Turns out 88-year-old Warren Buffett isn’t warming up to crypto after all. Speaking at what’s been dubbed the “Woodstock of Capitalism”, the billionaire investor told shareholders in Berkshire Hathaway how he really feels about bitcoin. His company’s annual shareholder event is being held in Omaha today, and he just couldn’t resist lamenting the digital currency that he just doesn’t understand. Buffett reportedly stated:
On Thursday (April 25), Binance announced that its mobile app for Android now lets you buy with Mastercard or Visa some of the most popular cryptocurrencies that are listed on Binance.com.
According to Binance, this support for cryptocurrency purchases via debit/credit cards, which is possible as a result of the partnership with Fintech startup Simplex that was announced on January 31, is available in version 220.127.116.11 or higher of the “Binance – Cryptocurrency Exchange” app for Android.
Since January 31, it is has been possible to buy on the main Binance website (Binance.com) Bitcoin (BTC), Bitcoin Cash (BCHABC), Ether (ETH), Litecoin (LTC), and XRP using debit/credit cards (Mastercard and Visa). Then, on March 12, it became possible to do the same on Trust Wallet (Binance’s official non-custodial wallet app). And now, the Binance app for Android joins the party by offering the same feature.
Here is what you need to do to buy crypto via debit/credit cards on the Binance app for Android:
- Tap on the “Credit Card” button, which is the last button on the toolbar you see in the middle of the “Home” screen. This takes you to the “Buy Bitcoin” screen.
- On the “Buy Bitcoin” screen, you can choose from a dropdown list the cryptocurrency you want to buy (BTC, XRP, ETH, LTC, or BCHABC), specify the quantity of a particular cryptocurrency that you want to buy, and choose the fiat currency (USD or EUR) you want to pay with.
- You will then be shown the total amount (including the fee) that you will get charged if you go ahead with the purchase.
- Once you tap on the “Buy Now” button on this screen, you will be shown a “Confirm Your Order” screen.
- If you then tap on the “Accept, go to payment” button on the confirmation screen, you will be taken to the checkout screen on Simplex.com, where you will be asked to enter into a form your personal details (email, phone number, date of birth) and your card details.
In what is emerging to be an interesting trend on the bitcoin network, Germany is fast growing as a hub for bitcoin nodes, as it is now responsible for 20% of all public nodes, inching closer to the United States, which accounts for 25% of bitcoin nodes.
Rounding off the top 5 for bitcoin nodes is France, Netherlands, and Canada. China may be experiencing a drop in mining after China’s strict approach to the cryptocurrency industry in recent times, and it is possible that miners may configured nodes to be publicly unreachable.
Similarly, it is also growing in terms of the number of Ethereum nodes, coming second again to United States, with 13% as opposed to the latter’s 28%. Data on the number of Ethereum nodes is conflicting, depending on the source. Here, China, France and Singapore complete the top 5.
Bitcoin fell below $3,500 as $5 billion was wiped out of the crypto market, and major digital assets like Ethereum recorded a six percent drop against the U.S. dollar. The 4.8 percent drop in the combined valuation of all cryptocurrencies in the global market comes after a strong sell-off on January 11………
Citing Chainalysis data, Reuters is reporting that Bitcoin retail payments were down 80% in September, and no mention of a rebound was present.
Several things are to blame, including scalability of Bitcoin transactions (and the expensive nature of them as a result) and the volatility of the currency itself. In order to have mass adoption and continued growth in the retail payments sector, more retailers will have to accept the currency. In order for that to happen, market conditions must be met and retailers must see it as an added value.
BitPay has recently taken a number of measures to make its service more attractive to retailers who want the US dollar value of their sales protected. Beyond the base value of allowing retailers to accept Bitcoin and cash out dollars, BitPay has added three “stablecoins” to its arsenal, giving retailers more flexibility and increasing the likelihood that some of them will remain in the crypto market with their money, at least tangentially.
Lightning Network Yet Unproven
There is also the advent of the Lightning Network, which eliminates the problems of high transaction fees, network congestion, and the ceiling on the number of transactions that can be processed. At least in theory. The way payment channels work, a retailer that wanted to be able to process $1 billion in transactions in a given length of time would have to open up a channel that would allow for that.
Bitcoin retail transactions generally increase with the ticker price, as the buying power of a single unit goes up dramatically. The continuing relative difficulty of acquisition makes it less attractive to spend coins on a regular basis unless you’re seeing an increase in the amount of things you can purchase. At the same time, the regulatory situation is still murky regarding all types of crypto transactions. In some cases a user might be charged capital gains tax if he spends his Bitcoin to acquire goods or services.
Chainalysis spoke to 17 major Bitcoin payment processors to determine the 80% overall drop (in value, not necessarily BTC transacted). Public data obtained on Coinpayments.net, which processes transactions for dozens of traditional cryptocurrencies, showed that it had seen a drop of 50% in the first half of the year.
Actual Bitcoin transactions have been steady, although not extreme, with a high in January of more than 350,000 on a single day