Blockchain could lift the healthcare industry to $1.6 billion by 2025

As a technology, blockchain is helping to transform many different industries. Many, like the healthcare industry, are harnessing blockchain technology to better their operations with a hope of increasing their general income.

According to recently reported by Global Market Insights show that blockchain in healthcare market shows significant growth potential in the next few years. The report, published on September 9 suggests that the healthcare industry could make about $1.6 billion by 2025.

The report also stated that the adoption of blockchain technology in the medical sector would be fast-tracked by stakeholders present in the space.

So far, blockchain has tremendous improved operations from storing patient data to tracing medical

The technology has helped in maintaining data privacy and accuracy in exchanging data between different players in the industry. In addition, blockchain has helped in enhancing access to distributed data and computing power to verify financial transactions in the healthcare industry.

Notably, blockchain has also helped eliminate reluctant processes, and reduced operational costs make the software feasible to handle. The technology has also helped researchers reach breakthroughs through increased work efficiency in academic research.

The firm states in the report:

Growing awareness about the implementation of blockchain technology and government initiative for data standardization and operational scalability constraint in data management will spur industry growth in upcoming years.

As the awareness of blockchain technology grows, governments across the globe have increased their initiatives in the industry. In their report, Global Market Insights point out the enactment of the Health Information Technology for Economic and Clinical Health Act in the U.S. way back in 2009. This act was primarily created to encourage the deployment of technology in hospitals to increase usage among staff. Additionally, government programs such as the Archangel program, which is a joint program between the U.K. government and the University of Surry, favor the adoption of blockchain in the health sector.

Notably, the presence of reputable pharmaceutical companies in the blockchain space is also of great importance. According to the report, firms present in Switzerland’s medical sector will drive up growth in the country by 73.3%. This is because the firms are adopting blockchain technology to help improve processes like clinical outcomes.

Philippines central bank approves two crypto exchanges

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, announced that it had approved two more cryptocurrency exchanges. This brings the total number of approved firms in the country to 13.

Melchor Plabasan, officer-in-charge of the Technology Risk and Innovation Supervision Department at the BSP, gave the report. He stated that BSP approved two companies, Atomtrans Tech Corp. and Tokyo-based Telcoin Corp. to operate as virtual exchanges in the region.

Atomtrans Tech Corp. International is a financial service with its headquarters at Manila. The company was founded in 2017 and has branches in other countries, including Hong Kong, Japan, and Argentina. Since its launch, the company has launched various products including ATC Remittance, ATC Digital Currency Exchange, and ATC Payment.

The company has achieved a lot in the last couple of year. Atomtrans has a strategic cooperation agreement with China UnionPay Electronic Payment Co., Ltd. and UnionBank of the Philippines. Currently, it is also exclusively representing Philippine-China remittance products.

Other approved VC exchanges include Bexpress, Coinville Phils., A BloomSolutions, Virtual Currency Philippines, ETranss Remittance International, BA Global Phils., Betur (Coins.ph), Rebittance, Fyntegrate, ZyBi Tech, and Bitan MoneyTech Co. Ltd. Inc.

Authorities in the countries have exercised great caution when it comes to crypto businesses. The law in the Philippines provides that all virtual exchanges should register with the BSP. They should also register with the Anti-Money Laundering Council (AMLC) and submit regular reports regarding their overall finances and transactions.

Earlier in June, the central bank expresses its concerns on cryptocurrencies by stating that it is still “lukewarm” on the industry. This might explain its reluctance in approving more firms on the space. A senior official at BSP stated:

“We have to be open to innovation except that we also have a responsibility to consumers. Let’s give it another three to five years.”

In addition, last month, the central bank issued a memo warning banks to be more vigilant when handling crypto businesses. In the memo, the deputy governor of the BSP, Chuchi Fonacier reminded banks to only transact with registered exchanges. The memo read:

“As a safeguard against unregistered virtual currency exchanges, BSP-supervised financial institutions, upon onboarding and during transaction monitoring, should exercise extra caution and vigilance as well as perform enhanced due diligence, as necessary, in accordance with their Money Laundering and Terrorist Financing Prevention Program as prescribed under existing regulation.”

The Bitcoin Vision: Episode 13

The Bitcoin Vision: Episode 13

The excitement continues this week as Bitcoin SV (BSV) stays on track to its roadmap of massive on-chain scaling towards becoming the world’s new money. Jimmy Nguyen, the Founding President of the Bitcoin Association, is back this week for another episode of The Bitcoin Vision after traveling around the world talking to people about BSV as the CoinGeek Conference approaches.

The week kicked off with Bitcoin Association’s first-ever BSV Hackathon that brought together 19 countries from all over the globe. The Hackathon ran for 48 hours straight from May 4 to May 5. In total, 216 people signed up to participate in the event. From this number, 122 competed as individuals while the other joined to form 42 teams. The theme of the Hackathon was the onboarding problem with the twist, “Onboarding isn’t about just solving things for users to get to BSV; it’s about making life easier to onboarding new developers to BSV as well.”

The preliminary judging of the Hackathon will select shortlisted candidates who will compete in the semi-final competition. From the semi-finals, the three- grand finalists will be chosen. A representative from each group will be flown to Toronto, Canada, to present their solution on May 30 at the CoinGeek scaling conference. A panel of judges, including the live audience, will choose the final winner. Learn more about the BSV Hackathon here.

This week’s Satoshi shout-out goes to BitBoss who recently announced Keyring, a javascript library for creating and signing Bitcoin transactions that allow users to develop wallets for the Bitcoin SV blockchain quickly. One of the library’s features is the support for the larger OP_RETURN size. BitBoss is sharing this new library with the public to help other developers build on the BSV blockchain. The company plans to continue improving the library by using GitHub to track the work and monitor the library closely. The GitHub can be found here.

Meanwhile, a new application called Agora is here to help users understand how best they can use the BSV blockchain. Agora is a prototype Alpha release that allows users to design home page on the blockchain, add and list apps like wallets, social media channels, and even start a business. Agora is working to be the start point for adopters to see how the BSV platform could help their day-to-day lives. Agora will soon be available on-chain on the BSV blockchain.

Blockchain enthusiasts can now explore the Blockchain using 9knodes. 9knodes is a 2D block explorer that provides node statistics in a graph format. Through 9knodes, people can view transaction history and track other activities on the blockchain.

Watch The Bitcoin Vision: Episode 13.

Click here to watch the previous episodes of The Bitcoin Vision here.

Facebook messenger malware FacexWorm targets crypto platforms

Facebook messenger malware FacexWorm targets crypto platforms

FacexWorm, a malicious Google Chrome extension, has been targeting cryptocurrency trading platforms via Facebook Messenger, according to a Trend Micro report.

This was not the first time FacexWorm has targeted unsuspecting users. The malware was first uncovered last year in August by Kaspersky labs researcher David Jacoby. At the time, it was unclear how it operated and the purpose for its creation. Eight months later,Trend Micro noticed on April 8 activities that resembled the malware. At the time of discovery, there were already reports of FacexWorm attack in countries like Tunisia, Germany, Spain, Japan, Taiwan, and South Korea.

The new version of FacexWorm works similarly like the old version with few new adjustments. In addition to sending socially engineered links to friends from an affected Facebook Messenger account, it can steal users account and credential details. FacexWorm also causes cryptocurrency fraud, puts malicious cryptocurrency mining codes on a website and redirects users to attackers’ referral link for cryptocurrency related programs. It can also hijack cryptocurrency transactions and steal money from platforms, such as Poloniex, HitBTC, Bitfinex, Ethfinex, and Binance, and wallets like Blockchain.info.

According to the report, users who opened the link were redirected to a fake YouTube page, where they will be asked to install a codec extension—FacexWorm—to play the video. Finally, users will get a request for “privilege to access,” and change data on the opened website. Once granted access,FacexWorm will download malicious codes to help in executing its operations.

The malware has only been able to affect a small group of people, according to the Trend Micro team, which has so far been able to identify one BTC transaction that was affected by FacexWorm. They were, however, not able to determine how many BTC coins have been earned from the malicious malware

Chrome has taken measures to remove and prevent attackers from uploading FacexWorm in their system.Facebook Messenger has also put measures to detect and prevent FacexWorm uploads by attackers. Trend Micro urges users to be careful while sharing information with friends.

Last year, Amazon had a malware attack that was uploaded to their Amazon Web Services servers. The malware executed BTC mining command that allowed mining using the company’s large process power to facilitate the process.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Couple faces robbery charges in ‘Discount Bitcoin Bandit’ case

Couple faces robbery charges in ‘Discount Bitcoin Bandit’ case

Two people in Los Angeles have been charged with stealing more than $87,000 from people who sought to buy cryptocurrencies at a discounted price, the Los Angeles County District Attorney’s Office announced.

The couple, dubbed “Discount Bitcoin Bandits,” allegedly made online advertisements promising discounted BTC, and then stole the victims’ payments. Between October 2017 and February 2018, 27-year-old Precious Lanay Fitzgerald and 22-year-old Lawillie Joshua Hall stole a total of $87,126 from at least six people.

Authorities said in one instance, Fitzgerald received a money transfer from one of the victims, but did not provide the cryptocurrency, while in other cases, she would meet the victims in person and “forcefully took the cash they had brought” to buy the digital currency.

Hall allegedly helped Fitzgerald in at least two of the robberies and had used a gun, according to investigators. Authorities said an infant was also present in some of the robberies.

Fitzgerald was initially charged with four counts of felony second-degree robbery, two counts of felony child abuse and one count of felony grand theft in March. Two new charges—one felony count each of grand theft and child abuse—were recently added in her charge sheet. Hall was charged with two counts of second-degree robbery, and he, along with Fitzgerald, also faces gun allegations.

This was not the first time Precious Fitzgerald is on the wrong side of the law. In March 2010, Fitzgerald was convicted of assault with a deadly weapon other than a firearm. She now faces a possible sentence of 29 years and 18 months in the state prison if found guilty of the crimes. Lawillei will also face up to 19 years and four months if found guilty.

Last month, another couple was arrested in the Philippines after they allegedly scammed 50 people into investing in NewG. The two, Arnel and Leonary Ordonio, managed to steal US$17 million (PHP900 Million) by promising 30% returns on investments made.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Bitgrail Hack Victims File Petition in Court

Bitgrail clients want Italian court to declare exchange bankrupt

Victims of the BitGrail hack in February has filed a petition asking an Italian court to declare the cryptocurrency exchange bankrupt.

BitGrail reportedly fell victim to a hack early this year, resulting in the loss of 14 million Nano coins worth $187 million at the time. The hack was reported on February 8, but BitGrail owner Francesco Firano told CoinTelegraph that the theft happened on January 19.

Last week, Italian law firm BonelliErede filed a bankruptcy petition on behalf of BitGrail creditor Espen Enger, who allegedly was in contact with more than 300 claimants. According to a Medium post, most of the alleged BitGrail victims were concerned that their assets will be depleted further, which was why they “prefer an immediate accounting of BitGrail’s assets in bankruptcy.”

Nano developers previously claimed Firano had asked for the altcoin’s ledger to be modified “so as to cover his losses” and allegedly “misleading” the community regarding the exchange solvency. In his defense, Firano claimed the fault did not lay with the exchange, but originated with Nano’s “totally unreliable” protocol leading to timestamp inconsistencies on the Nanode block explorer.

BitGrail vowed to refund the victims. In mid-March, the cryptocurrency exchange proposed to issue a newly-minted BitGrail Shares (BGS) token, which it said would cover 80% of the losses. The remaining 20% would be covered in XRB, according to BitGrail. However, victims would need to sign an agreement to forgo any legal action against the exchange.

This is the second lawsuit filed against BitGrail. In April, U.S. law firm Silver Miller filed a lawsuit on behalf of Alex Brola, an investor who sunk $50,000 into the Nano currency in 2017. In its lawsuit, Silver sought to have the altcoin conduct a hard fork that could “reset” its amount to where it was before the theft took place.

In response to the lawsuit, the Nano Foundation announced it would sponsor a legal fund to provide all BitGrail victims with legal representation.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
3 cryptocurrency exchanges fall in Venezuela’s ‘Operation Paper Hands’

3 cryptocurrency exchanges fall in Venezuela’s ‘Operation Paper Hands’

The government of Venezuela has shut down three cryptocurrency exchanges as part of its “Operation Paper Hands,” local media reported.

Last week, the government’s Operation Paper Hands started its clampdown on the so-called illegal activities of cryptocurrency exchanges and financial institutions, resulting in the closure of three exchanges—Intersach, Rapidcambio, and AirTM. In a statement, Venezuelan Prosecutor General Tarek William Saab said last week’s crackdown has been the government’s biggest undertaking in its fight against illegal cryptocurrency-related activities.

According to reports, the exercise led to the arrest of 112 people, 107 of whom were brought to court. During the operation, 1,382 bank accounts containing more than 711,967 bolivars ($10.6 million) were frozen. Saab warned more action would be taken against any person wishing to engage in illegal activities. At the moment, the prosecutor general said requests were already lodged to block 247 more bank accounts, issue 40 new arrest warrants, and conduct 104 raids on suspected institutions.

RapidCambio has reportedly shuttered its shop following the clampdown, while the other two still have active accounts in other countries. Saab said the three exchanges’ platforms were registered out of Venezuela, and that they also used international parent bank accounts in the United States, Chile, Ecuador, and Panama.

In response to the clampdown, RapidCambio published a statement on its website saying that they have always demonstrated responsibility, honesty and seriousness. The company called the ongoing government action as “unlawful attacks,” saying their price operations have always been in line with the set laws of supply and demand.

Despite the crackdown, Venezuelan President Nicolas Maduro certified 16 cryptocurrencies exchanges in the country. He also announced the end of the pre-sale for Petro which started in February, claiming that the token sale has raised $3.3 billion. The 16 exchanges include Criptoexchainge, Criptocapital, Asesoria Financial CA, Italcambio, Amberes Coin, Cave Blockchainge, Valoratta Casa de Bolsa, Coinsecure.ve, Critiaechainge, Criptomundo Casa de Intercambio CA, Financieras 1444 CA and Criptoactivo Criptoes.

The 16 exchanges, according to state media Correo del Orinoco, were certified to facilitate Petro transactions in the international market. There was no confirmation if the “certified” exchanges have already agreed to list the state-backed cryptocurrency.

India-based Coinsecure was among the list of government-approved exchanges. In an interview with Business Standard, Coinsecure CEO Mohit Kalra said, “Venezuela wanted to add Petro as cryptocurrency on Coinsecure, so they can trade Petro against bitcoin [BTC] and the rupee.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
No surprises there: Infographic explores Bitcoin Cash triumphs

No surprises there: Infographic explores Bitcoin Cash triumphs

Contrary to what BTC trolls would have you believe, Bitcoin Cash (BCH) is thriving and continues to rise to even greater heights. In the more than eight months since Bitcoin BCH was created, the community has seen increasing development activity that coincided with the rapid development in the technical infrastructure underpinning BCH—the true remaining Bitcoin as envisioned by the Satoshi Nakamoto whitepaper.

In the last 24 hours, Bitcoin Cash experienced over 5% increase with the coin trading at $1,380 level and looking to test the $1,400 soon. Analysts expect the price to hit the $2,000 mark in May.

Is Bitcoin Cash dying?

Yours.org user Sere recently debunked BTC camp’s belief that Bitcoin Cash is dying using an infographic that compared the changes in the BTC and BCH networks over the past six months. The infographic showed what the BCH community has always known (and most BTC supporters have feared)—that Bitcoin BCH has triumphed in “a couple of critical success criteria.”

Using data from BitInfocharts and lnmainnet.gaben.win, the infographic showed that since late October, not only did the BCH price grow “at a higher rate” compared to BTC, but the usage of the BCH network has been growing faster while BTC “is actually shrinking,” thanks to the Lightning Network which “added virtually no additional capacity to the BTC network in the past six months.” In addition, “relatively more mining hashpower has chosen BCH over BTC.”

The success of Bitcoin Cash can be attributed to the community, which has been relentless in making sure that the network scales to greater heights and that the cryptocurrency is actually utilized. Unlike most BTC owners who store their coins and wait for them to add value, BCH owners find ways to use their coins in their day-to-day activities.

On May 15, Bitcoin Cash will go through a second capacity upgrade to increase its block size to 32MB and to re-activate smart scripting capabilities that were in the original Satoshi Nakamoto white paper.

To date, a growing number of institutions and companies around the world have started supporting Bitcoin Cash. In April alone, BitOasis, a cryptocurrency wallet and exchange platform in North Africa and the Middle East, and Singapore-based CoinHako announced their support for BCH, while BitPay expanded its Bitcoin Cash support, allowing merchants to accept the cryptocurrency on its Checkout point-of-sale (PoS) app.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Cisco targets cryptocurrency mining with new patent

Cisco targets cryptocurrency mining with new patent

California-based IT and networking company Cisco has been granted a patent for a crowd-sourced cloud computing application, which the company claimed could be used for cryptocurrency mining.

On Tuesday, the U.S. Patent and Trademark Office awarded the patent for a Cisco-developed system that allows customers to divide their excess processing power and create a cloud application, which can be used for different purposes such as cryptocurrency mining. The processing power can be shared with Internet Service Providers (ISPs), application providers, peers or even third parties, according to the company.

In its patent filing, Cisco said the crowd-sourced cloud computing model “is suitable for, among other things, offering distributed processing and services that can be optimized for speed, volume, scale and resiliency, cost, and regulatory compliance—for example, distributed neighborhood theft protection systems, or cluster, city or municipality county relevant services.”

“One such case involves Bitcoin mining, which may be very computational intensive and is typically more convenient for every participant when done in ‘mining pools,’” according to the company.

Cryptocurrency mining requires processing power, which can be very costly. By providing crowd-sourced cloud mining, Cisco said it aims to help cut down on the cost needed to mine cryptocurencies like BTC.

According to the filing, the easily-scaled system is suitable for offering distributed processing and services to neighborhoods and business entities given its resiliency to certain attacks. In addition, service providers can also “use geographic distribution to offload or optimize network loading, as well as to resell large-scale, low-cost computing and storage capacity.”

The network company has created numerous blockchain-based systems. Last month, Cisco was granted a patent for a blockchain-based confidential group messaging system. This system ensures secure communication when sending group messages or any other confidential information. They also received a blockchain-based patent for Internet of Things (IoT) devices. The technology identifies different connected devices, monitors their activities and evaluates their trustworthiness when connected to a particular network.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Gaming giant Nexon in talks to acquire Bitstamp for $350M

Gaming giant Nexon in talks to acquire Bitstamp for $350M

South Korean gaming behemoth Nexon is reportedly negotiating to take over Bitstamp, one of the oldest cryptocurrency exchanges in the world.

Sources familiar with the deal told Business Insider that Nexon is planning to buy Bitstamp for price consideration of about $350 million.

Founded in 2011, Luxembourg-based Bitstamp has been the first cryptocurrency exchange to operate in the world. It currently ranks 13 among the biggest exchanges having over 50,000 trading accounts. Bitstamp allows trading between U.S. dollar and BTC. It also allows deposits and withdrawals of USD, EUR, BTC, Litecoin, ETH, XRP, and Bitcoin Cash.

Nexon is an international gaming company in South Korea formed in 1995, and has developed popular games like KartRider and MapleStory. It also offers game enhancements for players such as avatar customization and pets. Their interest in the cryptocurrency market started in 2017, when they signed a deal with Korbit, a South Korean exchange. Nexon bought 65 percent of the company stake for about $80 million.

The gaming industry has shown great interest in cryptocurrencies and virtual exchanges. On Monday, Razer, a gaming hardware company announced its intention to take over Malaysian-based e-payment firm, MOL Global. The merger will combine Razer’s zGold virtual credits business and the MOL Global’s MOLPoints virtual credit business, paving the way for Razer’s plans to create the world largest virtual credit platform for gamers. Earlier this year, Circle acquired a U.S.-based cryptocurrency exchange Poloniex for $400 million.

While some gaming companies are taking over virtual exchanges, others have decided to create tokens to be used by players in their gaming platforms and other areas. In February 2018, Atari, a gaming company behind games like Pac-Man and Pong announced its plan to launch its own cryptocurrency, Atari Token. The token is intended to make it easier for gamers to make in-house purchases and reduce monetary risks for both players and the company.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Razer bets on virtual currency with $61M MOL Global takeover

Razer bets on virtual currency with $61M MOL Global takeover

Gaming hardware company Razer has announced its intention to take over Malaysian e-payments firm MOL Global in a bid to create one of world’s largest virtual credits platform for gamers.

Hong Kong-listed Razer said it’s planning to buy 65.1% of MOL Global’s shares for a cash consideration of HK$480 million (US$61 million). Razer also bought 34.9% of MOL Global shares for $20 million in June.

The proposed merger will provide Razer with a massive network of content, customers, and partners that MOL Global has built over the 17 years of operations. Currently, MOL Global has over 1 million distribution networks that are located in 11 countries across the world. They also have mobile payment channels, electronic distribution channels, and online banking from more than 100 banks.

Razer is waiting for the shareholders of MOL Global to approve the merger in order to get the remaining 65.1%. They have undertaken efforts to get major shareholders to vote in their favor in order to acquire the company.

Razer recently launched its own alternative app store stream that allows gamers to use their zVault digital wallet and the zGold rewards programs last month. Using this platform, gamers can earn zSilver currency when playing their favorite games. Razer also launched software called Razer cortex that gives gamers a wide array of PC performance tools.

The merger, upon completion, will combine Razer’s zGold virtual credits business and the MOL Global’s MOLPoints virtual credit business. Through the platform, gamers and media Companies will be able to make more money on their games and contents.

Razor also plans to seize the market potential in Southeast Asia by utilizing MOL Global network connection in the area. Southeast Asia is among the fastest growing regions in terms of GDP. By merging with MOL Global, Razor will have a chance to utilize this potential to its advantage.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
BitPay accepts Bitcoin Cash on point-of-sale app

BitPay accepts Bitcoin Cash on Checkout point-of-sale app

Cryptocurrency payment service provider BitPay has expanded its Bitcoin Cash (BCH) support, allowing merchants to accept the cryptocurrency on its Checkout point-of-sale (PoS) app.

With this recent development, customers will no longer have to convert their Bitcoin Cash to BTC coins when paying for their purchases. Now, they can go to the retail store and pay for their goods—using BCH. This will be done by scanning BitPay Checkout QR code using their mobile or tablet.  Once the customer makes the payments, the checkout system allows the retailer to receive a “local currency bank settlement within one day.”

In a statement, BitPay said that the new version not only “improves the app’s design and performance” and extends Bitcoin Cash support, it also adds BitPay’s changes for Payment Protocol-any payments and other invoice updates.

“Now, brick and mortar businesses can accept error-free [BTC coins] and Bitcoin Cash payments in a flash from customers, with no risk to cryptocurrency price volatility,” according to BitPay. “Merchants get every dollar or euro they charge, minus BitPay’s 1% processing fee.”

The decision to add another cryptocurrency to its PoS app comes after seven years of only supporting BTC coins on their platform. In March, BitPay made it possible for clients to transfer Bitcoin Cash through VISA card invoice loads. After loading the card, users can make either BTC coin or Bitcoin Cash payments. At the time of the launch, BCH network fees were 0% while the BTC network fee was 1.9%.

Adding a BCH settlement option to the BitPay platform will help retailers to keep their proceeds in Bitcoin Cash if they so wish or convert them to the currency of their choice. Currently, retailers receive an equivalent amount of the paid BCH converted into BTC coin or any fiat.

Businesses that have tried BitPay’s Checkout PoS app include retail merchants participating in a “Bitcoin Boulevard” in Paris’s Passage du Grand Cerf, a cafe in Deloitte’s Toronto office, retailers and restaurants in St. Petersburg and Madeira Beach in Florida, and Gino’s Classic Barber Shoppe in Atlanta, Georgia.

In his earlier interview with CoinGeek, BitPay CEO Stephen Pair said, “Offering the same services for the Bitcoin Cash blockchain will make it easier for customers and businesses to use BCH for important transactions.”

The new changes are not available to certain groups of business. In their Term of Use agreement, BitPay bans the explicit sale of drugs, sexual content (porn) and ammunition.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.