Connect with us

Payments

Saving Mr. Gates

Avatar

Published

on

The story is set in 2021. Gates has steadfastly resisted bticoin, and recently said that he’s worried that bitcoin uses more electricity per transaction than any other method known to mankind. The truth is that Gates has been bearish on bitcoin for some time now. Three years ago, during an “ask me anything” session on Reddit, Gates said that cryptocurrency has been responsible for various evils, including buying Fentanyl and other drugs, money laundering, tax evasion and terrorist funding. In 2018, Gates said that he would short bitcoin if there were an easy way to do it. A 31-year-old Gates became the youngest billionaire in the world in 1987, shortly after Microsoft went public. In 1995, at age 39, he was the richest man in the world with a fortune of $12.9 billion and held the title on and off for decades. But there’s a simple reason Gates is no longer the richest person alive, and it’s not because of Tesla’s or Amazon’s tremendous growth. Bill and the Gates Foundation made a mistake when they chose not to embrace bitcoin. While Bill Gates is an extremely smart man, he does not understand bitcoin and decentralization. Microsoft’s ex-chief built a company that’s the epitome of a centralized organization. But there is so much that he could do for the world, if he embraced in bitcoin and the decentralized values it stands for. He could strengthen the global community’s philanthropic impact by facilitating a faster, affordable, and more secure process for moving funds all around the world. He could ensure financial inclusion for everyone.

Ilias Louis Hatzis is the founder and CEO at Kryptonio, a decentralized and keyless crypto wallet. Kryptonio eliminates all the shortcomings of centralized crypto exchanges and problems with managing private keys and seed phrases. Sign up and be the first to get the safest cryptocurrency wallet.

Starting on Saturday morning, the world’s top cryptocurrency crossed $60,000 mark for the first time and hours later it shot past $61,000 to set a new all-time high of $61,124.86.The new high came two days after President Biden signed the $1.9 trillion stimulus package that will be sending checks for $1,400 to US citizens. People have started receiving the checks, which could be another factor in bitcoin’s rise.

Recently, Gates argued that the practice of bitcoin mining was exacerbating the effects of climate change. The process of bitcoin mining, verifying transactions using powerful computers to solve ultra-complex mathematical equations, consumes a huge amount of electricity.

If you compare bitcoin’s power consumption to that of the banking system, then you’ll see that the consumption of banks is 3x larger than bitcoin’s. In another example, VISA requires 149 kWh of energy to perform 100,000 transactions on its global settlement network. The Lightning Network is over 1 million times more energy-efficient than this outdated network.

Now, can bitcoin become more every efficient?

Sure, it can. The bitcoin network could agree to use PoS algorithm (proof of stake), like Ethereum. Some believe that eventually bitcoin will also move to PoS, reducing its electricity consumption. But the problem with PoS is that under this algorithm, staking wallets with more holdings have more votes. This means that a small group of wealthy stakers can control the entire network, voting on changes that benefit them. For example, a large entity or wealthy group, like a central bank, could use fiat money to purchase vast amount of a PoS coin, hold them until their wallets become eligible for staking, and then take over the network. Sounds pretty centralized to me.

Regardless of the media coverage on bitcoin’s energy consumption, the reality is that bitcoin is a huge driver for renewable energy. Research by Coinshares shows that 74% of bitcoin mining uses electricity from renewable sources. According to another study by the Cambridge Centre for Alternative Finance (CCAF), the use of renewable energy in cryptocurrency mining is being driven by hydroelectricity. The CCAF research showed that 76% of miners use renewable energy to power their activities, with hydropower the number one source at 62%. Wind and solar energy meanwhile are used by 17% and 15% respectively.

Bill Gates has bet against bitcoin, every step of the way. Despite being a famous technology CEO, Bill Gates is a conservative investor who has done very little in the tech startup world. His top holdings are Berkshire Hathaway, Waste Management, Canadian National Railway Company, Caterpillar and Walmart.

Bitcoin is supported by some of the brightest minds in technology. The most successful technology investors believe bitcoin is a viable form of currency. Venture capital firms such as Khosla Ventures, Union Square Ventures, Lightspeed, and a16z have been funding bitcoin projects for several years. In an editorial in 2014, Marc Andreessen talked about the divide between how technologists feel about bitcoin and how the rest of the world sees bitcoin. He argued that the ongoing movement by researchers and developers to bring this technology to the market will eventually win out over the public’s unwarranted bias. Over the last decade, Bitcoin has continued to prove that it’s one of the most important technologies and will continue its upward path, regardless of Bill Gates and other detractors.

One of bitcoin’s hurdles is multigenerational adoption. But perhaps this is not really a problem, when you consider millennials. Bitcoin and cryptocurrencies have been in existence for most of the adult life of millennials. When this generation grows by another decade, crypto and crypto wallets will be frictionless. Edelman Research published a study of 1,000 millennials with over $100,000 in income and found 25% own cryptocurrency.

In an interview, Bill Gates once said: “The secret of my success is that I do not miss any opportunities like you just did.” Well, from where I stand, it looks like Bill is missing the opportunity presented by crypto.

The applications that bitcoin and cryptocurrency can have when it comes to helping those in poverty are massive. Digital could lower transaction costs and provide universal access to innovative financial products. Two billion people are unbanked and trapped without access to bank account or financial tools that can help capitalize on their assets (intellect and labor) and lift them out of poverty.

What a remarkable opportunity crypto presents to help on a massive scale.
Just like Disney saved Mr Banks, bitcoin could save Mr. Gates.

Image Source

Subscribe by email to join the other Fintech leaders who read our research daily to stay ahead of the curve. Check out our advisory services (how we pay for this free original research)

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyfintech.com/2021/03/15/saving-mr-gates/

Fintech

Software-based facial recognition in payments industry to dominate by 2025

Avatar

Published

on

A new report from Juniper Research predicts that software-based facial recognition to secure payments will be almost ubiquitous by 2025, thanks in part to Apple’s FaceID implementation.

According to the firm, there will be more than 1.4 billion users of facial recognition software used for payments alone in 2025, up from 671 million in 2020.

Apple’s FaceID is driving growth in the wider facial recognition market, even though masks and other facial coverings have become more common since COVID-19.

Beyond facial recognition technologies, fingerprint sensors and voice recognition are also picking up significant momentum.

“Hardware-based facial recognition is growing, but the ability to carry out facial recognition via software is limiting its adoption rate,” explains Juniper Research and author of the research report, Susan Morrow, says.

“As the need for a secure mobile authentication environment grows, smartphone vendors will need to increasingly turn to more robust hardware-based systems to keep pace with fraudsters’ evolving tactics.”

According to the Mobile Payment Authentication: Biometrics, Regulation & Market Forecasts 2021-2025 report, fingerprint sensors will be on 93% of smartphones with biometric hardware by 2025, while hardware-based facial recognition will only be on 17% of phones.

Voice recognition for payments is gaining popularity: In 2020 voice recognition had 111 million users – this is expected to rise dramatically to more than 704 million users by 2025.

Juniper Research states that voice recognition is primarily used in banking, and there are few other ways in which it can expand. The reason for this lack of growth could be due to robustness concerns.

“Juniper Research recommends that vendors adopt a multi-method biometric strategy, which encompasses facial recognition, fingerprints, voice and behavioural indicators to ensure a secure payment environment.”

To read more, please click on the link below…

Source: Software-based facial recognition in payments industry to dominate by 2025

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/software-based-facial-recognition-in-payments-industry-to-dominate-by-2025/

Continue Reading

Fintech

Innovative middleware platform Doshii signs up three new POS partners

Avatar

Published

on

Australian middleware cloud platform and hospitality app marketplace provider Doshii has signed on three new Point of Sale (POS) partners, giving more venues the opportunity to cut through the app chaos and streamline their operating systems.

The three new partners – Abacus, Splitability, and MSL (SwiftPOS and Infogenesis) – will provide their venues with direct access to Doshii’s growing range of ordering, delivery, reservation, loyalty program, payment, rostering and other business apps.

Doshii CEO Justin O’Donnell said the partnerships will make it easier for venues to manage and maximise the performance of their online channels.

“These new partnerships will enable hospitality businesses to use Doshii to connect and sync with a multitude of information software platforms and apps needed to run a hospitality business, all through their partnered POS systems,” Justin said.

“Doshii effectively creates an integrated ‘one-stop-shop’ for all the home delivery and in-venue ordering, business management, data, and customer loyalty program apps with venues’ POS system.

“It assists with reducing labour costs involved with rekeying orders, and helps minimise mistakes that lead to product wastage and unhappy customers.

“Ultimately, it improves revenue, reduces operational costs and increases efficiency.”

Justin said the new partnerships would reduce development, maintenance and support expenses for the partners by leveraging Doshii as an integration provider along with 24/7 monitoring and proactive support.

“Giving our partners’ venues access to the Doshii ecosystem ultimately enhances the increasingly tech-savvy consumer experience – and happy customers lead to a more successful hospitality business,” he said.

“Doshii also has a full menu management system to allow venue operators to manage their menus from a central platform. All styles of hospitality operator will benefit from less time managing menus across multiple apps.

“We have experienced unprecedented uptake following last year’s COVID-19 restrictions, largely due to Doshii’s ability to help venues seamlessly ‘tech up’ and allow businesses to focus on what they’re actually good at – be it making and serving burgers or mixing cocktails – without distraction or delay.”

Doshii’s partnership with MSL’s POS venues will enable those venues to connect directly to the likes of Deliveroo, Mr Yum, OrderUp and Mobi2Go, along with their existing partner me&u, and reservations apps including OpenTable and Resy.

Justin said as venue operators emerged from COVID-enforced lockdowns, they were increasingly looking for ways to increase their revenue streams.

“These new partnerships will help venues achieve this, while also allowing them to digitally manage their menus via Doshii.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/innovative-middleware-platform-doshii-signs-up-three-new-pos-partners/

Continue Reading

Fintech

Splitit partners with UnionPay, the world’s largest card network of 9 billion cardholders

Avatar

Published

on

Splitit, a global payment technology company, announces a new global partnership with UnionPay International, part of China UnionPay, the provider of bank card services and a major card scheme in mainland China.

UnionPay International will be integrating Splitit to make it available to its network. This will give UnionPay cardholders and those accepting UnionPay the opportunity to utilize Splitit’s installment payments product.

The UnionPay global acceptance network has expanded to 180 countries and regions, covering over 55 million merchants. Outside the Chinese Mainland, UnionPay is accepted at over 32 million merchants. To date, over 9 billion UnionPay cards (debit and credit) are issued in 68 countries and regions, among which over 150 million are issued outside mainland China. All UnionPay credit cardholders will be able to use Splitit’s interest- and fee-free installment payment option at any merchant offering Splitit from June FY21.

“The cooperation with Splitit is a remarkable milestone for UnionPay to further deepen its cooperation with partners in the South Pacific region,” said Jiangtao Jian, General Manager, UnionPay International South Pacific branch. “We’re excited to bring this partnership with Splitit to UPI customers globally so they can benefit from increased flexibility in how they pay.”

“Partnering with UnionPay opens up our solution to UnionPay credit card holders, building on our existing card partner networks. It combines our unique installment solution and global reach, with UnionPay’s powerful card holder base to allow countless more shoppers to better use their existing credit,” commented Brad Paterson, CEO of Splitit.

“The partnership is another significant milestone in Splitit’s Asia Pacific expansion strategy to boost consumer adoption and merchant acceptance. This increased relevance to more cardholders and merchants will, in turn, accelerate our merchant sales volume,” he concluded.

The economic materiality of the agreement with UnionPay International is unknown due to the contingent nature of results that may be generated. At this point in time, Splitit considers the UnionPay partnership is unlikely to yield a short-term economic benefit for Splitit, however, Splitit considers that the UnionPay partnership supports Splitit’s strategic growth plans.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/splitit-partners-with-unionpay-the-worlds-largest-card-network-of-9-billion-cardholders/

Continue Reading

Fintech

Flybuys and Klarna take the points game to the next level

Avatar

Published

on

Australia’s most popular rewards program, Flybuys, and global shopping app, Klarna, today announced a new upcoming partnership set to launch in May – allowing members of both to earn more reward points and elevate their shopping game.

The Flybuys-Klarna partnership will offer members of both even greater flexibility and accelerate their ability to collect rewards.

Flybuys members can now use the Klarna app online and in-store across thousands of brands and start collecting Klarna rewards club vibes that can be converted to Flybuys points. For each $1 repaid on purchases, Klarna rewards club and Flybuys members can collect 1 vibe that can be converted to 3 Flybuys points, once enough vibes are collected.

To celebrate the partnership and receive 1,500 Flybuys bonus points, Flybuys members need to download the Klarna phone app, join the Klarna rewards club, make their first payment, then link their Flybuys account through the Klarna app.

John Merakovsky, Chief Executive Officer, Flybuys, said, “This partnership with Klarna opens up new opportunities for our members to collect points, and even more ways to be savvy with their shopping and be rewarded for it. We’re incredibly proud to welcome Klarna into the fold as our first buy now, pay later partner.”

The Klarna shopping app, which launched in Australia in January 2020, enables customers to shop and pay in 4 instalments at any participating retailer, both in store and online. Users can browse top brands, create curated wish lists, receive price drop notifications, and have access to shopping inspiration, exclusive deals and discounts from global and local Australian retailers, all from one app.

Fran Ereira, General Manager for ANZ, Klarna, said, “This is a revolutionary partnership bringing together the world’s fastest growing shopping app with Australia’s most popular loyalty program. Our partnership has been proudly designed for modern consumers. Shoppers want more flexibility in payment options so they can get what they want now, but they also want to be rewarded for taking this option. Klarna’s partnership with Flybuys rewards both our customers by tripling their points collection and rewards potential.”

Over the past year there have been significant changes in how Australians shop. Klarna has been able to respond to changing consumer behaviour over the past 12 months and offer consumers a full shopping experience from wish lists, price drop notifications and the recently launched Klarna rewards club.

Meanwhile Flybuys has continued to diversify and expand on how members can collect points on things they’re already buying, at places they’re already shopping at. Flybuys members can collect points to treat themselves with products from the Rewards Store, great travel deals, or savings towards their shopping.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://australianfintech.com.au/flybuys-and-klarna-take-the-points-game-to-the-next-level/

Continue Reading
Esports3 days ago

chessbae removed as moderator from Chess.com amid drama

Esports2 days ago

DreamHack Online Open Ft. Fortnite April Edition – How To Register, Format, Dates, Prize Pool & More

Esports5 days ago

Dota 2 Dawnbreaker Hero Guide

Esports4 days ago

Why did Twitch ban the word “obese” from its predictions?

Esports5 days ago

A detailed look at Dawnbreaker, Dota 2’s first new carry in four years

Esports2 days ago

Hikaru Nakamura drops chessbae, apologizes for YouTube strike

Esports5 days ago

Dota 2: Patch 7.29 Analysis Of Top Changes

Esports5 days ago

Dota 2 patch 7.29: Impact of Outposts, Water Runes and other major general gameplay changes

Esports4 days ago

Dota 2: Team Nigma Completes Dota 2 Roster With iLTW

Fintech3 days ago

Australia’s Peppermint Innovation signs agreement with the Philippine’s leading micro-financial services provider

Esports4 days ago

Hikaru Nakamura accused of striking Eric Hansen’s YouTube channel

Esports4 days ago

Fortnite: Blatant Cheater Finishes Second In A Solo Cash Cup

Blockchain5 days ago

Revolut integriert 11 neue Kryptowährungen

Esports4 days ago

LoL: Blaber Named 2021 LCS Spring Split Honda MVP

Blockchain4 days ago

Bitcoin Kurs durchbricht 60.000 USD-Marke

Esports3 days ago

Twitch bans Adin Ross after ZIAS uses Homophobic slurs during his stream

Esports5 days ago

Code S RO16: Maru & Dream advance to RO8

Esports4 days ago

LoL: LCS MSS Lower Bracket Finals Recap- Team Liquid vs TSM

Esports4 days ago

The best way to play Hecarim in League of Legends season 11

Esports4 days ago

LoL: Rekkles Named 2021 LEC Spring Split MVP

Trending