The South African retail giant, Pick n Pay, has reported a significant increase in the value of monthly cryptocurrency payments, rising from approximately ,350 to ,000. The regions of Gauteng, KwaZulu-Natal, and the Western Cape in South Africa account for the lion’s share of Pick n Pay’s crypto transactions. Retailer Sees More Crypto Transactions in […]
Bitcoin News
London Stock Exchange Embraces Digital Assets by Accepting Crypto ETN Applications
In a pivotal announcement, the London Stock Exchange (LSE) has shared its plans to accept bitcoin and ethereum exchange-traded note (ETN) applications, signaling a significant shift toward incorporating digital currencies into mainstream financial markets. LSE Announces Acceptance of Crypto ETNs The launch of bitcoin (BTC) and ethereum (ETH) ETNs on the LSE platform marks a […]
Bitcoin News
Binance Stops Accepting New Users in UK to Comply With Crypto Regulations
Binance has announced that it will no longer accept new users in the U.K. in order to comply with new crypto regulations from the Financial Conduct Authority (FCA). Binance explained that it is currently looking for an FCA-authorized firm to review and approve its U.K. financial promotions in compliance with the new rules.
Binance Halts Accepting Users in the U.K.
Cryptocurrency exchange Binance announced an update for its U.K. operation on Monday. The announcement states:
From Monday 16 October 2023 at 5pm UK time, Binance will stop accepting new UK users.
Binance explained that the U.K. financial promotions regime for qualifying crypto assets went into effect on Oct. 8, noting that the new rules allow unregulated overseas platforms, like Binance, to promote their crypto businesses in the U.K. by engaging with FCA-authorized firms.
“We engaged FCA authorized firm, Rebuildingsociety.com Ltd (REBS), to review and approve our U.K. financial promotions in compliance with the new rules,” Binance stated. However, the exchange added that on Oct. 10, the FCA imposed “legally-binding requirements” on REBS, making it no longer able to approve financial promotions. In addition, with effect from Oct. 11 at 5 p.m., “REBS had to withdraw any existing approvals of financial promotions on behalf of any cryptoasset businesses (including Binance),” the crypto exchange detailed.
Binance emphasized:
Binance is currently looking for a new FCA authorized approver.
The cryptocurrency company clarified that temporary restrictions will be imposed on its U.K. platform and the latest version of its mobile app. These restrictions will be in place until Binance successfully onboards with a new FCA-authorized approver and receives reapproval for its financial promotions.
What do you think about Binance stopping accepting customers in the U.K.? Let us know in the comments section below.
Ferrari Starts Accepting Crypto Payments for Luxury Sports Cars
Ferrari has reportedly begun accepting payment in cryptocurrency. The Italian luxury sports car manufacturer cited requests from both the market and dealers as the primary motivation for this decision. “This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” said an executive of the company.
Ferrari Begins Accepting Cryptocurrencies
Italian luxury sports car automaker Ferrari has begun accepting payment in cryptocurrency for its luxury sports cars in the U.S., Reuters reported Saturday, noting that the company also plans to expand the cryptocurrency payment option to Europe.
Ferrari’s chief marketing and commercial officer, Enrico Galliera, told the news outlet that the decision to accept crypto payments was in response to requests from the market and dealers as many of its clients are crypto investors. “Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios,” he described, emphasizing:
This will help us connect to people who are not necessarily our clients but might afford a Ferrari.
The Italian car manufacturer is using Bitpay, a leading cryptocurrency payment processor, to accept crypto payments in the U.S. Initially, Ferrari will only allow transactions in bitcoin (BTC), ether (ETH), and stablecoin USDC.
Noting that the company may use different crypto payment processors in other regions, Galliera clarified:
Prices will not change, no fees, no surcharges if you pay through cryptocurrencies.
Ferrari plans to expand its crypto payment acceptance to Europe by the first quarter of next year, the publication conveyed, adding that the company will then offer the crypto payment option in other regions where crypto is legally accepted. The luxury sports car manufacturer’s largest region is Europe, the Middle East, and Africa (EMEA), which accounted for 46% of its total car shipments in the first half of this year. “Interest is the same in the U.S. and Europe, we don’t see huge differences,” Galliera shared.
What do you think about Ferrari accepting cryptocurrencies for its luxury sports cars? Let us know in the comments section below.
Luxury Brand Ralph Lauren Now Accepting Crypto Payments at Its New Miami Store
The U.S. luxury brand Ralph Lauren has said customers can now pay via crypto at its Miami Design District location. The store has also been designated the luxury brand’s focal point for Web3 promotions. Bitcoin, ethereum, and polygon are among the cryptocurrencies that are accepted at Ralph Lauren’s new store in Miami.
Miami Store Ralph Lauren’s Web3 Promotions Focal Point
United States luxury brand Ralph Lauren said on April 5 that it will accept crypto payments at its new store in Miami. According to a statement released by Bitpay, Ralph Lauren customers can now pay at this store using BTC, ETH, MATIC, and twelve other cryptocurrencies.
Introducing our new #RLMiami store, the first Ralph Lauren store to accept cryptocurrency as a form of payment.
In partnership with @BitPay, customers can make purchases with different cryptocurrencies including #Bitcoin, #Ethereum and #MATIC by @0xPolygonLabs and more. pic.twitter.com/YUHhsDRexB
— Ralph Lauren (@RalphLauren) April 4, 2023
Explaining Ralph Lauren’s decision to accept crypto payments at Miami Design District located store, the statement said:
This store provides customers with new ways to engage with the brand and shop, including accepting cryptocurrency as a payment method. The Miami Design District location is the first Ralph Lauren retail store to accept crypto payments. Customers can pay for all of Ralph Lauren’s elevated looks straight from their preferred crypto wallets.
Meanwhile, in addition to accepting crypto payments, Ralph Lauren said it will implement an activation experience that utilizes non-fungible tokens (NFTs). According to reports, Ralph Lauren has since designated the Miami store as its focal point for Web3 promotions.
David Lauren, the luxury brand’s chief innovation officer, said his company chose to accept crypto payments at the Miami store because “it is one of the most Web3-friendly cities in the world and has a vibrant community of startups, brands and luxury consumers.” He also suggested that the company plans to open similar stores in Europe, North America and Asia.
What are your thoughts on this story? Let us know what you think in the comments section below.
South African Retailer Pick n Pay Now Accepting Payments via BTC at All Its Stores
Pick n Pay, one of South Africa’s leading retailers, reportedly now accepts bitcoin as payment at all its stores across the country. Using the bitcoin lightning network, Pick n Pay’s customers can now buy items such as groceries, airtime and electricity tokens.
Using BTC for Everyday Purchases
Just a few months after it began accepting bitcoin payments at selected outlets, the South African retailer, Pick n Pay (PNP) now reportedly accepts bitcoin at its more than 1,500 stores across the country. According to reports, PNP customers can now buy groceries, airtime and electricity using the bitcoin lightning network.
As reported by Bitcoin.com News in Nov. 2022, the South African retail giant’s acceptance of bitcoin as a means of payment was made possible by the Financial Sector Conduct Authority (FSCA)’s decision to declare crypto a financial product. Before that, PNP said it had experimented with BTC payments at one of its staff canteens in 2017. While the experiments were successful the retailer said using the technology was at that time seemingly not cost-effective.
BREAKING: 🇿🇦 One of South Africa’s largest retailers, Pick n Pay, now officially accepts #Bitcoin and Lightning payments in ALL of its over 1,500 stores 🙌
— Bitcoin Magazine (@BitcoinMagazine) February 1, 2023
Reacting to the announcement, Crypto QR, a South Africa-based crypto payments firm, saluted PNP’s move which allows residents to use bitcoin for everyday purchases.
“Good news, everyone! Crypto QR is now active at all Pick-n-Pay stores across South Africa, including PnP express and clothing shops! You can also buy airtime and electricity, plane and bus tickets, and pay your municipal bills with Bitcoin at the till, “Crypto QR said in a tweet.
The Legitimate Use of Bitcoin in a Store
Meanwhile, some Twitter users have lauded PNP for taking a step that helps those seeking to promote the use and adoption of bitcoin as an alternative payment method. One user Kelly Yanes said this is the first time she has “seen legitimate uses of bitcoin in person at a public space and store.”
Until BTC stabilizes in price using it to buy things is a horrible idea. Seconds after you buy something it can go up and you overpaid a ton
— NoFilterNoFluff (@7th_Rule) February 2, 2023
However, a few other users were quick to highlight the disadvantages of using the crypto asset for everyday purchases.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin Drops To $38K After Amazon Retraction On Accepting BTC Payments
The king of cryptocurrency is suffering another meltdown at a 3.3% drop in just 24 hours. Bitcoin is currently trading at around ,210 which is the lowest so far since March of this year when US President Joe Biden signed an executive order on crypto regulations.
Although the BTC price went up at ,800 on Tuesday, it slid momentarily afterward.
Suggested Reading | Bitcoin (BTC) Dips Below ,000 Over Ukraine And Possibility Of Fed Rate Hike
Amazon Denies Speculation About Accepting BTC Payments
Amazon’s retraction against the mass speculation that the retail giant will be accepting BTC payments was the main causative factor of the sudden drop. Ether was even pushed further down as well.
BTC price went straight up when Amazon announced a job advertisement connected to crypto. However, a couple of hours later, an Amazon spokesperson denied claims that Bitcoin will be added as a payment method this year.
Bitcoin peaked at around US,545 as the investors rushed with their bets with the speculation of a bearish stride. There were over 0 million of crypto shorts liquidated which is the highest since May of the current year.
The Multi-Wave Correction
The volatility experienced by Bitcoin and all other cryptocurrencies is referred to as a multi-wave correction. It peaked around April and it’s expected to rebound to a maximum of ,000 before it slides again.
The rollercoaster ride of BTC is part of that correction. The crypto industry suffered a massive decline after reaching a record high of ,000 because of a bombardment of environmental and regulatory issues.
BTC total market cap at 1.41 billion on the daily chart | Source: TradingView.com
This week’s frantic moves of BTC and other tokens are expected. Meanwhile, investors are looking at the next big wave that can break the BTC out of its sob trading range of a meager ,000 to ,000 in the past few months.
Suggested Reading | Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout
Where’s Bitcoin Headed?
The risk level is a bit higher this week because the Federal Reserve is set to announce its decision come Wednesday.
More so, news on the investigation regarding alleged bank fraud committed by Tether executives has put the crypto space hanging.
BTC investors have been grappling with inflation, environmental, political, and economic concerns, especially with the Fed. The inflation rate that happened in March this year is by far the worst inflation rate compared to what transpired in 1981.
Multiple factors combined have been impacting volatility in both the stock and crypto markets.
The current price range is said to be a middle ground for Bitcoin as its performance will determine how everything will play out in the next few days. Would it be bullish or bearish? BTC performance at this range will give people a clue about where it’s going.
Featured image from The Facts Chronicle, chart from TradingView.com
NewsBTC
Wikipedia Considers To Stop Accepting Crypto Donations Because Of The ESG FUD
Even Wikipedia fell for the environmental FUD surrounding Proof-Of-Work mining. A proposal to “stop accepting cryptocurrency donations” is currently under discussion. It starts with the same very thin arguments that the whole mainstream media irresponsibly uses. However, it gets better and more interesting. In general, it’s amazing to see both sides of the argument unfolding. Even though there might be some information suppression going on.
Related Reading | Human Rights Foundation Accepts Fully Open Source Bitcoin Donations
Well do our best to summarize the whole thing, but people interested in the topic should take time to read it all. It’s full of twists and turns. The most amazing thing about the document is that real people wrote it. Wikipedia editors are not a sample of the world’s population, but, they’re heterogeneous enough to make the discussion interesting.
Wikipedia Falls For The Environmental FUD
The original proposal poses three problems with receiving cryptocurrency donations, but, in reality, we can summarize them all in the ESG FUD category. The three points are:
-
“Accepting cryptocurrency signals endorsement of the cryptocurrency space.”
-
“Cryptocurrencies may not align with the Wikimedia Foundation’s commitment to environmental sustainability.”
-
“We risk damaging our reputation by participating in this.”
It’s a shame that, to try to prove their points, the original author uses a questionable source and a discredited one.
“Bitcoin and Ethereum are the two most highly-used cryptocurrencies, and are both proof-of-work, using an enormous amount of energy. You can read more about Bitcoin’s environmental impact from Columbia or Digiconomist.”
Counterpoint: That Data Is Compromised
Even though it’s widely cited, an “employee of the Dutch Central Bank” posing as a neutral journalist runs Digiconomist. That fact alone disqualifies him as a credible source. However, his data is also under question because “Digiconomist Bitcoin Electricity Consumption Index is not being driven by real world metrics and profitability as stated in the methodology.” So, we’re dealing with an intellectually dishonest individual who’s presumably paid to attack the Bitcoin network.
For more information on this shady character, go to the section “The Digiconomist is Disinformation.”
The Columbia report is newer, but it cites outdated data and debunked studies. Like the ridiculous one that doesn’t understand how PoW scales, or even works, and irresponsibly claims that crypto-mining could raise the Earth’s temperature by two degrees. Columbia’s main source, though, is the “University of Cambridge analysis.” That same organization literally said that “There is currently little evidence suggesting that Bitcoin directly contributes to climate change.”
However, they suspiciously erased that part from their report. They changed the wording and now their FAQ just contains a “radical thought experiment” in which “all this energy comes exclusively from coal.” Even under those extreme circumstances, which are far-far away from reality, the energy use would be marginal. “In this worst-case scenario, the Bitcoin network would be responsible for about 111 Mt (million metric tons) of carbon dioxide emissions1, accounting for roughly 0.35% of the world’s total yearly emissions.”
ETH price chart for 01/13/2022 on Poloniex | Source: ETH/USD on TradingView.com
Protecting The Process Or Information Suppression?
Under the whole thread, there’s a section called “Discussion moved from proposal section.” It contains several suppressed pro-cryptocurrencies arguments. The reason is that the accounts that made them had “no other editing records”. What do the people proposing that those opinions should be removed argue? That they “risk that both vote gaming and manipulation of discussion to introduce bias and fake “bitcoin” news.”
Coincidentally, those low-edit accounts are the ones bringing forward the information on how bogus the original poster’s sources are. Someone had to say it and they did. And the administrators removed them from the main thread. Is this really what Wikipedia is about.
Luckily, other Wikipedia contributors managed to say that “Bitcoin is therefore a green energy stimulus, aligned with the Wikimedia Foundation’s commitment to environmental sustainability. “ Another user urged “everyone to understand more about Bitcoin as a whole package beyond its energy footprint (negligible when compared to the cost in oil and warfare of backing the US Dollar) as well as the continual exponential progress that has been made in making Bitcoin greener and greener.” Yet another one said “bitcoin core is a FLOSS project attempting to promote monetary freedom.”
In any case, the crypto detractors trying to game the vote might have a point. Except for the ridiculous “fake “bitcoin” news” claim. The header of the discussion says, “this is not a majority vote, but instead a discussion among Wikimedia contributors”. And the administrator tells them that they can’t remove their opinions or votes. However, “an optimal RfC scenario would not actively silence any voices, but would allow community members to inform each other which participants are not community members, who may have alternative interests.” That’s fair.
What About The Votes? Is Wikipedia Banning Crypto Donations?
The vote doesn’t look good for crypto donations, but that doesn’t mean Wikipedia will ban them. At the time of writing, the “support” votes are approximately double than the “oppose” ones. Plus, roughly 150 Wikipedia persons have voted. Does this mean the ESG FUD worked and cast a shadow over the whole crypto space that will be hard to shake? Absolutely it does.
Related Reading | New Contender Emerges Despite Wikipedia’s Begrudging Listing of Cardano
It also means that people WANT to believe. And are not willing to accept the overwhelming evidence that points to PoW mining being a net positive for the environment.
Fortunately, Bitcoin doesn’t care. Tick tock, next block.
Featured Image by James on Unsplash | Charts by TradingView
NewsBTC
AMC Theaters Considers Accepting Shiba Inu As Payment Amid Growing Interest
AMC Theatres, the largest movie theater chain in the world, is considering adding Shiba Inu (SHIB) as a way to pay for tickets.
On Friday, the CEO of the theatre chain, Adam Aron, put up a poll on Twitter asking the crypto community if they would be potentially interested in paying for movie tickets with Shiba Inu.
After acquiring some cinemas in 2016, AMC became the largest movie theater chain in the world. It has 2,866 screens in 358 theatres in Europe and 7,967 screens in 620 theatres in the United States.
Shiba Inu – A Potential Means Of Payment
AMC Theatres is already in the process of integrating the payment options for movie tickets using Bitcoin, Litecoin, Ethereum, and Dogecoin, into its system. So this recent development is not really a surprise.
On Friday, Shiba Inu overtook Dogecoin to become the ninth-largest cryptocurrency by market capitalization. With a market cap of ,476,844,035, the meme coin was up 5.13% in the last 24 hours.
Related Reading | By The Numbers: What 00 In SHIB Is Worth Now
In the early hours of Friday, Aron took to his Twitter page to ask users if the company should accept online payments in Shiba Inu in addition to the other digital currencies that it’s working on.
TWITTER POLL #2: As you know, you can now purchase AMC gift cards using cryptocurrency, and our IT group is writing code so that soon we can accept online payments in Bitcoin, Ethereum, Litecoin and Dogecoin among others. Should we strive to take Shiba Inu too?
— Adam Aron (@CEOAdam) October 29, 2021
The poll already has a significant number of interactions even though there are still four days left to vote. At the time of writing, 121,916 Twitter users have already voted. So far, 87% support the movie theater chain accepting SHIB, while 13% are opposed to the idea.
This is, however, not Aron’s first Twitter poll of this sort. The first poll, which was conducted in September, was about whether AMC Theatres should accept rival meme coin Dogecoin. That poll also attracted a lot of attention. And after the voting ended, Aron expressed his fascination with the number of interactions it garnered.
Among those who liked his tweet was Tesla CEO and dogecoin supporter Elon Musk.
AMC Theatres And Crypto
The multinational entertainment giant has been showing serious interest in blockchain technology recently.
Last week during an interview with CNBC, CEO Adam Aron discussed AMC’s crypto ambitions. He said, “We’ve made a lot of noise in the last few months about getting hyperactive in cryptocurrency.” He also discussed the possibility of issuing company-specific crypto.
Related Reading | Crypto Adoption Boosts Travel: Travala Rises From The Ashes
In August, the firm stated its intention to include Bitcoin payments for movie tickets into its infrastructure by the end of this year.
The following month, the theater giant expanded on those crypto payment options by including Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). According to Aron, moviegoers are keen to pay for their movies with crypto at AMC theatres. These new payment methods will also be available by the end of the year.
SHIB trading at .0000736 | Source: SHIBUSD on TradingView.com
Earlier this month, AMC added Dogecoin to the list of crypto payment options. However, this will be added in early 2022. The company also announced that users can now buy digital gift cards with Dogecoin and other cryptocurrencies using their BitPay wallets.
Huge news Dogecoin fans! As we work to accept online crypto payments, now you can buy @AMCTheatres digital gift cards (up to 0 per day) with Dogecoin and other cryptocurrency using a BitPay Wallet. Accepted on our web site, mobile app, and in theatres. https://t.co/hPubbeq4YG pic.twitter.com/dra7e23tc8
— Adam Aron (@CEOAdam) October 5, 2021
Last month, the CEO of AMC theatres also indicated its interest in minting commemorative movie tickets as non-fungible tokens (NFTs) during a CNBC interview.
Featured image by Financial Times, Chart by TradingView.com
NewsBTC
McDonald’s Starts Accepting Bitcoin in El Salvador
Popular fast-food franchise – Mcdonald’s – is receiving payments in Bitcoin, only in El Salvador. This development followed the Central American country’s adoption of the cryptocurrency as a legal tender on Tuesday.
McDonald’s Accepts Bitcoin Through Lightning Network
All businesses across El Salvador will be required to accept Bitcoin in exchange for goods and services. But those who are technologically unable to receive cryptocurrency can be exempted from the law. Although the law stipulates that businesses must accept Bitcoin, many people had doubts about whether companies would be able to integrate Bitcoin payment solutions by the time the law went into effect.
However, Twitter users reported being able to pay for breakfast at the franchise with Bitcoin on Tuesday, the first day on which it became legal tender in the Central American nation. Aaron van Wirdum, a journalist, broke the news after he visited a McDonald’s restaurant in El Salvador, where he was presented with a printed QR code directing him to an invoice page on Lightning Network.
“Just walked into a McDonald’s in San Salvador to see if I could pay for my breakfast with bitcoin, tbh fully expecting to be told no.
But low and behold, they printed a ticket with QR that took me to a webpage with Lightning invoice, and now I’m enjoying my desayuno traditional!”
The president of El Salvador Nayib Bukele also shared updates and tutorials on how to use the Bitcoin wallet – Chivo.
Related Reading | Bitcoin Suffers 10% Pull Back On El Salvador’s Debut, Funding Rates Dip
Other franchises like Starbucks and Pizza Hut have also expanded their payment services to include Bitcoin in the country. Twitter user Mario Aguiluz (@maguiluz301) said: “This is to all the critics who said #Bitcoin would never be used to buy coffee. Just paid for mine at Starbucks in #ElSalvador. I just hope this doesn’t become the new 10,000 BTC pizza…”
BTC at K | Source: BTCUSD on TradingView.com
OpenNode, a bitcoin payment processor based in California, confirmed to Forbes it has formed a partnership with McDonald’s to allow it to begin accepting bitcoin.
Bitcoin can now be used to pay at all 19 McDonald’s locations in the country, as well as online and through the delivery app, OpenNode said. OpenNode spokesperson Ryan Flowers said his team is “currently onboarding multiple multi-billion dollar businesses based in El Salvador.”
Key Background
On Tuesday, El Salvador became the first sovereign government to adopt bitcoin as legal tender alongside its existing currency, the U.S. dollar. It allows the country’s residents to pay taxes and other debts using bitcoin, and for businesses to widen their payment options to the cryptocurrency.
Related Reading Panama To Recognize Bitcoin As Payment Alternative, Issues New Regulations
Bitcoin enthusiasts are wondering if the Bitcoin payment solutions will be adopted by these companies in other countries, especially in the United States.
What do you think about the adoption of bitcoin in El Salvador? Is Bitcoin on its way to becoming the currency of the world? Share your thoughts with us here:
“With #Bitcoin becoming legal tender in #ElSalvador, how long until it becomes the global reserve currency?” @nayibbukele
— Bitcoinist.com (@bitcoinist) September 7, 2021
Featured image from Eater, Chart from TradingView.com
NewsBTC