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Pornhub turns to cryptocurrency for premium service

In a nutshell: Cryptocurrency has a long history of being linked to shady activity on the Internet. In recent years, however, various virtual currencies including Bitcoin, Litecoin and Ethereum have made substantial strides in becoming a viable alternative to fiat currency.

It has taken Pornhub less than a week to replace Visa and Mastercard as its primary payments processing providers.

Decrypt recently noticed that the adult content platform is now only accepting cryptocurrency for its premium membership. The site appears to be taking a wealth of different virtual currencies including Bitcoin, Ethereum and Litecoin, among others.

A Pornhub premium membership sells for $9.99 per month and affords multiple benefits. Subscribers get access to exclusive content as well as faster and higher quality streams. Ads are also eliminated as part of a paid membership.

Its been a roller coaster of a year for Pornhub. After experiencing an influx of traffic attributed to the ongoing pandemic, the adult content site found itself at the center of a New York Times expos highlighting non-consensual and abuse videos. The aforementioned payments processing companies quickly distanced themselves from the site, and earlier this week, Pornhub removed millions of videos from its site that were uploaded by non-verified accounts.

PayPal late last year also stopped accepting payments for thousands of Pornhub performers.

Image credit: Max Sky

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Arrests made against gang that stole $100 million in …

Police in the UK arrested eight men on Tuesday as part of an international investigation into a gang that's been hacking celebrities and stealing their cryptocurrency.

The UK's National Crime Agency (NCA) and Europol released statements saying the gang used a technique called SIM-swapping to hack various celebrities over the course of 2020.

The NCA did not reveal the names of the celebrities, but said the victims included "well-known influencers, sports stars, musicians, and their families."

The hackers are believed to have stolen more than $100 million in cryptocurrencies, Europol said, as well as stealing regular cash out of celebrities' bank accounts. Paul Creffield, head of operations for the NCA's National Cyber Crime Unit, said money had been specifically been stolen out of bitcoin wallets.

The NCA added the hackers sometimes posed as the victims by gaining access to their social media accounts.

SIM-swapping is a relatively simple technique that means the hacker convinces the victim's cell phone carrier to transfer their number to a new phone controlled by the hacker. The hacker then typically changes the victim's passwords by getting reset codes sent via SMS. The same technique was used in 2019 to hack Twitter CEO Jack Dorsey's account.

The men arrested in the UK were all aged between 18 and 26, the NCA said. These arrests followed two others earlier this year in Malta and Belgium. Creffield said the hackers could face extradition to the US, as well as computer misuse, fraud, and money laundering charges in the UK.

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All Cryptocurrencies Screener – Yahoo Finance

InvestorPlace

Ethereum (CCC:ETH-USD) is trading over $1,800 as I write this early on Feb. 11. Its up 150% year-to-date (YTD). A similar story is told about Bitcoin (CCC:BTC-USD), the worlds largest cryptocurrency. Source: Shutterstock InvestorPlace - Stock Market News, Stock Advice & Trading Tips When it comes to stocks and other investments, generally, Im not particularly eager to write about them unless Im bullish about their prospects. Ill never short a stock as a result. Its just not in my nature to recommend someone sell a particular investment, especially when theyve bought for the long haul. Sure, Ill make sell calls based on valuation, but more often than not, its for stocks I like that have gotten ahead of themselves. Whats happening in the markets at the moment is unsettling to me. Not because Ive never lived through a major correction; Ive lived through many in my adult life (Im 56). I know from experience that markets always recover. Some, however, take longer than others. 8 Cheap Stocks Under $20 That Could Double Its a big reason why you might want to consider taking profits on your Ethereum bet. Let me explain. History Is a Good Teacher If You Own Ethereum Successful investors are generally interested in history. Thats because so much of what happens in the world repeats itself, over and over, and over. The markets are no different. History gives us perspective. Ben Carlson, one of my favorite financial bloggers anywhere, wrote a piece for his blog, A Wealth Of Common Sense, in March 2019 that discussed the worst entry point in stock market history. I recommend that you read it. Carlson plays with total returns in the markets over various 35-year periods. In one example from 1965 through 1999, the S&P 500 delivered an annual return of 12.4%. In another period from 1984 through 2018, the annual return was a respectable 10.7%, including the 1987 crash. I was one year into a financial services career at that point and figured the world as we knew it was over and done. It wasnt. Carlson compared the 1965 to 1999 period to the performance of the index from 2000 through 2018. That delivered an annual return of 4.9%, or about one-third of the performance over the 35 years. However, thats not his best argument. He points out that to generate a 12.4% return over 35 years from 2000 through 2034, an investor would need to achieve an annual return of 22% between 2019 and 2034 to generate the identical 35-year performance. So, the question you want to ask yourself as you sit on your significant unrealized gains YTD is whether, in 35 years, $1,800 will be considered the worst entry point in the cryptocurrencys history or one of the best. What you do with this analysis should determine whether you bail on your Ethereum bet or not. The Bitcoin Parallel InvestorPlaces Josh Enomoto recently wrote a piece that explained why he had unloaded most of his Bitcoin investment as his personal wall of worry got too hot to handle. Bitcoin is up 60% YTD and 358% over the past year as I write this. In May 2020, Josh discussed the concept of Bitcoin halving. He owned Bitcoin at the time. He held it at the end of 2019. At the beginning of 2019, he owned it. In 2018, he owned Bitcoin, arguing that investors had an opportunity to buy before the price really took off. Using the dates when each of these articles was published, Bitcoin traded at approximately $10,000 (February 2018), $3,800 (January 2019), $7,200 (December 2019), $4,900 (May 2020) and $37,000 (beginning of February). I cant tell you if Josh bought once in February 2018 and held through February 2020, or if he averaged down through 2019 and 2020, but what I can tell you is that $37,000, give or take a few thousand to account for the actual timing of the sale, was his time to bail. You see, when all your money is tied up in volatile investment markets, its difficult to get any peace. While Id never take such outlandish risks, I did have a sizable profit in Bitcoin, Josh wrote on Feb. 10. But as the price kept ticking higher and higher, the pressure got to me. Knowing how wild Bitcoin trading is, I could hold on for dear life and risk losing everything or I could get out while the going was good and take something, anything out of this experience. As Clint Eastwood said in Magnum Force, A mans [or woman] got to know his limitations. Indeed he or she does. I could continue with clichs and quotes for the next several hours. The point is, my colleague, who writes about investments for a living and has for many years chose to exit most of his Bitcoin position for a sizable gain after it had appreciated by 329% over the past year. By comparison, Ethereum is up 547% over the same period. Take from this what you will. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Will Ashworth has written about investments full-time since 2008. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next Potential Winner It doesnt matter if you have $500 in savings or $5 million. Do this now. #1 Play to Profit from Biden's Presidency The post Heres Why You Might Want to Bail From Your Ethereum Bet appeared first on InvestorPlace.

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Congratulations, the US got you cryptocurrency regulation …

Under new proposed regulations from the Financial Crimes Enforcement Network, it may become much easier for the government to track bitcoin transactions. And while theres currently a 15-day comment period open, cryptocurrency exchange Coinbase and the Electronic Frontier Foundation are calling foul because that period includes Christmas Eve, Christmas Day, New Years Eve, and New Years Day.

The proposed regulations in question, which were filed at 4:20PM ET on December 18th, are about private wallets. Lets say I am a famous and fancy cryptocurrency investor, and I do some trading on Coinbase. If I have my own private wallet that I want to transfer my money to, I will have to identify myself as the wallets owner if Im sending more than $3,000 in a transaction. And if I want to do business with someone else who has a private wallet, I need to tell the exchange some pretty detailed personal information. The exchanges are then required to store records of all this and turn them over on request.

Also under the proposed regulation, an exchange would be required to report my personal information if I make a total of more than $10,000 in transactions in one day. You can see why Coinbase or any other exchange would see this new know-your-customer requirement, at minimum, as a complete pain in the ass.

Its also the most ironic development in cryptocurrencys ironic history; born from a weird group of the libertarians, anarchists, and utopians, cryptocurrency promised to be a way to transact absolutely privately, in a trustless system. Bitcoin, the worlds biggest cryptocurrency, arose just after the 2008 financial crisis as an alternative to banks but these new regulations will make cryptocurrency exchanges act a lot more like banks. Taken in concert with another rule change about international transactions, it may signal that cryptocurrencys wild years are over and anonymity will be harder to find.

Cryptocurrency exchanges make it easy to move from dollars (or whatever) into a cryptocurrency and vice versa. That also means that they make cryptocurrency accessible to more people. The current FinCEN proposal makes more work for these exchanges and for the people operating within them as well as undermining the anonymity for which cryptocurrency is famous. Taken in combination with another recent proposed rule change about how to report cryptocurrency that crosses borders, you can see why some cryptocurrency enthusiasts are nervous.

There are some concrete consequences to this, the EFF points out. First, it makes anonymity more difficult in a transaction between a private wallet and one hosted by an exchange service. Second, the proposed legislation also makes it less appealing to have a private wallet.

But the third problem is the real kick in the ass: some cryptocurrencies, including bitcoin, record all transactions publicly. That means if I am trading bitcoin into my private wallet from an exchange, I have to send a bunch of identifying information about that wallet, which is then potentially available to the US government. Because as soon as you know a specific wallet address is mine, you know every bitcoin transaction I have ever made with that wallet. This means that the government may have access to a massive amount of data beyond just what the regulation purports to cover, the EFF writes.

So bitcoin, a cryptocurrency created to ensure anonymity, would ensure exactly the opposite under these rules. Though, I suppose, with a little creativity, its possible to get around them; you simply create a wallet for the know-your-customer rules, then transfer your money from there into a second private wallet.

Yesterday, Coinbases chief legal counsel, Paul Grewal, issued a response to FinCEN, complaining about the 15 day period for comments on this rule change: FinCEN asked the public to provide comments in just 15 days, spanning Christmas Eve, Christmas Day, New Years Eve, and New Years Day, in the middle of a global pandemic leaving just a handful of actual working days for comments.

Coinbase is asking for a 60 day review period which is the norm. The shorter review period of just 15 days is because the Treasury Department says significant national security imperatives mean this has to move faster. Its true that some cryptocurrency transactions are criminal The Silk Road was a significant part of bitcoins history, after all. The proposed rule says that cryptocurrencies facilitate international terrorist financing, weapons proliferation, sanctions evasion, and transnational money laundering, among its laundry list of potential criminality.

But its hard to know how serious that is, since 60 days from now, cryptocurrency exchanges would be dealing with the Biden administration rather than the outgoing Trump administration. There is no emergency here; there is only an outgoing administration attempting to bypass the required consultation with the public to finalize a rushed rule before their time in office is done, Grewal wrote.

Regardless of the 15-day or 60-day period, it does seem like the Treasury Department is attempting to send a message to any would-be cypherpunks: you cant beat the existing financial world you can only join it.

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ADA Overtakes XRP as Fourth Largest Cryptocurrency …

Cardanos star is on the rise, as its ADA token overtook XRP in fourth place by market cap on the morning of Feb. 7.

As more users start interacting with DeFi (decentralized finance) on Ethereum, transaction fees are rising. This leads to the greater adoption of Ethereum killers. These are alternative smart contract platforms with higher transaction speeds and lower costs.

The cryptocurrency market is feeling this move directly. One platform seeing increased attention is the Cardano network. In particular, ADA, the native currency of the Cardano smart contract platform, overtook XRP as the fourth largest crypto by market cap. This comes amid ADA gaining over 25% in value in the last day and almost 100% in the previous week.

Cryptocurrency investors who have been around since 2017 probably remember the following cycle. First, theres BTC growth, followed by ETH growth, followed by altcoin growth. It is a pattern we seem to be going through again. Bitcoin reached all time high prices. Then, Ether followed not long after as it exploded past $1600, and now select altcoins see the hype reflected in their cryptocurrency prices.

History does not repeat itself, but it rhymes, and its hard to deny the patterns existence. Logically, it makes sense, as new users and institutions are most likely to get Bitcoin and Ethereum exposure before learning about altcoins. This has led to price increases across some of the popular cryptocurrencies in the market with high potential upsides.

We have also seen a significant increase in DeFi usage, as total value locked (TVL) grew from less than $1 billion in early 2020 to the current value of almost $34 billion. This led to an increase in smart contract platform usage, as these networks allow for the creation and hosting of decentralized applications. Some of the largest competitors, Polkadot, Cardano, EOS, and Stellar, have seen positive price movements due to this adoption.

ADA is the native cryptocurrency of Cardano. Named after Ada Lovelace, a 19th-century mathematician widely seen as the first computer programmer, the coin provides its users permissionless security of value. With ADA, anyone around the world can secure their savings and instantly exchange value with ADA without the oversight of a third party. According to Cardano, Every transaction is permanently, securely, and transparently recorded on the Cardano blockchain.

ADA also provides its holders ownership rights in the stake of the Cardano network. Anyone can delegate their ADA and validate transactions on the network, providing them payment in the form of ADA. This creates a self sufficient pool of network users who look out for the platforms best interest in order to earn ADA.

DisclaimerAll the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Introducing r/CryptoCurrency Moons : CryptoCurrency

UPDATE (6/1): You may notice some changes in the feature with the new iOS app release. We're working closely with Apple and will share updates as available.

***

TL;DR: Moons are a new way for people to be rewarded for their contributions to r/CryptoCurrency. Claim your Moons in the new Vault section of the Reddit iOS or Android app! They represent ownership in the subreddit, they are tokens on the Ethereum blockchain controlled entirely by you, and they can be freely transferred, tipped, and spent in r/CryptoCurrency.

Today were launching a new feature in limited communities called Community Points. Community Points are a way for users to be rewarded for their contributions with a unit of ownership in their subreddit. Community Points can be earned, tipped, won, collected, and spent on unique items within a community. Each subreddit has its own stylization of Community Points, and the ones in r/CryptoCurrency are called Moons.

A Moon

How do you get Moons?

Moons are distributed monthly based on individual contributions (comments, posts, etc.) that people make in r/CryptoCurrency. Reddit karma provides a basis for measuring peoples contribution, but the final decision is up to the community.

Initially, 50 million Moons will be distributed based on karma earned in the subreddit to date. The amount distributed each following month will start at 5 million and decrease by 2.5% every cycle, so that the total number of Moons distributed over time will approach a maximum cap of 250 million.

Distribution Schedule

What can you do with Moons?

Moons can be traded freely and used for any number of purposes within the community. At this time, they can be used to display reputation within the subreddit, unlock exclusive features like badges and GIFs in comments with a Special Membership, and add weight to votes in polls.

New Special Membership

On the Blockchain

Moons exist as ERC-20 tokens on the Ethereum blockchain, where they are managed by a suite of smart contracts that handle balances, transfers, distribution/claiming, and purchasing Special Memberships. The smart contracts and mobile apps have been reviewed and audited by Trail of Bits, an independent security firm with blockchain expertise.

As blockchain tokens, Moons are independent of Reddit. Once youve earned them, neither Reddit nor moderators can take your Moons away or decide what you do with them. Theyre all yours.

Community Points are currently on the Rinkeby testnet (through summer 2020). We plan to migrate Community Points to the Ethereum mainnet, and Points balances will be carried over.

Note: If you send Moons to outside non-Reddit wallets or contracts, you are sending them to testnet addresses. These tokens will not show up in outside software (e.g. wallet apps, Etherscan) unless you switch to Rinkeby and use the testnet Moons contract address (0xDF82c9014F127243CE1305DFE54151647d74B27A).

How to get started with your Reddit Vault

The first Moons will soon be distributed to every active contributor in the subreddit with at least 100 karma. You can get started by claiming your Moons in the new Vault section of the Reddit mobile app, which includes more details on the start-up process and how Moons work.

Please note that you will need to set up your Vault the first time you access it, and you will need to be on the latest version of the Reddit app (2020.17.0 or later). We will be rolling the Vault out over the course of the day, so if you dont see it now, please check back later.

See the inspiration for Community Points and get started

We are launching Community Points today in a couple of subreddits that have opted into this experiment and with whom we will be working closely. We are very excited to have you join us in this new beginning and were looking forward to seeing what ideas you have for Community Points. Well be sticking around to answer any questions you have, so please ask away in the comments below. Thank you!

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Luno Bitcoin & Cryptocurrency on the App Store

Luno: The Easy and Secure way to Buy, Store, Explore and Trade Cryptocurrencies like Bitcoin (BTC), Ripple (XRP), Ethereum (ETH) and Litecoin (LTC)

Whether youre new to Bitcoin or an advanced cryptocurrency trader, our crypto wallet and trading exchange provides a safe and secure platform to buy Bitcoin and other digital currencies like Ripple, Ethereum, Litecoin and more. With over 3.5M customers in 40+ countries, our global team of over 300 dedicated professionals are always on hand to simplify your crypto journey. So whether you are looking to buy your first Bitcoin, or execute the perfect cryptocurrency trading strategy, Luno is here for you.

Buy Bitcoin and Crypto with Ease

If youre new to cryptocurrency, or just dont have the time to commit to trading, our instant buy and sell feature takes the complexity out of crypto trading. It gives you instant access to a range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and more, without needing to understand how to operate and execute complex trades on an exchange.

Set Bitcoin Price Alerts or Utilise Advanced Charting

From advanced cryptocurrency charting, to simple Bitcoin price updates, our app caters to all levels of user. Set price alerts for Bitcoin, Ethereum, Ripple, and Litecoin so that when the market moves you can take full advantage, or plan for the next Bitcoin price move in advance through our crypto trading platform.

Trade Bitcoin and Cryptocurrencies

Looking for a more advanced crypto trading experience? Our BTC and crypto exchanges have you covered. Your BTC, ETH or XRP trades can be easily executed, with all the necessary features you need for trading included. Switch over to our crypto exchange mode and trade between many supported pairs, including BTC/ETH, BTC/LTC, BTC/XRP and more, or swap between the old world and the new with BTC/fiat pairs, allowing you to Buy Bitcoin with the Rand, Naira, Ringgit, Euro or IDR Rupiah.

Safely Secure Your Funds with our Crypto & Bitcoin Wallets

We have built our platform with a laser focus on security and user safety, providing a simple and safe way to store your crypto. Whether a Bitcoin Wallet, Ethereum Wallet, Ripple Wallet or Litecoin Wallet you can sleep easy knowing your cryptocurrency is safe, with no need to worry about losing your Private Keys.

Supported Countries

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Guernsey, Hungary, Iceland, Indonesia, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Monaco, Netherlands, Nigeria, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Uganda, United Kingdom, Zambia.

About Luno

Founded in 2013, Luno has been in cryptocurrency for almost as long as Bitcoin. We believe wholeheartedly that cryptocurrencies such as Bitcoin, Ethereum, Ripple and Litecoin have the ability to upgrade the world to a better financial system. With 8+ billion dollars in processed transactions, we believe we have built one of the worlds most sophisticated Bitcoin security systems, and have never been compromised.

At Luno we are striving to create as safe, simple and feature rich an experience as possible for our customers, as they make their way into the world of Crypto. Whether youre looking for a secure Bitcoin Wallet, an easy way to Buy Bitcoin (BTC) or Cryptocurrencies such as Ethereum (ETH), Ripple (XRP) or Litecoin (LTC), an advanced crypto trading platform, or simply a safe space to explore and learn about Bitcoin and cryptocurrencies, we have you covered.

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Bitcoin hits record as US financial giants embrace cryptocurrency – Financial Times

  1. Bitcoin hits record as US financial giants embrace cryptocurrency  Financial Times
  2. What is the problem with cryptocurrency (bitcoin)? - Investors' Corner  Investors' Corner BNP Paribas
  3. Scallops, vaccines and Tesla: The wild world of blockchain and cryptocurrency  ZDNet
  4. India to ban cryptocurrency investment completely: Report  The Block Crypto
  5. "Mastercard Cryptocurrency"[Bitcoin] update: Amazon, Uber, Mastercard, Twitter hint to use Bitcoin afta 'CBN Cryptocurrency ban'  BBC News
  6. View Full Coverage on Google News

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This Cryptocurrency Is Really Burning a Hole in My Pocket – WIRED

Obviously bitcoin super fans tend to be Tesla super fans, and there actually tends to be a lot of symbiosis between those two groups, so it probably won't surprise anyone at all. So I don't know, it's a little bit unclear how many people are going to be taking up Tesla's offer to spend bitcoin on cars, but it seems like pretty good marketing to me actually in terms of speaking to that bitcoin audience and kind of formalizing all of these associations that we might have in our minds between EV enthusiasts and bitcoin fans.

MC: How would it work exactly? Do I just go to the website and pick out the car that I want and then give them my bitcoin information and then order the car?

LG: Well, Mike you'd have to have bitcoin to do that first, just an FYI. And as you stated at the top of the show, you're not a crypto guy, so.

MC: I'm speaking hypothetically!

LG: [Laughing] Oh, OK, OK.

MC: ... for the benefit of our listeners, Lauren.

GB: And that's true, actually. In fact, Mike, you would have had to had one bitcoin at the time that they made this announcement, because that was, the value of a bitcoin was basically equal to the base model three. So just need one. But yeah, so this is something that still needs to be worked out. Tesla has basically said that they plan to take bitcoin at some point in the future. They haven't said anything about the specifics, how they're going to handle the payment processing. A lot of companies will actually say that they're taking your bitcoin, but then they'll actually convert it into something else first. That's typically how bitcoin transactions work. For something like a car it might actually be easier to take bitcoin directly, because just the kind of transaction costs are less meaningful in terms of the total cost of a car. It can be expensive to use bitcoin just because of the energy and the fees that go into trading bitcoin. But that's a long way of saying that, we don't quite know just yet how the logistics will work.

LG: Greg, you've actually just reminded me at the start of the show I wanted to look up how much a single bitcoin was worth and then monitor it so we could gauge the price at the end of the show. OK, right now a single bitcoin is worth $47,892.92. So yeah, let's see if we upgrade our Tesla cars by the time the show ends, depending on how much it fluctuates.

GB: Depends on how much Musk is tweeting through our podcast.

LG: Yeah. So Mike, you had a good question about whether or not we know Elon is actually serious about this, right?

MC: Yeah, like Greg just mentioned, Elon tweets about bitcoin. When he tweets about bitcoin, it actually meaningfully moves the price of bitcoin. I think you mentioned in your story, Greg, that at one point Elon put a hashtag bitcoin in his Twitter bio and the price shot up 20 percent. So, we know that he is fond of using social media to move money markets. As you've mentioned, other companies are interested in bitcoin, investing in bitcoin. Some financial institutions are investing in bitcoin and that collectively is moving the price up. But are we sure this isn't one of Elon's little ploys?

GB: That's a really good question, Mike. I think that, what I should say first is that $1.5 billion, it's a lot of money, even for Tesla. I think they had something like $19 billion of cash on hand as of this announcement. So, I mean, 1.5 billion out of 19, it's a sizeable investment that's happening.

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Bitcoin Welcomes Tesla, Mastercard, BNY Mellon, Venmo To The Cryptocurrency Party – Forbes

To say this week has been huge for bitcoin and cryptocurrency adoption would be an understatement. There has been so much news that its been hard to keep up, even for those of us working full time in the industry.

Bitcoin adoption is always noteworthy because it shows that these technological improvements to our financial system are finally being understood and desired.

What makes this weeks news even more exciting is that we are seeing a major shift away from traditional finance writing off the cryptocurrency industry (and the technology behind it) as only for cyberpunks or money launderers. This is a narrative that the industry has worked to shake for a decade.

Now, we are seeing that companies like Tesla want bitcoin on their balance sheet and BNY Mellon, Mastercard and PayPal/Venmo see the customer demand high enough to meet it.

Tesla

On Monday, Tesla announced it bought $1.5 billion worth of bitcoin to ensure more flexibility to further diversify and maximize returns on our cash. This move by Tesla and Elon Musk was well received by the industry, although some accurately pointed out that Musk had shilled Dogecoin on Twitter, while apparently having Tesla buy bitcoin instead.

Aubrey Strobel, Head of Communications of Lolli, the world's leading bitcoin rewards company, pointed out: Bitcoin is becoming fully integrated. Now that Tesla has added bitcoin to its balance sheet, retail investors have exposure to bitcoin when they buy $TSLA or the S&P 500.

Close up of Tesla logo on a charger at a Supercharger rapid battery charging station for the ... [+] electric vehicle company Tesla Motors, in the Silicon Valley town of Mountain View, California, August 24, 2016. (Photo by Smith Collection/Gado/Getty Images).

This also led to a slew of companies making statements about their stance on bitcoin. Ubers CEO, Dara Khosrowshah dismissed the idea of adding bitcoin on its balance sheet, saying we are going to keep our cash safe. For the record, bitcoin is safe but what he was referencing is Bitcoins volatility. He also left open the possibility of Uber accepting cryptocurrencies as payment in the future.

Mastercard

On Wednesday, Mastercard announced its plan to give merchants the option to receive payments in cryptocurrency later this year. This will allow Mastercard customers digital currency payments to be settled in crypto at participating merchants, a first for the company.

In this photo illustration a Mastercard logo (Photo Illustration by Omar Marques/SOPA ... [+] Images/LightRocket via Getty Images)

In a blog post, Mastercards EVP for Blockchain and Digital Asset Products, Raj Dhamodharan noted, Our philosophy on cryptocurrencies is straightforward: Its about choice. Mastercard isnt here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value.

BNY Mellon

Yesterday, (are yall keeping up with me? Phew) BNY Mellon, the $2 trillion banking giant, announced the creation of a Digital Assets Unit, which the company describes as a team dedicated to building the first multi-asset custody and administration platform for traditional and digital assets, including cryptocurrencies.

For anyone familiar with the cryptocurrency industry and the troubles cryptocurrency companies have in obtaining bank accounts, let alone custodying cryptocurrency with a Bank, this news was exciting and shows immense progress. Banks like Silvergate Bank, who were early adopters in the space, as well as the OCC have paved the way for banks like BNY Mellon to be willing and able to provide banking and cryptocurrency services. Alan Lane, Chief Executive Officer of Silvergate Bank commented by email that the Bank sees this as a tremendous validation of the platform weve built.

Brian Brooks, former Comptroller of the Currency of the OCC told me, When the oldest bank in the United States decides to adopt the newest money in the world, that shows the inevitable convergence between cryptocurrency and banking.

Venmo

BRAZIL - 2020/07/26: In this photo illustration the Venmo - Share Payments logo seen displayed on a ... [+] smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

PayPal also announced today that it is considering adding cryptocurrency as a payment option through Venmo. In 2020, PayPal itself introduced cryptocurrency as a funding source for digital commerce at its 26 million merchants. Venmo boasts over 52 million individual users.

Conclusion

Regardless of your personal opinion on cryptocurrency, all of this is summed up as big news for this growing industry. Erik Voorhees, CEO of ShapeShift.com, a leading cryptocurrency exchange explained to me, The recent Bitcoin announcements by major companies is indicative of this rising future financial system. One built on open, borderless protocols, and immutable money."

Aubrey Strobel of Lolli, eloquently summed the week up, In the same week, the worlds most progressive company, Tesla, and Americas oldest bank, BNY Mellon, have added bitcoin to their business models. Its no longer a matter of if institutions will adopt bitcoin, its a matter of when. One by one, institutional investors are validating the intuitive value and underlying logic of bitcoin.

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