BREAKTHROUGH: Bitcoin and Other Cryptocurrencies Now Accepted by Whole Foods, Nordstrom and More   

  • Alex Morris
    📰 News

    Merchants will most probably still get their payments in dollars, but this is already a huge step for adoption       


BREAKTHROUGH: Bitcoin and Other Cryptocurrencies Now Accepted by Whole Foods, Nordstrom and More   
Contents

Cryptocurrencies have long been struggling with mainstream adoption for a long time, but it seems like major retailers are warming up to the nascent payment option. Whole Foods, Crate and Barrel, and a bunch of other physical stores are now accepting digital currencies, Fortune reports.

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Making crypto usable

Cryptocurrency payments at physical stores will be powered by a startup called Flexa that was launched today in partnership with the Winklevoss twins. Customers will be able to make purchases with the help of its Flexa’s payment app that is called Spedn. It is not obligatory for retailers to accept crypto – the payment can be easily converted into US dollars.

While it might seem like a downside, this is definitely a stepping stone to more widespread adoption since customers are given an opportunity to seamlessly spend popular cryptocurrencies. Apart from Bitcoin, Spedn supports Ethereum and Bitcoin Cash. All payments are conducted instantaneously with FlexaCoin, Flexa’s native token that serves as a collateral.     

Volatility remains a lingering problem for Bitcoin adoption, but the Winklevoss brothers have managed to tackle it with the help of their dollar-pegged stablecoin Gemini Dollar, which can be also accepted by retailers.

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Baby steps  

According to Fortune, retailers are not enthusiastic to talk about their experiences with digital currencies since most of them are still just kicking the tires of the new payment method.


“The idea of living on crypto is now a reality. You can now do it,” said Tyler Winklevoss.

As reported by U.Today, e-commerce giant eBay is also rumored to start accepting cryptocurrency payments, which could help push Bitcoin into the mainstream.

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'GlobalCoin': Bitcoin Rival to Be Launched in Q1 2020 by Facebook

  • Alex Morris
    📰 News

    We finally know more about Facebook’s crypto ambitions, but there is still a lot of uncertainty in the air


'GlobalCoin': Bitcoin Rival to Be Launched in Q1 2020 by Facebook
Contents

According to a new BBC report, Facebook, the US social media giant, is set to launch its own cryptocurrency in Q1 2020. More details that pertain to its highly anticipated foray into crypto are going to be revealed this summer.

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Regulatory challenges

Prior to that, a NYT article claimed that the launch of Facebook’s cryptocurrency was slated for the first half of 2019, but it seems like the whole process will take a tad longer.  

The aforementioned report states that Facebook will only start testing its new coin by the end of 2019. The company is currently ‘finalizing’ its digital currency that will be rolled out in ‘a dozen of countries.’

As of now, Facebook is trying to iron out multiple legal challenges. BBC claims that Mark Zuckerberg recently had a crypto-related discussion with Bank of England governor Mark Carney.

The social media behemoth also consulted the US Treasury to find out about ‘operational and regulatory issues’ that are related to digital assets.     

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Still no clarity

With that being said, Facebook never officially confirmed its plans to venture into crypto, but the first reports about the so-called ‘Facebook Coin’ started to pop up back in December 2018.

Bloomberg revealed that the biggest social network on the planet was working on a dollar-pegged stablecoin.

Recently, U.Today reported that Facebook registered a crypto company called Libra Networks in Geneva, Switzerland, while quietly ramping up its Blockchain team.

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