall Street.

The sentiment seems to have been buoyed by reports that the U.S. and European nations are discussing plans to reopen their respective economies at the start of May.Most countries imposed lockdowns of varying degrees of severity in March in order to contain the coronavirus outbreak, negatively impacting commerce.

At press time, bitcoin is changing hands near $7,340, representing a 0.80 percent increase on a 24-hour basis., according to CoinDesk's Bitcoin Price Index. That's well above the 200-period average at $7,093.

The cryptocurrency has recovered by more than $3,400 from the low of $3,867 reached during the early Asian trading hours on March 13 and is now just $700 short of levels near $8,000 seen ahead of the price crash seen March 12.

Three-day chart

Bitcoin repeatedly failed to cross the 200-period average hurdle in the three weeks to April 5, weakening the immediate bullish case and raising the odds of a price pullback.

However, the breakout confirmed by the previous green candle, representing price action for April 6-9, indicates that the rally from lows below $4,000 has resumed.

The MACD histogram, an indicator used to identify trend strength and trend changes, has crossed above zero, signaling a bearish-to-bullish trend change. Further, the Chaikin money flow index is hovering above zero a sign buying pressure is outweighing selling pressure.

All in all, there is a strong case to believe bitcoin will test psychological resistance at $8,000 in the short-term.

Daily chart

Bitcoin is trapped in an ascending price channel, as seen above.

Mondays green marubozu candle, which marked a breakout above $7,000, points to bullish market sentiment. The five- and 10-day averages are trending north, indicating strong upward momentum.

The only cause for concern for the bulls is a decline in trading volumes. A low-volume rally often ends with a notable price drop.

That said, the bias will turn bearish only if prices drop below $6,773 (horizontal line). That would invalidate the marubozu candle created on April 6 and open the doors for a pullback to $5,856 (March 30 low).

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Read this article:
Bitcoin's Bull Case Strengthens After Breaching Price Hurdle at $7.1K - CoinDesk

Bitcoin (BTC) braved less volatile but choppy trading on April 9 as the United States Federal Reserve flooded markets with trillions in dollars.

Cryptocurrency market daily overview. Source: Coin360

Data from Coin360 and Cointelegraph Markets showed BTC/USD still keeping within a tight $400 corridor between $7,100 and $7,410 as the week continued.

A sudden dip to $7,110 formed the most volatile feature of the past 24 hours. At press time, Bitcoin traded at around $7,325.

Bitcoin 1-day price chart. Source: Coin360

The largest cryptocurrency appeared broadly unfazed by the announcement of a fresh stimulus package from the Fed worth $2.3 trillion.

In a press release, the central bank said that its aim was to support the economy as the U.S. coronavirus death toll reached 14,800.

Board Chair Jerome H. Powell said:

The Fed's role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible.

The cash injection comes just weeks after a giant $6 trillion liquidity tsunami from the Fed, a sum so large that it equals the entire U.S. GDP from 1990. Earlier on Thursday, Cointelegraph reported that U.S. national debt was at a historic high of $24 trillion.

While markets were also buoyed by the potential for a cut in oil production after Thursdays OPEC+ meeting, among Bitcoin analysts, the mood was overwhelmingly bearish.

Despite rising around 8% in a week, Bitcoin, like traditional markets, was unlikely to sustain its trajectory, Cointelegraph Markets Michal van de Poppe warned.

The price of $BTC is slowly grinding upwards, but volume is decreasing, he wrote in a Twitter post on Thursday.

The $6,900 shorters got stopped out & flipped long, while the $7,700-8,000 shorters are waiting. More and more people turning bullish, giving me indication that liquidity is beneath us. Lets see.

Popular commentator Looposhi was more damning, writing:

I just think it's cute how some of you about to burn their account over some textbook sh*t. Let me be very clear. THIS IS A #Bitcoin SUCKER RALLY!

Meanwhile, U.S. jobless claims totaled over 6 million for a second week, van de Poppe agreeing with the International Monetary Fund, or IMF, that coronavirus would create the worst recession since the Great Depression of the 1930s.

View post:
Bitcoin Price Ignores $2.3T Fed Cash as Pundit Warns of Sucker Rally - Cointelegraph

On this episode we join Anita Posch as she discusses bitcoin's (BTC) potential and realities with a self-described "digipreneur" and teacher in Harare, Zimbabwe.

Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.

With the use of bitcoin outlawed and the state of human rights and free speech rather poor in Zimbabwe, Anita agreed not to mention her guest's name. In this episode they discuss:

Selected excerpts from this week's episode:

"If I have a bitcoin, I can send money to my relatives, who are in Malawi or in Namibia or in Ghana. Currently I can't with our own currency. I can't send money out freely and quickly. But if we can sit down as a community and say, 'Okay, we need to buy a new borehole and we can do that just by using our phone,' that's an amazing thing. You know, if we look at it from a place of development, if you look at it from a place of helping the community and taking care of each other, if it allows us to take care of each other without having to create so many barriers and so much red tape to get stuff done with money, I feel like when you change that narrative, you speak to something very deep within an African." -Teacher and Digipreneur, Zimbabwe

"Cryptocurrency feels almost like luxury. It's sad because I don't think that's what it's supposed to be, but it was also bearing in mind cryptocurrency was designed in a functioning environment. It was designed by people who maybe haven't spent 12 hours in a fuel queue?" -Teacher and Digipreneur, Zimbabwe

"We need to start having more conversations about the future with the people who are actually affected by the future. Hold workshops under a tree in Binga and have someone who is there who can translate into the local language and have a conversation." -Teacher and Digipreneur, Zimbabwe

Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.

This podcast special and my trip to Africa would not have been possible without my sponsors and supporters. I want to thank my sponsors first: Thank you:LocalBitcoins.coma person-to-person bitcoin trading site, Peter McCormack and thewhatbitcoindidpodcast,Coinfinityand theCard Wallet,SHIFT Cryptosecurity, manufacturer of the hardware walletBitBox02and many thanks to several unknown private donors, who sent me Satoshis over the Lightning Network.

This special is edited by CoinDesks Podcasts EditorAdam B. Levineand published first on theCoinDesk Podcast Network. Thank you very much for supporting the Bitcoin in Africa series with your work.

Thanks also goes out tostakwork.com. Stakwork is a great project that brings bitcoin into the world through earning. One can do microjobs on Stakwork, earning Satoshis and cash them out without even having an understanding about the lightning network or bitcoin. I think we need more projects like that to spread the usage of bitcoin around the world.

Thank you also toGoTenna, for donating several GoTenna devices to set up a mesh network in Zimbabwe and toTeam Satoshi, the decentralized sports team for supporting my work. This special is also brought to you by theLet's Talk Bitcoin Network.

Edited by CoinDesks Podcasts Editor: Adam B. Levine

Idea, content and production: Anita Posch Music: "Start with yes" by Delicate beats

Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.

Excerpt from:
If Bitcoin Works in Zimbabwe, It Works Everywhere - CoinDesk

Bitcoin price (BTC) is currently in a sort of stasis, unexcitedly trading in the expected range and over the past 48-hours dropping to the former rising wedge trendline at $7,150 and again to the $7,200 support before rebounding to the low $7,400 region.

Crypto market daily price chart. Source: Coin360

For the time being, the price is consolidating within the $7,200 to $7,460 range. The next thing bulls will be looking for is for BTC price to push above the recent high to set a higher-high above $7,663 before launching a move toward $7,992, where the 61.8% Fibonacci retracement currently resides.

BTC USDT daily chart. Source: TradingView

Anyone taking a quick glance at crypto Twitter will notice analysts calling for traders to go short from $8,000-$8,100 as the 100 and 200 day-MA are in this zone and expected to function as stiff resistance levels.

This is possibly due to the fact that since March 13 Bitcoin price has gained approximately 95%. But before any of this can be achieved Bitcoin needs to turn the $7,350 to $7,400 region to support.

For the time being, traders continue to buy on the dips and a glance at exchange order books show traders are quite interested in buying at prices below $7,200.

BTC USDT 4-hour chart. Source: TradingView

The 4-hour timeframe shows that while the price consolidates, the volume is tapering off and this is a hint that Bitcoin is beginning to lose momentum. The moving average convergence divergence histogram has also turned negative and the relative strength index has dropped slightly below 60. The ailing volume and sideways price action also increase the chance of BTC/USD falling below the $7,200 support to $6,900, then $6,750.

Bitcoin price is now facing a few outcomes, with the bias currently tilted towards bears. Simply put, an increase in purchasing volume is needed to break through the current range and rise toward the 61.8% Fibonacci retracement at $7,992.

The alternate scenario involves Bitcoin losing the $7,200 support and as the price drops to retest lower supports investors will have no choice but to see if the interest currently represented in the orderbook manifests into buying at key support levels to prevent a drop to $5,800.

3 day BTC USDT MACD chart. Source: TradingView

Taking a look at the higher time frames gives some encouragement. On the 3-day chart, investors will notice that the MACD line is about to pull above the signal line and the histogram is just now printing a green bar above 0.

Weekly BTC USDT MACD chart. Source: TradingView

On the weekly timeframe, the MACD is slowly beginning to curve up toward the signal line and although the histogram remains negative, the color of the candles has shifted from red to pink. The weekly RSI is also rising above 46 but it is not yet in bullish territory.

More importantly, we can see that the price is drawing closer to an important pivot point and the same can be said for $8,100.

BTC USDT 1-week chart. Source: TradingView

In summary, at the moment theres not much chop to trade for day traders as the risk seems greater than the reward right now. Traders will likely wait for one of the following three scenarios:

Another thing worth remembering is that Bitcoins halving is about 35 days away but with the coronavirus pandemic and current state of global economic affairs it's possible that the halving will be something of a disappointment particularly, when it comes to short-term price action just like the Bitcoin Cash halving was on Wednesday.

Whatever trade you choose, be sure to use a stop-loss.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

See the rest here:
3 Options for Traders as Bitcoin Price Is on the Verge of a Breakout - Cointelegraph

Bitcoin and cryptocurrency investors are feeling bullish after a rocky start to the year.

The bitcoin price, trading more-or-less flat for 2020 so far, had rocketed in the first few months of the new decade but its rally was halted in its tracks by the coronavirus crisis.

Now, as bitcoin bulls eye the upcoming bitcoin halvingamong other major developments on the horizonformer hedge fund billionaire-turned crypto investor, Michael Novogratz, has bet that bitcoin will outperform almost every other market over the next few months.

Michael Novogratz, a Wall Street veteran, has become one of bitcoin and cryptocurrency's richest ... [+] people in recent years, making a name for himself as an outspoken bitcoin bull.

"Ill make a bet for dinner anywhere in New York City that bitcoin outperforms both [gold and treasuries] over the next three months," Novogratz said via Twitter, replying to a report that all major currencies are outperforming bitcoin since the stock market peak, with gold and treasury bonds doing even better.

Tech investor and founder of bitcoin and cryptocurrency news and analysis website The Block, Mike Dudas, responded he is on the same side of that bet as Novogratz "with more of [his] net worth than would make any sane person comfortable."

"Give it a few months ... And I like gold," Novogratz added.

Bitcoin has so far failed to act as a so-called safe-haven asset during the coronavirus crisis despite hopes it had begun to do so over the last year.

Traders and investors usually turn to "safe" assets such as gold and the Japanese yen during times of perceived risk.

Last month, Novogratz warned confidence in bitcoin and crypto "evaporated" due to the coronavirus crash, potentially leaving bitcoin and crypto vulnerable.

Earlier this year, Novogratz said he expected the bitcoin price to soar by almost 50-fold over the next ten years, meaning he thought one bitcoin will be worth a staggering $400,000 by 2030and giving bitcoin a market capitalization of around $8 trillion.

Meanwhile, many bitcoin and cryptocurrency supporters have voiced concerns thatthe massive stimulus and quantitative easing unleashed by the U.S. government and the Federal Reserve will weaken the dollar and the U.S. economy.

Extraordinary measures have been put in place by countries around the world to prop up markets and try to spur economic activity as they scramble to contain the coronavirus COVID-19.

The bitcoin price has treaded water for 2020 so far despite swinging wildly along with traditional ... [+] markets due to the coronavirus crisis.

In the aftermath of the coronavirus-induced market crash, some of the biggest bitcoin and cryptocurrency exchanges around the world have reported an uptick in both new users and trading volume.

Some have suggested surging bitcoin demand could result in a bull run to rival bitcoin's epic 2017 rallythat saw the bitcoin price climb from under $1,000 to around $20,000 in less than 12 months.

Ahead of the world going into shutdown to try to contain the coronavirus, bitcoin investors were upbeat at the beginning of the year,a survey of high-level bitcoin and cryptocurrency exchange users showed last month,with most expecting the bitcoin price to soar to over $20,000 per bitcoin in 2020.

The rest is here:
Former Hedge Fund Billionaire Picks Bitcoin Over Gold, Treasuries And The Dollar - Forbes

The startup behind the bitcoin-friendly shopping app Fold just joined the Visa Fast Track Program to issue a card that offers bitcoin rewards instead of traditional reward points.

Fold founder Will Reeves said an email poll of roughly 30,000 Fold users revealed 90 percent said they would switch spending away from their existing card for a card with bitcoin (BTC) rewards for dollars spent. The waiting list is now open for the Fold card that starts shipping in July.

You manage everything within [the Fold app], your card details, your rewards, Reeves said in an interview. Were able to send out to your [bitcoin] wallet of choice. You dont have to wait to accrue too much of it [bitcoin].

There are already several companies offering Visa cards so bitcoiners can spend cryptocurrency as dollars, including Coinbase, and options for shopping on desktop with most cards for bitcoin rewards, with the browser-plugin Lolli.

Both Lolli and Fold App have seen a dramatic increase in online shopping for essentials and home equipment since the coronavirus crisis hit the United States. Fold users are buying more gift cards for Amazon and Target, while Lolli shoppers are spending more at Sams Club, Vitacost, Best Buy and Newegg, according to Lollis head of communications, Aubrey Strobel.

Weve seen an uptick in volume the entire month, Reeves said of the 24,000 transactions by Fold users in Q1 2020. That represents a 110 percent increase over Q4 2019, with thousands of new users. Across the board, companies that help retail users accrue bitcoin have generally performed well during the broader market turndown.

The goal of this new card is to meet consumers where theyre at, Reeves said, giving users the ability to accrue and use bitcoin in their daily lives.

Fold investor Meltem Demirors once owned one of the first bitcoin-affiliated cards, a Shift debit card for spending bitcoin. She said Folds new product is unique because the card enables people to earn rather than spend bitcoin.

The capital gains [taxes] for [spending] are just such a pain, Demirors said. Ive been spending [dollars] nonstop with Fold.

Users can already shop directly through the app and earn rewards for using the Lightning Network option, for example, while they wait for the Visa program to roll out later this year. Users can choose to spend bitcoin with this feature, but most seem to prefer spending dollars for bitcoin rewards. The average transaction size in Q1 2020 was $55, according to Reeves.

Fold certainly wont be the last team to explore bitcoin-related credit cards. When asked if the exchange Kraken was exploring a Visa card program like Coinbase or Fold, Kraken bitcoin strategist Pierre Rochard answered, Were always looking to better serve our customers.

NFL player and Fold investor Russell Okung said in a press release the Fold Visa card now represents a significant step towards mainstream adoption of Bitcoin. In the press release, Visa Global Head of Fintech Terry Angelos said Fold joined a program that offers unprecedented access to Visa experts, technology, and resources.

Update (April 9, 15:21 UTC): The new offering from Fold isnt a credit card. Its a debit card but has the rewards levels youd expect from a credit card, Fold CEO Will Reeves said after publication of this article.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Go here to see the original:
This Visa Card Gives Bitcoin Rewards on Dollars Spent - CoinDesk