Doing What You Want With Your Money Is a Fundamental Right

Doing What You Want With Your Money Is a Fundamental Right

Since the birth of Bitcoin, crusaders fighting for the separation of money and state discovered a new payment tool that bypasses the nation state’s control over the monetary system. For over ten years now, lots of people have been using digital currencies to hide from prying eyes of governments in order to free themselves from a system that contributes to insanity.

Also read: How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash

The Separation of Church and State Has Proved Humans Can Remove the Monetary System From State Control

It can take years, decades, and even centuries for humans to realize certain concepts used within society are immoral. Things like genocide, chattel slavery, and religious persecution have all been deemed unethical. Over the last century, throughout a great majority of countries worldwide, the separation of church and state has become the norm. The concept of the separation of church and state started during the Saint Augustine of Hippo era (between 354 – 430 AD). Augustine discussed the subject in the book called “The City of God,” in Chapter 17, and defined the proper roles of religion and country. All the way up until medieval times, most leaders of nations states were kings and were appointed by the church to rule because of an idea called divine right. Things really started heating up in the Western Hemisphere, when citizens from England wanted to escape the church’s state-dominated rule by fleeing to the colonies located in the U.S.

Doing What You Want With Your Money Is a Fundamental Right
John Locke was one of the first to introduce the “enlightenment era” which involved individual sovereign rights and the separation of church and state.

During this period (the 1600s–1720) the political philosopher John Locke established the “enlightenment era,” which initiated the idea of separating church and state as well as other individualist ideas. Other well known philosophers like Montesquieu and Pierre Bayle also argued for separation of the two entities. Locke’s writings about the social contract and sovereign rights declared that nation states do not have the authority over an individual’s conscience and therefore forcing them to follow a certain religion is immoral. Locke’s views became a primer for the American revolution and his literature helped form the U.S. Constitution. The third President of the United States, Thomas Jefferson, wrote many articles on the free exercise clause and he was quoted for coining the phrase “building a wall of separation between church and state.”

“I contemplate with sovereign reverence that act of the whole American people which declared that their legislature should ‘make no law respecting an establishment of religion, or prohibiting the free exercise thereof, thus building a wall of separation between church and state,” Jefferson wrote in 1802.

Doing What You Want With Your Money Is a Fundamental Right
Many economists and scholars worldwide believe the state’s interference with money is the main reason the current monetary system is a failure.

Cryptocurrencies Are Priming a New Enlightenment Era

Well before Satoshi Nakamoto unleashed the Bitcoin network, individuals have been pushing for the separation of money and state. Austrian economists and libertarian philosophers believe that money deserves to be privatized and removed from the surveillance of the nation states. There are a great number of reasons why money needs to be depoliticized, and most of the citizens from nearly every country are aware that something is wrong.

This is why the inflation rate in Venezuela is one of the worst cases of hyperinflation in modern history, at 10 million percent. It’s why huge Occupy Wall Street protests were staged worldwide in 2012 after the 2008 recession, and why the French recently protested in Paris. Governments and the central banks, controlled by a small group of people, have created a system so manipulated that 1% of the world’s population controls most of the wealth, land, and commodities. The collusive arrangement between the bureaucrats and banks is allowed because the citizens are told these entities work for the common good of man. However, the central banks and politicians are the ones who have funded decades of war, financial sanctions against peaceful people, pollution, and the growing police and surveillance state.

Doing What You Want With Your Money Is a Fundamental Right
Because bankers are extremely close with the political oligarchy, no banker has been jailed for severe and systematic financial crimes. But bureaucrats have no issues with arresting thousands of peaceful people for using marijuana or spending their money privately.

Over the years there have been multiple methods of bypassing the state’s dominant control over money, but some people have been threatened and even caged for trying to use a new money system. For instance, Bernard von NotHaus was arrested in 2007 for creating the Liberty Dollar, a private currency that was issued in minted metal rounds. The U.S. government then warned the public that the people could not issue metal coins that resembled the coins of the United States or of foreign countries.

Doing What You Want With Your Money Is a Fundamental Right
Bernard von NotHaus is well known for creating the Liberty Dollar and being arrested for creating a private currency that competed with the U.S. dollar. Liberty Dollars were also represented by paper notes as well.

During this same time frame, the cypherpunks were busy discussing and producing different forms of electronic currencies to be used on the internet. The following year, after von NotHaus was arrested, the global economy imploded and bureaucrats rushed to bail out the banks. While things seemed extremely dismal, on January 3rd, 2009, Satoshi Nakamoto unleashed a new payment tool that could help bolster monetary freedom and separate money from the claws of the state. The software’s genesis block is a testament to this goal as the embedded metadata reads:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

Global Citizens Have Realized the Monetary System Is Unethical, But as With the Church, Governments Will Encroach Until They Are Removed From the Process

Satoshi never commented on why he chose to add this message, but the headline stems from the January 3rd, 2009 edition of The Times. The newspaper detailed how British politicians told citizens that they would bail out the banks in order to stimulate the economy. Despite the protests in major cities across the U.S. and U.K., the biggest central banks bailed out the financial institutions with taxpayers’ money. More than ten years later after a bunch of quantitative easing (QE) and manipulating interest rates, the world’s bureaucrats and central planners have failed again. Economists are worried that there’s an impending recession on the way in 2019, and some expect it to be worse than the 2008 crisis. Thankfully, Nakamoto’s vision and subsequent technology have spurred another avenue for peaceful individuals and organizations to escape the threats of monetary control.

Doing What You Want With Your Money Is a Fundamental Right
One optimistic thing about the creation of Bitcoin is that ever since it was introduced, people are not being thrown in a cage, like Bernard von NotHaus for creating their own currency. There are now 2,000+ cryptocurrencies competing and anyone can participate.

Cryptocurrencies are another opportunity to participate in the counter economy just like using methods of barter and trade, and the use of alternative currencies not controlled by nation states. Since the separation of church and state has become the norm, digital currency proponents think that money and payment tools are also tethered tightly to the conceptions of identity and self. This means no one should tell you how to spend your money, no one should be able to monitor your use of funds, and no one should throw you in a cage because you want to keep your financial transactions private. Humans should be able to do whatever they want with their money and cryptocurrencies allow for them to do this in a permissionless manner. In 2019, residents of planet earth should at least understand by now that the separation of money and state should be a fundamental right in the same way spirituality should be chosen or not chosen freely by a sovereign individual.

Doing What You Want With Your Money Is a Fundamental Right
Using cryptocurrencies like bitcoin cash (BCH) can help people avoid the state and remove themselves from the manipulated monetary system. Did you know you can purchase bitcoin cash (BCH), bitcoin core (BTC), ethereum (ETH), litecoin (LTC), and other coins using Buy.bitcoin.com? Head over to our Purchase Bitcoin page where you can easily buy cryptocurrencies in minutes.

The problem is the nation states and the banking cartel understand that if you remove money from the state’s control, then their power becomes extremely weak. Without being able to steal from the population, governments wouldn’t last very long and the market would quickly realize that they would rather pay for competitive goods and services, instead of supporting failing monopolies. Bitcoin and cryptocurrencies give humans a tool that promotes the idea of being independent and free from the subjection of political power over money and monetary choices.

Using cryptocurrencies and alternative payment tools to bypass the state is a fundamental right and people should continue to fight to remove the monetary system from the state’s control. Money needs to be protected from government encroachment so free-markets can flourish. Some people may never use digital currencies to circumvent the state, but over the last ten years, there’s a growing number of people using these tools for that very reason. Someday, if all goes well, humans may see true free market concepts bolstered by cryptocurrency solutions that will galvanize a network of free and voluntary exchange.

What do you think about the separation of money and state being bolstered by cryptocurrency solutions? Let us know what you think about this subject in the comments section below.

Op-ed Disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.


Image credits: Shutterstock, Pixabay, Wiki Commons, Bastiat Institute, and Mises.org.


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Source: Bitcoin.com

Cryptocurrency Domains Have Become Hot Property

Bitcoin, cryptocurrencies, and blockchain technology have become mainstream terms and are now featured in most dictionaries. Crypto-related terms have a lot of value when they are tethered to a web domain, and these days digital currency domains are prime real estate, with some selling for up to seven figures.

Also read: How to Create Non-Fungible Assets and Collectible Tokens With Bitcoin Cash

Crypto Domains Are Being Snatched Up, Squatted and Sold for Profit

Cryptocurrencies have been around for 10 years now and the entire ecosystem is worth more than $250 billion. The many tentacles of the crypto industry have grown thanks to third-party platforms, competing blockchain projects, exchanges and brokerage services, wallets, and payment processors. Each of these projects and businesses has a unique web domain and some of the top bitcoin and blockchain websites are now worth hundreds of thousands of dollars – and even millions in a few cases.

Cryptocurrency Domains Have Become Hot Property
Websites that sell domains can also calculate the rough estimate of what a cryptocurrency domain name might be worth. The prices shown are based on data such as weekly and monthly traffic. A website owner may not sell you the domain for this price either as it may be worth much more in their eyes.

Desirable crypto domains include Blockchain.com, Bitcoin.com, Ethereum.com, Crypto.com, Btc.com, and Bitcoin.org. A rough estimate of how much one of these sites is worth can be seen by referencing a domain value calculator. However, that doesn’t mean the owner will be willing to part with the domain at that price; these tools only give a ballpark figure based on traffic scores and ratings from Alexa and Google. For example, the owner of Ethereum.com has left a message for the website’s visitors.

“Ethereum.com was registered on March 11, 2011. It has no relation to the blockchain technology, which later adopted the same name,” the website explains. “Ethereum.com is for sale for $10,000,000 USD.”

Cryptocurrency Domains Have Become Hot Property
Bitcoin-related domain names can be expensive and will cost a lot more than a generic domain.

Apparently, the person who registered the Ethereum.com domain just happened upon an internet gold mine, but there are many individuals and businesses who register a domain with the intention of selling it later for a profit. Ever since web domains have been tradable, ‘domain squatting’ has been prevalent. This involves a person buying up a bunch of website names that are tied to a specific product or industry and then waiting for a more profitable time to sell them. In the crypto industry, domain squatters are prevalent and individuals and businesses of all sizes have to deal with the pressure of people snatching up the best domain names early. Because of the rising popularity of digital assets, especially after the bull run in 2017, crypto and blockchain-related websites are selling or have been sold for top dollar.

Cryptocurrency Domains Have Become Hot Property
On Twitter, domain squatters can be seen hoarding droves of website names that they are willing to sell for a profit.

Observers Witnessed the Crypto Domain Price Peak in 2017

In 2009, the website Eth.com sold for just under $20K to a company which held it until 2013 when the subsequent owner used a Whois history privacy protection plan. Then in October 2017, the site was sold for $2 million and the website is now dedicated to ethereum mining. A few months beforehand, in April, the website Cryptobank.com was sold to Craig Ellis, the cofounder of Triangl, but the site is still undeveloped. Allegedly in 2018, Binance purchased the domain Cryptoworld.com from Mike Mann, the founder of Domainmarket.com, for $195,000. At the time, Mann told the world that he purchased the domain for only $11 back in 2011. In 2017, Globalcoin.com sold to someone from Shanghai, China for $35,516 and in January 2018, Cryptotrading.com was sold to William Thomas for $35,000.

Cryptocurrency Domains Have Become Hot Property
Lots of cryptocurrency domain names that have been sold over the years. Prices reached a peak in 2017.

There’s a large list of cryptocurrency-related domains for sale today for thousands of dollars on various marketplaces. This includes Bitcointransfer.co ($12,000), Coinsbio.com ($1,000), 360crypto.com ($30,000), Block-chain.com.de ($20,000), Btcwallet.club ($10,000), and Tokenpay.es ($12,000). On Twitter there are also many individuals selling cryptocurrency domains and these days it’s hard not to stumble upon some shilling their domains. One person on Twitter explains the domain name Coinistical.com is a “fantastic brandable domain that’s for sale now.” Another person writes: “The domain name Bitcazino.com is for sale A fun take on the words ‘bitcoin’ and ‘casino.’” The account @Dotonlydomains, a business that sells dotcom website names only, is also selling the domain Realcryptocurrency.com.

Cryptocurrency Domains Have Become Hot Property
It’s hard not to stumble upon people selling domain names on social media in 2019.

Cryptocurrency-Related Website Sales Are on the Rise Again

Searching through the depths of social media and digital currency forums shows that the crypto domain real estate market is in high tempo. Search results from Namebio suggest a lot of websites associated with crypto names have been sold over the last few months. Cryptocpa.com sold for $12,000, Owncoin.com ($2,050), Cryptofocus.com ($1,155), Bitcoin.red ($4,860), Bituniverse.com ($3,156) and Coinpig.com ($1,225).

Cryptocurrency Domains Have Become Hot Property
As of August 18, 2019, the average selling price for a crypto-related website was $1,057.

Just the other day, Runsonripple.com sold for $10,000, Bitsec.com was purchased for $4,550, and Cryptoman.com was sold by Namejet for $1,350. The average selling price for a digital currency styled domain name was around $1,057 on August 18. Between September and November 2017, domain names involving crypto could range between $2,000 to $4,000 and on October 22 average prices touched a high of $75,000. The most active website brokerage service which has sold the largest number of digital currency domains today is Go Daddy.

Cryptocurrency Domains Have Become Hot Property
Vendors discussing crypto domains on a website marketplace forum in April.

With the popularity of digital currencies growing, the domain names attached to this industry will follow the same path. Squatters are gambling as well because they don’t know if that specific name will be a good internet brand and one that will entice a future buyer. On the forum Namepros.com, a marketplace where people buy and trade popular domain names, one user explained that digital currency domains are following market prices.

“The overall momentum in the crypto market has changed from bearish to bullish and we can expect to see higher highs in crypto prices in the near and distant future,” the top member Judgemind detailed this April. “This switch in the market is great for domain investors, more new startups will emerge in the crypto space and blockchain technology will continue to evolve. Keywords to focus on for investment in .com, .org, .io include Bit, Btc, Bitcoin, Crypto, Coin, Chain, Block, Blockchain, Faucet, Token, and Airdrop.”

What do you think about the demand for cryptocurrency domains? Let us know what you think about this subject in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies, domains, domain vendors, and websites associated with this article. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services, domain products and website vendors mentioned in this article. This editorial review is for informational purposes only.


Image credits: Shutterstock, Go Daddy, Twitter, Namebio, and Pixabay.


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Source: Bitcoin.com

The Push to Kill Cash – Australia’s Proposed Ban Shows It’s Not Conspiracy Theory

The Push to Kill Paper Money - Australia's Proposed Ban Shows It's Not 'Conspiracy Theory'

The supposed coordination of governments and tech companies to create a one-world, cashless society is often viewed as little more than fodder for silly Youtube conspiracy videos. After all, cash is still king in daily life, even in extremely high-tech, innovative societies like Japan. Upon closer examination, though, current realities like Australia’s proposed cash transaction ban for 2020, the continuing removal of higher denomination bills from several world economies, and the creation of centralized, state cryptocurrencies by governments worldwide cannot be ignored. These trends signal a global push to kill paper money in the name of safety, security, and financial inclusion.

Also Read: Major Swedish Bank Orders Negative Interest Rate on Euro Deposits

You Can Pay, But It Better Be Our Way

Australia’s “Black Economy Taskforce” wants to put people accepting over 10,000 AUD (~$6,750) in cash in the slammer for up to two years, or fine them up to 25,000 (~$16,890), in an ostensible bid to fight black market economies. The Currency (Restrictions on the Use of Cash) Bill 2019 states:

Transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque. The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.

The Push to Kill Cash – Australia's Proposed Ban Shows It's Not Conspiracy Theory
Long lines of people wait to exchange their obsolete rupee notes in India.

Note the similarity here with talking points of other governments. India’s Prime Minister, Narendra Modi, when announcing the devastating surprise removal of 86% of the country’s circulating paper cash in 2016, proclaimed:

Black money and corruption are the biggest obstacles in eradicating poverty.

Not surprisingly, Modi’s shock move put the dominantly cash-based society in a panic, forcing people to take their now worthless 1,000 and 500 rupee notes to banks within 50 days of the announcement, to exchange them for smaller denominations. Now The Royal Bank of India is moving to ban all cryptocurrencies but one, the state-approved, digital rupee.

The Push to Kill Cash – Australia's Proposed Ban Shows It's Not Conspiracy Theory
500-dollar federal reserve notes were officially discontinued in 1969.

The removal of large cash bills is a worldwide, ongoing reality, with the European Central Bank (ECB) stopping production of the 500 euro note earlier this year. The note, dubbed by the media as “the Bin Laden,” was said to be used disproportionately in financing terrorism. The U.S. used to have banknotes worth $500 and higher as well, some which were known as gold certificates, entitling the bearer to physical gold upon redemption. As fractional reserve banking took over, however, and national debt increased, these systems were progressively abandoned. The trend continues today in the form of Negative Interest Rate Policy (NIRP), and the resultant push for digitization of money.

The Push to Kill Cash – Australia's Proposed Ban Shows It's Not Conspiracy Theory

Stop Holding Cash and Take Our Debt

“If everyone is holding cash, negative interest rates become useless.” These are the words of former People’s Bank of China (PBOC) governor Zhou Xiaochuan after the Chinese government had just completed a trial run of their new national cryptocurrency back in 2017. Now the country’s sovereign digital currency is “almost ready.” Zhou has also officially stated:

At the current stage, the central bank’s major goal of issuing digital currency is to replace the physical cash.

Earlier in the same interview, he maintained that “The cost for cash transaction will gradually increase in the later stage. For instance, banks do not charge any fee for counting a large amount of coins now, but in the future they may charge their clients for such services.” Zhou’s remarks about negative interest rates are arguably the biggest giveaway as to what is going on here. If people are holding cash outside of banks, reckless, Keynesian NIRP policies won’t have the desired effect of coercing spending in the populace.

New Zealand Reserve Bank governor Adrian Orr agrees with Zhou:

Let’s tax cash holdings, simple as that: we’re back to monetary policy as usual; people are disincentivised to be holding large lumps of physical cash; they are having to think harder about putting money to work.

The Push to Kill Cash – Australia's Proposed Ban Shows It's Not Conspiracy Theory

Big Tech: We’ll Create the Digital Money, Thank You

While draconian government monetary policy is alarming, the lack of support for actual financial sovereignty in the crypto and tech space is indicative of another problem. Government’s designs on eliminating paper money and fighting permissionless, decentralized crypto exchange — both moves to control money supply and populations of individuals — are obvious, and to be expected. But even big tech companies and exchanges like Facebook and Binance are jumping on the propaganda bandwagon, dragging many well-meaning enthusiasts into the fight against financial freedom (even if unintentionally) right along with them.

“We believe that we all have a responsibility to help advance financial inclusion, support ethical actors, and continuously uphold the integrity of the ecosystem.” – Libra whitepaper

“This is why we believe in and are committed to a collaborative process with regulators, central banks, and lawmakers…” – Facebook’s David Marcus

“Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.” – Binance’s ‘Venus’ announcement

The common theme here is eager compliance with Keynesian value destroyers. And these examples are illustrative of the true financial epidemic.

The Push to Kill Cash – Australia's Proposed Ban Shows It's Not Conspiracy Theory

Forced ‘Perfection’

Digital currencies really are extremely convenient. Everybody in the world really should have a chance at financial inclusion. Holding wads of paper cash and coins really can be a bother, as well as a safety hazard, where crime is concerned. In Finland, passengers on state railways won’t be able to purchase tickets with cash for long-distance trips, starting in September. Much easier than messing with the paper stuff. ATMs are becoming less common worldwide, even in countries like China, the U.S., and cash-obsessed Japan. Settlements and payments can be made effortlessly, though, with just a quick scan or entering a PIN, so it’s no big deal.

But this is not a perfect world. Governments are corrupt. Artificial monopolies and seas of red tape exist, keeping the life-threateningly impoverished and entrepreneurial from accessing crypto and banking services via strict KYC and AML policy, and by mandating, like Modi in India, that their hard-earned and hard-saved money is worthless. People already have the opportunity for extreme financial inclusion. A $40 smartphone and an internet connection enables anyone, anywhere in the world, to make or receive money with Bitcoin. In the name of regulation, safety, and financial inclusion, however, the state makes the situation more chaotic, less safe, and extremely exclusive where real human need is concerned.

The Push to Kill Cash – Australia's Proposed Ban Shows It's Not Conspiracy Theory

Some of us crazy people still like paper cash, and prefer to pay that way. Some annoying, behind-the-times luddites still put money in their mattresses, where global financial policy turns more and more toward negative rates, continued inflation, and devaluation of money sitting in banks. Some entrepreneurs and tech-savvy fans of crypto simply think it’s nobody else’s damn business, preferring paper wallets, coin shuffling, and VPNs, in a world where everyone but those in power are presumed guilty until proven innocent. Some of us “conspiracy nuts” just like crypto for crypto, and paper cash is still closer to that clean and private model than any slimy, centralized digital state currency could ever hope to be.

Do you think there is a global push to end cash? Let us know in the comments section below.

OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.


Images courtesy of Shutterstock, fair use.


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Source: Bitcoin.com

The New Bitcoin Banks Are Here

The New Bitcoin Banks Are Here

A new age of banking is imminent. Legacy models will be forced to follow suit or become obsolete in the eyes of value holders worldwide, as new bitcoin and crypto services take over, seeking to implement blockchain systems with an eye on convenience and financial inclusion. Announcements of stablecoins and exchange services from giants Binance, Coinbase, and others, signal the age of the ‘Bitcoin Bank’ is just beginning. Whether this shift brings about the immense positive change it promises, or simply becomes a new centrally regulated banking system with competing digital monies, the transition is nevertheless underway.

Also Read: The World Bank’s Blockchain Bond Is Just a Fancy Way of Selling Debt

Overview of Trends

On a global scale, a few basic trends are emerging rapidly where crypto exchanges and banking are concerned. The proliferation of crypto/fiat on and off-ramps, ever wider arrays of crypto financial services, and development of competing stablecoins are being witnessed more than ever. Major players seek to secure market capitalization in the context of security-oriented, compliance-based crypto competition which fosters financial inclusion.

The New Bitcoin Banks Are Here

Binance Announces New Stablecoin Project

On Monday, Binance announced “plans to initiate an open blockchain project, Venus, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe.” The $1 billion+ daily trading volume behemoth is supporting over 150 cryptocurrencies and already actively involved in stablecoin development “including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.”

The Chinese version of the announcement stressed the need to embrace change, and for groups like itself and Libra to be developed in an “orderly manner” under regulatory guidelines. The announcement goes on to suggest three specific courses of action including government establishing the strategic position of blockchain and stablecoin enterprise in the financial sector, establishing regulatory sandbox mechanisms, and the allowance of private enterprise creation of stablecoins and cross-border payment settlement systems.

Coinbase Acquires Xapo

Another giant in the industry serving as a significant crypto on-ramp since 2012, is Coinbase, whose custody business has recently acquired crypto asset storage group Xapo’s Institutional Custody Business. In an announcement on August 16, Coinbase detailed: “Through the acquisition of Xapo’s institutional businesses, we’re now proud to act not only as the gateway for millions of people to cryptocurrency, but also as the world’s largest and most trusted steward of digital assets.”

The New Bitcoin Banks Are Here
Coinbase Assets Under Custody (AUC) growth chart. Source: https://blog.coinbase.com

Coinbase currently provides crypto services supporting 42 countries worldwide, with over 20 million customers globally. The group’s main service is facilitating the buying and selling of bitcoin via bank account, credit and debit card. Like Binance, Coinbase has its own stablecoin, USD coin (USDC). The overarching selling point of all of stablecoins across the industry is strikingly similar: a focus on convenience and reliability. As Coinbase claims, emphasizing financial inclusion:

Unlike regular US dollars, USD Coin doesn’t require a bank account. It doesn’t require that you live in a particular geography. And you can send USD Coin around the world at an extremely low cost in just a few minutes. This opens a lot of possibilities.

Huobi Global

Headquartered in Singapore, the Chinese exchange Huobi was forced to adapt via unorthodox means due to encroaching Chinese regulatory restraints in 2017. The exchange is currently doing a daily volume of over $1.1 billion and serves as an active hub for crypto and fiat trading, with leveraged spot trading, fiat withdrawals, and the HUSD stablecoin being key selling points. Multisig cold wallets with “24/7 security monitoring” and a “Dedicated 20,000 BTC Security Reserve Fund,” enable users to store funds. Like Binance and Coinbase, Huobi is exemplary of crypto exchanges now moving out of mere trading to offering what are basically crypto banking services to their users.

The New Bitcoin Banks Are Here
After a $534 million NEM hack in January, 2018, Tokyo finance giant Monex acquired the exchange, soon after announcing submission of an application to join the Libra Association, as well.

Coincheck and Bitcoin Suisse

Allowing users to earn interest via crypto lending, payment of utility bills, and business payment services, Japan’s Coincheck was acquired by mainstream Tokyo brokerage firm Monex Group in April, 2018, for $33.6 million. In the wake of a $534 million NEM heist in January, 2018, and ensuing regulatory overhaul, the exchange has once again become profitable, according to Monex. Monex Managing Director and Chairman Oki Matsumoto recently created even more of a stir when he announced that Monex had applied to join the Libra Association, expressing emphatic interest in the project. The Libra announcement solidified the growing impressions of many that a global synergy toward bitcoin banking is indeed developing more rapidly than ever across the industry.

Other major players include groups like Bitcoin Suisse, founded in 2013 and marketed by the company as “Switzerland’s oldest, regulated, professional company for crypto-financial services.” Bitcoin Suisse offers trading and brokerage, storage, collateralized lending, staking, and the Cryptofranc (XCHF) stablecoin. As an amusing aside, a recent publicity stunt brought the group even more attention, finding them conducting the “highest bitcoin trade ever publicly recorded” on the wind-whipped, snowy summit of Breithorn, Switzerland, at 4,164 meters above sea level.

The New Bitcoin Banks Are Here
Exchange.bitcoin.com will launch on Sept. 2, 2019.

Bitcoin.com

Bitcoin.com’s upcoming exchange (to launch September 2) viewed in combination with the already available non-KYC, P2P local.bitcoin.com trading platform are aiming for mass onboarding of crypto users seeking banking-type services through Exchange.bitcoin.com, while simultaneously providing a clear route for private, permissionless exchange of crypto via the P2P platform.

The exchange is set to offer features such as crypto/fiat on and off-ramps, security via “2FA, IP whitelisting, cold storage,” dozens of trading pairs against BCH, and an SLP token exchange. Bitcoin.com is conscious of financial inclusion as well, including financial sovereignty as the critical element of transaction. As the developer site states:

Money is critical to the Human Condition. Bitcoin Cash and Blockchain technology enable financial sovereignty in a way which is unique in history…As a developer you can make it [Bitcoin Cash] available to all people, whatever their age, gender, nationality or financial status.

A New Era in Banking

As the trend toward a new generation of Bitcoin Banks continues to evolve, market demand is likely to force legacy institutions to adapt or die, and inspire renewed focus industry-wide on convenience and transparency. As evidenced by cases like 87-year-old private bank Maerki Bauman in Switzerland, which has seen revived interest after hinting at crypto offerings, the new paradigm is one which is digital asset-friendly.

With major crypto service providers and exchanges taking unique roles in their offerings to the market, currency competition among stablecoins is – at least to some degree – now being encouraged. It will no doubt be evident in years to come which Bitcoin Banks are serious about financial inclusion and bringing about a true revolution in the banking industry, and the unfolding promises to be an exciting spectacle.

What are your thoughts on the new Bitcoin Banks? Let us know in the comments section below.


Images courtesy of Shutterstock, fair use.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Source: Bitcoin.com