Binance, the worlds largest crypto to crypto exchange has recently announced its partnership with Simplex (a payment processing company) to allow Binance users to purchase cryptocurrency using credit cards. This step forward helps bridge the gap for users who wanted a more direct method to purchase bitcoin and other cryptocurrencies on Binance.
If you already have a Binance account you can check out the service at, or you can easilyregister for a Binance accountto start trading a variety of cryptocurrencies with ease.
While Binance is one of the more user-friendly cryptocurrency exchanges, having to purchase bitcoin or cryptocurrencies elsewhere before transferring them to Binance wallets to begin trading was a bit too daunting of a challenge for many users new to crypto. Now, Binance has cut out the extra step for users looking to quickly purchase and trade cryptocurrencies all on the same platform. This improvement is a solid step forward and strengthens Binances position as the leading cryptocurrency exchange by volume traded.
To start, Binance will be allowing users to purchase bitcoin, ethereum, litecoin and XRP with credit or debit cards, with no word on whether they will be opening up other cryptocurrencies in the future.
Although bitcoin and the rest of the crypto markets have been taking quite a beating in this bear market, BNB (Binance Coin) has been in a steady uptrend since late November. Both the dollar and bitcoin pairing have been progressing upwards on the weekly charts (shown below), with the first significant pullback against bitcoin having come this latest week. This being said, if the rally continues it looks like BNB could eventually challenge its previous highs in the future, something that most other cryptocurrencies are very far from doing.
To make this possible, Binance has partnered with online payment-processing provider Simplex. This isnt Simplexs first foray into the crypto space, since the company is already partners with BitMart and Mycelium, and partnered with KuCoin in late November of 2018. Simplex looks to be providing a much needed service for various cryptocurrency exchanges out there, ensuring that users can easily purchase cryptocurrency on their favourite exchanges using their credit or debit cards.
While Binance has notified that not all countries and US states will be able to take advantage of the feature, this is a limitation from Simplexs side of things.
Talking about this partnership, its clear the Binance CEO Changpeng Zhao is continuously looking to push cryptocurrency adoption while improving the current systems and gateways. This partnership with Simplex helps improve both the onramp for new crypto users along with the infrastructure for existing Binance traders.
On the Binance blogs announcement post the Binance CEO talked about how the necessity of building fiat gateways for the crypto industrys growth:The crypto industry is still in its early stages and most of the worlds money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.
You can follow Changpeng CZ Zhao on , and to stay up to date with the latest bitcoin and cryptocurrency news be sure to .
Coinbase has completed the launch of Ethereum Classic across all of its services and platforms, with Ethereum Classic now available to buy instantly across the Coinbase consumer mobile app and web interface. Coinbase users are now able to easily buy and sell ETC for traditional fiat currencies like British Pounds and Euros. Ethereum Classic joins Bitcoin, Bitcoin Cash, Ethereum and Litecoin as the fifth cryptocurrency asset currently supported on Coinbases consumer platforms.
As 5pm PT, Coinbase Consumer now supports Ethereum Classic (ETC) across its products, including the mobile app.
The last cryptocurrency asset to be added to all of Coinbases platforms was more than eight months ago, when Bitcoin Cash was added on December 19th, 2017, despite being originally planned to be added on January 1st, 2018. Bitcoin Cashs sudden acceleration in its launch was preceded by a spike in its price, seeing it rise up to more than $8,000 USD before the listing,leading to an investigationwhich eventuallyfound no insider trading had occurredamongst Coinbase employees.
Since its significant lows of $10.13 on August 14th, Ethereum Classic has now risen up in value by 40% in the past three days, with the price currently $14.30 at the time of writing. While this doesnt quite compare to the highs of $21.22 reached earlier this month, Ethereum Classics 40% rise in price came at a crucial time, with ETCs price at its lowest point in 2018 as it was retesting last years support of $9-10.
Below is the current daily chart for ETC/USD fromTradingView:
In thebrief blog postannouncing the ability to buy and sell Ethereum Classic, Dan Romero, Vice President and GM of Coinbase Consumer also mentions that Coinbase is well aware of the requests to add more assets on their consumer mobile app and web interface. He goes on to link toCoinbases blog post from July, where they announced the exploration of five new possible assets (Cardano, Stellar Lumens, Basic Attention Token, Zcash and 0x), before echoing that the Coinbase team is working hard to make more assets available to Coinbase app and web users around the world.
The complete launch of Ethereum Classic on all Coinbase platforms marks a solid step towards seeing at least one or two more assets also launch on Coinbase consumer by the end of 2018. Of the five contenders, Stellar Lumens (XLM) and Cardano (ADA) are considered by many as the likeliest contenders. This is largely due to their significant market caps, with XLM having a 4.3 billion USD market cap and ADA sitting only slightly below at 2.6 billion USD.
Both XLM and ADA have a significantly higher market cap than Ethereum Classic, but are worth much less than Ethereum Classic at the time of writing (XLM at $0.22 and ADA at $0.10) due to their much larger circulating supply and significantly lower trading volume. When considering the value of a cryptocurrency, while the total market cap should be considered, looking at the volume of an asset over the past 24 hours can give you a much better sense of its use-case and actual value.
Ethereum Classic is the sixth cryptocurrency in total 24h volume at the time of writing higher than Bitcoin Cash, Ripple and Litecoin. Its also important to consider how far above Ethereum Classic is in terms of volume compared to these other possible assets being explored by Coinbase. Zcashs past 24 hours volume of $85 million USD comes closest to ETCs $485 million USD in volume, with Cardano and Stellar Lumens trailing right behind at $75 million USD and $68 million USD respectively.
Of the five assets being looked into, Basic Attention Token currently has the lowest market cap at $216 million USD, with one BAT valued at $0.21. BAT also has the lowest volume of the five contenders, with $4.19 million USD of BAT circulating over the past 24 hours. It will be interesting to see how many assets will be added by Coinbase on what kind of timeframe. It is unsure whether Coinbase is looking to add one of these assets or all five and on what kind of timeframe, however, it looks like Ethereum Classic will surely be joined by at least another new asset on Coinbase in 2018.
With Ethereum Classic now added to Coinbase and available to a much larger market of consumers, it will be worth keeping an eye on Ethereum Classics price as it shapes throughout the next few weeks. In the meantime, if youre looking to learn more about Ethereum Classic, we highly recommend that you visit the where you can learn more about the Ethereum Classic project.
News Coin Today has been preparing an Ethereum Classic white paper breakdown, where we will go through the Ethereum Classic white paper and provide an in-depth explanation regarding the project and its scope. Until we post our ETC white paper breakdown, you can enjoy reading theEthereum Classic white paper here.
Keep an eye on News Coin Today for the latest cryptocurrency news and blockchain learning resources!
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Understanding the Basics of BlockchainSystems
Before delving into Bitcoin and cryptocurrency, its important to have an underlying foundation of knowledge of blockchain systems. Below is a comprehensive post which underlies the basics of blockchain systems and the varying technologies that can power them.
Blockchain systems are a coalescence of three main principles: private key cryptography, a distributed network with a shared ledger, and an anchoring reason or goal to support secure and recorded network transactions. These three form the basis of blockchain technology, generally defining it as a secure and decentralized ledger that cannot be tampered or altered. Most importantly, a blockchain network eliminates the need for a trusted third-party, as it is able to create a trustless system.
A trustless system doesnt define a system that is untrustworthy but rather is used to connotate a system that isnt reliant and overtrusting of any single party or distributor of information. This is because blockchain systems distribute trust rather than collectively dumping it upon a trusted third-party, like many centralized services work today. In blockchain technology, trust is placed on the governing protocol of the blockchain, whether it be proof-of-work, proof-of-stake, or another kind of consensus mechanism which approves transactions and additions to the blockchain.
This being said, there is no exact definition of what a blockchain is. While many choose to define blockchain a decentralized ledger of transactions, there are many blockchains which are not associated to a cryptocurrency (likeWalmarts supply chain databaseandrecent patent for a blockchain-based health care records system), others which are not recorded publicly (like MasterCards blockchain APIs) and are not decentralised.
The Verge has an in-depth articlewhich explores the history and definition of blockchain technology, wherein University of British Columbia associate professor of archival science Victoria Lemiuex states:
In general, if the transactions are gathered together in blocks, and it is blocks that are secured on the chain using cryptography, and it is designed to be tamper-resistant and produce immutable records, the system qualifies as a blockchain,
Associate professor Lemieux further explains that even if the above can be seen as a definition for blockchain systems, there are many distributed ledgers that denote themselves as blockchains even when their transactions arent organized in blocks. This is why its best to think about blockchain in terms of the technology being used, rather than absolute adjectives like trustless or immutable, which might not be applicable in all cases.
A Blockchain system is a cryptographically secured chain of blocks, each block containing a set of data. This dataset can be anything, from a history of transactions to any other kind of record keeping. Lets break everything down briefly to make blockchains innate security easier to understand:
s information is cryptographically encoded using a mathematical equation into a 64-character string called a
s data or contents, even just one letter or number, the resulting
is also completely changed into an entirely different
just to make the next section easier to understand.
The mathematical work required to create these cryptographically encoded hashes is calledproof of work, as it validates the set of data. In the case of Bitcoin, the proof of work algorithm ensures a block of transactions are valid and legitimate before they are verified and stored on the public blockchain. Proof of work algorithms necessitate a lot of computational power, which is why blockchain systems like Bitcoin function by allowing users around the world to contribute their computational power and act as miners. In compensation, a reward is given to the first successful miners who have verified transactions on a completed block using the proof of work algorithm.
Theres also a different kind of blockchain protocol system calledproof of stake, but well be going over proof of stake and how it differs from proof of work in a future post.
Because of the If a blocks data is changed or missing, the blocks hash will be different to the memory hash present on the next block. Because a blocks data contents also include the memory hash, and is a factor in that blocks hash, if one tried to cover up their data tampering by changing the memory hash on the next block to match the altered blocks hash, then they would have to continue the process, effectively changing every single block in the blockchain.
It is this structure, using cryptographically obtained hashes to define and secure each block, which makes blockchain difficult to tamper with. However, the decentralised nature of many blockchains also plays a large part in making these chains of information secure and unchangeable.
In the case of a decentralized blockchain system, data is processed through the proof of work or proof of stake protocol by a network of users acting as a consensus mechanism before all updating the blockchain at the same time. Every participant in the blockchain is continuously contributing some of their computing power into maintaining and updating new data entered into the blockchain.
All nodes (contributing computers or servers) are connected and communicating about the validity of each transaction or information being added into the blockchain. Once all the nodes come to the same conclusion about the data contents within a block, they all approve and add it to the blockchain at the same time. This results in a shared and distributed ledger of transactions (in the case of a cryptocurrency blockchain like Bitcoin) that cannot be altered or tampered.
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Coinbase Commences Final Testing for EthereumClassic
After recently announcing support for GBP currency on Coinbase, a tweet from Coinbases account announced that their engineering team has begun final testing for the inclusion of Ethereum Classic on the Coinbase platform. Along with this, the tweet mentions final testing is expected to be complete on Tuesday, August 7th, which would allow for inbound ETC transfers through Coinbase Pro and Coinbase Prime to begin.
The tweet also includes a link to theCoinbase teams blog on Medium, which further outlines how ETC will be rolling out on Coinbases various services:
Our engineering team is beginning final testing of Ethereum Classic on Coinbase products. We expect final testing to be completed by Tuesday, August 7, at which point we expect to announce that were ready to accept inbound transfers of ETC.
Once testing is complete on August 7th, the Coinbase team intends to allow 24-48 hours of inbound ETC transfers through their Coinbase Pro and Coinbase Prime services. After this, Coinbase will enable trading through Coinbase Markets, and once sufficient liquidity has been established Coinbase will then open trading through their Pro and Prime platforms.
The Coinbase blog post outlines that customers who previously held Ethereum Classic due to the 2016 Ethereum hard fork, and who chose not to withdraw their funds before January 2017 will receive a corresponding Ethereum Classic Credit on their accounts. Coinbase also includes a couple of frequently asked questions in their blog post, explaining that their testing completion date of August 7th is an estimate and can be subject to change. Along with this, they specify that Ethereum Classic will be available everywhere Coinbase is supported, leaving no locations excluded from the listing.
Lastly, Coinbase has specified that once sufficient liquidity is established on Coinbase Pro and Coinbase Prime, Ethereum Classic will be listed on the consumer version of Coinbase. In the post, Coinbase estimates about one to two weeks of trading on the Pro and Prime platform before Ethereum Classic makes its way to Coinbase consumer.
As a result of this announcement, Ethereum Classic saw a strong rousing in price, moving up around 14% to briefly reach highs of $16.97 before settling down at $16.43 at the time of writing. As long as the retrace doesnt dip below the $16.00 level, this Coinbase announcement will have brought ETC back fromthe recent bleeding in price for Ethereum and various other altcoins.
Below is the 1h chart of ETC/USD on the BitFinex exchange:
As the days move towards the completion of testing and its subsequent listing on Coinbases markets, its likely well see another surge in ETCs price. As liquidity is established, Ethereum Classics subsequent listing on Coinbases consumer platform will open it up to a massive amount of customers all over the world. While some believe that this listing will see Ethereum Classics price reach and surge beyond its previous all-time high of ~$42.00, with therecent trend of the marketit seems unlikely to see such a strong performance.
News Coin Today is not a source of financial advice. Always do your own research before pursuing any financial investments.
After asignificant 8% drop in Bitcoins USD pricethe past few days, the cryptocurrency market has continued to bleed significantly with Ethereum and many other altcoins following the negative trend. Ethereum suffered a 12% drop in the past few days (currently at $410 at the time of writing), moving down from the comfortable levels of support it had established around $450. ETHs low wicked down to $395, with the next major support seemingly sitting at the $365 mark.
While Bitcoins price has continued shaking out in the $7,200-7,600 range, many altcoins have suffered large drops similar to ETH, past their expected levels of long-term support.
Below is the 4h ETH/USD chart, with the 12% drop highlighted:
This drop in Ethereums price has seen serious bleeding across a variety of other coins, with some of the biggest losers over the past 24 hours being Waltonchain (-16.60%), ICON (-15.54%), Wanchain (-14.68%) and Vechain (-13.20%). Other coins which also dropped by more than 10% today are PundiX, PolyMath, Dent, Golem, and Mithril.
Larger coins like Bitcoin Cash (-5.29%), Ethereum Classic (-4.09%), OmiseGO (-6.46%), NEO (-4.04%), Stellar (-6.83%) and 0x (-6.13%) have also been suffering over the past 24 hours.
While some coins like EOS, Tezos, and Komodo especially have recovered and are doing positively on the 24h timescale, many other coins continue to reach for new bottoms. Todays hit of drops only underscores the relative negative downtrend over the past couple of weeks for Ethereum and various other altcoins.
Ethereum looks like it will be hugging the $410 support line, with it possibly turning to resistance very soon. Despite Ethereums recent drop following Bitcoins, ETH/BTC has risen steadily over the past 10 hours (+3% on the high wick over the past 10 hours), offering the possibility of some breathing room for Ethereum and other altcoins, while Bitcoin possibly suffers its next drop.
Bitcoin has also moved slightly below the previously anticipated $7,500 support, and is priced $7,380 at the time of writing. If the $7,200 level breaks for Bitcoin, it looks like $7,000 is the only possible point of support before dropping back down to the $6,800 price.
News Coin Today is not a source of financial advice. Charts are fromTradingView.
The USD price of Bitcoin dropped around 8-9% over the past two days, moving down from its previously settled support of $8,100 to reach lows of $7,460 before arriving at $7,538 at the time of writing.
While there is some support around the $7,200 range, Bitcoins price could swiftly drop to $6,800 or $6,600 if this is the beginning of a new downtrend.
Below is the 4h BTC/USD chart with the drop highlighted by the box:
The mentioned supports of 7,200, 6,600 and 6,800 are shown below, also 4h BTC/USD:
It seems like the bull run which began from the low $5,800 range has tapered off and is now trading in the $7,750-7,550 range for the past 24h at the time of writing. Well have to wait to see whether the ~$7,500 support can provide a bounce back to test $7,700 and eventually $8,000 resistance levels again in the next couple of days.
Bitcoins current percentage of the total cryptocurrency market capitalization is currently 47.90% at the time of writing according toCoinMarketCap.
News Coin Today is not a source of financial advice.
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News Coin Today (@NewsCoinToday)August 1, 2018
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Binance Enables Credit and Debit Card Purchases for Crypto