February 21, 2019

Breaking: Bloomberg Shows Complete Misunderstanding of JPM Coin Crediting It with Bitcoin Price

More info at https://ift.tt/2IpFgBj

Bloomberg Shows Complete Misunderstanding of JPM Coin Crediting It with bitcoin Price Rise

Photo: David Martin / Flickr

Following the news of February 14 about JP Morgan‘s launching its new cryptocurrency dubbed JPM Coin, a lot of controversial responses from crypto community continue to appear on the Web. Some crypto enthusiasts have met the news with promising expectations, while others have taken it with mistrust. However, the most unexpectedly outrageous response came from Bloomberg, the well-known financial media outlet, which reported that the launch of JPM Coin is boosting bitcoin price.
At the time of JP Morgan’s announcement, the crypto market cap was actually down by 0.6%. A few days after, the crypto market started to go up again, especially bitcoin (BTC) which price surged slightly above $4,000 USD. According to Bloomberg, it was a “delayed boost” caused by JPM token. Ironically, the outlet did not mention in the report other factors which affected the surge, such as the Lightning Network products, which are getting stronger every day.
The statement is more than hillarious and first of all demonstrates total misunderstanding of what JPM Coin is. In fact, JPM Coin is not even a cryptocurrency. It represents itself a centralized digital token designed to be used internally. Although it does use the blockchain technology, it does not mean that it has something in common with bitcoin or any other cryptocurrency.
Moreover, while in common understanding a cryptocurrency should be decentralized, JPM Coin is centralized and relies on a trusted third party, not to mention that JP Morgan’s CEO, Jamie Dimon, is a well-known bitcoin’s hater, who considers it as a crap. Essentially, JPM Coin is a stablecoin, which is developed more to settle payments between clients than having its own free market as bitcoin does. In other words, JPM Coin embodies everything that bitcoin is struggling against.
However, the Bloomberg’s ironic report is only the latest one to hit the headlines. It is not the only one outlet to spread the wrong statements around the Internet. Baron’s laughable “JPMorgan Just Killed the bitcoin Dream” or The Washington Examiner’s “JPMorgan’s Alternative to bitcoin” are among other examples of complete misunderstanding of the new cryptocurrency’s true nature:

JPMorgan Just Killed the bitcoin Dream https://t.co/4WXtzXMOc6
— Barron’s (@barronsonline) February 14, 2019

As we can see, while being presented as the first native cryptocurrency issued by a major bank, JPM Coin is a cryptocurrency in name only. The bank will use it to instantly settle payments between clients. Further, it could be used to digitize securities like stocks and bonds. So there is definitely nothing to be afraid of for bitcoin or any other crypto.

OhioBitcoin Online – Syndicating bitcoin Awareness Daily!

CONNECT TODAY!
Twitter: http://twitter.com/OhioBitcoin
Facebook: https://ift.tt/2Q2bcOM
SoundCloud: https://ift.tt/2IrvzCu
DirectConnect: https://ift.tt/2T5SPde
Pinterest: https://ift.tt/2Is0nmm
Tumblr: https://ift.tt/2T7Thrk
Minds: https://ift.tt/2ItrAFl

You might be interested in …

April 30, 2018

Daily Discussion Megathread – April 30, 2018

Cryptocurrency news and discussions. Daily Discussion Megathread – April 30, 2018 Welcome to the Daily Discussion Megathread. Please read the disclaimer, guidelines, and rules before participating. To see the latest weekly Skeptics thread, click here […]

March 30, 2017

BitPesa & BitBond Jumpstart Bitcoin Blockchain Loans to Kenya

German Blockchain loans provider BitBond has partnered with BitPesa to facilitate payments directly to Kenya mobile accounts.

BitBond: Sub-Saharan Africa is 10% of Our User Base

The international partnership comes as Sub-Saharan Africa grows to 10% of BitBond’s user base and BitPesa’s popularity in its native Kenya continues.

BitBond CEO Radoslav Albrecht said in a blog post Tuesday:

This means that a small business owner from Kenya can receive loan funding from investors from all over the world via Bitbond and have the funds paid out to his mobile money account in 20 minutes.

Smaller African enterprises’ lack of access to mature funding options has become a focus in recent times. In catering specifically to businesses, BitBond hopes to provide a major overhaul to the local ecosystem using the Blockchain and bitcoin as a backbone.

Focus on Developing Market Financing

Earlier this month, Daimler hinted at the possibility of considerable expansion into African markets following its acquisition of a European cryptocurrency transmitter business.

The concept is likely to involve similar facilitation of funding access for local businesses – specifically those in the automotive transport sector – helping resolve the current status quo where loanshark-like operators abound.

“The major problem observed in the automotive sector is lack of adequate financing facilities,” Ethiopian financial services company director Eskinder Desta told industry magazine Autconomy in an article discussing Daimler’s move.

Across the world’s developing economies, a reported 2 billion individuals and 200 million businesses lack the sort of funding options available elsewhere.

“This is an unprecedented level of innovation and convenience in the entire online lending space,” Albrecht added.

Blockchain Channels International Remittance Interest

BitPesa offers a raft of cashing out options on the consumer end, first and foremost via Kenyan mobile accounts, the analog equivalent of which – M-Pesa – has held a consumer monopoly for years in lieu of significant banking penetration.

The startup is seeing continued international interest in its remittance functionality. In February, Japanese-Kenyan company Africa Incubator joined up in order to expedite payments to and from the Far East.

“We are always excited to partner with companies that make doing business in Africa easier and more efficient,” BitPesa’s CEO Elizabeth Rossiello continued on the BitBond deal.

Our customers are businesses looking to grow across the continent and beyond. Better access to efficient financing is a tremendous way to boost their growth.

What do you think about BitBond’s plan to increase Blockchain loans to Kenyans? Let us know in the comments below!

Images courtesy of Shutterstock, Bitpesa, Bitbond

The post BitPesa & BitBond Jumpstart Bitcoin Blockchain Loans to Kenya appeared first on Bitcoinist.com.

February 7, 2019

Better Late Than Never: Coinbase Wallet Finally Adds Support for ₿itcoin

Better Late Than Never: Coinbase Wallet Finally Adds Support for ₿itcoin Coinbase has officially announced support for ₿itcoin (BTC) on its Coinbase Wallet app. Previously known as Toshi, the newly-rebranded Coinbase Wallet has long supported […]